Singapore consumers are not well protected from rising cancer cases and recurrences

AIA Singapore is committed to helping more Singaporeans gain early protection from CI with the affordable AIA Ultimate Critical Cover (UCC), which allows unlimited claims.

SINGAPORE – Media OutReach Newswire – 9 January 2024 – AIA Singapore today announced AIA Ultimate Critical Cover, which aims to expand critical illness (CI) coverage and reduce the critical CI protection gap of 74 per cent. (AIA UCC) has been launched.[1] Cancer cases among the elderly are on the rise in Singapore[2] and those in younger age groups[3].

Of note is the study commissioned by AIA Singapore.[4] Consumers significantly underestimate the amount of CI coverage they need, revealing significant knowledge gaps between those without a CI plan, smokers and young people. Ta. This group of respondents considered the median CI payout of $100,000 to be sufficient, and those with an annual income of $300,000 or the Singapore average minimum recommended by the Life Insurance Association (LIA). It has not reached 3.9 times.[5].

While the number of CI cases is increasing in Singapore, the recurrence rate of CI is also significantly high.

• In Singapore, 1 in 3 heart attack patients are likely to have another cardiac event[6].
• For stroke patients, recovery after a stroke is a natural process, but the chance of a stroke recurring is 5% to 15% per year.[7].
• And common cancers have a high recurrence rate.[8]
  • Glioblastoma cancer recurs in almost all patients.
  • 85% of ovarian cancer patients experience recurrence.
  • 50% of bladder cancer patients will have a recurrence.

Facing a serious illness can place a financial burden on patients and their families if not properly protected.same survey⁶ Furthermore, one in four respondents who reported a family member with cancer highlighted concerns about lacking a reliable CI plan during such a critical time. Therefore, the two main reasons are:[9] Reasons for not purchasing additional CI insurance may be that the budget is relatively tight, as they cannot afford the additional cost, indicating that the premium is too high, and respondents generally perceive that the premium is high. It suggests that. It is based on LIA. 2022 Protection Gap Survey.

“With today’s advances in medicine, serious illnesses, including cancer, are no longer considered a death sentence. However, as medical and treatment costs continue to rise,[10], adequate CI coverage is no longer an option, but is essential for patients to receive prompt treatment when they need it without putting a financial burden on their loved ones. We have heard concerns among Singaporeans, which is why we are introducing AIA Ultimate Critical Cover to make CI cover even more accessible, ensuring that young adults can financially and economically remove CI cover as quickly as possible. We encourage you to be well protected. ” AIA Singapore Proposal Manager.

Provides ultimate protection with unlimited claims and more

Specially selected to provide individuals with the ultimate protection, the key benefits of AIA UCC are:

• Covering 150 of the most common medical conditions on the market and 73 serious diseases spanning early, intermediate and critical stages, the disease does not need to be in remission.
• We offer the first unlimited reset benefit on the market. This allows unlimited claims until the end of the policy period. However, a maximum claim limit of 500% of the guaranteed amount is applicable for his initial and intermediate CI stages and a waiting period of one year is applicable.
• AIA UCC also includes Accidental Death Coverage and provides 100% coverage.
• Customers can also integrate their AIA UCC plans with AIA Vitality, a comprehensive wellness program that helps members live active lives and stay healthy. With AIA Vitality, a customer will receive his 10% discount on AIA UCC’s first year premium, motivating him to start his wellness journey. By actively participating in the program and increasing the level of AIA Vitality status, a customer will continue to enjoy her AIA Vitality premium discount on each annual contract anniversary. The premium discount will be based on his AIA Vitality status 45 days prior to the policy anniversary date.
• Additionally, this plan allows customers to purchase an affordable CI plan with adequate CI coverage. For example, the first year’s premium for AIA UCC (with UCC enhancer) is S$630 (after AIA vitality discount) for a 25-year-old male non-smoker, and the guaranteed amount is S$100,000 and is guaranteed until age 65. Ru.

Customers receive additional protection to cover five recurrent CIs: rediagnosed major cancer, recurrent stroke, recurrent heart attack, recurrent heart valve surgery, and recurrent major organ and bone marrow transplants. You can choose the option to include the UCC enhancer. ; plus his five devastating CIs: severe cancer, stroke, heart attack, major organ transplant (heart and lungs), and paralysis (loss of limb function). In the latter case, an additional 100 percent of the guaranteed amount is paid and no waiting period is required between claims.

To ensure your customers continue to be protected from CI, you can choose to add a premium exemption rider[11]. If an unforeseen event occurs that results in a complete or significant loss of income, future premiums for AIA UCC and UCC Enhancer will be waived.

If you would like to apply for AIA UCC and UCC Enhancer, please apply directly through the My AIA SG app or contact your AIA Insurance representative. For more information, please visit aia.com.sg/ucc.

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About AIA

AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) constitute the largest independent listed pan-Asian life insurance group. It has a presence in 18 markets, including wholly owned branches and subsidiaries in mainland China and Hong Kong Special Administrative Region.[1]Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei, Macau Special Administrative Region[2], a 49 percent joint venture in India. In addition, AIA holds a 24.99% stake in China Post Life Insurance Co., Ltd.

The company that is now AIA was first founded in Shanghai in 1919, more than a century ago. The company is the market leader in Asia (excluding Japan) based on life insurance premiums, with leading positions in most of the market. Total assets as of June 30, 2023 were USD 276 billion.

AIA serves individuals’ long-term savings and protection needs by offering a wide range of products and services, including life insurance, accident insurance, health insurance, and savings plans. The Group also provides employee benefits, credit life insurance and pension services to corporate clients. AIA serves over 41 million individual policyholders and over 17 million group plan participants through an extensive network of agents, partners and employees across Asia.

AIA Group Limited is listed on the main board of the Hong Kong Stock Exchange under the Hong Kong dollar counter ticker code “1299” and the renminbi counter ticker code “81299,” and its American Depositary Receipts (Level 1) are traded over the counter. It trades under the ticker symbol “AAGIY.”