First accident plan to cover multi-stage dementia
AIA Centurion PA Plan provides comprehensive coverage including value added services such as home care, health screening and teleconsultations.
AIA Singapore will be a launching a personal accident insurance plan that covers neurological diseases like Alzheimer’s disease/severe dementia and idiopathic Parkinson’s Disease, and allows reimbursement of day or homecare services that is required for illness management via an optional rider. The plan called AIA Centurion PA plan provides coverage to age 100, and offers a high entry age of up to 80 years old.
This plan came about from an AIA personal accident insurance survey, which was recently conducted to further understand the key concerns of growing old among Singapore residents. Findings revealed that when thinking about old-age ailments, 60 percent of Singaporeans are concerned about dementia, making it the nation’s top worry. Despite this concern, more than one in two Singaporeans surveyed shared that they do not own policies that cover neurological diseases. To that end, respondents indicated a demand for such coverage, with 55 percent sharing an intention to purchase such a policy for themselves, and more than 40 percent intending to purchase the same for their parents.
In response to these findings, AIA Centurion PA plan was developed to provide people with more accessibility to cover themselves for neurological diseases by offering the first-in-market optional rider attached to a personal accident plan, where lump-sum payouts for the diagnosis of early, intermediate and late stage Alzheimer’s disease/severe dementia and idiopathic Parkinson’s Disease are available for up to S$100,000.
The rider also offers dementia care reimbursement benefits of up to S$20,000, reimbursable for 24 months upon diagnosis of major stage Alzheimer’s disease/severe dementia or idiopathic Parkinson’s Disease for services rendered by registered and licensed daycare centres, home care providers or nursing homes. In addition, the rider provides easy application with two health questions and no medical examination is required.
The survey also showed that nearly half the Singaporeans surveyed are concerned about physical disabilities due to accidental falls. This is corroborated by the respondents’ top concerns about growing old, in which 53 percent are worried about permanent disability, while 37 percent are worried about accident-related injuries.
AIA Centurion PA plan meets these concerns by reimbursing up to S$3,000 in medical costs, including the hiring of licensed or graduate nurses and physiotherapy per accident.
In addition, the plan covers for Traditional Chinese Medicine (TCM) or chiropractic treatment, while introducing additional accidental medical reimbursement coverage for treating bone fractures, ensuring that post-accident recovery can be as complete as possible.
The AIA Centurion PA plan aims to encourage customers to live well with AIA Vitality, the insurer’s wellness programme. Customers can choose to integrate the AIA Centurion PA plan with an AIA Vitality membership, where they will be given a basic health screening with telehealth service WhiteCoat at no charge for the first year. Thereafter, the insured customer can continue to enjoy the basic health screening at policy renewal if they achieve a gold or platinum AIA Vitality status.
AIA has also partnered with Jaga-Me, a local mobile medical and home care specialist, to provide customers homecare services. Customers can also receive on-demand video teleconsultation with Singapore-registered doctors in the comfort of their home with WhiteCoat.
According to AIA, with this, “elderly policyholders may go about enjoying their golden years without the constant worry of burdening their children with large unplanned medical costs, while adults with families of their own to care for, as well as their own retirements to plan for, can go about life with the assurance that their parents are well-protected”.
In addition to the above features, AIA Centurion PA plan also offers the following in key benefits:
- Accidental death, dismemberment and burns benefits of up to S$100K.
- Additional coverage for accidental dismemberment and burns resulting from accidents caused by public or private transport, pedestrians, personal mobility device (PMD) users, or building fires.
- Coverage for fractures and loss of Activities of Daily Living due to injury.
- Provide daily accidental hospital income and post hospitalisation homecare benefit in the event of any hospitalisation.
- Mobility aids and home modification benefits to aid senior mobility and safety.
So how much do you need to pay? See the below monthly charges. The premiums stated below are per annum. Annual premiums start from S$308 per annum for a basic plan and S$36 per annum for the optional dementia cover if you’re 40 years old etc.