To better address the needs of the elderly in Taiwan’s super-aged era, the Financial Supervisory Commission (FSC) will promote insurance policies that allow the economically disadvantaged and certain identity groups to obtain basic insurance protection at a lower premium. The commission outlined the policies in a press release issued this Thursday morning.
The FSC explained that the micro insurance products offered cover the insured person’s death or total disability within a specific period, death or disability caused by accidental injury, and medical expenses incurred from accidental injury. They also offer the more affordable Small Amount Whole Life Insurance (SAWLI) with a lower premium and no restrictions on insured status.
Other measures aimed at strengthening the risk resistance of vulnerable groups and the elderly include reviewing micro insurance regulations and expanding the scope of insurance coverage. The commission also intends to increase the amount of protection for people purchasing SAWLI and develop additional online insurance platforms.