When thinking of long-term investment plans, stocks or mutual funds usually come to mind. However another investment product that you should consider is something called bancassurance.
Its odd name aside, bancassurance is simply a partnership between a bank and an insurance company. Through this partnership, insurance companies are able to promote their life insurance products within the premises of their partner bank - no need to rely on any one agent, as bancassurance products and services are available wherever your bank has a branch!
While purchasing life insurance is a subject that many choose to delay or ignore, it’s an important financial and life decision that will protect you and your family’s future—making it a good long-term savings and investment plan and a good use of your year-end bonus.
Through the bancassurance partnership, purchasing life insurance is made easy and convenient. It gives clients the combined expertise of two trusted companies in one comfortable setting, and features products approved by both the Insurance Commission and the Central Bank.
There are various life insurance products meant for specific needs and specific budgets. BPI AIA’s Life Ready Plus, for example, is a unit-linked life insurance plan that you can get for as low as PHP 2,100 a month. This makes it perfect for employees and workers earning a decent wage.
It’s specifically designed for those looking for an insurance plan that offers both protection and savings benefits at a cost that won't break the bank. Because it’s a unit-linked investment, it automatically allocates a portion of your monthly premium payments in investment funds. At the same time, you enjoy all the usual benefits of life insurance.
Life Ready Plus offers coverage of up to 30 times your basic premium which gives you protection coverage while you perform staggered affordable payments during the life of the policy.
There are also optional benefits that you can get together with the basic policy: extra coverage in the event of a critical illness, accident or disability, for example. It also includes AIA Vitality, a wellness program that offers points and rewards when you take active steps in knowing and improving your health.