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What's Inflation Shield?

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Here's a simple explanation of how Inflation Shield can protect your policy from inflation!

What are the benefits of Inflation Shield?

  • Protection against inflation
  • Opportunity to increase coverage with minimal premium
  • NO need for medical examination or new application

1.       What is inflation Shield?

A:            Inflation Shield, is also known as IIE or Index-linked Increase Endorsement. It is a policy feature that builds your insurance coverage over time, with minimal additional charges on top of the current premium. It acts like a safety net, allowing the coverage and account value to grow more to help cover inflation.

2.       What policies have the Inflation Shield feature?

A:            Life Basix, Assure, and FlexiProtect, with the following riders: Secure and Protector.

3.       What are the benefits of Inflation Shield?

A:            Inflation Shield gives you the opportunity and convenience to increase your life insurance coverage for a minimal premium. It protects your policy from the rising cost of living without the need to undergo another medical examination or new application.

4.       What’s new about this feature?

A:            Starting December 20, 2018 customers will be given the CHOICE to avail of this feature instead of being automatically enrolled.

5.       How will customers know that their policy has an Inflation Shield offer?

A:            Customers will receive an e-mail and SMS with Inflation Shield Offer.

·         42 days prior to policy anniversary for quarterly, semi-annual and annual mode of payment across all method of payment (OTC/PDC/ADA/Credit Card).

·         56 days prior to anniversary for monthly mode under ADA, PDC and Credit card method of payment only.

6.       How can the customer Accept/Decline Inflation Shield offer?

A:            Here are the ways:  

·         If Inflation Shield is applicable to your policy/ies, you will receive the option to avail via e-mail. Details such as the adjusted premium and corresponding sum insured, will be included in the message.

·         Clicking on ‘Protect your policy today!’ will redirect you to a confirmation page.

·         If you agree to the terms and conditions stated therein, click on accept and submit.

·         You may also call the AXA Customer Care hotline or visit any AXA branch to confirm their availment.

7.       How much is the increase in customer’s premium? 

A:            The cost of increase is minimal and varies per year depending on the inflation rate and policy coverage.

8.       Does Inflation Shield renew automatically?

A:            Once the customer avails of Inflation Shield, the offer will automatically apply every policy year which will increase customer’s coverage with minimal increase in premium, and without need for additional medical examination or new application.

 9.       Until when can customer accept/decline Inflation Shield offer?

A:            Customers can accept or decline Inflation Shield offer within 31 days after their policy anniversary.

 10.   How can a customer cancel Inflation Shield?

A:            Customers can simply decline the via the e-mail offer. It is important to note, however, that cancellation of Inflation Shield is applicable only within 31 days of the policy’s anniversary.

 11.   Can customer change their decision?

A:            YES. They can call the AXA Customer Care hotline if they want to change their reply / submission within 31 days after policy anniversary. Afterwards, policy changes can no longer apply as per business rule.