Insurance products that offer policy-holders features such as premium refunds after six years have been gaining popularity in Hong Kong.
Taking advantage of the acceptance of these products in the insurance market, American International Assurance (AIA) recently launched two policies with unique features.
The two Premium Refund policies - Accidental Hospital Income and Accidental Death and Dismemberment - allow insurance holders to get a 50 per cent refund on premiums after the policy has been in force for six years, even if the policy-holder has made claims during the period.
The policy-holder can claim up to 100 per cent of the premiums paid at the end of the 10-year protection period.
However, to qualify for the repayment, policy-holders must have claimed less than the total amount for which they are insured, according to AIA.
AIA said policy-holders were able to get the coverage at 'zero cost' if they committed to paying the premium continuously for the 10-year period.
'People want greater insurance protection and to receive premium refunds to alleviate their heavy financial burdens. The two new plans exactly match the needs of our clients,' Jimmy Hung, vice-president of marketing at AIA, said.
