AIA Power Critical Cover Dissected – Power up Your CI Coverage with Pre-Early Stage Pay-out
Here we are again; do bear with us on this lengthy article because we are dissecting a revolutionary critical illness plan and the name is “AIA Power Critical Cover”. This time it’s AIA at the forefront with yet another revolutionary stand-alone CI product since AIA Triple Critical Cover (TCC).
If you have been keeping up to date with life insurance products in Singapore over the last few years, you may know that AIA Triple Critical Cover was the first in the market that offers multi pay out benefits for early to advance stage critical illness coverage before all the other companies follow suit.
We will dissect the AIA Power Critical Cover (PCC) to discover it’s evolution since AIA Triple Critical Cover
Same Old Brand New Features
Power Reset Benefit Up to 5x Now
The same power reset benefit which was the main feature of the older AIA Triple Critical Cover applies to AIA Power Critical Cover. The power reset technically means if your policy is in force 12 months after the date of your latest diagnosed critical illness, the plan will auto restore your sum assured to 100% of your insured amount. You will be able to reset your sum assured up to 5 times in this new plan as compared to 3 times in the older plan.
Surrender Value Increasing 1% Sum Assured Each Year after Age 76
If you choose the Power Critical Cover Life Plan (Coverage till Age 100), the plan has a surrender value feature. However, instead of exercising it only after age 75 like the old plan, the new plan allows the policy holder to exercise its surrender value any time after the 60th policy anniversary or when the life assured attain 75 years old whichever earlier. This is after deducting any claim amount made, which means, if you’ve made any CI claim during the lifespan of the policy, this feature will no longer be applicable. What’s more, the surrender value of the plan increases by 1% of the sum assured from the life assured 76th birthday onwards.
The AIA PCC continues to provide death benefit at 100% sum assured provided no claim has been made on any critical illness conditions.
Pre Early Benefit (Covered Condition before Early Stage CI Diagnosis)
Yes, AIA prides itself as the first in the market to offer Pre Early Stage CI Pay out under the following 3 categories and benefit limitation
Category 1 – Chronic Disease Benefit (Pay up to 10% Sum Assured Cap At $10,000)
The following chronic diseases are covered under this plan
- Thyroid Dysfunction (Hyperthyroidism, Hypothyroidism)
- Type 2 Diabetes Mellitus
- Spinal Disease
- Gastrointestinal Disease with surgery
Up to 2 claims on 2 separate disease of 10% sum assured cap at $10,000 can be made
Category 2 – Cardiovascular Disease Benefit (Pay up to 10% Sum Assured Cap At $25,000)
The following cardiovascular disease are covered under pre early benefit
- Wolff Parkinson White and Supraventricular Tachycardia (SVT) with surgical intervention
- Chronic Rheumatic Heart Disease
- Congenital Septal Defect requiring surgery
- Severe Deep Vein Thrombosis with pulmonary embolism
Only 1 claim of 10% sum assured cap at $25,000 can be made
Category 3 – Benign and Borderline Malignant Tumour Benefit (Pay up to 10% Sum Assured Cap At $25,000)
The following is the definition of benign and borderline malignant tumour
An actual undergoing of complete surgical excision of a Tumour and such tumour is confirmed by histopathological examination in writing by a registered pathologist as a non-cancerous benign tumour of the following Organs listed below in the 22 “Specified Organs”.
Only 1 claim of 10% sum assured cap at $25,000 can be made
Power Relapse Benefit
If the Insured is re-diagnosed with or suffers from recurrence on any one of the following Power Relapse Critical Illness
- Re-diagnosed Major Cancer
- Recurred Heart Attack
- Recurred Stroke
- Repeated Major Organ Transplant / Bone Marrow Transplantation
- Repeated Heart Valve Surgery
or actually undergoes a surgery for a Power Relapse Critical Illness 2 years after it’s first diagnosis, 100% of the sum assured will be paid, this claim feature will not affect the power reset benefit and can only be claimed once for up to 2 re-diagnosed or recurrent condition.
More Conditions Covered
The AIA Power Critical Cover provides coverage for up to 175 conditions which is inclusive of 10 Conditions under the Pre-Early Benefit, 150 multi-stage critical illnesses and 15 special conditions. This effectively makes it the plan which covers the most number of conditions.
Medical Support Services
Embracing the internet of things, AIA power critical cover enables user to get access to receive medical advice via video consultation with Singapore registered doctors at a flat consultation fee of only $12 via the WhitecoatApp
Another partnership with MEDIX adds to AIA Singapore’s comprehensive healthcare proposition in providing quality healthcare and the best customer experience.
So How Does it Work?
Supposed Tom age 40 buys the AIA Power Critical Cover Life Plan (Till Age 100) for a 100,000 sum assured.
- At age 42, Tom got diagnosed with type 2 diabetes – Tom will claim $10,000 under chronic disease benefit
- At age 45, Tom suffers an early stage heart attack and requires cardiac pacemaker insertion – Tom will claim $100,000
- At age 46, 12 months Power resets kicks
- At age 49, Tom suffers a major heart attack and survives – Tom will claim $100,000
- At age 52 Tom suffers a relapse of his major heart attack and survives again – Tom will claim another $100,000 under Power Relapse Benefit which kicks in 2 years after the previous major heart attack tom suffers.
- At age 60 Tom was diagnosed with an advance stage cancer – Tom will claim another $100,000 after the power reset benefit kicks in at age 50
In total, Tom would have made a claim of $410,000 with AIA Power Critical Cover.
What we like about AIA Power Critical Cover
- First in market to offer Pre-Early Benefit which covers for before early stage ci diagnosis
- Improved features on the Surrender value for it’s Life Plan (Till age 100) version
- More number of conditions covered (175) as compared to the older plan (104)
- Higher number of total pay-out (up to 940% Sum Assured)
- Claim on same condition for different stages of Critical Illness
- Higher sum assured for death benefit as compared to the rest in the market
- Early stage Carcinoma in-situ definition has been improved to include all sites except those specified.
- Exclusive medical support service with whitecoat and medix
What we don’t like
- One year waiting period still applies after the first critical illness claim, other companies has no waiting period for different early stage critical illness claim and no waiting period on another claim when an early/intermediate stage ci diagnosis progresses to an advanced stage critical illness.
- Premium is among the more expensive among its peers for coverage till Age 75
- Limitation of coverage till Age 75 and 100 still remains, not flexible enough
Read also: Best 3 Recurrent Critical Illness Plan
What to Do Next?
As usual, moneyline.sg has done the homework. Not only we help you make informed decision on your pending purchase but we also work with financial planners that have access to multiple insurers to provide you with objective recommendations. To get a quote and have your coverage needs assessed, fill in the form below and a licensed financial planner will contact you and draft you a proposal based on your given inputs