Called Z Protect-Prestige (ZPP), the plan enables customers to maintain the policy from any location and gives them the option to pay premiums in multiple currencies through credit card.
The minimum sum assured is SGD750,000 ($601,602.10, £350,868.09) and the product is available in six currencies namely Singapore dollar, US dollar, Euro, Pound, Australian dollar, and Hong Kong dollar.
According to the company the new proposition addresses a “clear gap” in the market for flexible life insurance solutions for internationally mobile customers.
The company said the product was developed using research and feedback from Zurich’s distributors and existing customers who highlighted the need for international coverage and protection versatility in Singapore, particularly among business travellers, expatriates, as well as affluent and emerging affluent segments.
In a statement Peter Huber, chief executive of Zurich Global Life Singapore said, “By listening to their (customers) needs, we have been able to develop a bespoke product that is uniquely tailored to the fast-paced lifestyle of high-achieving individuals that make up our customer base.
Through innovative products such as this, we continue to strengthen our leadership position within Singapore’s affluent segment as customers plan for their future.”
The multi-currency term life protection plan provides death and terminal illness benefits. There is no medical underwriting required for sum assured less than or equal to SGD1m, for age 50 and below.
The term of the policy is from a minimum of five years to a maximum of up to age 100.