Consumers in Singapore are inadequately protected against increasing cancer cases and relapses
- Written by Reporters
AIA Singapore commits to help more Singaporeans get early protection against CI with the affordable AIA Ultimate Critical Cover (UCC) which allows for unlimited claims.
SINGAPORE - Media OutReach Newswire - 9 January 2024 - AIA Singapore today launched AIA Ultimate Critical Cover (AIA UCC), aimed at boosting critical illness (CI) coverage and narrowing the significant 74 per cent CI protection gap[1] in Singapore, amidst rising cancer cases among seniors[2] and those in the younger age groups[3]. Notably, a study commissioned by AIA Singapore[4] revealed that consumers significantly underestimate the necessary amount of CI coverage that they require, and that there is a critical knowledge gap among those without CI plans, smokers, and the younger demographics. This group of respondents deemed a median CI payout of $100,000 to be sufficient, falling short of the Life Insurance Association (LIA), Singapore's recommended average minimum amount of $300,000 or 3.9 times one's annual income[5]. While CI cases have been rising in Singapore, the recurring rates of CI have also been notably high:- In Singapore, 1 in 3 heart attack patients may experience a recurrent cardiac event[6].
- For stroke patients, recovery after stroke is a natural process but there is a 5 per cent to 15 per cent chance a year of the stroke recurring[7].
- And, common cancers have high recurrence rate[8]
- Glioblastoma cancer recurs in nearly all patients;
- 85 per cent of patients with ovarian cancer experience recurrence;
- 50 per cent of patients with bladder cancer develop recurrence.
- Covers 150 medical conditions - the highest in the market - and 73 critical illnesses across early, intermediate, and major stages and, the medical conditions do not need to be in remission.
- Provides the market's first unlimited reset benefit, which allows for unlimited claims until the end of the policy term, with a maximum claims limit of 500 per cent sum assured applied to early and intermediate CI stages, and a 1-year waiting period applies.
- AIA UCC also includes accidental death benefit, providing 100 per cent sum assured.
- Customers can also integrate their AIA UCC plan with AIA Vitality, a comprehensive wellness programme that supports its members to live active and stay healthy. Customers enjoy 10 per cent discount on their AIA UCC's first year premium with AIA Vitality to motivate them to kickstart their wellness journey. As they get active on the programme and level up on their AIA Vitality status, customers can continue to enjoy premium discounts with AIA Vitality at policy anniversary year on year. The premium discount will be based on the AIA Vitality status taken as at 45 days before their policy anniversary.
- In addition, the plan provides customers with access to purchasing an affordable CI plan that offers adequate CI coverage. For instance, the annual first-year premium for AIA UCC (with UCC Enhancer attached) is S$630 (after AIA Vitality discount) for age 25, male non-smoker and provides coverage till 65 years old with a sum assured of S$100,000.
The issuer is solely responsible for the content of this announcement.
About AIA
AIA Group Limited and its subsidiaries (collectively "AIA" or the "Group") comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets –wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR[1], Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR[2], and a 49 per cent joint venture in India. In addition, AIA has a 24.99 per cent shareholding in China Post Life Insurance Co., Ltd. The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$276 billion as of 30 June 2023. AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 41 million individual policies and 17 million participating members of group insurance schemes. AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock codes "1299" for HKD counter and "81299" for RMB counter with American Depositary Receipts (Level 1) traded on the over-the-counter market under the ticker symbol "AAGIY".
Source https://www.media-outreach.com/news/singapore/2024/01/09/271294/