Aviva MyMultiPay Critical Illness IV Review
The Aviva MyMultiPay Critical Illness IV is a critical illness insurance policy that provides protection against different stages of critical illnesses (CIs) and CI relapses.
With its many features, our team has considered it as one of the best CI plans in Singapore.
Continue reading to find out why.
Basic Product Features
Premium Policy Terms
The Aviva MyMultiPay Critical Illness IV provides insurance coverage for you from 10 years old to 99 years old.
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.
Currency Choice
You have the option to choose your preferred currency for the policy – SGD, USD, AUD, GBP, EUR, or HKD.
Protection
Critical Illness Benefit (CI)
Major Critical Illness and Relapse
The Aviva MyMultiPay Critical Illness Plan IV provides up to 900% coverage against 132 early, intermediate and severe stage CIs, and 6 rediagnosed or recurred critical illnesses from 10 years of age, up till the age of 99.
Here are the critical illnesses covered by the Aviva MyMultiPay Critical Illness Plan IV:
Early and Intermediate Stage CI Payout Limit
100% of the assured sum based on a per claim basis.
Severe Stage CI Payout Limit
300% of the assured sum, less any claims for early and intermediate stage CIs in the same CI group, based on per claim basis.
Maximum Payout Limit for CI Benefit
600% of the assured sum for the entire CI Benefit.
And 6 rediagnosed or recurred CIs are:
- Rediagnosed Major Cancers.
- Recurring Heart Attacks of specified severity.
- Recurring Stroke with permanent neurological defects.
- Repeated Open Chest Heart Valve Surgery.
- Repeated Major Organ / Bone Marrow Transplantation.
- Repeated Coronary Artery By-pass Surgery.
Rediagnosed or Recurred CI Payout Limit
- 150% of the assured sum per claim.
- Up to 2 claims of a combined maximum limit of 300%.
Waiting Period: Critical Illness
| Occurrence of early or intermediate stage CI diagnosis within 1 year from the previous claim made under: |
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| Occurrence of severe stage CI diagnosis within 1 year from the previous claim made under: |
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| Occurrence of recurrent CI diagnosis within 2 years from the previous claim made under: |
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The following conditions will result in the benefit not being paid out if occurrence takes place within 90 days from policy issue date, policy commencement date, policy reinstatement date:
The date of diagnosis of heart attack of specified severity, major cancer, or other serious coronary artery diseases, or;
The date of diagnosis of coronary artery disease resulting in the need for coronary artery bypass surgery.
Other Features and Benefits
Premium Waiver Benefit
Future premiums will be waived if 300% or more of the sum assured has been paid out under the CI Benefit.
Advance Care Option
Upon diagnosis of a first severe stage CI, you have the option to exercise the Advance Care Option Benefit, where you will receive an additional 100% of the sum assured on top of the CI Benefit.
Here are the Severe CI conditions eligible for the Advance Care Option:
Upon opting for the Advance Care Option, eligibility for the Recurrent Critical Illness Benefit will cease.
Benign and Borderline Malignant Tumour
Upon diagnosis of a Borderline Malignant Tumour or completion of surgical excision of a Benign Tumour of suspected malignancy, receive a payout of an additional 20% of the sum assured, up to S$25,000 (or equivalent currency) per life.
Here are the 22 Specified Organs covered under the Benign and Borderline Malignant Tumour Benefit:
Waiting Period: Benign and Borderline Malignant Tumour Benefit
The following condition will result in the benefit not being paid out if occurrence takes place within 90 days from policy issue date, policy commencement date, policy reinstatement date:
- The date of diagnosis of the borderline malignant tumour or any condition diagnosis, which results in having to go through a surgical excursion of the benign tumour of suspected malignancy.
Intensive Care Benefit
If the insured is required to be admitted into the intensive care unit (ICU) for 4 or more days within one hospital stay, he or she is entitled to an additional 20% of the sum assured up to S$25,000 (or equivalent currency) per life.
Waiting Period: ICU Stay Benefit
The following condition will result in the benefit not being paid out if occurrence takes place within 90 days from policy issue date, policy commencement date, policy reinstatement date:
- The date of the first day of ICU stay of an admissible claim under the ICU Stay Benefit.
Special Benefit
Upon diagnosis of any of the 27 medical conditions as stated below, the insured is entitled to an additional 20% of the sum assured up to S$25,000 (or equivalent currency) per life per condition.
