AIA Singapore is the Singaporean outpost of the American multinational insurance company, AIA, that's currently headquartered in Hong Kong. AIA was founded 101 years ago by the American businessman, Cornelius Vander Starr, and is now helmed by Group Chief Executive Lee Yuan Siong. AIA Group Limited is listed on the Hong Kong Stock Exchange (SEHK: 1299).
Why choose AIA?
AIA Life Insurance Plans
All AIA Life Insurance Plans
AIA Guaranteed Protect Plus (II)
AIA Guaranteed Protect Plus (II) is a whole life insurance plan that individuals aged 0 to 70 can buy. You will get to choose a base assured sum for your entire life, and choose a multiplier (2X, 3X, 4X, or 5X) to increase your sum assured for a short period of time until you turn 65 or 75 years old. A multiplier serves to increase your total sum assured for a decade or two while your children are still dependent on you. Other benefits of this plan includes critical illness riders that you can add on to increase your coverage, flexible premiums payment terms of 12 or 20 years, or until you are 65 or 75 years old. You will also have a guaranteed cash value and potential non-guaranteed bonuses. This plan is compatible with AIA Vitality.
AIA Pro Lifetime Protector (II)
AIA Pro Lifetime Protector (II) is a whole life insurance plan issued for individuals aged 0 to 70. You will get to customise your plan to suit your lifestyle needs, including 150 multi-stage critical illnesses, disabilities, and relapses of medical conditions. You will also be able to increase your coverage by $200k upon your 18th birthday, marriage, childbirth or adoption, or death of spouse. You will get to choose a investment portfolio to suit your risk profile. This plan is compatible with AIA Vitality.
AIA Whole Life Cover (Direct)
AIA Whole Life Cover is a whole life plan that individuals aged 18 to 65 can directly purchase online on their own without the help of an insurance agent. Called Direct Purchase Insurance (or DPI), these direct insurance plans come without the advice of an insurance agent nor commissions and tend to have lower premiums. AIA Whole Life Cover covers you for death, terminal illness, and total and permanent disability (only until 65 years old) up to 100 years old, offers you a non-guaranteed yearly bonuses and another non-guaranteed one-off bonus when you make a claim. Finally, your premiums will not rise as you grow older, and you get to include a critical illness rider.
AIA Gen3 (II)
AIA Gen3 (II) is a whole life insurance plan that is meant to help you plan for your child and grandchildren's futures, stretching out for three generations, while giving out guaranteed 2.25% coupon payments along the way from the 10th policy year onwards. You will also get to choose to pay your premiums for 10 or 25 years, depending on your cash flow. If you are diagnosed with a disability (before you turn 70 years old), you will get a full premium waiver from then on. Option to choose to add a critical illness premium waiver in the event you are diagnosed with critical illnesses and may struggle to afford your premiums.
AIA Prime Secure
AIA Prime Secure is a whole life plan for individuals aged 35 to 70 years old, with coverage until 100 years old. While your policy accumulates cash value yearly, you can choose to withdraw non-guaranteed dividends from the 3rd policy year onwards. You will get to choose to convert your coverage into 15 years worth of regular monthly income. Other benefits include lump-sum payouts in the event you are diagnosed with disability or special conditions. This plan is compatible with AIA Vitality.
What Is AIA Guaranteed Protect Plus (II)?
The AIA Guaranteed Protect Plus (II) comes in two forms: the AIA Guaranteed Protect Plus (II) and the AIA Guaranteed Protect Plus (II) Special version. Here, we are referring to the former.
Whole Life Plan
The plan covers you for two major incidents: your death, and total and permanent disability. If you want to increase your coverage to include more conditions, you can choose to critical illness riders.
After you have chosen your base assured sum, whole life plans will usually encourage you to choose a multiplier (sometimes called boosted coverage) of 2X, 3X, 4X, or 5X to increase your sum assured for a short period of time until you turn 65 or 75 years old.
You an choose to pay your premiums in four ways: over 12 years, 20 years, until 65 years old, or 75 years old. Your plan will accumulate guaranteed cash value over the years, and it may give you a non-guaranteed bonus if the participating funds perform well.
AIA Guaranteed Protect Plus (II) Riders
Want to increase your whole life insurance plan's coverage to include more medical conditions that may unexpectedly come your way? You will get to choose between six riders: four for critical illness, and two for premium waivers. With this plan, you do not get to be insured for terminal illnesses.
Critical Cover Extra
Want to insure yourself against the 43 common major stage critical illnesses? The Critical Cover Extra rider, or the Critical Protector Life (II) rider does that for you until you turn 100 years old.
Early Critical Cover Extra
If you're looking for a rider that's even more comprehensive, the Early Critical Cover Extra rider and the Early Critical Protector Life (II) rider cover 104 multi-stage critical illnesses and special conditions – which includes osteoporosis and complications from diabetes.
