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Think Your Insurance Premiums Are Too High? Here Are 3 Life Insurers in Singapore Offering Premium Rebates For Living Healthier

Leading a healthier life can be rewarding, especially for policyholders from these life insurers.

 

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%.

Read Also: From Risk Management To Health Management: How AIA Is Partnering Medix To Redefine What It Means To Be An Insurer in S’pore

#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:

1) A regular premium policy with a minimum annual premium of SGD/USD 3,000
2) Heirloom or a Signature series single premium policy

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.

Read Also: The Life Insurance Association Just Announced A Record Half-Year Results. Here Are 5 Interesting Trends We Found

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.

SingSaver - Battle Of The Cards. Apply for your favourite miles, cashback and rewards card today!

From now till 9 June, you can participate in SingSaver’s Battle of Cards campaign. To participate, all you need to do is to apply (via SingSaver) for any of these credit cards during this period (you can apply for more than one).

Battle Of Cards (Best Miles Cards)

Citi PremierMiles Visa Card: $200 NTUC Voucher/Grab Code (new customers only) or $30 vouchers (existing customers)

UOB PRVI Miles Visa Card: $50 cash gift (new customers and existing customers)

American Express Ascend Card: N.A.

Standard Chartered Visa Infinite: $100 cash gift (new customers only) or $50 cash gift (existing customers)

Check out the full list of cards for this promotion here. Do note that you will only qualify for the additional gift if you sign up through SingSaver. Check out the terms and conditions and FAQ.

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