axa life - launch of mum's advantage/mum's advantage plus

tomorrow, axa life will be launching their latest product, mum's advantage/mum's advantage plus?

what is mum's advantage/mum's advantage plus?

Mum’s Advantage/Mum’s Advantage Plus consists of 2 policies – a MumCare/MumCare Plus policy and a INSPIRE flexi2 policy.

MumCare/MumCare Plus is a 3-year / 6-year single premium term plan that offers coverage for an expectant mother against death and pregnancy complications. it also provides hospital care benefit should the expectant mother gets admitted to hospital due to child birth complications. the coverage also extends to the child for congenital illnesses benefit and hospital care benefit for the child.

INSPIRE flexi2 is a whole life, regular premium investment-linked plan which allows the flexibility to choose your own insurance cover and premium amount to meet your personal needs.

Under Mum’s Advantage/Mum’s Advantage Plus, the Mother can opt to transfer INSPIRE flexi2 to the life of the child at any time after the child is born*, i.e. life assured becomes the child instead of the mother but the ownership of the INSPIRE flexi2 remains with the mother provided the INSPIRE flexi2 has not lapsed or been terminated at the time of notification to axa life of the transfer.

*must be within 60 days from the date of birth of the child.

if axa life is notified within 60 days from the date of birth of the child, and for a sum assured less than or equal to $200,000, there will be no requirement for underwriting.

however, if either axa life is notified after 60 days from the date of birth of the child and or the sum assured is more than $200,000, the policy will be subject to the prevailing underwriting guidelines.

Upon transfer of INSPIRE flexi2 to the Child, the coverage on the life of the Child will be effective on the next policy commencement day, subject to complete documentation and acceptance by axa life (if subject to underwriting). the coverage of the mother will cease when the coverage on the child commences. at the same time, all riders attached on the life of the mother will terminate automatically. a new certificate of insurance for INSPIRE flexi2 will be issued with the child's name as the life insured.

my comments:

prudential was the first to launch a pre- and post-natal protection plan, prufirst gift in june 2010.

similarly, axa life's mum's advantage/mum's advantage plus offers pre- and post-natal protection coverage for expectant mothers and their yet-to-be-born babies.

who can apply?

this plan is open to expectant mothers who are in their 18th to 32th week of pregnancy.