Critical Protector Waiver of Premium
In the event you are diagnosed with a critical illness, your income and financial status may be affected. The Critical Protector Waiver of Premium rider, and the Early Critical Protector Waiver of Premium rider covers your future premiums in that case.
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What types of insurance does AIA offer?
In Singapore, AIA offers 11 different types of insurance plans – ranging from health, hospitalisation, personal accident, critical illness insurance, travel, and life insurance for individuals like you and I. Below, you will find an overview of each type of insurance AIA provides.
Types of Insurance offered by AIA
AIA Singapore offers 7 types of life insurance plans: the whole life AIA Guaranteed Protect Plus (II), and the term life AIA Term Cover which you can directly purchase online without the help of an insurance agent, the AIA Pro Lifetime Protector (II), AIA Secure Flexi Term, Direct AIA Whole Life Cover, AIA Gen 3 (II), and AIA Prime Secure.
AIA Singapore offers 4 types of medical or hospitalisation insurance plans, including their flagship Integrated Shield Plan called the AIA HealthShield Gold Max, the AIA Mum 2 Baby Choices for pregnant mothers, AIA Platinum Health for overseas hospitalisation coverage, and the AIA Hospital Income for income replacement when you're hospitalised.
Personal Accident Insurance
AIA Singapore has 4 types of personal accident insurance plans, namely the AIA Solitaire PA (II) which includes fringe health conditions such as dengue fever, food poisoning, transport-related accidents as well, the AIA Star Protector Plus for children, the AIA Prime Assured for global and overseas personal accident coverage for the elderly, and the customisable AIA Platinum Accidentcare for high net-worth individuals.
AIA Singapore has 10 savings plans for different types of individuals and needs: the AIA Smart Wealth Builder allows you to withdraw your savings, the AIA Smart Flexi Rewards comes with yearly coupons, the AIA Wealth Pro Advantage provides you with a guaranteed monthly income, the AIA Retirement Saver (III) helps you save up for retirement, the AIA Guaranteed Protect Plus (II) is a whole life plan which builds cash value, the AIA Smart Rewards Saver (II) is a savings and protection plan, the AIA Smart Growth (II) is a 12 year plan, the AIA Smart Pro Saver is a 10 year plan, the AIA Smart Lifetime Rewards gives you monthly income until age 100, and the AIA Prime Secure is a comprehensive and customisable plan.
AIA offers 10 retirement plans – the AIA Platinum Retirement Elite is an SGD and USD ILP, while AIA Platinum Wealth Elite is an universal life plan with a customised returns rate based on your risk profile. The AIA Platinum Heritage Wealth (II) is a whole life plan with returns, the AIA Platinum Legacy (IX) is a legacy plan, AIA Platinum Heritage (II) and Heritage Premier offer cash value and premium payment flexibility, AIA Platinum Pro Secure allows you to pay premiums for only 20 years, AIA Platinum AccidentCare offers personal accident coverage, AIA Platinum Generations (II) is a whole life plan offers you yearly cash coupons, AIA Platinum Gift For Life is a whole life plan for your child, and AIA Platinum Health is a termed hospitalisation and medical insurance plan.
Disability Income Insurance
There is only 1 disability income insurance plan at AIA Singapore called the AIA Premier Disability. It's a term plan which offers you monthly payouts in the event you are diagnose with total and permanent disability and are unable to work. In the event that your disability condition has affected your job prospects and lowered your income, the plan will match the difference.
Critical Illness Insurance
AIA offers 6 types of critical care illness plans, including the comprehensive AIA Power Critical Cover which you can buy for newborns from 2 weeks old, the 20-year-long AIA Multi-Stage Cancer Cover, the AIA Beyond Care Critical Care which includes mental illnesses, the AIA Glow of Life for women, AIA Prime Critical Cover to cover individuals aged 40 to 70, and the AIA Diabetes Care for individuals aged 30 to 65 with Type 2 diabetes.
Investment Linked Policy
There are 6 AIA investment-linked policies (also conveniently known as ILPs). The AIA Platinum Retirement Elite is a whole life SGD and USD retirement plan with the option to use your SRS funds, while the AIA Platinum Wealth Elite is a customisable whole life plan that stretches up to age 122. Other ILPs include the simplified AIA Pro Achiever plan for beginners, the AIA Pro Lifetime Protector (II) which includes critical illness and disability riders, AIA Invest Easy which starts from S$12,000, and the AIA Platinum Pro Secure which allows you to only pay premiums for 20 years.
AIA Singapore only has 1 travel insurance called the AIA Around The World Plus which offers you emergency overseas medical coverage, medical evacuation and repatriation, accidents, property losses, disruptions, and post-trip medical expenses in Singapore. You get to choose to buy a single trip or annual multi-trip travel insurance plan.
