AXA introduces “LoveAssure Critical Illness Protection” Series

Market-exclusive Dementia Multi-care Benefits

Continuous Cancer Payout Benefit up to 100 months

Up-to-date comprehensive protection

HONG KONG SAR – Media OutReach – 12 July 2021 – AXA
Hong Kong and Macau (“AXA”) today announced the launch of “LoveAssure Plus
Critical Illness Plan” and “LoveAssure Critical Illness Plan” (collectively
referred as “LoveAssure Critical Illness Protection” Series or the Series), a
unique comprehensive critical illness protection covering illnesses, ranging
from the most common ones to the emerging ones to which the market has yet to
provide sufficient support.

The Series includes market-exclusive¹ Dementia Multi-care Benefits that
provides continuous annuity until the age of 100 to support the cost of long-term
care
for the insured who is
diagnosed with severe dementias. Moreover, despite the improved cancer survival
rate due to advancements in medical technology, cancer recurrence rate is still
high, for example, colorectal and ovarian cancer recurrence rate can reach as
high as 50% and 80% respectively². “LoveAssure Critical Illness
Protection” Series thus offers up to 100 months of Continuous Cancer Payout Benefit,
providing the insured long-term financial support to fight against cancer.

From now until 30
September 2021, customers can enjoy 2 months’ premium refund if they
successfully apply for the “LoveAssure Critical Illness Protection” Series.

Costly
long-term dementia care up to HKD190,000 per year

According to the data
from the Food and Health Bureau and the Hong Kong Hospital Authority, it is
estimated that for people aged 65 or above, there is a worrying 5-8% chance of
getting dementia and the prevalence of dementia doubles with every 5-year
increment after age 65. Due to the irreversible nature of dementia and the
heavy dependence on support services, the cost of care and the burden on
caregivers will keep growing with an ageing population and increase of dementia
cases. A research report³ shows that the non-medical expenses
to take care of a patient with severe dementia in Hong Kong would be
approximately HKD190,000 per year, which could not be reimbursed under medical
insurance in the market. Thus, we have especially added the market-exclusive Dementia
Multi-care Benefits to the “LoveAssure
Critical Illness Protection” Series to help customers fill this protection gap.

“Living
with Cancer” is becoming prevalent which requires long-term financial support

Meanwhile,
though cancer is the most common critical illness in Hong Kong, it is no longer
a terminal illness and being proactive with treatment can increase the survival
rate. According to our claims data, even someone who is diagnosed with Stage IV
of lung cancer can receive continuous cancer treatments for almost 8 years to control cancer cells. As “Living with
Cancer”
is becoming
prevalent, the Series’ Continuous Cancer Payout Benefit of up to 100 months will
provide great support to cancer patients on their road to recovery.

Kevin Chor, Chief Life and Health Insurance Officer, AXA Hong
Kong and Macau, said, “A comprehensive critical
illness protection can provide customers with immediate financial support if
they unfortunately encounter serious illnesses. According to a recent survey⁴ conducted by the Golden Age
Foundation in partnership with AXA, approximately 75% of Hong Kong’s golden age
people (aged 45 and older) are neutral or dissatisfied with their current
savings, future finance, ability to cope with financial crises, and their own
financial management ability. Approximately 40% reported that their savings may
not meet their financial needs in healthcare and long-term care. The shortfall
highlights the importance of getting critical illness protection with continuous
support as it helps relieve the heavy financial burden brought by critical
illnesses especially during the golden age.

‘LoveAssure
Critical Illness Protection’ Series provides holistic protection to our
customers physically, mentally and financially. It underscores AXA’s continuous
commitment to being a true lifelong partner to our customers. With the Series’ extensive
and innovative features and benefits, we hope to provide comprehensive support
to our customers and serve as their useful companion in times of need.”

“LoveAssure Critical
Illness Protection” Series all-rounded protection includes:

• Market-exclusive¹
  Dementia Multi-care Benefits – If the insured is diagnosed with severe dementias, a lump
  sum payout up to 100% of the sum insured and a Dementia Caregiver Annuity
  Benefit of up to 12% of the sum insured will be payable every year to
  continuously  support the costs of
  long-term care until the insured reaches age 100.
• Up to 100 months of Continuous
  Cancer Payout Benefit – If the insured is diagnosed with cancer, a lump sum
  payout up to 100% of the sum insured will be payable first. In addition, a
  monthly payout of 5% of the sum insured will be provided if the insured is
  still suffering from cancer after a 1-year waiting period and undergoing cancer
  treatment. This will provide long-term financial support as income replacement
  and help ease the burden brought by daily living expenses for up to 100 months. Under LoveAssure
  Plus, the insured who is diagnosed with late stage cancer
  can receive payouts
  immediately with no waiting period.
• Total coverage of up
  to 1300% of the sum insured – The Series provides Multiple Claims Major Illness
  Benefit against most of the covered major illnesses before the insured reaches age
  85, with 100% of the sum insured each time.
• Dual-tier Intensive
  Care Unit Coverage – To provide a safety net for our customers, regardless whether it is caused by an accident
  or an unexpected infectious disease, up
  to 20% of the sum insured will be payable if the insured is admitted to the ICU
  for 72 consecutive hours or more; up to 100% of the sum insured will be payable
  if the insured stays in the ICU for 120 consecutive hours and undergoes a complex
  surgery.
• Wide range of
  value-added services – The Series provides a wide range of value-added
  services that cover prevention, treatment and rehabilitation will be provided.
  These include dementia early detection screening and a caregiver training
  programme for dementia care.
• Extra coverage – I f
  customers take up “LoveAssure Critical Illness Protection” Series together with
  designated supplements , an
  extra 50% sum insured will be provided when the Major
  Illness Benefit or Death Benefit becomes payable within the first 2 0 policy years . With Extra Coverage Benefit, the Series offers a
  total coverage of up to 200% of original sum insured for the first 10 policy years.