Don’t you often worry whether your family members and close ones would be able to live peacefully in a situation where something terrible happens to you? This thought could be disheartening, as it’s your loved ones we are talking about. Well, AXA Singapore addresses this issue with its AXA Life MultiProtect insurance plan.
This insurance policy is a full-fledged life plan. Interestingly, the coverage multiplies to assist you with all the daunting responsibilities of life.
Features of AXA Life MultiProtect
Some of the primary features are listed as below:
- The policy comes with protection cover that can be multiplied. You must choose a protection plan that best suits your needs, and this can earn you a multiplier benefit of up to 5 times the original sum that was assured. AXA insurance plan covers incidents such as critical illness, death, and complete and permanent disability. This cover is applicable until you’re 80 years old. Here’s a table that illustrates the 5x multiplier benefit:
|Multiplier options||Multiplier guaranteed on or prior to anniversary of the plan close to the 70th birthday of the policyholder||Multiplier guaranteed following the anniversary of the plan close to the 70th birthday of the policyholder, and until the multiplier benefit expires|
- In case death occurs due to an accident, you can earn double of the indemnity promised. The coverage in such instances could stand up to 10 times the guaranteed amount, based on the preferred multiplier on your plan.
- AXA Life MultiProtect insurance plan can also help you get additional cover without the hassle of underwriting. The plan brings under consideration the fact that you might need extra protection as you grow older and have more responsibilities. Basically, with this plan, you can purchase bonus coverage without underwriting.
- This insurance plan could also advance the payout in case of disabilities. The policy states that you qualify to receive 100% of the benefit promised in instances of disability, if you’re unable to perform two out of the six Activities of Daily Living. This benefit will stand at a maximum of S$3 million.
- The insurance plan is tailored in a manner that the payout options are flexible enough to suit your budget. The policy allows you to pay the premiums over tenors of 15, 20, or 25 years, or you can also pay up to the age of 65. You can choose from annual, semi-annual, quarterly, and monthly plans for repayment of premiums.
- The insurance plan also lets you add on riders for better coverage. In cases involving critical illnesses, you can receive financial cover that helps you cover expenses related to treatments and recovery. Some of the coverage schemes are listed as below:
- The plans covers 38 initial stage, 33 intermediary stage, and 40 terminal stage illnesses.
- You can earn bonus payout for 11 special conditions, where a cover up to age 99 is provided.
- You also get bonus payout for 10 juvenile conditions for policyholders who haven’t turned 18 yet.
Benefits of AXA Life MultiProtect
There are several benefits guaranteed by the insurance plan, listed below:
- The plan also enhances the coverage under the benefit for critical illness scheme, which protects against 40 terminal stage illnesses.
- The policy comes with the critical illness plus benefit, where you can get a lump sum amount in case you’re diagnosed with a critical illness. However, this doesn’t affect other privileges covered under your basic plan.
- The plan comes with a benefit that covers initial stage of a critical illness. The plan essentially provides extensive coverage for 132 medical conditions. It also includes bonus payout against special conditions and juvenile conditions.
- AXA Life MultiProtect also promises waiver of premium riders. This means that in case you or your close ones are faced with unforeseen and tragic events, the plan provides optional riders which can help you waive premium payments for the future. This also implies that there won’t be any glitch in the long-term insurance plan that you opted for.
How to make a claim?
It’s a fairly simple process to make a claim for AXA Life MultiProtect insurance plan, if you follow the steps listed below:
- You must make an online submission for the claim to have it processed quicker, or you could download the editable PDF form.
- You have to submit the claim form along with the supporting documents directly or through an insurance consultant, in case you opt for paper submission.
- Based on your submission, a claims specialist will verify and make assessment of your claim.
- The last step involves paying and settlement, once your claim checks out.
How to apply?
To apply for the AXA Life MultiProtect, you have to fill the form available online, and based on that AXA will get back to you. You can also call and enquire about it on 1800 880 4888 if you’re within Singapore, or on (+65) 6880 4888, if you’re overseas.
What must you consider before applying?
There are few essential aspects you must consider prior to applying, which include:
- The insurance plan covers you, starting from the 1st month to age 60.
- The minimum sum assured under the plan stands at S$25,000.
- At the time of application, you’re given the option to choose the multipliers, which could be 5x, 3.5x, or 2.5x.
- You must also take the multiplier benefit under consideration, which can be calculated by multiplying the sum guaranteed of the benefits applicable with the multiplying factor that you have selected. This would terminate after the anniversary of the policy, close to the assured’s 80th birthday.