Aviva Singapore launches maternity insurance; introduces first-in-market features
SINGAPORE, 1 November 2017 – Aviva, a leading insurer in Singapore, has introduced MyMaternityPlan, a maternity insurance plan designed to provide comprehensive protection for mother and child throughout pregnancy and after childbirth.
MyMaternityPlan is a single-premium, three-year plan that covers as many as 10 pregnancy complications and 23 congenital illnesses. It offers a lump-sum payout should the mother and/or child be diagnosed with any of the stated conditions, or in the event of death. To provide expectant mothers and their families with greater peace of mind, Aviva has also introduced first-in-market coverage for developmental delay, as well as for stem cell transplant surgery.
This is the only plan in the market to provide a developmental delay benefit, defined in this case as the inability of the insured child to walk without aid over a distance of two metres, or speak and say simple words by the age of 28 months. This is in response to findings from the Ministry of Health (MOH) in Singapore, which highlighted that a growing proportion of young children (ranging from babies to under seven years of age) are being diagnosed with problems such as autism and speech and language delays, with the number of new cases rising significantly from 2,500 in 2010 to around 4,000 in 20151.
The plan also provides coverage in the event that the insured child requires stem cell transplant surgery, or outpatient phototherapy treatment due to severe neonatal jaundice. Jaundice is a condition that affects about three in five full-term babies and as many as four in five premature infants2.
Tailored for expectant mothers from as early as 13 weeks to 36 weeks of pregnancy, customers have the option of purchasing MyMaternityPlan when signing up for selected Aviva protection or savings plans. They also have the flexibility of choosing their desired level of coverage of between S$5,000 to S$20,000 (in multiples of S$100), based on their individual needs.
A summary of MyMaternityPlan's key features are as follows:
- Covers as many as 10 pregnancy complications, 23 congenital illnesses, and death
- First in market to cover developmental delay and stem cell transplant surgery for insured child
- Financial assistance for newborn's hospitalisation and treatment expenses e.g. phototherapy for severe neonatal jaundice and neonatal ICU/HDU confinement
- Allows multiple claims for both mum and child for a wide range of conditions e.g. post-natal Anaemia and Hand, Foot and Mouth Disease
- Covers as many as four babies in a single pregnancy, even if it is through In Vitro Fertilisation (IVF)
At Aviva, we are committed to alleviating these concerns and making the journey as smooth as it can be for our customers.
Daniel Lum, Director of Product and Marketing at Aviva Singapore, said, "Expecting a child is one of the most precious and exciting milestones in life – but it is not without its uncertainties. As responsible parents or parents-to-be, it is essential to be financially well-prepared for childbirth and parenthood, as well as for both the child's and family's future. At Aviva, we are committed to alleviating these concerns and making the journey as smooth as it can be for our customers. By ensuring that they are well-protected and have a financial safety net to rely on in the unfortunate event of any complications, MyMaternityPlan seeks to reassure expectant mothers and their family, and enable them to embrace this experience with greater peace of mind."
1 "More children diagnosed with developmental problems", The Straits Times (May 29, 2016)
2 "3 myths about jaundice in your new baby", Young Parents (February 17, 2017)