No More 30 CIs! It's Now 37+++!

On 1 Aug 2014, Life Insurance Association (LIA) Singapore introduced revisions to the Critical Illness (CI) benefit framework to meet the changing needs of consumers. Two key changes were introduced:

1. Revisions to industry-wide standard definitions for severe/ late stage of 37 common CIs, to ensure clarity of the scope of the coverage of CI benefits, in line with the advances in medical practices & technology.
2. Flexibility to provide CI coverage for any number of CI conditions.

In this issue, we examine these changes and discuss how you and I are affected by them. 

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Aligned with the above changes, AIA has also made various changes to our Critical Illness plans and coverage with effect from 2 Jan 2015. As an AIA Policyholder you get to enjoy the enhanced benefits.

All changes apply to new policies and riders taken up after 3 Jan 2015.

Revision to Critical Illness Benefit

3 key changes have been made:

1. To ensure clarity regarding payouts and scope of coverage, 16 out of 37 common severe critical illness definitions have been updated.
2. 90 day waiting period applies to Major Cancers, Coronary Artery By‐Pass Surgery, Heart Attack of Specified Severity, Angioplasty and Other Invasive Treatments for Coronary Artery and Other Serious Coronary Artery Disease.
3. The 30 days waiting period for other CIs have been removed. Waiting period will only apply to specific conditions such as those mentioned above and in the policy contract. Increased Number of Late Stage Conditions

With the flexibility to provide CI coverage for any number of conditions, AIA Singapore has taken the lead to extend coverage for ALL 37 CRITICAL ILLNESSES conditions listed by LIA. The 7 new conditions added by AIA are as follows.

1. Major Head Trauma
2. Progressive Scleroderma
3. Apallic Syndrome
4. Systemic Lupus Erythematosus with Lupus Nephritis
5. Other Serious Coronary Artery Disease
6. Poliomyelitis
7. Loss of Independent Existence

As a key protection provider in Singapore, AIA has gone beyond the common 37 standard definitions prescribed by LIA. Additional 6 to 7 medical conditions have been added for most of AIA’s Critical Illness plans and riders: 

1. Creutzfeld-Jacob Disease
2. Elephantitis
3. Medullary Cystic Disease
4. Necrotising Fasciitis
5. Progressive Supranuclear Palsy
6. Severe Myasthenia Gravis
7. Acute Necrohemorrhagic Pancreatitis*

*Only available in selected critical illness plans and rider

Will my premiums increase with so much more coverage for Critical Illness?

Even with up to an additional 14 conditions covered, the good news is that premium for AIA's critical illness plans and riders will remain unchanged. This means you will get to enjoy more comprehensive coverage with no increase in price!

What happens to my existing critical illness coverage plan? 

For existing customers, your coverage will not be affected and you will continue to enjoy the same coverage with no changes in your premium.

With the changes taking place, this is also a good opportunity to review your current insurance needs.