AIA Singapore offers 1 type of maid insurance – the AIA Domestic Help Cover Plus (II) for foreign domestic workers (FDWs) aged between 18 and 60, offering coverage for hospital bills, surgeries and day surgeries, accidents, inpatient, and minor outpatient treatments. It is mandatory for all foreign domestic workers in Singapore to have a medical insurance.
Pet Insurance Singapore
There is 1 pet insurance plan offered at AIA Singapore called the AIA Paw Safe, for dogs aged 3 months to 7 years old. Premiums start from S$6.63 per month for medical coverage including reimbursements for up to S$1,000 for accidents, S$1,000 for theft of your dog, S$1,000 for death, S$250 for cremation or burial, and S$1 million for third-party attacks or property damage.
AIA Vitality Singapore
If you have an AIA insurance policy, check if your insurance plan is compatible with AIA Vitality. AIA Vitality is AIA Singapore's wellness programme meant for their insurance policyholders to gain discounts for insurance premiums, food, lifestyle, travel services, and even health screenings via health and fitness challenges and goals.
How to apply for your Life Insurance plan
Applying for a Life Insurance plan through MoneySmart
Answer Some Questions
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Speak To Our Insurance Specialists
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Apply And Purchase Your Life Insurance
Once you have spoken to our insurance specialists, considered your options, and planned your finances, you are ready to apply for your life insurance plan online through our portal.
AIA Life Insurance Claims
What are insurance claims? An insurance claim refers to the request for monetary reimbursement that the insurance plan's owner (aka you) have submitted to your insurance company. There is a lot of talk around claims because that's pretty much the point of getting a life insurance plan. What sets an insurance company apart (and likewise turn customers off) from another is the reliability, and convenience of the claims system.
How Do Claims Work?
Generally, once you drop your insurance agent a text about your death, critical illness, terminal illness, or disability claims, most insurance companies have to follow a fixed claims procedure. First, they check if your death, critical or terminal illness, or disability is covered by your policy and eligible for claim. If yes, they will then investigate your claim documents and cross-check against your former health records, ask you to submit more documents if necessary, before finally process your claim and payment.
AIA Claim Form
Here's one thing to always remember: when visiting any doctor or clinic, keep your original bills, receipts, inpatient discharge summary, and medical or diagnostic reports. If you are diagnosed at a hospital, ask if your hospital can help you to file the claims directly. If not, just visit the AIA Singapore website's Help and Support section for clear instructions on how to make claims. You can then download your claim forms, fill them up manually, and submit to AIA via post or via your AIA agent.
Frequently Asked Questions
Does AIA life insurance cover death by suicide?
- On paper, AIA life insurance does not cover death by suicide. If you were to look into your AIA insurance policy contract, there is a list of exclusions and disclaimers at the end. Within the list of exclusions, suicide, attempted suicide, or intentional self-injury is deemed as a no-pay situation. However, most recently in September 2002, Singapore's Ministry of Health (MOH) called for the mandatory government-issued healthcare insurance policy, MediShield Life, to cover treatments related to attempted suicides. Finally, in 2017, a family managed to take AIA to court to overturn an ambiguous suicide or accident claim.
Is AIA a good insurance company?
- AIA is generally a reputable insurance company in Singapore. It was founded 101 years ago by an American businessman, and is now headquartered in Hong Kong. It has a Singapore office and is regulated by the Monetary Authority of Singapore (MAS). For a couple of years between 2012 to 2017, AIA was embroiled in a high-profile court case by a Singaporean family who pursued AIA's decision not to issue claims over a family member's death.
Is AIA and AIG the same?
- AIA Group Limited and AIG Group Inc. (American International Group) are not the same. AIG, however, was a longstanding investor in AIA's shares up till December 2012 when AIG went into an agreement with AIA to sell its 13.69% (or US$6.45 billion worth) of shares.
What is AIA Prime life policy?
- If you have an AIA Prime life insurance policy, chances are your parents or relatives bought it for you in the 1990s. AIA Prime Life is a whole life plan which covers you for death and total permanent disability, and offers you yearly (reversionary) cash value which accumulates and pays out together with your lump sum at the end of your life or upon a claim. It requires you to pay premiums all the way to the end of your policy term – also why some individuals have taken it online to share that they are considering surrendering this policy. Also, some policyholders have noticed the decrease in surrender value and have given up on this policy. This policy has been phased out and is no longer offered on AIA's current whole life menu for new applications.
Is whole life insurance worth it in Singapore?
- It depends on your priorities – a whole life insurance could be right for you if you prioritise the assurance and guarantee of having insurance coverage to the end of your life, and you prefer to have some returns in the form of yearly (reversionary) cash value. A whole life plan could make sense if you are buying for your newborn as well, in hope of giving them a financial head-start in life, or guaranteed surrender cash value for tertiary education or other key milestones in life.