In commemoration of World Diabetes Day on November 14, Aviva Singapore has launched MyCoreCI Plan, a comprehensive protection plan tailored for Type 2 diabetics, providing protection against critical illnesses and diabetic complications.
The product is also applicable to pre-diabetics and those with high Body Mass Index (BMI), high blood pressure, and/or high cholesterol, according to Aviva.
MyCoreCI Plan covers those with pre-existing chronic health conditions, to help them meet gaps in their overall financial plan. Aviva observed that while diabetics are more susceptible to critical illnesses, they are often uninsurable once diagnosed, which may lead to insufficient protection.
The plan offers coverage for 11 critical illnesses such as cancer, heart attack, and stroke, on top of coverage for total and permanent disability, terminal illness, and death. It will provide a payout of 20% of the covered amount for four diabetes complications, such as limb amputation and diabetic ketoacidosis. There will also be an advanced payout of 10% of the covered amount if angioplasty or other invasive treatment for a coronary artery is needed.
But for customers who are able to maintain their health throughout the policy, they will receive a no-claim reward of 20% of premiums paid.
Premiums will be customised according to the severity of the customer’s condition upon purchase. For example, customers with lower HbA1c levels will pay lower premiums compared to those with higher HbA1c levels, assuming all other factors are the same. According to Aviva, a customised approach to premiums is fairer to customers, especially since not all diabetics are the same.
“Diabetes is becoming a serious issue in Singapore, which has prompted the government to declare a war on diabetes,” said Daniel Lum, Director of Product and Marketing at Aviva Singapore. “At Aviva, we want to do our part by offering coverage that diabetics and pre-diabetics can purchase too.
“Apart from helping them build a financial safety net for their family, we also want to play a part in motivating diabetic customers to continue managing their condition diligently and encourage nondiabetic customers to stay healthy. This is why we included a reward at the end of the policy if no claim is made.”
Diabetes incidence is rising in Singapore, with Prime Minister Lee Hsien Loong noting during the 2017 National Day Rally that one in nine Singaporeans are affected by diabetes. Projections show that by 2050, there will be an estimated one million Singaporeans with the condition.
