Aviva announces enhancements to MyShield product
Aviva Leads Industry Again with Innovative Improvements for Medisave-Approved Medical Insurance
Aviva today unveiled enhancements to its MyShield product, which it promises, will revolutionise Medisave-approved insurance plans currently available by focusing on families and making application even easier. This will set industry standards once again after Aviva took the market by storm by bringing its "As Charged" plan to the Singapore market in 2005.
The enhanced MyShield offering is more user friendly at point of purchase, extends coverage and offers higher limits on claims, raising the bar on Medisave-approved plans and sealing Aviva's position as an innovative customer-driven insurance provider. The enhanced plan also breaks new ground in being the first to offer the option of moratorium underwriting.
The new package is aimed at addressing key issues faced by the industry, such as a widespread lack of urgency among Singaporeans when considering health cover by making application even easier.
In an industry first, the revised MyShield will now offer a fresh approach to customers in the form of moratorium underwriting. With this, new policyholders will not be required to give details of their medical history nor have a medical examination and will be fully covered for all non pre-existing conditions. In addition, they may be eligible for coverage for a medical condition that already existed when they purchased the plan, provided the condition is not one of the excluded health conditions (E.g Aids or HIV Infection) under the policy and they have not:
- experienced symptoms
- sought advice or tests –from a physician, specialist, or alternative medicine provider (including checkups for pre-existing condition, or
- required or received treatment or medication
for a period of five years since the policy inception or date of reinstatement, whichever is later.
Full medical underwriting for the plan will continue to be available for policyholders as an alternative option.
The second key enhancement to MyShield is to include free child coverage up to the child's 20th birthday (up from 7th birthday) provided both parents are insured under the two higher premium MyShield plans.
The new offering will also do away with a lifetime limit on claims, and significantly increase the annual limits that are now as high as S$500,000.
In addition, MyShield will now also cover costs on a "As Charged" basis arising from outpatient kidney dialysis and cancer treatment as well as inpatient dental treatment resulting from accidents (within these annual limits). These were previously limited to S$150,000 and S$2,000 respectively. It will also increase its coverage for a major organ transplant up to S$250,000 (from a previous limit of S$150,000).
MyShield will continue to be available in a three-tier structure for patient care in the three following options: any private ward; any government or restructured hospital ward or a B1 ward in any government or restructured hospital.
All these changes are being made with no increase in the premium rates for any of the plans.
Aviva also continues to focus on its existing customers as well as its new ones and as part of this philosophy will be automatically upgrading all existing MyShield policyholders so that they will enjoy these enhanced benefits with no increase in premiums.
According to Tim Beardsall, Marketing Director, "Despite the trend of rising healthcare costs, more than 25% of the population still have no health cover on a Medisave-approved insurance plan. Having led the market with our previous offerings, we are confident this innovative plan will encourage more Singaporeans to consider purchasing health insurance at an earlier age, without the hassle of medical check ups and with even better benefits."
The new MyShield offering will be available from September 1.
For more information, please contact:
40A Orchard Road
#07-01 The MacDonald House
65 6825 8043(DID)