Here are the conditions covered under the Special Benefit:
Waiting Period: Special Benefit
The following conditions will result in benefit not being paid out if occurrence takes place within 90 days from policy issue date, policy commencement date, policy reinstatement date:
i) The date of diagnosis of severe presbycusis (age-related hearing loss), or age-related macular degeneration with visual impairment, or;
ii) The date of diagnosis resulting in surgical procedure: urinary incontinence requiring surgical repair, mastectomy, hysterectomy caused by cancer, or angioplasty and other coronary artery invasive treatments.
Death Benefit
Upon the death of the insured, receive a payout of S$5,000 (or equivalent currency).
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
Upon eligibility of claims, all benefits are made payable to you, your legal representative, the hospital, or authorised parties.
Full premium payments have to be received by Aviva, for the policy to be eligible for claims.
Survival Period
To be eligible for the benefits under the Aviva MyMultiPay Critical Illness IV, the insured has to survive at least 7 days after he or she is diagnosed or the date of surgical procedure for CI.
Termination
The policy will terminate if any of the below situations occur, whichever is earliest.
- The death of the insured.
- The policy expires.
- The date when Aviva pays the full death benefit.
- The date when Aviva pays 900% of the sum assured for the CI Benefit and Recurrent CI Benefit.
- The date when Aviva pays 700% of the sum assured for the CI Benefit and Advance Care Option.
- When the grace period of premium payment reaches its due date.
- Any other event resulting in the termination of the policy.
My Take on Aviva’s My MultiPay Critical Illness IV
| Aviva MyMultiPay Critical Illness Plan IV | AIA Beyond Critical Care w/ Early Critical Cover Extra Rider | Tokio Marine MultiCare | Manulife Ready CompleteCare | AXA Super CritiCare | FWD Recover First | |
| Policy Term | From 10 years old to 99 years old | Up to age 85 or 30 years | Up to age 70,75 or 85 | Up to age 75 or 99 | 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 | $1,465 | $3,104.80 | $1,165 | $1,475 | $1,165 | $1,124 |
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, Aviva MyMultipay Critical Illness IV Plan has a mid-range premium with the highest, most comprehensive coverage of multi-stage critical illnesses conditions (132 CI Conditions).
| Aviva My MultiPay Critical Illness Plan IV | AIA Beyond Critical Care | Tokio Marine MultiCare | Manulife Ready CompleteCare | AXA Super CritiCare | FWD Recover First | |
| No of Critical Illness Conditions Covered | 132 | 43 CIs and 5 Rediagnosed CIs at an advanced stage.
Or 104 CIs if you opt for the Early Critical Cover Extra Rider |
109 | 106 | 111 | 37 |
| No of Juvenile Conditions Covered | 11, claim up to 6 times, 20% of the assured sum, with a maximum limit of $25K | – | 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 | 18, claim up to 3 times,10 % of the assured sum, with a maximum limit of $25K | – |
| No of Special Conditions Covered | 16, claim up to 6 times, 20% of assured sum, with a maximum limit of $25K | – | 10, claim up to 5 times, 20% of assured sum, with a maximum limit of $25K | – | 18, claim up to 5 times,10% of 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 | Yes. With “Cover Me Again” Option | Yes | No |
The Aviva MyMultiPay Critical Illness IV has the following benefits for consideration when choosing a CI plan best suited for your needs:
- Highest and most comprehensive coverage of multi-stage CI conditions.
- Provides coverage for 6 recurrent conditions.
- Provides a waiver of premium option if 300% or more of the sum assured has been paid out under the CI Benefit.
- Offer additional benefits such as ICU Stay Benefit, Advance Care Benefit, Borderline and Benign Tumour Benefit and Special Benefit (11 Juvenile Benefits and 16 Special Benefits).
- Flexible policy term from age 10, up till 99 years old.
The policy also has its downsides as well. These include
- No coverage for mental conditions as other CI plans such as AIA Beyond Critical Care w/ Early Critical Cover Extra Rider (provides coverage for 5 mental conditions).
- Lowest maximum sum assured of S$250k, as compared to other CI policies such as AIA Beyond Critical Care w/ Early Critical Cover Extra Rider (S$3 million) and AXA Super CritiCare (S$1 million).
Before choosing any policies, you should assess your insurance coverage.
For critical illness policies, it is recommended to consider the coverage, instead of 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
https://singlife.com/en/insurance/life-and-health/my-multipay-critical-illness-plan-iv
source https://singaporefinancialplanners.com/blog/aviva-mymultipay-critical-illness-review/
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