Life is full of uncertainties, throws many surprises at times. An insurance is one of the most sought after means to secure the financial interests of our loved ones. Term insurance is the most accessible and affordable forms of insurance available in the market today. It offers high Sum Assured at low premium charges.
About AIA Group Limited
Established in Shanghai, AIA is a market leader in the insurance sector across the region and holds assets worth US$167 billion (as of 30.11.2014). In Singapore, AIA offers a massive range of products and services primarily represented by insurance products such as life, health, accident along with a slew of savings and wealth management plans.
In the life insurance portfolio, AIA extends a wide range of flexible cover plans and includes individuals and family as a whole. Under term insurance, it provides cover AIA Secure Term Plus, a comprehensive plan that provides lump sum financial relief in case of death of the insured along with other benefits.
AIA Secure Term Plus (II)
This classic term insurance plan offers high coverage at affordable rates available for people of all ages that can be renewed up to age 101. A cost effective insurance plan that comes with rider options and flexible terms to choose from.
Types of AIA Term Insurance Policies
Under AIA term insurance, there are 4 plans, namely:
- AIA Secure Term Plus (II)
- Direct - AIA Term Cover
- AIA Secure Critical Cover
- AIA Platinum Term
|Insurance policy||About||Coverage period|
|AIA Secure Term Plus (II)||It is an affordable & flexible plan which meets your requirements at different stages of life. You can also convert your plan to whole life plan if your requirements change over a period of time.||Term life 0 to 70 years|
|Direct - AIA Term Cover||As the name suggests, it’s a policy which you can buy directly through AIA’s website. This policy comes with a low premium and high coverage. You can also choose your coverage according to your requirement.||Term life 18 to 65 years|
|AIA Secure Critical Cover||This policy provides financial security if you get any critical illness.||Term life|
|AIA Platinum Term||This policy has low premium and it provides a long-lasting financial security till the age of 75 or 100.||Term life For a term up to 75 years – 16 to 65 years For a term up to 100 years – 16 to 70 years|
Features and Benefits
AIA Secure Term Plus (II)
- Enjoy comprehensive protection in case of death or terminal illness. The premium is affordable which starts from S$22 per month (for an age of 16 years and above).
- You can enjoy a fixed premium throughout your policy period.
- You can choose your length of coverage (such as 5, 10, 20 and 30 years) according to your protection coverage requirements. If your requirements change, you can always convert your plan to an endowment plan or a whole life plan before you reach 70 years of age.
- You can also renew your coverage with AIA Secure Term Plus (II) up to 101 years of age.
Direct - AIA Term Cover
- The premium starts from S$1 per day and you can get protection up to S$100,000 till the age of 65 years. In the event of death, terminal illness or permanent and total disability (up to 65 years), the coverage amount will be given to your loved ones.
- You get the flexibility to choose your coverage length such as 5, 10, 15, and 20 years up to the age of 65 years.
- The premium will remain fixed throughout your policy period. This is applicable only for the basic plan term. After the term and renewal of your policy the premium might change which is subject to your age.
- Regardless of your health condition, the 5-year plan can be renewed up to the age of 85 years.
- You can customise your policy to fulfil your requirements.
- You can also add a protection for critical illness up to 65 years.
AIA Secure Critical Cover
- With AIA Secure Critical Cover, you will be protected in case you face any critical illness. In case of death/disability, the coverage amount will be given to your family (but before 75 years of age).
- After the diagnosis of critical illnesses (listed in your policy) AIA will pay you the coverage amount but before 75 years of age. However, for coronary artery-related treatments such as angioplasty, AIA will provide 10% of the coverage amount (maximum of S$25,000). This amount will be given only once, and the same amount will be reduced from your coverage.
- You can convert this plan to any other whole life plan or endowment plan, in case your policy requirements change.
- The premium starts from S$1.6 per day and you can get coverage up to S$100,000.
- You can customise your policy to fulfil your requirements. The additional options include accident cover and medical expenses coverage in case of hospitalisation.
