In response to the growing need for comprehensive critical illness (CI) coverage in Singapore, AIA Singapore has launched the AIA Ultimate Critical Cover (AIA UCC), with the proposition aiming to address the substantial 74% CI protection gap in the country, especially critical amid increasing cancer incidences among both older and younger populations.
The AIA UCC features coverage of 150 medical conditions, including 73 critical illnesses across various stages. It also has the market's first unlimited reset benefit, allowing unlimited claims till the policy term ends.
The policy includes a maximum claim limit of 500% sum assured for early and intermediate CI stages, and a one-year waiting period is applicable. An accidental death benefit is also part of the package, offering 100% sum assured.
Customers can combine their AIA UCC plan with AIA Vitality, a wellness program that offers a 10% discount on the first year's premium. Continued engagement with the program can lead to further premium discounts annually.
The plan aims to offer affordable and adequate CI coverage, with an example annual first-year premium of S$630 for a 25-year-old non-smoking male, providing coverage until 65 years of age with a sum assured of S$100,000.
A study commissioned by AIA Singapore uncovered that a significant portion of the population underestimates their CI coverage needs. Specifically, those without CI plans, smokers, and younger individuals were found to have a substantial gap in understanding, reported Insurance Business.