AIA Singapore tackles the nation’s growing elder care needs with market’s first personal accident plan to provide coverage for multi-stage dementia

SINGAPORE – Media OutReach – August 3, 2023 – AIA Singapore will launch AIA Centurion PA on August 10, a personal accident insurance (PA) plan that aims to comprehensively meet the growing needs of Singapore’s increasingly aging population. It’s part of
AIA Health360a comprehensive suite of solutions that supports consumers on their journey to holistic wellness.

Singapore is currently one of the fastest aging societies in Asia, due to longer life expectancies and declining birth rates. In 2010, around 1 in 10 Singaporeans were aged 65 or over. A decade later, in 2020, it has risen to around 1 in 6. In 2030, another 10 years later, it would be almost 1 in 4 Singaporeans over the age of 65.[1]. These statistics underscore the need to help protect the rapidly aging population. With one of the highest life expectancies in the world, Singaporeans are also expected to live longer[2].

AIA Centurion PA[3] is the first personal accident insurance plan in Singapore that covers neurological conditions such as Alzheimer’s disease/severe dementia and idiopathic Parkinson’s disease, and provides reimbursement for day care or home care services required for the management of the disease via an optional endorsement. It provides coverage up to age 100 and offers a high entry age up to age 80.

Ms. Irma Hadikusuma, Chief Product Proposition Officer of AIA Singapore, said, “AIA Singapore aims to be a lifetime partner for our customers, enabling them to live healthier, longer and better lives at all stages of life. . We developed the AIA Centurion PA plan to address growing concerns among Singaporeans about living longer in poor health amid rising healthcare costs. Through more holistic and thoughtful solutions, we hope to provide aging Singaporeans, and those with aging parents, greater peace of mind.

Rising dementia concerns in Singapore

An AIA Survey of Personal Accident Insurance[4] was recently conducted to better understand key aging concerns among Singapore residents. The results revealed that when thinking about diseases of old age, 60% of Singaporeans are concerned about dementia, making it the top concern in the country. Despite this concern, more than one in two Singaporeans surveyed said they did not have policies covering neurological conditions. To this end, respondents indicated a demand for such coverage, with 55% sharing an intention to purchase such a policy for themselves and over 40% intending to purchase the same policy for their parents.

In response to these findings, the AIA Centurion PA plan was developed to provide people with greater accessibility to cover for neurological conditions by offering the first optional rider on the market attached to a personal accident plan, where payments Lump sums for the diagnosis of early, intermediate and advanced stages of Alzheimer’s disease/severe dementia and idiopathic Parkinson’s disease are available up to S$100,000. The endorsement also provides reimbursement benefits for dementia care up to S$20,000, reimbursable for 24 months after diagnosis of a major stage of Alzheimer’s disease/severe dementia or idiopathic Parkinson’s disease for services rendered by licensed and licensed child care centers, home care providers, or nursing homes. . Additionally, the endorsement provides an easy application with two health questions and no medical exam is required.

Reinforcement of coverage for accidental medical reimbursements

The survey also showed that almost half of Singaporeans surveyed are concerned about physical disabilities due to accidental falls. This is supported by respondents’ top concerns about aging, of which 53% are worried about permanent disability, while 37% are worried about accident-related injuries.

The AIA Centurion PA plan addresses these concerns by reimbursing up to S$3,000 in medical expenses, including the hiring of registered or graduate nurses and physiotherapy per accident.

In addition, the plan covers traditional Chinese medicine (TCM) or chiropractic treatment, while introducing additional accidental medical expense reimbursement coverage for the treatment of broken bones, ensuring post-accident recovery is as complete as possible.

Peace of mind

Singapore’s “sandwich” generations, caring for both aging parents and their own children, face immense life pressures. In addition to the rising cost of living, which includes healthcare and childcare costs, AIA research also shows that Singaporeans caring for them face the emotional stress of caring for their aging parents, lack of time to juggle their many responsibilities, and fear that they may not have adequate retirement funds for themselves after coping with the above, thus continuing the cycle sandwiched generations in their children.

The AIA Centurion PA plan is designed to encourage customers to live well with AIA Vitality. AIA Vitality member customers will receive a free basic health exam with WhiteCoat. Thereafter, customers will continue to receive the basic health screening upon policy renewal if they achieve AIA Vitality Gold or Platinum status. As a wellness program, AIA Vitality helps members track their health and rewards them with rewards and partner benefits to achieve their health goals.

The plan also aims to help our customers be well through AIA’s strong and comprehensive ecosystem of health and wellness partners by providing easier access to health services. AIA has partnered with Jaga-Me, a local mobile medical and home care specialist, to provide customers with quality home care services.

Clients can also receive on-demand video teleconsultation with registered doctors in Singapore from the comfort of their home with WhiteCoat.

Thanks to it, elderly policyholders can enjoy their golden years without the constant worry of burdening their children with significant unforeseen medical expenses, while adults who have their own family to support, as well as their own retirement to plan, can go about their daily lives with the assurance that their parents are well protected.

Broader and more comprehensive overall protection[5]

In addition to the above features, the AIA Centurion PA plan also offers the following benefits:

• Benefits for accidental death, dismemberment and burns up to S$100,000.

• Additional coverage for accidental dismemberment and burns resulting from accidents caused by public or private transport, pedestrians, users of personal mobility devices (PMD) or building fires.

• Coverage for broken bones and loss of activities of daily living due to injury.

• Provide incidental daily hospital income and post-hospital home care benefit in the event of hospitalization.

• Mobility aids and home modification benefits to promote the mobility and safety of older people.

Celebrating Singapore’s 58th birthday, onward as one