MANILA, Philippines — Hong Kong-based insurer AIA Group, parent company of AIA Philippines, conducted Save Smarter in early 2021, a study in its eight markets (including the Philippines) that analyzed the shifting household savings behavior more than a year into the global public health crisis. Results showed majority of the respondents are more likely to save and invest on their financial security and protection moving forward.
Consumer spending allocations for insurance premiums in the Philippines jumped 27 percent in 2021, which is 18 percent higher than pre-pandemic levels. This indicates heightened interest in using insurance as a way to cushion the impact of future economic setbacks. The study also showed a stronger interest in insurance, with 75 percent of Filipinos agreeing insurance has become more important than ever to provide better protection in case of unexpected incidents, and 27 percent saying they plan to increase their allocation of funds for insurance.
The findings led AIA Philippines to develop AIA All-In-One Plus, a comprehensive variable unit link whole life insurance plan with added benefits. It protects the policyholder against four major risks: death, accident, disability and critical illness. Packaged with AIA Vitality, the company’s wellness program that assures customers they have the support they need to stay healthy. It also comes with a Double Vitality Booster feature, which provides active members with additional coverage and loyalty bonus.
The new plan includes financial protection as well, as it gives them an opportunity to grow their savings through diversified investment funds available to the product that are suitable to their risk profile.