AIA Philippines launches product to serve retirees and senior citizens

Wazzup Pilipinas!?

AIA Philippines, formerly Philam Life and one of the country’s largest life insurance companies, recently launched a new product ideal for those who are starting to save for their retirement later in life. Whether their goal is to secure oneself or to have a guaranteed sum passed down to their loved ones, the life insurer’s new offering provides protection as one gets older.

“There is a commonly held notion that, beyond a certain age, it’s too late to get insurance,” shares Melissa Henson, Chief Marketing Officer at AIA Philippines. “We want to change that mindset. It’s never too late to start prioritizing yourself and your family, especially with a product like AIA A-Life Prime.”

Financial security for today and tomorrow

AIA A-Life Prime, a product payable in just two years, benefits for both plan holders and their families, standing as a valuable solution to aid the country’s growing number of nearly 10 million senior citizens. At the end of the second year, policy owners will start receiving cash payouts equal to ten percent of their policy’s minimum face amount, especially advantageous for those in retirement. These will be given out every other year, providing assurance of regular disbursements to cover expenses or act as savings. AIA A-Life Prime can be purchased by individuals up to age 70, and provides coverage until the policyholder reaches the age of 100.

On top of the payouts, there is opportunity to receive more cash benefits through potential bonus dividends, which, while not guaranteed, can serve as additional funds when available. There is also a death benefit amounting to 200 percent of the plan’s face amount, or the total premiums paid less the cash payouts released (whichever is higher at the time of claim). For  policyholders who reach age 100, a lump sum maturity benefit of 200 percent of the face amount will be given. 

“The need for protection is constant, so it is important for us to ensure that we make our products accessible to customers at any life stage,” adds Henson. “We aim to be with our customers wherever life goes, so they can have the peace of mind needed to live healthier, longer, better lives.”

Those interested in availing an AIA A-Life Prime plan can contact an AIA Life Planner or visit the AIA Philippines website for more information.

About AIA Philippines

AIA Philippines (AIA Philippines Life and General Insurance Company, Inc.) is one of the country’s largest life insurance companies. Originally established on 21 June 1947 as Philam Life (The Philippine American Life and General Insurance Company), AIA Philippines has earned the trust of customers for its financial strength, strong brand name, and ability to deliver on its promises. Today, AIA Philippines is a member of AIA Group Limited, the largest independent publicly listed pan-Asian life insurance group, which operates in 18 markets across the Asia-Pacific region.

AIA Philippines has PHP266.75 billion in total assets  and PHP72.54 billion in net worth1 as of 31 December 2023 while serving nearly 1,200,000 individual policyholders and almost 1,000,000 insured group members. 

Based on the Insurance Commission results as of 31 December 2023, the combined total premium income of AIA Philippines and BPI AIA was at PHP27.93 billion.

AIA Philippines understands the needs of its customers and provides holistic solutions that include life protection, health insurance, savings, education, retirement, investment, group, and credit life insurance. Its subsidiaries include BPI AIA Life Assurance Corporation (formerly BPI-Philam Life Assurance Corporation), its bancassurance arm; AIA Investment Management and Trust Corporation Philippines, its trust company managing its local funds; and MediCard Philippines, its wholly-owned health maintenance organization (HMO) company.

About AIA 

AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR , Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR , and a 49 per cent joint venture in India. In addition, AIA has a 24.99 per cent shareholding in China Post Life Insurance Co., Ltd.

The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$286 billion as of 31 December 2023. 

AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 42 million individual policies and over 18 million participating members of group insurance schemes.

AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock codes “1299” for HKD counter and “81299” for RMB counter with American Depositary Receipts (Level 1) traded on the over-the-counter market under the ticker symbol “AAGIY”.