AIA Life Insurance Singapore
AIA Singapore is the Singaporean outpost of the American multinational insurance company, AIA, that's currently headquartered in Hong Kong. AIA was founded in 1919 by the American businessman, Cornelius Vander Starr. AIA Group Limited is listed on the Hong Kong Stock Exchange (SEHK: 1299).
Why choose AIA?
What types of insurance does AIA offer?
In Singapore, AIA offers a wide variety 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 several types of life insurance plans: AIA Guaranteed Protect Plus (III) Whole Life plan, Direct AIA Whole Life Cover (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), and AIA Secure Flexi Term.
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 savings plans for different types of individuals and needs: the AIA Smart Wealth Builder Series allows you to withdraw your savings, the AIA Smart Flexi Rewards (II) comes with yearly coupons, the AIA Retirement Saver (IV) helps you save up for retirement, the AIA Guaranteed Protect Plus (III) is a whole life plan which builds cash value, the AIA Smart Flexi Growth is a savings plan with a flexible range of 5, 10 or up to 30 years of premium payment options, while the AIA Smart Goal 10 is 10-year plan with only 3 years of premium payments.
AIA offers retirement plans including the AIA Wealth Legacy which is an SGD and USD ILP, while AIA Platinum Wealth Elite is a universal life plan with a customised returns rate based on your risk profile. The AIA Platinum Wealth Heritage 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 are 2 disability income insurance plans at AIA Singapore namely the AIA Premier Disability Cover and AIA Pay Protector. AIA Premier Disability Cover is a term plan which offers you monthly payouts in the event you are diagnosed 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.
The AIA Pay Protector guarantees you with a fixed monthly income payouts for up to 5 years will help supplement your loss of earnings during this difficult time. Moreover, the premiums are affordable and will not increase with time, unlike many other plans that do not offer this feature.
Critical Illness Insurance
AIA offers a range of critical care illness plans, including the comprehensive Absolute Critical Cover which you can buy for newborns from 2 weeks old, the 20-year-long AIA Multistage Cancer Cover, the AIA Multistage Critical Protector which covers 6 common types of critical illnesses, the AIA Beyond 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 a couple of AIA investment-linked policies (also conveniently known as ILPs). The AIA Platinum Wealth Elite is a customisable whole life plan that stretches up to age 122, while ILPs like the simplified AIA Pro Achiever 2.0 plan are more suitable for beginners, others such as the AIA Pro Lifetime Protector (II) includes critical illness and disability riders, AIA Invest Easy which starts from S$12,000, and the AIA Elite Secure Income which allows you to receive secure monthly income for over 10 or 15 years and up to 25% power-up bonus.
AIA Singapore only has 1 travel insurance which is the AIA Around The World Plus (II) 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.
AIA Life Insurance Plans
Types of AIA Life Insurance Plans
AIA Guaranteed Protect Plus (III)
AIA Guaranteed Protect Plus (III) 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.
Direct AIA Whole Life Cover (II)
Direct AIA Whole Life Cover (II) 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.
What Is AIA Guaranteed Protect Plus (III)?
The AIA Guaranteed Protect Plus (III) comes in two forms which comprise the basic version and the enhanced version with the multiplier feature.
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 add on 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 can 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 (III) 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 four riders: two for critical illness, and two for premium waivers. With this plan, you do not get to be insured for terminal illnesses.
Critical Protector Life (III)
Want to insure yourself against the 73 common major stage critical illnesses? The Critical Protector Life (III) rider does that for you until you turn 100 years old.
Early Critical Protector Life (III)
If you're looking for a rider that's even more comprehensive, the Early Critical Protector Life (III) rider cover 150 multi-stage critical illnesses and 15 special conditions – which includes osteoporosis and complications from diabetes.
Critical Protector Waivers 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 (II) and Early Critical Protector Waiver of Premium (II) will cover your future premiums in that case.
Compare Life Insurance Plans now
How To Apply For Your AIA Life Insurance Plan
Applying for an AIA Life Insurance plan through MoneySmart
Answer some questions
Don't have time to compare all the different life insurance plans in Singapore? Answer some questions and let our intelligent system find the best life insurance plan for you.
Speak to our insurance specialists
After you submit your quiz, our expert insurance specialist team members may drop you a call to clarify your needs and explain your options to you. Seize this chance to ask our friendly colleagues the burning questions you may have about life insurance!
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) has 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 AIA Life Insurance Claims Work?
Generally, once you drop your AIA insurance agent a text about your death, critical illness, terminal illness, or disability claims, he/she will have to follow a fixed claims procedure.
Here are 3 simple steps to submit your AIA travel insurance claim:
Inform AIA of the illness
Once you’ve given your AIA insurance agent a call or text about your hospitalisation or submit your claims form via your clinic or hospital, AIA will verify if your medical treatment or bill is covered by your policy and your eligibility for the specific claim, check your claim documents and your former health records, before requesting for your submission of any required documents if necessary.
The supporting documents include:
- Medical reports and related evidence in the form of photos and/or emails
- Original supporting documents/ receipts for auditing purposes up to 12 months after settling your claim
- Proof of payment by you (e.g. a bank or credit card statement) for medical bills you have paid
- A copy of NRIC / Permanent Resident Card /Passport / Employment Pass / Student Pass / Dependant’s Pass
- A copy of doctor memo or medical report or Inpatient Discharge Summary (IDS) outlining 1st onset date and diagnosis of the medical condition
Fill in your details and upload supporting documents
Go to AIA’s Online Claims Portal to fill in your particulars and the necessary details for the claims (you'll need your email address or policy number), and upload all soft copies of the supporting documents you have prepared. If you prefer to do it via your mobile, you may want to download the My AIA SG app which is available on the Google Play store and Apple App store to file your claim.
Approval of your AIA claim
Once you’ve completed the claims submission via AIA’s claims portal, your claim will be reviewed by AIA and you’ll receive an acknowledgement email. If you encounter any issues with the claim submission, you can call AIA’s claims hotline at 1800 248 8000 or 65 6248 8000 (overseas) for assistance.
Their claims hotline is available from Mondays to Fridays, 8.45am to 5.30pm. Alternatively, you may email them at [email protected] Once the review is done and your claim is approved, AIA will liaise with any respective healthcare providers involved and make the necessary payments needed.
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.
What are the premium payment frequency options for AIA life insurance plans?
- You may choose between monthly, quarterly, semi-annual or annual payments depending on the payment method you choose.
Do the premiums of AIA’s life insurance plans increase with age?
- Yes, premiums of AIA’s life insurance plans generally increase with age as the chances of getting hospitalised, injured, ill, or diagnosed with medical conditions increases. The increases in premiums are also affected by inflation for medical services.
How do I apply for AIA’s life insurance plans?
- You may apply through our MoneySmart life insurance page or through our insurance specialists. Alternatively, you can apply directly on AIA’s life insurance website.
Is there any refund if I wish to cancel my AIA life insurance plan?
- If you cancel your policy, you’ll have to fill in this “https://www.aia.com.sg/content/dam/sg/en/docs/form-library/aia-surrender-traditional-policy.pdf">here. Your AIA insurance agent will contact you again to let you know if you’re eligible for a refund or not.