AIA Hong Kong today announced the launch of its “Protect Elevator” Series with two critical illness protection plans, namely, “Protect Elevator Plus” and “Protect Elevator”. To address the potential risk of cancer recurrence, “Protect Elevator Plus” offers a first-in-market “Cancer Shield Benefit”, providing two additional claim payments for a newly diagnosed or recurring cancer with total benefits payable up to a maximum of 260% of the Initial Face Amount. The protection plan leaves customers free from the worries of high medical expenses while fighting against cancer.
Critical illness has always been a major threat to the health of Hong Kong people which accounts for more than half of all deaths in Hong Kong1. Cancer is one of the most common types of critical illness and the top killer, accounting for 30% of all deaths in Hong Kong1. The number of cancer cases has continued to rise over the past two decades3. In the past 10 years, close to 40% of cancer patients were aged 60 and below4, indicating that the elderly no longer make up for the majority of cancer occurrences. With advances in medical technology, the survival rate of certain cancers may be as high as 99%5 with early and proper treatment. However, cancer treatment costs are extremely high; for example, medical expenses for the treatment of lung cancer over a period of three years may reach HK$1 million6. Moreover, cancer may recur even with treatment. The chance of lung cancer recurring within two years after chemotherapy is as high as 90%2.
Ms. Bonnie Tse, General Manager, Business Strategy and Marketing of AIA Hong Kong and Macau, said, “Against the backdrop of a rising number of cancer patients in recent years, cancer is not a disease that cannot be cured. Medical advances have greatly improved the survival rate of cancer patients who receive early and proper treatment. Nevertheless, the risk of relapse, even with treatment, suggests that cancer patients have to bear a long-term financial burden due to medical costs and associated living expenses. To meet the growing market demand for critical illness protection, AIA is launching the new ‘Protect Elevator' series featuring the market-first ‘Cancer Shield Benefit' in the ‘Protect Elevator Plus' plan to provide customers with long-term financial support. The new series delivers on our brand promise as ‘The Real Life Company' to walk hand-in-hand with our customers as they navigate through the difficulties in their fight against cancer.”