AIA launched early payout for Critical Illness: Complete Critical Illness Coverage
January 28th, 2010 by ALVIN SOONG
AIA has recently launched and early payout for Critical Illness. The plan is called: AIA Complete Critical Cover. This is aCritical Illness Standalone Term Insurance Plan to age 75 years. The features below.
1. AIA Complete Critical Cover covers the traditional 30 critical illness, as well as 8 common Early Critical Illness conditions and 5 Catastrophic Critical Illness conditions.
2. Immediate Payout on Early Diagnosis. The plan pays out up to 25% of the Insured Amount in the event of a qualifying diagnosis of an Early Critical Illness. Max. payable amount is $50,000 per Insured for Major Cancers, Heart Attack/Coronary Artery Surgery and Blindness.
3. Can Make Multiple Claims
In the event of a claim for an Early Critical Illness or Major Critical Illness, the plan will not terminate. One can continue to be protected. If one’s condition deteriorates to a more serious or advanced stage, you may make further claims of up to 200% of the Insured Amount. It is also possible to claim for a combination of multiple Early, Major or Catastrophic Critical Illnesses up to a maximum of 200% of the Insured Amount.
4. Immediate Payouts up to 200% of the Insured Amount for Catastrophic Illness
For certain Catastrophic Critical Illnesses (e.g. Stage 4 Major Cancer, Stroke leading to inability to perform 3 out of 6 ADLs, Severe Heart Attack, Heart & Lung Transplant, Total Paralysis/Loss of Use of All 4 Limbs), the plan pays out an immediate lump sum equal to 200% of the Insured Amount less any amount(s) paid out previously.
5. Waiver of Premium Benefit
In the event of a Major Critical Illness claim, you can receive a payout of up to 100% of the Insured Amount, and you will no longer have to pay the future insurance premiums. Therefore, your Critical Illness coverage under the AIA Complete Critical Care plan will continue and you will remain eligible to make further claims of up to 200% of the Insured Amount.
6. Major Cancer Relapse Benefit
In the event of a successful claim for any of the Major Cancers covered under the policy, you will receive a payout of up to 100% of the Insured Amount. Following treatment, if your cancer goes into remission and you subsequently suffer a cancer relapse after 1 year of being in remission, you may be eligible to receive a further payout of 25% of the Insured Amount. This benefit is subject to the 200% limit on the total insured amount payable under your policy.
In comparison, there are other options from other companies that have limits for early payout plans (those who require more info. can email me on this)
Waiting period where no benefits will be paid applies to 30 days for all surgical procedures/diagnosis of critical illness conditions prior to policy inception or reinstatement. For specific conditions, the waiting period is extended to 90 days for conditions e.g. Heart Attack, Cancer, Coronary Artery Surgery; and 180 days for Carcinoma-In-situ and Prostrate Cancer (Early Cancer diagnosis).
Survival period of 30 days applies to claims be it Early Critical Illness, Major Critical Illness, Catastrophic Critical Illness or Major Cancer Relapse. No additional waiting period (other than for Major Cancer Relapse) applies so long as the claim is for a different group of Critical Illness or if the condition has deteriorated to a more serious advanced stage.
summarised from various sources
Is there any other company which offers similar plan?
Any comparison made between these plans and the one that AIA have?
Hi Alvin,
Know that AXA also have a similar plan, any comparison that you had done before?
rgds
Hi Alvin,
I had already send my comment twice, however why is it not published?
Understand that this complete critical illness coverage is not the only one in the market,
AXA also have one. Did you do a comparison and which is better?
rgds
Kwang Weh
Hi Kwang Weh
AXA�s Early-Payout LivingEnhancer is a regular premium plan with early payout critical illness benefits. The amount you can claim depends on the severity of the illnesses. There are three different levels of severity.
Severity 25 covers the earliest stage of a critical illness. Patients diagnosed with an illness under Severity 25 will receive the payout� of 25% of the sum assured.
Severity 50 covers the next stage of a critical illness, a condition where the illness has progressed to a more advanced stage. Severity 50 triggers the payout� of 50% of the sum assured minus any previous claims admitted for the same critical illness.
Severity 100 covers the most advanced stage of a critical illness. It triggers the payout of 100% of the sum assured minus any previous claims.
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The AIA Complete Critical Care can be said to be a hybrid of Great Eastern’s Early Payout Critical Care and Prudential’s PruMultiple Crisis Cover. It is not the only company that covers early critical cancer. Coverage and payout seems to be higher than AXA. I am unsure of the premium between the 2 though.
Another similar product be TM Asia’s Cancer Care which however is restricted to providing coverage only for Early Cancer Detection.
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Hi Alvin
As I am quite well cover in traditional critical illness, I am only looking this for the early payout portion.
What I had research on the net shows me that AXA and GE early critical illness payout cover 20 early critical illness as compared to AIA’s 8 early critical illness.
Does the major critical illness in all the three company equates to the same stages as what our traditional critical illness has?
Hi Kwang Weh
AXA and GE does cover more. However AIA has its advantages, in that it pays out more and coverage is higher.
Does the major critical illness in all the three company equates to the same stages as what our traditional critical illness has? Yes
Thanks Alvin
Hi,
I am not concern abt insurance able to claim 3x or 100x
How many patient with critcal illnesses able to do the claim 2x.
I was proposed by prudental on a plan similar, but what shock me is subsequent claim MUST BE 5 YEARS LATER!!!
I will like to know more if there is no such clauses in this AIA polict.
Thank you
Hi Jac
There isn’t this clause for AIA. You can also request for the sample policy to take a look on the terms and conditions.