Singapore, 24 May 2018 – AIA Singapore today launched the AIA Guaranteed Protect Plus (II) (AIA GPP (II)), alongside the AIA Mum2Baby Protect bundle, to offer young families with enhanced coverage in view of increased lifestyle and household needs, rising healthcare costs, and more incidences of critical illnesses (CI).

 

Today, Singaporeans are facing a 20 per cent mortality protection gap and 80 per cent CI gap, according to the Protection Gap Study 2017¹.

 

"Young families today tend to have higher protection needs due to greater financial commitments, which continue to evolve in tandem with their different life stages. It is crucial to ensure that their protection needs are met so that their quality of life will not be drastically affected when an unfortunate event occurs. This is why AIA Singapore is constantly enhancing its products and services based on deep customer insights to enable them to live healthier, longer, better lives," said Ms Ho Lee Yen, Chief Customer & Marketing Officer of AIA Singapore.

AIA GPP (II) is a limited premium payment participating whole life plan with high protection cover against death and total permanent disability. This plan also gives our customers added financial security with guaranteed cash value that accumulates over time.

 

Over the last decade, AIA Singapore has consistently delivered one of the strongest returns, outperforming industry averages. In April 2018, AIA Singapore also announced S$494 million in par fund bonuses projected for the year², with more than 70,000 policies benefiting from a bonus scale increase, some of which with bonus rates that are higher than illustrated at point of sale.

 

AIA GPP (II) provides customers with the choice to supplement their protection with CI riders, such as the Early Critical Protector Life (II) (ECPL (II)) or Critical Protector Life (II) (CPL (II)), offering financial protection against early, intermediate and critical stages of CIs, as well as child critical illnesses. On top of this, the critical illness riders will enjoy the same boosted coverage (2X, 3X or 5X) as chosen in the AIA GPP (II) plan.

In addition to recent trends and the underinsurance gap facing Singaporeans, costs of raising a family and pregnancy complications are amongst top concerns of young families in Singapore, according to the AIA Parenthood and Protection Study 2017³.

 

In response to these concerns, AIA Mum2Baby Protect is offered to young parents in Singapore, consisting of a participating plan (AIA GPP (II)) and a prenatal rider (AIA Baby Protect Plus rider), suitable for those seeking high levels of protection, including early, intermediate, major stage as well as child critical illness coverage with opportunity for cash value accumulation.

 

With AIA Mum2Baby Protect, both mother and child will receive protection from as early as 13 weeks of pregnancy. The pre-natal rider provides coverage against pregnancy complications and congenital illnesses while offering the comfort of financial assistance should hospitalisation be required.

 

AIA is the first in Singapore to offer a bundle providing customers with the flexibility to transfer a participating plan - AIA GPP (II) and all applicable riders – such as the ECPL (II) or CPL (II) riders - to the child within 60 days from birth with no medical questions asked, thus, giving the assurance of guaranteed lifelong coverage before the child is born. AIA Singapore is also the first in market to allow transfer of early and intermediate CI coverage.

AIA GPP (II) is integrated with AIA Vitality, the first innovative behavioural science-backed wellness programme designed to encourage policyholders to adopt and live healthier lifestyles, by providing incentives and rewards for making healthy choices in their everyday lives. AIA customers can take an active role in improving their health through three steps: Know your health, Improve your health and Enjoy the rewards. With AIA Vitality, policyholders can enjoy free additional coverage of up to 25% on top of their original coverage amount, known as PowerUp Dollar⁴, right from the start of the policy which may change every year - the higher the AIA Vitality status, the more additional coverage the policyholder will receive.

 

The launch of these breakthrough products through deep insights further cements AIA Singapore's commitment to bridge the protection gap and invest in the health of Singaporeans. 

 

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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, Cambodia, a 97 per cent subsidiary in Sri Lanka, a 49 per cent joint venture in India and a representative office in Myanmar.

 

The business that is now AIA was first established in Shanghai almost a century 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$216 billion as of 30 November 2017.

 

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 30 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”).