AXA Philippines marketing division segment head Maya del Rosario (right) and manager Albert Mangosing discuss results from the company’s online insurance store, www.ion.axa.com.ph. (Jeandie O. Galolo/Sun.Star Cebu)
THE Philippine AXA Life Insurance Corp. (AXA Philippines) recently began to offer insurance products online through AXA Insurance Online or AXA iON.
Officially launched in September 2014, AXA iON offers four products: Health eXentials, Savings eXentials, Academic eXentials, and Life eXentials, with premiums starting at P1,000 per month and benefits that can go as high as P5 million.
The online insurance store www.ion.axa.com.ph was initially marketed to e-commerce-savvy consumers. However, a few months after it was launched, it was then marketed to overseas Filipino workers, being a big market that faces limited financial options when it comes to saving and investing, said AXA Philippines marketing division segment head Maya del Rosario.
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Central Visayas ranked seventh nationwide in terms of the number of overseas workers, covering 6.5 percent of the total population, del Rosario said in her presentation to the Cebu press last Wednesday.
Over 100 have availed themselves of the products online and are paying through credit card auto-charge arrangements. About 25 percent of the buyers are overseas Filipino workers (OFWs), said AXA Philippines marketing division segment manager Albert Mangosing.
Unlike other insurance products in the market that are made available through the intervention of agents or financial advisors, the AXA eXentials products were described as “easy to understand and free from insurance jargon”, so that those who avail themselves of it can comprehend without anyone’s assistance.
Tuition, HMO
The most popular product to date, according to officials, is the Academic eXentials, which gives guaranteed cash benefits once a year for five consecutive years and is meant to help defray costs related to tuition or education.
In case of untimely demise before the five-year payout period ends, beneficiaries will get additional cash every year until the year before the scheduled release of benefits.
Health eXentials is being marketed as an affordable complement to HMO (health maintenance organization) coverage, as it pays out cash upon diagnosis of critical conditions such as heart attack, stroke, gender-specific cancer, Alzheimer’s disease, liver disease and 30 other critical illnesses.
The other product, Savings eXentials, was designed to provide better returns than a regular savings account. It pays out cash to beneficiaries even if the client hasn’t completed the five-year savings plan, in case of death or disability.
Life eXentials was meant to be a “back-to-basics” income replacement plan, which pays out benefits monthly over a period of up to five years.
“The AXA eXential line is a starter for everyone’s security. It is a traditional insurance product, not linked to investments,” del Rosario said.
Limit
Within 24 to 48 hours after filling out the application form online, the applicant will receive a call from AXA Philippines for verification, the company representatives said.
Maximum monthly premium is limited to P4,000, according to del Rosario, following a rule from the Anti-Money Laundering Act that a maximum of P50,000 worth of annual premiums is allowed for insurance products sold in the Philippines that are not handled face-to-face.
AXA Philippines is a tie-up between Metrobank and the AXA Group in France. It recorded over P12 billion in total premiums last year.
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