Owning your very own house and making it a home with your loved ones is a task everyone loves to undertake. However, it becomes a nightmare when you have to consider the various damages, liabilities or losses that you would have to shoulder in the face of an unfortunate event. Home Insurance offers adequate coverage in such situations and gives you peace of mind. In case you are ill or disabled, a home insurance plan offers the provision of paying any outstanding loans or dues as well.
About AIA Singapore
AIA Singapore Private Limited (AIA Singapore) was established in 1931. The company’s motto is “Doing the Right Things, in the Right Way, with the Right People”. AIA Singapore is one of the leading insurance providers in Singapore, with a strong presence in locations such as Alexandra, Robinson Road, Tanjong Pagar, Tampines and Changi to enhance convenience and accessibility to its customers. It offers a plethora of products and services which cater to the different requirements of their customers.
AIA Home Insurance
AIA offers Home Insurance Plans which provide comprehensive coverage to protect your finances and your home in case of any loss, damage or liability. It also makes a provision of paying any outstanding loans in your stead, if you are incapable of doing so because you are ill or incapacitated. AIA offers two main home insurance plans, namely, AIA CoverMax and AIA Elite HomeCare.
Features of AIA Home Insurance
AIA Home Insurance offers a variety of coverage to individuals, landlords, and homeowners. By opting for home insurance, you can rest easy knowing that most of your belongings, life, and documents are fully covered.
- You will get coverage to all your household items or belongings.
- Property protection is provided across the globe.
- You get worldwide liability protection.
- You will receive twice the payout in case of any unforeseen disaster.
- Premium for 5 years is waived in case of any untimely death.
Benefits of Having Home Insurance
- AIA offers compensation in case of any damage to the building due to accidents, emergency entry into the building, loss of rent, etc.
- AIA provides worldwide coverage to personal valuables, travelling baggage, documents (e.g. passport, driving licence, NRIC), and loss of cash or card. If you happen to lose any of the above valuables during transit, AIA will compensate for your loss depending on the insurance plan you have bought (standard, comprehensive, executive).
- AIA also provides festive season benefits. In case of any damage or loss to your building during a festival or 10 days prior to the festive season, you will be entitled to receive a payout. The selected occasions include New Year’s Day, Chinese New Year, Hari Raya Haji, Hari Raya Puasa, Deepavali, Good Friday, Vesak Day, and Christmas.
- If you are legally held responsible for damaging any property or injuring anyone, personal liability coverage will be given to compensate for the loss occurred.
- If you meet an untimely death, your spouse and children are entitled to receive accidental death benefits.
- If you are insured and a victim of any unprecedented accident (at your home) such as lightning, fire, or robbery, you are entitled to receive double indemnity for accidental death benefit.
- In case of any permanent disability or death, insurance coverage will be offered to your family for the next 5 years and the premium will be fully waived.
Insurance Plans Offered by AIA
AIA offers 2 Home insurance plans:
- AIA Elite Home Care
- AIA Mortgage Reducing Term Assurance
AIA Elite Home Care: If you are searching for a home insurance plan that offers extensive coverage to your home, belongings, pets, your family, the AIA Elite Home Care may be the right insurance plan for you. The insurance offers compensation to any damage to your building caused by legal authorities such as police force, ambulance, civil enforcers, etc. If you are a landlord, the coverage also assures you of compensating the rental loss you have incurred. This is covered up to S$52,000.
AIA Elite Home Care also takes care of your household belongings that include furniture, electronic items, and appliances. In the event that your belongings are damaged during packing or relocation, you are entitled to receive a compensation from the insurance company. Your pets at home are also covered in this insurance.
AIA Mortgage Reducing Term Assurance: This is a flexible protection plan that will take care of your housing loan should any uneventful circumstance occur. This means that in the event of your death, the insurance company will pay the remaining housing loan that is liable to be paid by your family.
|Features||AIA Elite Home Care||AIA Mortgage Insurance|
|Loan protection in case of death||No||Yes|
AIA Home Insurance Coverage
The maximum coverage available under each plan are listed below:
|Unscheduled personal valuables (worldwide)||S$2,000||S$2,000||S$2,000|
|Festive seasons benefit||S$300||S$300||S$300|
|Worldwide medical reimbursement for accidents||S$250||S$250||S$250|
|Worldwide accidental death benefit||S$20,000||S$20,000||S$20,000|
|Worldwide personal liability||S$500,000||S$500,000||S$500,000|
|Double indemnity for accidental death||S$40,000||S$40,000||S$40,000|
|5-year premium waiver||Yes||Yes||Yes|
If you are seeking a specialised plan to cover your valuables, you can opt for a customised coverage plan. You will need to visit the AIA Insurance website and select a customised flexi plan that suits your requirements.
AIA insurance premiums
The annual premium for each of the plans is given below:
Standard Plan: S$169.15
Comprehensive Plan: S$231.46
Executive Plan: S$399.50
These premiums might differ depending on various factors such as your age, the geographical coverage you’re seeking, the number of members in your cover, etc. You might receive a quote different what is seen here because of your individual requirements.
Any deliberate or wilful act that involves the destruction of your home or premises is not covered under the insurance. Insurance coverage is also not provided to bonds, share certificates, travel tickets, deeds, manuscripts, passport, stamps, and documents of title, medals, and bills of exchange. Please refer to your policy document for detailed information on the list of exclusions.
AIA Home Insurance Claim Process
If you wish to submit a claim, you will need to download the personal lines claim form from the AIA Singapore website. Upon filling the form, you will need to submit the form to the AIA customer service centre. Alternatively, you can also visit the AIA customer service centres directly. Depending on your claims, the representatives will guide you on the next steps required.
How to Cancel AIA Home Insurance Policy
If you prefer to cancel your home insurance policy, you will need to download the policy closure form from the Singapore AIA website. The form needs to be filled stating the reasons for the closure. Once the form is filled, this should be submitted to the AIA customer service centre. You will be notified once the process is complete.
FAQ’s - AIA Home Insurance
What all countries are excluded when considering worldwide protection under this home insurance scheme?
Albania, Libya, Cambodia, Laos, North Korea, Cuba and Iran are excluded.
Whom does the AIA Home Insurance Plan cover?
This benefit covers the insured and spouse who are below 65 years old or any legal child who is at least 1 year old, under 24 years, full-time student and unmarried.
Does AIA Elite HomeCare offer additional coverage for damages to property during festival season?
AIA Elite HomeCare offers an additional S$300 in the event of loss or damage to your personal valuables within the building due to events related to any festive season.
In the event of my death will my family be provided further protection under the AIA Elite HomeCare plan?
If you die or become permanently disabled, your family will continue to receive the protection offered under AIA Elite HomeCare for five more years without having to pay any premium.
What is Maintenance Fee Protection Benefit?
AIA CoverMax home insurance plan offers the Maintenance Fee Protection Benefit, wherein S$3,000 is given to the family of the deceased in order to meet their monthly maintenance fee and other basic charges.