AIA Retirement Saver (II) now provides optional Cancer Relief Income Rider to protect individuals and families against the Big C
Singapore, 16 June 2015 – AIA Singapore today launched the enhanced AIA Retirement Saver (II), which offers the option to provide guaranteed acceptance for major cancer1 coverage without questions asked and medical checks required, the first of its kind in the industry. While you're planning for retirement, what if an unexpected event like a major cancer strikes?
Every day 34 people are diagnosed with cancer2. However, there is a high chance life will go on even when one is diagnosed with cancer:
5-year overall cancer survival rates3 for top common cancers in Singapore
89% - breast cancer
70% - lymphoma
60% - colon cancer
Should cancer strike, your retirement plan may get put on hold as you need to take a break from work temporarily and focus on treatment and recovery.
The Cancer Relief Income Rider (CRIR) pays an income upon a major cancer diagnosis, even before you reach retirement. This additional stream of income can help defray medical treatment fees or supplement your basic retirement plan's premium, so your retirement plan can continue.
And at retirement age, you will receive two income streams - your retirement income and the continued cancer relief income all the way till your retirement plan matures.
In addition, the enhanced AIA Retirement Saver (II) offers consumers the options to take charge of their retirement planning with ease by allowing them to choose:
- When they wish to receive their retirement income
- How much they wish to receive during retirement
- How long they wish to receive their retirement income
- How long they wish to pay their premiums
We give choices catering to the unique needs and budgets of individuals and families in Singapore. This encourages consumers to start saving for retirement no matter what age or life stage they are at, a critical consideration to help tackle Singapore's retirement inadequacy.
1There is a waiting period of 24 months
2Cancer Cases on the Rise in Singapore, The Sunday Times, 3 February 2014
3Singapore Cancer Registry, Annual Registry Report Trends in Cancer Incidence in Singapore, 2009-2013
As such, the enhanced AIA Retirement Saver (II) now protects you holistically by enabling Singaporeans to create robust retirement plans with adequate provisions for unexpected circumstances.
Ms Ho Lee Yen, Chief Marketing Officer, AIA Singapore, said, "Thirty-five per cent of the middle class in Singapore finds saving for a comfortable retirement the most difficult goal to achieve . AIA Singapore understands the needs of Singaporeans and we are committed to helping them meet their financial goals. This is why we have further enhanced the AIA Retirement Saver (II), giving our customers more choices to help make planning for their retirement simpler and more achievable. This is to encourage Singapore families to start saving from an early age.
Our commitment as The Real Life Company, is also to continuously protect Singapore families holistically by providing them with ease of access to cancer protection in addition to helping them achieve their retirement goals. This is just one of the numerous holistic solutions that AIA Singapore has developed to ensure families in Singapore are adequately protected at all stages of their lives."
While the Central Provident Fund (CPF) remains a key pillar of retirement planning for most people, retirement adequacy of Singaporeans is increasingly placed under stress due to increasing life expectancy, inflation and property costs . It is more important than ever for the financial services industry to introduce innovations to make retirement planning simpler and more achievable, and encourage Singaporeans to take charge of retirement planning from a young age to help them achieve financial stability in their golden years.
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AIA Group Limited and its subsidiaries (collectively "AIA" or the "Group") comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, a 97 per cent subsidiary in Sri Lanka, a 26 per cent joint venture in India and representative offices in Myanmar and Cambodia.
The business that is now AIA was first established in Shanghai over 90 years ago. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$167 billion as of 30 November 2014.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 28 million individual policies and over 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code "1299" with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: "AAGIY").
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