AIA Beyond Critical Care Review: Premium Refunds?

The AIA Beyond Critical Care is a critical illness insurance policy that provides basic protection against major stage critical illnesses (CIs), CI relapses, and mental illnesses.

On top of the above coverage, the policy also offers a premium refund.

With additional add-ons, the policy provides additional protection against 104 early, intermediate and major CIs, and premium waivers if you encounter a CI condition.

Criteria

Sum Assured

Minimum sum assured of $50,000.

Basic Product Features

Premium Policy Terms

For AIA Beyond Critical Care, there are 2 coverage options: a coverage term to either

1. Age 85 or
2. For at least 30 years.

 

Whichever is later.

What this means is that once you reach either 85 or a term of at least 30 years, the insurance coverage will end.

Premium Payment Terms

• Payable throughout the premium term of the policy.
• As with all CI premiums, premiums are not guaranteed and may be adjusted.

 

Your final premium amount is determined by factors such as age, gender, smokers status, sum assured, policy type, and length of premium period.

Protection

Death Benefit

Upon the death of the insured, there will be a payout of 100% of the full coverage amount less CI claims, if any.

Compassionate Benefit

AIA will make a payout of S$10,000 will be made to your loved ones should the life insured passes on.

Holistic Critical Illness Protection (CI)

Major Critical Illness and Relapse

The AIA Beyond Critical Care provides up to 200% coverage against 43 major stage CIs and 5 rediagnosed or recurred critical illnesses up till the age of 85 or for at least 30 years, whichever is later.

Here are the critical illnesses covered by the AIA Beyond Critical Care:

And 5 rediagnosed or recurred CIs are:

1. Rediagnosed Major Cancers
2. Recurred Heart Attacks
3. Recurred Stroke
4. Repeated Heart Valve Surgery
5. Repeated Major Organ / Bone Marrow Transplantation

 

Mental Well-being Benefit

The AIA Beyond Critical Care provides an additional 20% of the coverage amount up to a maximum of up to S$50,000 per claim up to the age of 75, for 5 mental illnesses such as Major Depressive Disorders and Obsessive-Compulsive Disorder.

There is a limit of $50,000 per mental illness and $150,000 for all claims for mental illnesses by the AIA Beyond Critical Care or any policies issued by AIA.

Other Features and Benefits (Rider)

Multistage Critical Illness Benefit (CI)

The Early Critical Cover Extra Rider Provides additional coverage for 104 early, intermediate and major CIs, up till the age of 75 years old, with maximum coverage of S$350k.

Here are the ECI and CIs covered by AIA Beyond Critical Care:

Waiver of Premiums

Waiver of future premiums upon diagnosis of:

• 103 multistage CIs under the Early Critical Protector Waiver of Premium Rider, or
• 42 major CIs under the Critical Protector Waiver of Premium Rider.

 

Waiver of future premiums will be available for your child up till the age of 25, if the below circumstances are encountered by you:

• Diagnosis, disablement, or death due to the 103 multistage CIs under the Early Critical Protector Payor Benefit Rider.
• Diagnosis, disablement, or death due to the 42 major stage CIs under the Payor Benefit Comprehensive Special Rider
• Disablement or death under the Payor Benefit Rider.

 

Full Refund of Premium Payment Benefit

Receive full refund payout of your base plan’s annual premiums paid upon the end of the policy term, less claims, if any.

This also is inclusive of waived premiums, under the optional premium waiver rider.

Additional Features

Health Screening Benefits

Reimbursement of up to S$200 of your health screening expenses from your fourth policy year, and 3 years thereafter. To be eligible for this benefit, you must be at least 21 years of age.

AIA Critical Assist

With the purchase of the AIA Beyond Critical Care, you have access to AIA Critical Assist, a hotline offering expert advice and recommendations and referrals to reliable health, home, and medical call services.

Teladoc Health

In the event of Critical Medical Conditions, receive personalised medical support upon diagnosis up till recovery.

AIA Vitality

AIA Vitality is a comprehensive health and wellness programme that promotes leading a healthy lifestyle.

You can integrate your AIA Beyond Critical Care policy with AIA Vitality to enjoy further benefits from AIA.

AIA Vitality also encompasses the PowerUp Dollar feature, which allows you to enjoy up to an additional 25% coverage in addition to your basic coverage without having to pay extra premiums. The increase of AIA Vitality status:

• Rewards you with PowerUp Dollars, providing increased coverage without additional costs.
• Up to 15% discount on riders.

 

Main Product Conditions

The following is a summary of the main terms and conditions to be taken note of. You should read through the actual terms and conditions in the main policy or consult your financial advisor representative for clarifications.

Claim Conditions and Waiting Period

Critical Illness Claim Conditions

Receive a payout of 100% of the coverage amount upon diagnosis of first CI, to assist with your recovery journey.

After 12 months, the coverage amount will be restored to 100%, which can be utilised for:

• A different CI from the first diagnosis.
• Any one of the 5 rediagnosed or recurred critical illness that is the same as the first diagnosis.

 

Upon 200% payout, no further policy premium payment is required and the policy will terminate thereafter.

