AIA Singapore announces new elder care plan with support for multi-stage dementia

AIA Singapore announces new elder care plan with support for multi-stage dementia | Insurance Business Asia

Life & Health

AIA Singapore announces new elder care plan with support for multi-stage dementia

The country is one of the most rapidly ageing societies in Asia

Life & Health

By
Kenneth Araullo

AIA Singapore has announced the upcoming launch of a new personal accident (PA) insurance plan that aims to address the growing needs of the country’s rapidly ageing population.

Called AIA Centurion PA, the policy is set to launch on Aug. 10 and comes as part of AIA Health360, a suite of solutions for consumers to support them in their journey towards holistic wellness.

Singapore is one of the most rapidly ageing countries in the region because of increased life expectancy and decreasing birth rates. Every decade, the number of citizens aged 65 and above has slowly risen – from one in 10 in 2010, to one in six in 2020 – and is expected to further rise to about one in four in 2030. These figures, AIA said, underscore a need to help the rapidly ageing population be protected.

This new proposition is touted as the first PA plan in the country that covers neurological diseases such as Alzheimer’s or severe dementia and idiopathic Parkinson’s Disease, with lump-sum payouts upon diagnosis of early, intermediate, and late stages of these diseases available up to $100,000. A separate rider also offers dementia care reimbursement benefits of up to $20,000, reimbursable for 24 months upon diagnosis of major stages of said diseases for services rendered by registered and licensed day care centres, home care providers, or nursing homes.

The plan provides coverage of up to age 100, as well as a high entry age of up to 80 years old. Other features include:

Accidental death, dismemberment, and burns benefit of up to $100,000
Additional coverage for accidental dismemberment and burns resulting from accidents caused by public or private transport, pedestrians, personal mobility device 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 home care benefit in the event of hospitalisation
Mobility aids and home modification benefits to aid senior mobility and safety

“AIA Singapore aims to be a lifelong partner to our customers, enabling them to live Healthier, Longer, Better Lives through all life stages,” said Irma Hadikusuma, chief product proposition officer at AIA Singapore. “We developed the AIA Centurion PA plan to address Singaporeans’ growing concerns of living longer in ill health amidst rising healthcare costs. Through more holistic and thoughtful solutions, we hope to provide both ageing Singaporeans, and those with ageing parents, with a greater peace of mind.”

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