The Bank of East Asia has announced that its wholly-owned subsidiary, BEA Life, has launched a series of critical illness insurance solutions.

The new insurance series includes the company’s protection-oriented Critical Illness 10-Year Term Insurance plan and its savings-focused Critical Illness Savings Insurance plan, to help customers create their financial safety nets.

According to the company, Critical Illness 10-Year Term Insurance is a straight protection plan, which is suitable for customers whose ultimate goal is to protect themselves against the critical illnesses with life coverage. The plan is guaranteed renewable up to the age of 80.

The company claims that the Critical Illness Savings Insurance is a level premium payment plan that not only provides comprehensive coverage against critical illnesses and life protection, but also offers potential return on savings.

Upon policy maturity, customers have the option to withdraw the guaranteed cash value and special dividend embedded in the policy or to retain the lump sum in the policy to accumulate interest, depending on their financial plans.

The company has also announced that, with protection against 46 critical illnesses, the two plans also feature a revival privilege, which allows customers to restore life coverage, even if they have already made a claim for a critical illness, as well as free professional counseling service for bereaved beneficiaries of the deceased insured and for those insured stricken by critical illnesses to help them recover from the psychological pain.

Two optional benefits like the 10-Year Renewable Term Insurance Rider and the Female Protection Benefit Rider, are also available to give customers extended coverage.

Patrick Wan, managing director of BEA Life, said: To support the needs of the market, we at BEA Life are pleased to have designed, and to launch, these two plans, which will help our customers ensure that they are ready for virtually any eventuality.