Waiting Period

Critical Illness Coverage

• 1 year for another Critical Illness Condition.
• 2 years for rediagnosis of the same CI condition.

 

Mental Illness Coverage

• 3 years waiting period between each claim for another Mental Illness Condition.

 

Exclusions

The following exclusions is applicable for the policy:

• The death benefit will not be paid, in the event that 100% of the coverage amount has been paid out under the critical illness benefit.
• The death benefit will terminate upon the death of the insured.
• The premium discount is only applicable on premiums paid on standard life, from the second policy year onwards. The amount of discount is also dependent on AIA vitality status with a cap of 15%

 

My Take on AIA Beyond Critical Care

	AIA Beyond Critical Care w/ Early Critical Cover Extra Rider	Tokio Marine MultiCare	Manulife Ready CompleteCare	Aviva MyMultiPay Critical Illness Plan IV	AXA Super CritiCare	FWD Recover First
Policy Term	Up to age 85 or 30 years	Up to age 70,75 or 85	Up to age 75 or 99	From 10 years old to 99 years old	Up to age 50,55,60, 65, 70 or 75   Or   Renewable term of 5,10,25,20,25, or 30 years	From 5 years to age 85.
Annual Premiums	$3,104.80	$1,165	$1,475	$1,465	$1,165	$1,124
Max Sum Assured	$3 Million	$350K	$500K	$250K	$1 Million	$350K

Premiums are based on a 30-year-old male, non-smoker with a sum assured of $100,000, with policy term up to age 75 – with the exception of the AIA Beyond Critical Care. Premiums are paid annually.

In comparison with the annual premiums across the critical illness plans available in the market, AIA Beyond Critical Plan has one of the most expensive premiums with one of the lowest coverage of critical illnesses Conditions on the basic plan (43 Advanced Stage CIs on basic plan, 104 CIs if add on Early Critical Cover Extra Rider).

There are CI policies offered by other insurance companies with more comprehensive coverage.

	AIA Beyond Critical Care	Tokio Marine MultiCare	Manulife Ready CompleteCare	Aviva My MultiPay Critical Illness Plan IV	AXA Super CritiCare	FWD Recover First
No of Critical Illness Conditions Covered	43 CIs and 5 Rediagnosed CIs at advance stage.   Or 104 CIs if you opt for the Early Critical Cover Extra Rider	109	106	132	111	37. Future Protect Benefit Provides coverage for early and intermediate CI.
No of Juvenile Conditions Covered	–	10, claim up to 5 times, 20% of the assured sum, with a maximum limit of $25K	18, claim up to 6 times, 20% of the assured sum, with a maximum limit of $25K	11, claim up to 6 times, 20% of the assured sum, with a maximum limit of $25K	18, claim up to 3 times,10 % of the assured sum, with a maximum limit of $25K	–
No of Special Conditions Covered	–	10, claim up to 5 times, 20% of the assured sum, with a maximum limit of $25K	–	16, claim up to 6 times, 20% of the assured sum, with a maximum limit of $25K	18, claim up to 5 times,10% of the assured sum, with a maximum limit of $25K	10, claim up to 6 conditions,10%, maximum limit of $25K per claim
Rider Enhancement Option	Yes	Yes	Yes. With “Cover Me Again” Option	Yes	Yes	No

The AIA Beyond Critical Care has the following benefits for consideration when choosing a CI plan best suited for your needs:

• Provides coverage for 5 rediagnosed CIs
• Provides coverage for 5 mental illness conditions
• Provides waiver of premium option if insured or if parent of child (up till age of 25) who is insured is diagnosed with multistage CIs and in the case of insured child, if parent encounters death or disablement due to CI.
• Your basic sum assured is your death coverage.
• Full refund of premium paid if insured is in pink of health and has not made any claims upon policy maturity due date.
• Provides services beyond financial protection- up to $200 Health Screening Benefits every 3 years, AIA Critical Assist,Teladoc Health, AIA Vitality.
• Has one of the highest maximum sum assured of $3 million.
• $10k Compassionate Benefit.

 

The policy also has its downsides as well. These include

• Most expensive premiums with one of the lowest coverage of CI conditions on its basic plan. Required to add on rider for a more comprehensive coverage.
• Not as flexible policy term of either up to age 85 or for 30 years.
• No coverage for Juvenile or Special conditions.
• No coverage for early and intermediate stage CI on its basic plan.
• Claims up to only 200%, where other policies allow you to claim up to 900%

 

Before choosing any policies, you should assess your insurance coverage.

For critical illness policies, it is recommended to consider the coverage you’ll be getting, instead of purely just the policy premiums.

This is especially true when you’re purchasing for ECI/CI coverage. Check the definitions and whether what’s covered is in line with your past medical history and your family’s.

If you need help, our best critical illness plans in Singapore article can help you make a better decision.

Otherwise, speak to a financial advisor to understand if there are better plans for you.

References 

Product Brochure

https://www.aia.com.sg/en/our-products/critical-illness-protection/aia-beyond-critical-care.html

source https://singaporefinancialplanners.com/blog/aia-beyond-critical-care-review/