Mental Illness Insurance With 100% Refund On What You Paid: AIA Beyond Critical Care
I believe we’ve all heard what the media had announced on the launch of AIA Beyond Critical Care,
“First critical illness plan in Singapore to tackle the taboo of mental conditions head-on”
I wouldn’t agree that that’s their unique selling proposition, the 100% refund sounds more enticing to me.
If this plan came without the 100% refund, I would consider carefully the probability of me getting a mental illness – be it through the pressure and stress from work, if it is hereditary, or over the fact that I’m left-handed.
TL;DR – Pros and Cons of AIA Beyond Critical Care
| The Good | The Bad | |
|---|---|---|
| 1 | Free health screening | Does not cover Early Critical Illnesses |
| 2 | Refund of premiums at the end of policy term | 100% of refund only if held for full tenure - 85 years old or 30 years whichever is longer (else it would be prorated according to AIA) |
| 3 | Coverage resets after 12 months | Coverage resets only for a different critical illness OR a listed rediagnosed or recurred critical illnesses |
| 4 | Mental Illness coverage | Only covers 5 mental illnesses |
| 5 | Premium term is fixed: Till 85 years old. |
What does AIA Beyond Critical Care provide?
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- Free Health Screening Every 3 Years (up to S$200)
- Up to 200% Critical Illness Coverage
- Mental Wellness Benefit
- 100% Refund of Premium Benefit
- Death and Compassionate Benefit
- How Much Does AIA Beyond Critical Care Cost?
AIA Beyond Critical Care is a critical illness term insurance with the added mental illness coverage.
What is the difference between Critical Illness and Hospitalisation Insurance?
One covers your loss of income, while the other covers your medical expenses respectively.
Here are the main differences:
| Critical Illness | Hospitalisation |
|---|---|
| Insurer (in this case, AIA) pays out a lump sum of money once you are diagnosed with one of the critical illnesses on their list. The insurer doesn’t care what you do with the lump sum of payout. Usually, the money is used for your loss of income as you might not be able to work while you seek treatment. | Insurer will cover your hospitalisation and medical costs. MediShield Life and/or Integrated Shield plan is an example where every Singaporean/PR is covered by MediShield Life at least. |
More on AIA Beyond Critical Care
1. Free Health Screening Every 3 Years (up to S$200)
- You have to be at least 21 years old
- Starting on the 4th policy year onwards
- Available once every 3 years
2. Up to 200% Critical Illness Coverage
In short,
| AIA Beyond Critical Care Covers... | ||
|---|---|---|
| 1 | Critical Illnesses | 43 illnesses |
| 2 | Rediagnosed or Recurred Critical Illness | 5 illnesses |
| 3 | Mental Illnesses | 5 illnesses |
List of all the illnesses that AIA Beyond Critical Care covers
Why 200%? How to claim 200% of the coverage?
- 100% of your coverage amount will be paid to you upon your first diagnosis to focus on your recovery
[12 months later]
- Your coverage amount will reset to 100%, however…
(i) It can only be claimed for a different critical illness from the first diagnosis; OR
(ii) One of the 5 rediagnosed or recurred critical illnesses
Note: For Angioplasty and other invasive treatments Coronary Artery, only 10% of the coverage amount (capped at S$25,000) will be payable.
3. Mental Wellness Benefit
Pays an additional 20% of the coverage amount – up to $50,000 per claim
5 prominent mental illness covered by AIA Beyond Critical Care:
| Covered Mental Illnesses (up to age 75) | |
|---|---|
| 1 | Major Depressive Disorder (MDD) |
| 2 | Schizophrenia |
| 3 | Bipolar Disorder |
| 4 | Obsessive Compulsive Disorder (OCD) |
| 5 | Tourette Syndrome (up to age 21) |
4. 100% Refund of the Premiums You Have Paid
Refund = Total Annual Premiums paid – Any claims – Any optional riders
Yes, you read that right. At the end of your premium term, AIA will refund you 100% of your the total annual premiums minus any claims paid to you in one lump sum.
If you terminate your plan early, your refunds will be prorated.
We believe that the premiums would be refunded without interest.
5. Death and Compassionate Benefit
| 1 | Death Benefit | 100% of the coverage amount, less any critical illness claims paid |
| 2 | Compassionate Benefit | $10,000 |
6. How Much Does AIA Beyond Critical Care Cost?
Assuming insured is a non-smoker, seeking S$100,000 coverage,
AIA Beyond Critical Care Monthly Premium
| Age | Female | Male |
|---|---|---|
| 24 | 134 | 141 |
| 25 | 137 | 145 |
| 26 | 141 | 150 |
| 27 | 145 | 154 |
| 28 | 149 | 159 |
| 29 | 154 | 165 |
| 30 | 159 | 170 |
| 31 | 164 | 176 |
| 32 | 169 | 183 |
| 33 | 174 | 189 |
| 34 | 180 | 196 |
| 35 | 186 | 198 |
| 36 | 192 | 211 |
| 37 | 199 | 219 |
| 38 | 206 | 228 |
| 39 | 213 | 237 |
| 40 | 221 | 247 |
| 41 | 229 | 257 |
| 42 | 239 | 268 |
| 43 | 246 | 280 |
| 44 | 255 | 292 |
| 45 | 265 | 305 |
How much does it cost to hold it till the end of premium term?
Premium term is fixed at 85 years old or 30 years whichever is later.
In this case of a 26 year old, we have to pay the premiums for the plan for 85 years (Premium term).
For both genders with the same assumptions as above, how much does it cost after 59 years of holding onto the plan?
- Female: S$99,828
- Male: S$106,200
This would be the estimate amount refunded to you if you’ve held it till you’re 85 years old. (Less the claims already paid to you)
*Figures are approximate.
Do speak with a professional financial advisor whom you trust to review your needs and portfolio with you before taking on any insurance plans.
As discussed with the Community, they have shared their experiences here
“In the event that my life insurance does not cover ECI/CI, are there any term plans which cover ECI/CI alone?”… Read More
“I’m currently looking to purchase CI coverage, and would like to seek the community’s advice as to whether early CI coverage is worth the hefty premium, or is advanced CI coverage sufficient?”… Read More
More details on AIA Beyond Critical Care can be found on their website.
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