Feeling the pinch each time you pay your insurance premiums? You might be interested to know that you can take advantage of wellness programmes by life insurers that provide premium rebates on your insurance policies to encourage you to lead a healthier lifestyle.
Here’s a look at the wellness programmes offered by 3 life insurers in Singapore and how much premium rebates policyholders can receive.
#1 AIA Singapore – AIA Vitality
AIA Vitality was launched in 2013 and is open to all AIA policyholders for a monthly membership fee of $5.
AIA Vitality members earn Vitality Points when they live a healthier lifestyle, such as staying active, eating healthier and quit smoking, which are tracked using the AIA Vitality mobile app. These Vitality Points can then be used to redeem cashback and discounts, such as a $5 weekly voucher for completing the Vitality Weekly Challenge.
There are a total of 4 AIA Vitality status levels – Bronze, Silver, Gold and Platinum. AIA Vitality members start off with Bronze and advance in status as they accumulate Vitality Points. A higher Vitality Status entitles you to more rewards, such as a $150 cashback when you reach the Platinum status.
As an AIA Vitality member, you are also entitled to a 10% upfront discount on first-year premiums for any of these 13 insurance policies.
|AIA Secure Term Plus (II)||AIA Max Essential|
|AIA Secure Critical Cover||AIA Diabetes Care|
|AIA Triple Critical Cover||Cancer Cover Rider|
|AIA Premier Disability Cover||TPD Rider on Secure Term Plus (II)|
|AIA Prime Critical Cover||AIA Platinum Term|
|AIA Secure Term Plus (II) Rider||Cancer Cover rider on AIA Diabetes Care|
|CI Rider on AIA Secure Term Plus (II)|
Premium discounts for subsequent years will depend on your prevailing AIA Vitality status 45 days before your premium anniversary. The premium discount adjustment is as shown below.
|Vitality Status||Premium Discount Adjustment (Applied During Yearly Policy Renewal)|
|Bronze||Premium discount decreases by 2%|
|Silver||Premium discount decreases by 1%|
|Gold||Premium discount increases by 1%|
|Platinum||Premium discount increases by 2%|
Source: AIA Vitality
This means your Vitality Status for the year will affect how much premium discount you will receive in the next policy renewal. For instance, if you maintain a Bronze Vitality Status in the first year, your premium discount for the second year will be 10% – 2% = 8%.
Conversely, your premium discount will increase by 1-2% in the coming year if you achieve a Gold or Platinum Vitality Status. The maximum premium discount you can receive is capped at 15% and the minimum is 0%.
#2 NTUC Income – Orange Health
Launched in 2015, the Orange Health programme by NTUC Income benefits all IncomeShield policyholders. The health and fitness programme comprises a $15 health screening and everyday activity tracking via the Income Insurance mobile app.
Orange Health members earn Oh! points when they meet the daily requirement in the four areas – sleep, steps, diet and workout. Oh! points can then be used to redeem vouchers.
The $15 Orange Health Screening is open to everyone, not just policyholders. It tests four health markers – Body Mass Index (BMI), blood pressure, lipids profile and fasting blood glucose.
If you have acceptable ranges for all the four health markers and plan to sign up for either Enhanced IncomeShield or IncomeShield Standard Plan, you will get a $50 discount for your first-year premium. For existing IncomeShield policyholders, $50 CapitaVoucher shopping voucher will be awarded instead.
#3 Manulife Singapore – ManulifeMOVE
ManulifeMOVE is a customer loyalty program launched in 2018 which rewards customers with premium cashback for being active and staying healthy. Policyholders can track their daily steps using the ManulifeMOVE mobile app.
Users who maintain an average of 10,000 steps daily across a 6-month period will receive $50 cashback, until the end of their life insurance policy. For those who fall short of the 10,000 steps average but are able to maintain 7,000 to 9,999 steps, $25 will be given instead.
Policyholders of the following life insurance policies (incepted on or after 26 January 2018) are eligible for ManulifeMOVE programme:
Two other policies by Manulife also provide the element of premium discount: Manulife Global Medical and ManuProtect Term. The Manulife Global Medical policy offers a 15% no-claims premium discount for healthy customers upon renewal while the ManuProtect Term has “quit smoking” incentives. Customers who are smokers will be offered a non-smoker premium rate for the first 3 years and if they manage to quit smoking by then, they can continue to enjoy the non-smoker rates.
Lead A Healthier Life, Not Just For The Premium Discounts
There are significant and long-lasting benefits to lead a healthy lifestyle.
For those who lacks the motivation, the rewards and premium discounts provided by wellness programmes of life insurers might just provide that added motivation to live healthier.
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