Manulife Singapore and DBS Bank announced the launch of their co-developed insurance starter plan, ProtectFirst, designed to help young Singaporeans kickstart their protection journey affordably at a lower premium.
Customers can assess their protection gaps via the bank’s digital AI-powered financial planning tool DBS NAV Planner or consult with the bank’s wealth planning managers to find out more.
After which, they can purchase ProtectFirst through internet banking or via the DBS digibank app.
Customers will be able to choose from three personas that offer varied coverage across the big 5 critical illnesses (including early stage), life protection and serious accidents.
The three personas – Advocate, Adventurer, and Defender – are created to suit different financial needs and lifestyles.
DBS said that customers who sign up for ProtectFirst are encouraged to review their protection needs regularly in view of changing lifestyle and life-stage needs so as to ensure adequate coverage.
From now till 30 June 2022, customers who sign up for ProtectFirst will receive a 50% discount on their premiums for the first 2 years.
“With the launch of ProtectFirst in partnership with DBS, our customers can get their protection coverage right from the start and select a plan that best prioritises their coverage according to their needs and preferences.
ProtectFirst is designed to be affordable for first-time insurance buyers, so hopefully, this encourages our younger customers who may be worried about affordability to take the first step towards getting themselves protected.”
said Darren Thompson, Chief Customer Officer and Chief Product Officer, Manulife Singapore.
“In an environment where inflation and the cost of living are rising, it is important that we help our younger customers with their protection needs in the most cost-efficient manner.
The key here is to achieve a balance, and we would advise them to first evaluate their protection gaps either via our digital AI-powered financial planning tool DBS NAV Planner, or consult with our wealth planning managers to find out more.”
said Evy Wee, Head of Financial Planning, Investments and Insurance Solutions, DBS Bank.
