Axa Green Crescent – Launch of Digitalised Life Insurance
AXA Green Crescent Insurance Company P.J.S.C. (GCIC) has launched a new fully digitalised life insurance solution, Life Protect, aimed at encouraging customers to protect themselves and their loved ones from financial hardships that they might face in the event of death or illness.
The launch is also seen as an attempt by one of the region’s largest insurers to help the UAE bridge the ‘protection gap’, where individuals are currently facing significant financial exposure to risks in an uncertain market environment. AXA GCIC’s goal is to make life insurance less expensive and more accessible. “The UAE has a protection gap with only 0.7 % of GDP being spent on life insurance. This is incredibly low when compared to major economies such as the United States, Japan and most Western European countries[1], or even Malaysia, which has a penetration rate of 3.5 % of GDP and highlights that individuals are putting themselves and their families at risk of financial hardships. Life insurance is frequently perceived as a luxury as opposed to a necessity. To challenge this perception, we have developed a simple-to-understand, easily accessible and affordable life insurance product that takes less than two minutes to be purchased,” said Mohamed Seghir, Chief Executive Officer of AXA GCIC.
Life insurance should be considered by everyone and AXA GCIC’s Life Protect provides financial support directly to customers and their designated beneficiaries; offering coverage up to USD 50 million and it can be used to cover loved ones, pay a financial liability like a mortgage, or to cover business costs.
“A typical 35-year-old Life Protect customer will pay around 75 dirhams a month for a 1million-dirham worth cover over 10 years[2]. Everything is written in simple language, there are no hidden fees or complex sign-up processes, and we anticipate that the majority of customers will not require medical examinations. As it’s all done online, the cost of cover is significantly low to ensure customers pay a fair premium” said Mohamed.
Life Protect offers a long-term cover against death and provides a pre-payment of 50% of the sum assured in the event a customer suffers from a terminal illness. It also includes the option to add coverage against permanent and total disability.
All AXA GCIC’s life insurance products are fully validated by the Insurance Authority and are in line with the new life insurance regulations due to be introduced in 2020.
For more details on AXA GCIC’s Life Protect, please visit www.axa-greencrescent.com
[1] Organisation for Economic Co-operation and Development, www.stats.oecd.org
[2] Based on a non-smoker male rates
