Manulife Singapore has unveiled ManuAssure Life and ManuAssure Term, two life insurance products which aim to support customers by providing them with information that is easy to understand. The company said its new offering can be purchased by consumers directly without financial advice or commission.
The Monetary Authority of Singapore (MAS) began its review of the financial industry, known as FAIR, in 2012. It aims to amend the city-state’s Financial Advisers Act and Insurance Act this year on the back of that review.
One of the initiatives to be introduced through FAIR is for life companies to offer a class of simple life insurance products which can be sold directly to clients.
The brochures and contracts of both Manulife products are written in clear and plain English, which Manulife said supports MAS’ objectives on fair dealing by providing consumers with “relevant and timely information” to help them make informed financial decisions.
“Clear and relevant”
President of Manulife Singapore, Naveed Irshad, said: “We are fully supportive of the FAIR initiatives, which are intended to promote consumers interests and help them better meet their financial and life goals.
“With the launch of the new direct purchase channel, we want to support consumers in their financial decisions by providing them with information that is clear, relevant and easy to understand.”
ManuAssure Life provides lifetime financial protection for death, disability (up to age 65), or terminal illness up to S$200,000 ($145,510, £98,420). The plan includes a cash surrender value that builds up over time after the policy has been in force for three years.
