Newly launched (Aug2020)AVIVA MyMultiPay CI IV is a comprehensive critical illness (CI) standalone term coverage plan.
This plan uses the new CI definition and total claims can be up to 900%.
With medical science, recovery from CI is very possible. Statistics show that 4 in 10 stroke patients will suffer another stroke within the next 10 years.
Hence, Multi-paying CI plans are the way moving forward and does not cost substantially more.
In this article, I'd help you understand how it works for you!
How to understand the plan quickly
My MultiPay Critical Illness Plan IV provides payouts for 132 conditions across various stages of critical illnesses.
Upon diagnosis of any one of the 72 Early or Intermediate Stage Critical Illnesses covered, 100% of the Sum Assured will be payable.
Upon diagnosis of any one of the 60 Severe Stage Critical Illnesses covered, 300% of the Sum Assured less any claim paid for the Early and Intermediate Stage of the same CI Group will be payable.
Under the Critical Illness (CI) Benefit, there is no waiting period from an Early and Intermediate Stage CI Benefit claim to a Severe Stage CI Benefit claim.
An example is if a cancer at early stage is diagnosed, 100% of sum assured is paid and if that cancer is diagnosed to have spread after that (no waiting period as same group), you'd be entitled to 300% sum assured less the 100% which was already claimed.
There is a one-year waiting period:
• Between two Early and Intermediate Stage CI Benefit claims;
• Between two Severe Stage CI Benefit claims; and
• From a Severe Stage CI Benefit claim to an Early and Intermediate Stage CI Benefit claim.
There are five ADDITIONAL benefits from this plan also.
Other benefit 1: Advance Care option
This is a unique option. For the following conditions listed below,
1) Major Cancer
2) Heart attack of specified severity
3) Stroke with permanent neurological deficit
4) Open chest heart valve surgery
5) Major organ/ Bone Marrow Transplantation
6) Coronary Artery By-pass surgery
You can choose to get an additional 100% of the Sum Assured when Your first Severe Stage Critical Illness Benefit claim under the Critical Illness Benefit. Once this option is exercised, the Recurrent Critical Illness Benefit shall cease.
Other benefit 2: Intensive Care benefit
This benefit pays for an Intensive Care Benefit of an additional 20% of the Sum Assured upon admission to Intensive Care Unit (ICU) for 4 days or more in one hospital admission, up to S$25,000 (or equivalent currency) per life.
This is a useful benefit to especially cover for future conditions that are not listed in the Critical illness list.
As illustrated on the brochure, it could be a viral infection that caused the ICU admission.
The following conditions must also be met
i. The Life Assured survives at least 7 days after the first day of admission to ICU for an admissible claim
ii. The stay in ICU must be confirmed as Necessary Medical Treatment. We will not consider a stay in ICU as Necessary Medical Treatment if the Life Assured can be safely and adequately treated in any other facility
iii. Only one claim is allowed under this benefit
iv. Fulfils the waiting period
Other benefit 3: Benign and Borderline Malignant Tumour Benefit
This benefit pays an additional 20% (up to $25,000) of the Sum Assured upon a complete surgical excision of a Benign Tumour (suspected malignancy) requiring surgical excision
or upon diagnosis of a Borderline Malignant Tumour.
Other benefit 4: Special benefit
Pays a Special Benefit of an additional 20% of the Sum Assured upon diagnosis of any one of the 27 conditions covered.
In that list are conditions like Diabetic Complications and Angioplasty.
Other benefit 5: Death benefit
Plan has a $5,000 death benefit
MORE: Six Recurrent Critical Illness Conditions covered for 150% sum assured
The above is the list of recurrent conditions which are for some of the common CI conditions.
There is a 2y waiting period and each claim is 150% of sum assured.
*Do also note the conditions it is subjected to.
NEW Aviva MyMultiPay CI IV is NO longer doing Pot definition unlike version III
Previously under AVIVA MyMultiPay CI III, conditions were into 3 pots.
There was also layer categorisation for claims and waiting period to be defined.
However, the NEW AVIVA Mymultipay CI IV each condition has a "Severe stage" grouped with "early and intermediate stage".
In my opinion, this group category is more favourable vs pot definition previously.
This means cancer and kidney (in orange) can be claimed (subjected to waiting period) where previously it was in the same pot 1.
Similarly, heart attack of specified severity and coronary artery by-pass surgery (in green) can be claimed (subjected to waiting period) where previously it was in the same pot 2.
However, there was no waiting period between pots for early CI in AVIVA Mymultipay CI III. Now, each grouphas a 1y waiting period
Comparing AVIVA MyMultiPay CI IV vs AVIVA My Early CI Plan II
I'm of age36 ANB and non smoker. This is a personal comparison I've done and something as a benchmark that you can use.
For My MultiPay CI PLAN IV, premiums will be $1,560/y term coverage to my age70 (34year term).
Comparatively, My Early CI Plan II will be premium of $1,148/y for term coverage to my age70 (34year term) at the same $100,000 sum assured.
Personally, I feel the premium difference is worth it especially with the 300% sum assured for a CI claim and the possibility to get multipay payouts.
Personally, I'd advocate for multipay CI plans.
This AVIVA My MultiPay CI IV will fill your CI and Early CI coverage needs well and can be customised to meet your needs.