Both the AVIVA Multipay CI plan and AIA Triple Critical Cover are highly popular to meet insurance needs. If your adviser or someone has suggested it to you and you would like to get more advice on them, this post is for you.
THREE key advantages of AVIVA MPCI III (launched in April2018) over AIA TCCL
1) No waiting period between different early critical illnesses for AVIVA MPCI III but 1 year “reset button” for AIA TCCL
2) AVIVA MyMultipay CI III pays 300% of sum assured. Useful if you are underinsured for critical illnesses.
3) AVIVA MyMultipay CI III pays for re-diagnosed cancer (up to an extra 300%)
Other extra benefits of AVIVA MPCI3 not mentioned: Relapse cancer coverage
TWO key advantages of AIA TCCL over AVIVA MPCI III
1) Higher death benefit
2) Surrender value
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QUESTION: Why did you compare with the AIA Triple Critical Cover Life (TCC Life) and not Value Plan?
As shown in the diagram below, AIA TCC Life has a surrender value on or after age75. 75% of sum assured.
The Value Plan will expire at age75 with NO value as a normal term plan.
Your adviser probably showed you using the TCC Life Plan too
Image below is the actual Benefit Illustration for a male (non-smoker) of age 30 and covering for $100k sum assured.
Premiums are $2,263/year. By age75, total premiums paid will be $104,000 and plan comes with a guaranteed surrender value of $75,000 at age75 and after.
Comparatively, the premium for Value plan (which does not have cash value) is $1,651/y.
Yes, you would have saved $612/y choosing Value plan instead of the Life Plan.
But I have calculated that to get $75,000 by age75, you would have to invest that $612/y at a 4% return p.a.
Buying the AIA Triple Critical Cover Life to me is like buying the VALUE plan with around a 4%p.a return with AIA.
Hence, between the 2 AIA plans, AIA TCCL is possibly better and most advisers do present that from my understanding.
The views and opinions expressed in this article are those of the author and do not represent the views of any other organisation.
Image credits: Plan brochure from AIA and Aviva Life
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- Aviva MyMultipay CI III has no waiting period between early CI claims
- AVIVA MyMultipay CI III pays 300% of sum assured. Especially useful if you are underinsured for critical illnesses.
- AVIVA MyMultipay CI III pays for re-diagnosed cancer (up to an extra 300%)
- AIA TCC Life has a death benefit and guaranteed surrender value. Especially useful if you want to plan for retirement.
Last updated on October 6th, 2018 at 07:20 am