Richmond Tung

This series will talk about the pros & cons of a stand-alone critical illness plan, those that are available in Singapore.

Let’s walk through the first plan ever in Singapore.

Company: AXA

Overview: AXA’s Early-Payout LivingEnhancer is a regular premium plan with early payout critical illness benefits. The amount you can claim depends on the severity of the illnesses. There are three different levels of severity.

Unique Feature:

1) Extensive coverage for up to 60 medical conditions based on the 30 major critical illnesses.
2) Exemption of waiting period between multiple claims
3) Extra death benefit of S$15,000 in a lump sum, regardless of the sum assured

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Commentary:

This plan is probably the most cost effective plan, against the ones by Great Eastern or Prudential. The good thing is the exemption of the waiting period and extra death benefit given, despite the lower costs of insurance. Unbelievable right? Well the catch is initially this plan must be attached to a normal life policy, but ever since then they have removed that requirement and made it into a stand alone policy. Kudos to AXA.