today, aia held a grand breakfast bash cum business meeting for her business partners at the raffles city convention centre.
many of aia's top management were present to grace the occasion, including the ceo, mr tan hak leh and head of partnership distribution, ms ho lee yen.
amongst other business matters, aia unveiled the new secure term plus plan to us which has been repriced (lower) against the competition. with the repricing, aia claims that the aia secure term plus plan is one of the most competitive term plans in the market.
my comments:
what is aia secure term plus?
aia secure term plus is a regular premium payment non-participating term plan available with choice of term for 5/10/20 years.
key features:
a. death benefit
b. terminal illness benefit
c. option lump sum tpd benefit
d. renewability and convertibility options
one key feature is the tpd benefit which has been extended to before the policy anniversary following the life insured's 70th birthday.
another one is the additional definition of tpd when the life insured sustains secure term plus tpd2 on and after the policy anniversary following the insured's 65th birthday being incapable of performing at least two (2) of the ADLs (activities of daily living) even with the aid of special equipment, and always to require the physical assistance of another person throughout the entire activity and such disability must continue uninterrupted for at least six (6) consecutive months.
the abovementioned definition for tpd is probably the first in the industry although aviva's my protector - level/decreasing term has a similar definition but specified to be incapable of performing at least three (3) of the ADLs.
my take is that consumers who are looking for a term plan can do themselves a favour by checking up aia secure term plus before signing on the dotted line.
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