Sharing with you the AIA Mum2baby protect plan. This is a top maternity plan recommendation and it’s a plan we have arranged many times for pregnant mummies!
4 key areas of coverage with the AIA Mum2baby!
1) AIA mum2baby is a plan that covers for you mainly against pregnancy conditions. You'd need to choose between $5k or $10k sum assured for your plan.
There are 10 pregnancy conditions covered.
Also, if it happens, there will be a 2% daily hospital cash compensation to you.
2) It also covers 23 Congenital illness conditions for your newborn. This is joint highest in industry.
If any of the conditions happen, you claim the same $5k or $10k sum assured chosen.
3) In addition, the AIA Mum2Baby plan allows you to transfer the life insurance coverage from you to your baby.
This means you can guarantee life insurance coverage for your child after birth.
This is very important as I've seen children born with conditions like heart murmur that complicate any insurance coverage at birth.
Your transfer of plan request must be made to AIA within 60days of baby's birth.
4) The hospital coverage for your child lasts 3years and it's crucial.
Some conditions like Cerebral Palsy becomes detectable only when a child grows into toddler stage.
There are also 4 conditions for Hospitalisation cash benefit for your newborn as shown below.
For these conditions, you claim 2% daily hospital cash.
I'd a friend whose kid was born premature at week 34. Incubation of newborn was for weeks.
If you chose the $10k sum assured, it would be $200/day and if its 3 weeks, that will be a compensation of $4,200.
Why AIA Mum2Baby Protect over AIA Mum2Baby
"AIA Mum2baby choices" is the overall product name. You can choose between
1) AIA Mum2Baby Protect which is wholelife (AIA Guaranteed Protect Plus II) + maternity coverage
2) AIA Mum2Baby which is Investment linked plan (AIA Prolifetime Protector) + maternity coverage
The maternity coverage part is exactly the same between the 2 plans.
*This plan qualifies for the promotion by AIA which will be a 20% discount on first year premiums!
AIA Mum2Baby Protect is a bundle of the wholelife plan AIA Guaranteed Protect Plus II (GPP) together with maternity coverage.
The idea is to transfer the wholelife plan AIA Guaranteed Protect Plus II plan (GPP) to your baby when born. The transfer is easy and to be done within 60days of birth.
I’d recommend this bundle to the “AIA Mum2Baby” which require you to buy the AIA Prolifetime Protector (an investment-linked plan ILP).
3 benefits with the AIA Mum2Baby Protect
Firstly, there would be a guaranteed surrender value on your plan
Secondly, you can choose to complete payment early. There is a 12y or 20y option.
You need not pay premiums for life and you can give the plan to your child FULLY PAID.
Thirdly, plan also has an Early Critical illness rider that you can attach as insurance coverage.
3 EXTRA suggestions on AIA Mum2Baby Protect plan
There are a few choses for the AIA Mum2Baby Protect plan.
1) How long to make premiums
The plan can be 12y, 20y or longer.
My suggestions are to go with the 12y plan (especially if budget is ok) because it will save you overall cost.
2) How much insurance booster you want of the wholelife plan (GPP).
It can be 2x, 3x or 5x. A wholelife plan is best for its protection value to you.
I’d suggest the 5x coverage. In this option, the surrender value is less because protection value is high!
3) Extra insurance coverage for your child to be until what age.
The plan has a booster that can be till age65 or age75. There is a comparison in the next section below.
I’d also share with you over a meeting on my what I think makes sense.
AIA Mum2Baby Protect plan premium description
If you are of age35 and looking for $300,000 sum assured for your child.
Premiums are $3,852.85 on first year and only $3,202.85/y from year2-12.
This is if the GPP booster is set to 5x till age75 and Baby Protect Plus (which is the maternity rider set) at $10,000 sum assured.
If the booster is till age65, premium difference is lesser by about $300.
The above illustration is only to highlight your potential choices in designing your plan. If you have personal questions, do click on the WhatsApp button below.
EXTRA TheAstuteParent PROMOTION!
we are having a goodie bag giveaway promotion with every maternity plan purchase.
A stylish mummy’s bag filled with newborn essentials like silicon breast pump, baby bib, baby washcloth, diaper wipes and more worth up to $150!!!
Specially designed and curated by a mummy for mummies!!
Drop us a message now!
PS: Does it cover for IVF/IUI/ICI/ICS pregnancies
YES. In addition, there is no extra premium needed which is called a "premium loading".
I've extensively compared plans before and this can save you quite a bit vs plans from AXA, AVIVA and NTUC.
Hope I’ve addressed the plan well for you. Do click on the WhatsApp button above if you want to get advice.
I’ll also attach the video of this plan done be AIA here
Josh Tan is an independent adviser from Promiseland Independent Pte Ltd and authorised to market AIA products. Views of the plan is solely his and based on his experience in maternity insurance planning.
Last updated on May 12th, 2019 at 05:03 pm