ManuAssure Term also protects against death, disability, or terminal illness but for a specified policy term up to S$400,000. There is no cash surrender value included in this policy, and so the premium cost is lower than the whole life insurance plan.
Both plans come with the option to add on a rider to cover 30 critical illnesses.
The products will be available to the public from 7 April through Manulife Singapore’s client service centre.
“Accessible to the whole society”
Manulife has also set up a long-term bancassurance partnership with Bank Muamalat, giving the bank’s four million Indonesian clients access to Manulife’s sharia-compliant savings and protection solutions.
“As the first sharia bank in Indonesia, we are committed to providing our clients with financial services that aren’t only sharia compliant, but also accessible to the whole society, including those in remote areas,” said the president director of Bank Muamalat, Endy Abdurrahman.
Last month, Manulife Asia announced it was merging its asset and wealth management divisions in a bid to use the $19trn worth of assets sitting in bank accounts and term deposits across Asia which have been earning little return because of taxes and inflation.
