With the expanded definition, insurance will be able to meet the protection needs of more diverse types of families – such as single parents, cohabitants or adopted children. Additionally, coverage can also be offered to extended family members such as grandparents, parents-in-law, as well as nieces and nephews.
“With eight in 10 people across Asia having no insurance cover, we want to make healthcare and financial security more accessible to more people to help them get the most out of life,” said Lilian Ng, Prudential’s chief executive of insurance. “By being more inclusive, we can protect more families and, in doing so, we can help narrow the health and protection gap which is estimated at US$1.8 trillion.”
Under the new definitions, customers can now nominate a wider range of family members who are financially dependent on them as a beneficiary in a life insurance policy. Customers can also buy insurance for family members beyond those who are directly related, giving more flexibility to choose which family member can pay for the policy.
In Hong Kong, Malaysia, Singapore and Thailand, Prudential is enhancing its existing products to cover more family members beyond the spouse, children and legal guardian.
Pru Life UK in the Philippines recently introduced its PRUHealth Fam Love product, which allows customers to share coverage against critical illnesses to up to four family members. Prudential said this is the first product of its kind in the market.
In Indonesia, Prudential Syariah’s new product is PRUSolusi Kondisi Kritis Syariah, a critical illness sharia plan that allows customers to purchase cover for siblings, grandparents, grandchildren, nieces, nephews or sons/daughters-in-law.
To support this change, Prudential launched its “Made For Every Family” brand campaign across 11 markets in Asia. The campaign includes Famvatar, an online platform that allows people to express and share what makes their family special. Famvatar lets people build a group avatar featuring their families, which can be used as chat stickers and more.
“Life insurance is the greatest proof of love one can give to their family and loved ones,” said Mabel Leung, chief officer, brand and strategic marketing, Prudential. “At Prudential, we strive to be relevant to the lifestyle and needs of our customers by providing innovative and targeted solutions covering different types of families.”