All-in-one rider covers accident, illness, critical illness and accidental disablement
Kuala Lumpur, 15 April 2014 – AIA Bhd. has introduced a new financial solution aimed at Generation Y that provides them with the security and protection to overcome some of life’s major setbacks and challenges, while helping them to kick start and achieve their dreams.
A-Plus GenNext is an affordable all-in-one rider, which covers accident, illness, critical illness and accidental disablement, as it was specially designed by AIA Bhd. to cater to the needs of those in the midtwenties to thirties age group. GenNext is attachable to AIA Bhd.’s regular premium investment linked A-LifeLink plan to provide financial aid and flexibility in one plan.
Thomas Wong, Chief Marketing Officer of AIA Bhd., said "Gen Yers, or those in the 20 – 35 year age group, which makes up more than 40 per cent of Malaysia’s labour force, are energetic, passionate about their interests and prize the quality of their lifestyles, which leads them to place a high value on freedom and their independence. The downside of this is many of them tend to believe that their youth and vigour make them immune to illness, and that they can and will quickly recover if an accident or illness befalls them."
Focus group sessions conducted by the life insurer prior to designing the GenNext solution also revealed that many from this generation have high aspirations such as to achieve a fulfilling career, run their own business or buy their first home before the age of 30. “Our latest solution aims to support Gen Y in achieving their dreams by providing a safety net that will see them through some of life’s challenges, like a critical illness or unforeseen accident, which can leave a permanent impact on their lives if they do not have adequate protection," Wong added.
The GenNext plan provides policyholders with a monthly allowance to get them back on their feet should they suffer from an accident or illness which requires surgery or hospitalisation and thus prevents them from working for at least 30 consecutive days.
A-Plus GenNext also provides policyholders with a monthly allowance in the event of early stage cancer and heart-related illnesses to help them manage their expenses before they get back on their feet. Another benefit of the plan is that it provides a lump sum benefit if a customer is diagnosed with any of 35 critical illnesses or suffers an accidental disablement so he or she can focus on recovery and get back on track of their pursuits more quickly.
These benefits take into consideration statistics which point to the fact that close to 50% of accident casualties involve those in the 16-35 age group. Meanwhile, the incidence of cancer amongst adults between the ages of 20 and 39 is equally startling as it accounted for up to 14 per cent for every 100,000 of Malaysia’s population.
"Gen Y is known for their high self-esteem and expectations, which fuel their strong desire to succeed. The GenNext plan will provide them with peace of mind during times of need, so that any uncertainties do not derail them from their 'to-achieve list'," Wong said.
In conjunction with the launch of A-Plus GenNext, AIA has come up with a new advertising creative that aims to capture the aspiration and dreams of Malaysia’s youth. The eight-week advertising campaign will mainly focus on digital and online media and include major newspapers and billboards.