Bowtie, a virtual insurer based in Hong Kong, has unveiled its “Children’s Growth Term Critical Illness Insurance” plan, addressing a significant gap in critical illness coverage for children and pregnant women.
The plan is described as a first-of-its-kind product, distinct from most existing options, which typically feature whole life insurance plans with savings components and higher premiums. Bowtie’s new offering is term-based, without a savings element, and provides coverage for up to 76 congenital, genetic, and childhood diseases.
Under the plan, children are covered for critical illnesses up to age 18, with benefits reaching up to HK$500,000 (approximately US$64,364). Additionally, the policy covers pregnancy complications from the 18th week of pregnancy, offering up to HK$100,000 (approximately US$12,873) in coverage.
The product offers dual protection, covering both childhood illnesses such as Kawasaki disease with heart complications, Huntington’s disease, and osteogenesis imperfecta, as well as adult-onset conditions like cancer, stroke, and heart disease.
Premiums for the plan decrease as the child grows older and the risk of congenital illnesses lessens, adhering to a “cheaper over time” pricing model.
Mingo Tsang, Bowtie’s Head of Marketing and Branding, explained that the insurer aims to fill the coverage gap, particularly for genetic conditions, and serve the needs of more than 30,000 newborns born annually in Hong Kong.
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