The new product is processed straightly with online policy issuance coverage over S$200,000. With the new product launch, the firm plans to offer customers a choice of different levels of cover at a low price.
Customers opting for the new product, with cover range from S$100,000 to S$500,000, will be provided their cover in minutes by answering a few simple questions. They need not submit any medical documents or attend doctor appointments.
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A special feature linked with the product is that its insurance will not be linked to investment or savings plans.
The product with a yearly renewable term life insurance comes with a guarantee that policyholders can renew up to the age of 85.
DirectAsia.com has partnered with AXA Life Insurance for their term life insurance product.
DirectAsia.com CEO Simon Birch said: "We researched the Singapore consumer market and decided it was time for an online Term Life product that had the guarantees that customers want, together with great value and high transparency in the pricing.
"Term Life Insurance customers can benefit from the convenience and service of DirectAsia.com, confident that their policy is underwritten and issued by AXA Life with the backing of one of the world’s strongest insurance groups."
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