Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
Pacific Prime announced that as of November 8, it can now offer its clients the re-branded ICBC AXA Ultracare in China.
According to a release, November 8 was the official launch of the re-branded ICBC-AXA plan from AXA Minmetals. Pacific Prime has also been selected as an intermediary to offer the Ultracare plan to children.
Several positive changes have been announced, one change in particular that Pacific Prime clients looking for an international health insurance plan in China will be pleased to note is there will only be a 5 percent increase across plan premiums, the lowest experienced in the past 10 years, and well below the average in China.
Pacific Prime clients with pre-existing medical conditions will be especially happy to learn that the ICBC AXA plan will now be available on a 'Fully Medically Underwritten' (FMU) basis. In other words, pre-existing conditions can now be considered in full after underwriting, a benefit that is rarely offered globally, let alone in China.
Neil Raymond, CEO of Pacific Prime, commented on this; "I think this is great news for both expats and local Chinese nationals in China ... This is a reflection of the development of the medical insurance market in China and how it is becoming much more sophisticated, the only other insurer to do this is Bupa."
However, due to poor underwriting results, certain aspects of the plan have had restrictions placed upon them. For example, once previously possible, children will no longer be able to be insured on their own without being part of their parents plan except through some intermediaries such as Pacific Prime.
Despite these restrictions, there are new positive modifications that have been made to the plans benefits and Pacific Prime's AXA ICBC clients will now be able to file for previously uncovered claims such as routine cleaning within a dental benefit.
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