AIA Platinum Term
- Get guaranteed coverage for a lifetime (up to the age of 75 or 100 years). The coverage starts from S$1 million with a premium of S$10 per day.
- Throughout your policy period, you can enjoy a fixed premium. The premiums can be paid in both Singapore dollar and US dollar.
- You can take add-ons to AIA Platinum Term and customise it as per your needs.
- You get an option to receive an early payout in case of disability before you become 70 years old.
- In case of critical illness or disability (before 70 years), the premium waiver add-on will take care of the future premiums.
- This policy will reward you if you choose to live healthier. Get an immediate 5% discount and up to 15% discount on your future premiums for a healthy lifestyle.
|AIA Secure Term Plus (II)||
|Direct – AIA Term Cover||
|AIA Secure Critical Cover||
|AIA Platinum Term||
AIA Vitality members can enjoy 25% discount on certain fitness devices provided by Fitbit. But these devices must be purchased only on aiavitality.com.sg website. Apart from the discount, you can also earn AIA Vitality points through workouts which will be tracked by Fitbit fitness devices. You can earn up to 100 points per day. A few of the Fitbit fitness devices under this offer are:
- Flex 2 - Fitness Wristband
- Alta Fitness Wristband
- Alta HR - Heart Rate & Fitness Wristband
- Blaze - Smart Fitness Watch
- Aria - WiFi Smart Scale
How to Apply
The Direct - AIA Term Cover, can be bought directly on AIA’s official website. You must download and submit the filled form. You can contact AIA Customer Service Centre to get assistance on any policy. The hotline number is 1800 248 8000 (locally) and 65-6248 8000 (overseas).
Rest of the policies of AIA Term Insurance can be purchased through a representative who is appointed by AIA. To get in touch with the representative, you must leave your personal details on the policy webpage. Thereafter, AIA or the representative will contact you.
Check Your Eligibility
The age factor is the major criteria to be eligible for AIA Term Insurance. However, you will be asked to submit various documents, which are also critical to your eligibility. The below table specifies the age requirement for each term insurance policy provided by AIA:
|AIA Secure Term Plus (II)||0 to 70 years|
|Direct – AIA Term Cover||18 to 65 years|
|AIA Secure Critical Cover||0 to 65 years|
|AIA Platinum Term||For a term up to 75 years – 16 to 65 years For a term up to 100 years – 16 to 70 years|
How to Claim
In order to make a claim with AIA, you must contact AIA Financial Services Consultant for claim forms. The claim forms are also available on AIA’s documents library webpage. Otherwise, visit any AIA Customer Service Centre located at 1 Finlayson Green or 3 Tampines Grande. Alternatively, call the AIA Customer Care at 1800 248 8000 or 65 6248 8000 if you are overseas.
AIA Term Insurance - Frequently Asked Questions
- I see that the premium for a smoker is higher compared to a non-smoker. Why is there a disparity?
- Is there a cap on age towards applying for a term insurance from AIA? If yes, please provide the breakup.
- I just received my policy document from AIA for a 5 year term insurance. Am I allowed to alter the insured amount during the term?
- Is policy cancellation allowed during the term if I am not satisfied?
- What are the exclusions to the term insurance policy from AIA?
In insurance parlance, a smoker is considered to be at risk compared to a non-smoker in terms of health. Based on internal policies and govt. regulations, insurance cover for a smoker is offered at a higher premium.
People between the age group 16 - 70 can apply for a term insurance of 5 and 10 years. For the 20 year policy term, applicants should be between the age group of 16 - 60 years.
The insured amount can be increased only during the first year of the policy term, subject to underwriting. This amount can be decreased anytime during the policy term.
AIA provides a free look up period of 14 days from the date of receipt of the policy for any cancellations. You can write to the customer service team and seek a refund within this period in case you’re not satisfied. A refund of the premium paid will be made minus charges incurred on medical tests.
Preexisting conditions, HIV/AIDS and suicide within the first year of policy issue date or reinstatement date (whichever is earlier) are common exclusions.