Aviva, a leading insurer in Singapore, in November 2018, launched MyCoreCI Plan, a comprehensive protection plan tailored for Type 2 diabetics, to financially protect them against critical illnesses and diabetic complications.
MyCoreCI Plan is also designed for pre-diabetics and those with high Body Mass Index (BMI), high blood pressure and/or high cholesterol.
In Singapore, the incidence of diabetes is on the rise. During the 2017 National Day Rally, Prime Minister Lee Hsien Loong cited that one in nine Singaporeans are affected by diabetes. The number of diabetics under 70 is expected to rise to 670,000 by 2030, and to one million by 2050.
According to a study by SingHealth, people with diabetes are two to four times more likely to develop coronary artery disease and stroke. Those with high BMI, high blood pressure and high cholesterol are also at higher risk for critical illnesses.
Aviva launched MyCoreCI Plan to cover Singaporeans with these pre-existing chronic health conditions, to help them meet gaps in their overall financial plan. The insurer observed that while they are more susceptible to critical illnesses, they are often uninsurable once diagnosed, which may lead to insufficient protection.
MyCoreCI Plan will enable individuals with these pre-existing health conditions to better build a financial safety net for their family by offering:
- Coverage for 11 critical illnesses such as cancer, heart attack and stroke.
- Coverage for total and permanent disability, terminal illness, and death.
- Payout of 20% of the covered amount for 4 diabetes complications, such as limb amputation and diabetic ketoacidosis.
- Advanced payout of 10% of the covered amount if angioplasty or other invasive treatment for coronary artery is needed.
The MyCoreCI Plan is also designed to offer a no-claim reward of 20% of premiums paid, if no claim is made by the end of the policy.
Another feature of the plan is customised pricing according to the severity of customers’ conditions at the point of 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.
This differs from the current market practice for such plans, which primarily only use age, gender, and smoker status to determine premiums. Acknowledging that not all diabetics are the same, Aviva felt a customised approach to premiums would be fairer to customers.
Daniel Lum, Director of Product and Marketing at Aviva Singapore, said, “Diabetes is becoming a serious issue in Singapore, which has prompted the government to declare a war on diabetes. At Aviva, we want to do our part by offering coverage that diabetics and pre-diabetics can purchase too.”
“Aviva’s MyCoreCI Plan empowers them to take control of their finances, which is an important part of their lives. 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 non-diabetic customers to stay healthy. This is why we included a reward at the end of the policy if no claim is made.”