Nan Shan Life Insurance Co (南山人壽) yesterday launched five new spillover insurance policies that offer cash-back rewards to policyholders based on the results of their health examinations.
Compared with its previous spillover products that rewarded policyholders by increasing their coverage, the new products are expected to draw a stronger response, as policyholders could immediately capitalize on the benefits, Nan Shan Life acting president Alden Fan (范文偉) told a news conference in Taipei.
Policyholders would receive 10 percent of the premium paid on the spillover policy within one year of purchase if they provide five sets of “good” physical data in a regular health inspection, Fan said.
Photo: Allan Wu, Taipei Times
The good data include a waist size of less than 80cm for women and less than 90cm for men, systolic and diastolic blood pressure under 130/85 millimeters of mercury, fasting blood sugar level lower than 100 milligrams per deciliter (mg/dL), triglycerides lower than 150mg/dL, and a high-density lipoprotein level higher than 40mg/dL for men and 50mg/dL for women, he said.
The reward would be reduced to 5 percent if the insured only meets four of the five criteria, 3 percent for three and 1 percent for two, Fan said, adding that they would receive no reward if they only meet one criterion.
“The cash reward would effectively incentivize our clients to maintain a healthy lifestyle to have a good performance on their physical evaluation,” he said.
Nan Shan would also benefit from clients staying healthy, as its financial burden is reduced when clients are less likely to become ill and file claims for surgeries or hospitalizations, Fan said.
While its peers focus on providing “walker policies,” which give policyholders bonuses for implementing a walking regimen, Nan Shan would not focus on those offerings, “as there is no solid evidence that walking would definitely improve your physical health,” vice president Wilson Chen (陳維新) said.
“The problem is that we do not know what the insured do other than walking. For example, if they eat unhealthy food, the benefits of walking would be erased and they could still get a disease and file a claim,” Chen said.
Yesterday morning, Nan Shan sold 3,000 of the five new spillover insurance policies and aims to sell 120,000 by the end of the year, and it hopes to dominate this market in Taiwan, Fan said.
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