I started digging deeper into this plan when a friend asked me more about it. This kind-of gotten me a new perspective.
The AVIVA maternity plan called the MyMaternity is bundled differently and has its merits.
If you are interested to get term coverage for yourself or save up long term for your child... this works perfectly... next section....
Key difference with AVIVA's maternity plan
The "elephant in the room" is obviously that....
You can purchase the AVIVA's maternity Plan ONLY when you or your spouse purchase one of the selected basic plans listed below. The 2 plans need to be bundled.
Hence, it's not a standalone maternity insurance plan like NTUC/GE's.
But it does not require you to bundle with an Investment Linked Plan (ILP) purchase to get the maternity coverage.
If you don't know why you need to avoid an ILP plan, read here.
You can actually get it with a term or wholelife plan!
Are you are underinsured to start with as a new parent?
Are you are looking to increase your life and critical illness coverage?
If you are, this bundling may actually benefit you as it helps you "kill 2 birds with 1 stone".
The term plans in the list above are
- My MultiPay CI Plan III
- My Early Critical illness Plan
- Mycare/Mycare Plus (eldershield upgrade if you are aged40 and above)
- MyProtector Term plan
- MyAccidentGuard (personal accident plan)
- IdealIncome (disability cover)
The wholelife plans in the list above are
- Mywholelife plan III
From this list above, some are really popular.
Analysis of the Aviva MyMaternityPlan coverage
The child congenital coverage and mother's coverage are as extensive as the NTUC Maternity 360 plan.
Outpatient phototheraphy benefit is also similar to NTUC's.
(This benefit is used for newborns with severe jaundice).
This table below is for child congenital coverage.
This table below is for mother's pregnancy coverage.
Guaranteed Issuance Option for your newborn
While this policy is in force, you can buy a whole life plan (sum assured $150k) for your child when he/she is born, without medical underwriting.
This must be done within 90 days from birth of the insured child.
Note, the guaranteed issuance option is only for a whole life plan.
Of course, if your child is born healthy, you may choose to look for any plan in the market.
EXTRA BENEFITS FROM AVIVA MyMaternityPlan: Developmental delay benefit
AVIVA MyMaternityPlan also pays 10% of the sum assured for developmental delay of the insured child.
It is assessed to be the inability to perform either of the following tasks by the actual attained age of 28 months from the date of birth as confirmed by a paediatrician:
a) Walk without aid over a distance of two meters; or
b) Speak and say simple words such as "papa", "mama" etc.
This benefit is unique.
Terms and conditions that you should know.
Your applicant for the AVIVA MyMaternityPlan has to be within 13 to 36 weeks of your pregnancy.
You will need to be between 18 to 45 years old at age next birthday (ANB).
AVIVA's plan can accept pregnancies from IVF.
This comes with an approximately 75% loading (across different ages)
For the example above, if you are aged30, premiums will be $557 instead of $319.
Aviva MyMaternityPlan can cover for up to four babies in a single pregnancy.
A private client of mine applied with twins and it is the SAME PREMIUM!
Other common questions on AVIVA Mymaternity you may have
1) Can foreigners/Expats apply
Yes. As long as residing in Singapore and delivering in Singapore.
2) How to make premiums
After policy is completed, you may Ibank or AXS to AVIVA LTD. Credit card payments are not allowed.
3) Can the bundled plan be on my spouse's life?
Yes. Done before for a private client.
The benefits on its own is comprehensive and the premium rate is also attractive.
Hence, it would be among my recommendations to you. Brochure is here
My email is firstname.lastname@example.org or click on the WhatsApp to get in touch today!
Last updated on June 8th, 2020 at 10:02 pm