AIA Singapore – All You Need to Know About the Company and the Policies They Offer in Singapore
The AIA Group Limited is an American multinational insurance company. It is, however, based in Hong Kong and has operations in Singapore. It is one of the biggest insurance companies in Asia and has existed in Singapore since 1931. AIA has a dozen categories of general insurance and other life or retirement products. Individuals and corporations highly respect its special insurance provisions, which mostly come as bundled insurance packages.
AIA Singapore offers medical insurance, life protection, travel, wealth protection, and retirement insurance. Here are some brief snippets of the products you can expect from AIA Singapore and examples of popular packages.
The AIA Guaranteed Protect Plus (III) is a single package that will offer wider coverage for life protection needs. It is customizable to your needs due to the multiplier features, allowing customers to boost coverage without compromising costs. It is an affordable plan which generates a stable cash balance that accumulates over some years. Purchasing the AIA Guaranteed Protect Plus (III) cover will not only give you coverage for death but you will also be protected for total and permanent disability. You can request to boost your coverage by 2X, 3X, or 5X. Some add-ons to this package include critical illness riders. Conclusively, the Singapore life insurance package gives financial assurance up to age 75.
The AIA HealthShield Gold plans help customers cover medical bills in private and public hospitals for medical protection. It can be purchased in 3 different tiers, from the standard to a costlier one which offers more perks. The plan is tiered into the Plan A, Plan B, and Plan B Lite HealthShield Gold Max plans. The covers can be used in public hospitals for the class A/B1 wards, and the premiums can still be paid using MediSave.
Plan A offers the highest claim limit of $2 million per year. However, this plan offers up to 13 months of eligibility for pre and post-hospitalization care. It, therefore, remains the longest duration you can get from an insurance company in Singapore. Other benefits include optional riders, lifetime coverage, early detection coverage, and having out-of-pocket expenses capped at $3000 per year.
Critical Illness Protection
With the AIA Beyond Critical Care package, customers can get coverage for major-stage critical illnesses. It also covers any relapses that occur, such as mental illnesses. The exciting thing about this cover is that aside from the protection, members also get premium refunds. Furthermore, policyholders can opt for add-ons for more coverage from a list of 104 intermediate and major critical illnesses. AIA waivers future premiums if you are diagnosed with CI.
Disability Income Protection
The AIA Premier Disability Cover offers a single package that cares for you financially if you ever lose your income due to disability. You don’t have to fear what happens next if you ever lose the financial stability and peace of mind you currently have. With this simple plan, you can enjoy a monthly pay amounting to 75% of your current salary. The package serves you up to full recovery or once you attain 65 years and above.
Personal Accident Protection
Are you worried about any expenses that may arise due to health conditions or transport-related accidents? AIA insurance has the AIA Solitaire PA (II) plan to cover health conditions like food poisoning, dengue fever, and treatments you may need after a motoring accident. Related plans like AIA Star Protector Plus, which gives PA protection for children, and the AIA Prime Assurance. The Prime Assurance cover covers global personal accidents, including for the elderly. The insured can graduate to the AIA platinum Accident care meant for high net-worth customers.
Wealth and retirement plans
AIA provides products that can help you save, grow your wealth and still have a retirement nest egg. The AIA Retirement Saver IV plan is an annuity that pays monthly figures once the insured reaches pre-determined retirement age. It also pays a non-guaranteed bonus upon maturity. Policyholders receive monthly payouts over 15 or 20 years from the time they retire. They can also choose for the annuities to commence once they reach any age 50, 55, 60, 65, or 70! The package doubles up as an investment because the accrued funds generate 4.73% per annum until maturity.
Other features of the retirement saver plans include:
- In addition, customers can choose to pay premiums as a lump-sum or over terms spanning over 5 to 20 years.
- Your capital is guaranteed.
- Non-guaranteed monthly dividends.
- Once retired, you can still receive monthly dividends aside from the retirement income, increasing 5% annually.
- Premium payments can be deferred.
- When you surrender the policy, you can receive non-guaranteed bonuses.
Some add-ons applicable on the Premium Pass option include 12 consecutive months of deferred premiums in case you are retrenched. In addition, policyholders are encouraged to boost their existing plans with the following waivers.
- You get premium waivers on the ‘early critical’ protector plan.
- All premiums are waived if you are diagnosed with any of the listed 100 critical illnesses.
Travel insurance plans
AIA insurance offers the ‘AIA Around The World Plus’ plan for all your travel insurance needs. The plan is recommended for people looking for a single insurance plan for one trip or multiple trips over time.
AIA Around The World Plus: Having a good travel insurance plan protects you and your possessions when you travel. Having the right insurance in Singapore will protect you from liabilities due to unforeseen setbacks such as flight rescheduling. The all-new ‘AIA Around The World Plus’ plan offers medical coverage, evacuations, and compensates if you lose valuable luggage. Unlike other competitor’s plans, AIA offers insurance that is valid before the trip and still lasts when you return home. In addition, it spans multiple countries and regions, keeping you covered wherever you go.
The hallmark of AIA Singapore has simple insurance packages that give tenacious coverage deals for a competitive price. As much as critics suggest that AIA covers are on the higher-priced side, policyholders save more because they do not need to purchase separate insurance covers at the same time. Enjoy all-around coverage when you work, travel, or invest by applying for a suitable AIA insurance cover.