What are some of the products that have been launched in Singapore recently? We bring you a roundup.
AIA introduces policy covering child developmental conditions
AIA Singapore has launched an all-in-one investment-linked plan (ILP), alongside three distinctive riders, with market-first features to satisfy the unmet needs of young families in Singapore where it comes to risks of pregnancy complications and birth defects, as well as the long-term impact of a child’s developmental and learning disorders.
The AIA Pro Lifetime Protector allows the following riders for additional coverage
- AIA Child Critical Cover, which covers Autism, Dyslexia and Attention Deficit Hyperactivity Disorder (ADHD)
This rider provides coverage for a child’s treatment across an extensive list of 25 child medical conditions until the age of 21. It can also be converted into a lifelong plan, providing the child guaranteed coverage through adulthood.
- AIA Double Critical Cover – Providing early critical illness coverage of S$350,000, and the first rider to provide multi-stage coverage of up to 200% which policyholders can claim against multiple times
The rider‘s standout “Power Reset” feature fully restores the critical illness coverage amount to 100% after 12 months have passed from the previous claim, allowing multiple claims for 104 critical illnesses and five special conditions, at the early, intermediate and critical stages of up to 200% of the coverage amount.
- AIA Baby Protector – Covering for ICI (intracervical insemination). IUI (intrauterine insemination) and ICSI (intracytoplasmic sperm injection).
This rider is available exclusively through AIA Mum2Baby, a two-in-one plan comprising AIA Lifetime Protector and AIA Baby Protector. The plans’ coverage can be subsequently transferred from mother to child within 60 days of birth, ensuring guaranteed coverage from birth through to adulthood – regardless of the baby’s health, and concurrently providing an investment solution that can help grow the child’s future education fund.
AXA launches wealth accumulation product for young professionals
AXA Insurance has introduced the new AXA Wealth Treasure, a whole life ILP to help young working professionals build their wealth quickly while providing protection for them and their loved ones.
The policy is designed to maximise wealth accumulation, featuring a generous start-up bonus at 100% of first year premium and one dollar to match every dollar that the policyholder invests. It also rewards with a special loyalty bonus of 1% per annum of the account value from the sixth policy year onward.
Policyholders have the flexibility to pay their premiums over any period, from five to 30 years, in either S$ or US$ and can withdraw part of their investment at any time.
The plan consists of close to 100 unique diversified ranges of investment-linked funds and includes coverage against unexpected death, with two Death Benefit Options and terminal illness. A free Life Replacement Option allows the customer to replace the life assured with their spouse or child, as a way to leave their legacy.
AXA announces two new life insurance products
AXA Insurance has announced two new life products. AXA Retire Happy Plus offers insurance savings plans tailored to meet each customer’s retirement goals while AXA Life MultiProtect offers whole life protection with a guaranteed multiplier benefit into the policyholder’s golden years for greater peace of mind.
With the option for lifetime increasing pay-out at 3.5% per annum, Retire Happy Plus helps to neutralise the impact of general inflation and provides a stream of guaranteed income for customers who are concerned with outliving their savings.
AXA Life MultiProtect caters for customers who wish to obtain higher levels of protection into their golden years, with customisable critical illness coverage to suit varying levels of protection needs. It provides a Multiplier Benefit and additionally, the Accidental Death Benefit provides twice the eligible pay-out.
The policy is payable upon diagnosis of inability to perform just two of six listed Activities of Daily Living. This definition is also applicable for life assured between ages 16 to 70, which is also the longest coverage period in the market for 2 ADLs eligibility for disability claims. Early Critical Illness Benefit is a rider that covers 132 medical conditions.
Income aims to plug protection gap of “sandwiched” generation
Singapore’s largest insurer and only insurance cooperative NTUC Income (Income) has developed “Family Protect” to enhance the financial security of the “sandwiched” generation, a term commonly used to describe those who are faced with the difficulty of supporting two other generations of family members, usually that of parents or parents-in-law and children.
The policy offers two options of coverage – S$50,000 (US$37,012) and S$100,000 sum assured – across a term of 10 years in the event of death, total permanent disability (TPD), terminal illness (TI) and upon diagnosis of diseases. Monthly premiums are affordable at S$23 and S$45 for the first and second option respectively.
More significantly, “Family Protect” offers a Dependant Booster Benefit that pays an additional 25% of sum assured for each surviving dependant of the insured (up to 100% of sum assured, or four dependants) in the event of death, TI or TPD. The policy also features a Retrenchment Benefit. Additionally, if there is no claim, the insured receives a return of 20% of all net premiums at the end of the 10-year policy term.
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