Offers an industry high $3 million coverage online, with up to $1.5 million available without the need for medical tests
Singapore, 3 May, 2017 – FWD, Singapore’s online life and general insurer, has responded to the new guidelines on the online distribution of life policies with no advice, issued by the Monetary Authority of Singapore (MAS), by launching its Term Life Insurance product today.
As the only insurer to offer a maximum coverage of $3 million for life insurance directly online, FWD continues to lead the digital revolution of Singapore’s insurance industry. Further, FWD’s enhanced Term Life Insurance product also offers up to $1.5 million coverage without the need for a medical check-up.
With these two features, FWD has removed the need for middlemen, ensuring Singaporeans can now get the life insurance cover they need online, all from the comfort of their own home.
“In the past, Singaporeans have had to contend with limited insurance offerings being available online. The progressive guidelines of MAS have now paved the way for insurers to truly digitise their offerings. As the first insurer to offer a Term Life product with up to $3 million coverage online, FWD again evidences our commitment to deliver superior digital experiences that enable Singaporeans to manage their insurance needs quickly, simply and conveniently online,” said Abhishek Bhatia, Chief Executive Officer of FWD.
“Also, by removing the middlemen and digitising our operational processes, FWD is able to pass on considerable savings to the consumer. For example, our Term Life coverage is available from less than $1 per day. To check our prices, consumers won’t be inconvenienced by long meetings, nor will they have to share their personal information with a stranger. Instead they can get a quote online in less than 10 seconds.”
To further strengthen its online insurance offerings, FWD has also announced the launch of its Motorcycle Insurance product today. The product recognises safe riders by providing a No-Claim Discount (NCD) lifetime guarantee and an option for a 2-year guaranteed premium policy for customers who already have a 20% NCD.
Today’s product launches come shortly after the introduction of FWD’s new Maid Insurance offering in March, which provides cover for helpers and their employers should the unforeseen happen.
FWD’s new Term Life Insurance and Motorcycle Insurance can be purchased online today at www.fwd.com.sg.
About the products
FWD’s Term Life Insurance key product features:
- A maximum coverage amount of $3 million. This is the highest amount in the industry available directly online.
- Coverage of up to $1.5 million without the need for medical tests.
- Easily available online at fwd.com.sg, removing the need to buy through, or share sensitive personal information with middlemen.
FWD’s Motorcycle Insurance key product features:
- Recognises safe riders by providing a NCD lifetime guarantee and an option for a 2-year guaranteed premium policy for customers who already have a 20% NCD.
- Coverage in Singapore, West Malaysia and Southern Thailand.
- A daily transport allowance of up to $20 per day for up to three or five days depending on the type of plan purchased.