Sharing with you the AIA Mum2baby protect plan. This is a top pregnancy insurance plan and a plan we have arranged many times for pregnant mummies!
4 key areas of coverage with the AIA Mum2baby!
1) Covers for you against PREGNANCY COMPLICATIONS
Choose between $5k or $10k sum assured for your plan.
This plan covers you for 10 pregnancy conditions.
Also, if these conditions happens, there will be a 2% daily hospital cash compensation to you.
2) Covers 23 Congenital illness conditions for your baby.
If any of the conditions happen, you claim the same $5k or $10k sum assured chosen.
Some conditions like Cerebral Palsy becomes detectable only when a child grows into toddler stage.
3) Guaranteed wholelife insurance with critical illness 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) 3 years hospital coverage on 4 conditions for your baby
There are also 4 conditions for Hospitalisation cash benefit for your newborn as shown below. Coverage lasts for 3 years. The most common in my opinion is claim for premature birth.
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.
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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.
How to choose 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.
If your budget allows, consider the 12year plan because it will save you slightly on total cost. Otherwise the 20y plan is fine also.
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.
My suggestion is 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.
Actual Case Study: AIA Mum2Baby Protect plan
Actual case study of private client: Age33 and looking for $150,000 sum assured for your child.
Premiums are $2,117.76 on first year and only $1,467.76/y from year2-12 because the $650 is one-off.
That's around $120/month only for $150,000 coverage.
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 not much less in my opinion.
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.
You may vary the sum assured to suit your preference of coverage and budget.
Questions: Do I need to submit test results for application?
Most common from my interactions with private clients for applications.
Am I required to submit my first trimester test like OSCAR, PANORAMA, HARMONY PRENATAL DNA TEST
Answer: Not required as long as results are normal.
Just requires declaration of it such as when it was done as well as who is gynae.
More FAQ can be found below.
Question 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.
Question: AIA Mum2Baby Protect Not an ILP Plan?
AIA Mum2Baby Protect is bundled with a wholelife (AIA Guaranteed Protect Plus II) and NOT an ILP plan.
Under "AIA Mum2baby choices" which is the overall product name there is an alternative which is bundled with an ILP.
Do note that the maternity coverage part is exactly the same between the 2 plans.
I'd personally recommend AIA Mum2Baby Protect which is a bundle of the wholelife plan AIA Guaranteed Protect Plus II (GPP) together with maternity coverage.
This is a unique offering.
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.
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.
I can be reached at email@example.com or click on the WhatsApp button below!
Last updated on September 1st, 2019 at 04:55 pm