MCBL launches new life insurance product

MCBL launches new life insurance product

MANULIFE CHINA BANK LIFE Assurance Corp. (MCBL), the bancassurance partnership between Manufacturers Life Insurance Co. (Phils.), Inc. (Manulife Philippines) and China Banking Corp., has launched an insurance plan offering life protection with guaranteed cash payouts.

MCBL AssureMax comes in two basic plans with a benefit period of 20 years or up to age 65, MCBL said in a statement on Monday.

AssureMax 20 is available for ages 0-65, while AssureMax 65 is for ages 0-45.

“With high protection and guaranteed returns offered by AssureMax, we want to provide Filipinos a smarter way to save, wherever they may be in their life journey. AssureMax is designed for our customers who aim to save up to purchase a new home, finance their children’s education or prepare for their retirement while ensuring insurance coverage,” MCBL President Neil Bowyer was quoted as saying.

“AssureMax is also tailor-fit for those who simply want to grow their investments or diversify their financial portfolios so they can reach their life goals,” he added.

MCBL AssureMax is available for five- or 10-year payment terms with guaranteed life protection equivalent to 200% of the plan’s face value.

It also offers a cash payout of 10% of the plan’s face value every two years starting the end of the seventh year for the five-year term and at the end of the 11th year for the 10-year plan.

Owners of the policy may also get additional earnings through non-guaranteed dividends.

MCBL AssureMax has a guaranteed maturity benefit equal to 100% of the face amount, which will be paid out at the end of the policy term.

The product also has pre-selected add-ons, including accidental death, payor’s, and hospital income benefits, among others.

MCBL’s premium income stood at P2.38 billion in the first quarter, Insurance Commission data showed. Its net income was at P258.21 million in the period. — AMCS