AIA Singapore launched Singapore’s first-ever insurance policy to provide coverage for mental conditions on Thursday, January 24.
The plan also includes coverage for five re-diagnosed or recurred CIs which are among the leading cause of death and top disease burdens in Singapore, AIA said in a press statement.
A study late last year revealed that one in seven Singaporeans experienced a mental disorder in their lifetime, compared to one in eight in 2010. Major Depressive Disorder (MDD) and Obsessive Compulsive Disorder (OCD) are among the top mental conditions that people are seeking help for.
Approximately 75 percent of the people in Singapore who experienced mental disorders did not seek any professional help, according to the second Singapore Mental Health Study conducted in 2016 by the Institute of Mental Health (IMH) and Nanyang Technological University (NTU).
To encourage timely and appropriate treatments of mental health conditions, AIA Beyond Critical Care provides coverage for five mental illnesses. They are: Major Depressive Disorders (MDD), Schizophrenia, Bipolar Disorder, Obsessive Compulsive Disorder (OCD), and Tourette Syndrome.
The insurance plan provides up to 200 percent coverage for 43 Major Stage CI and five re-diagnosed or recurred CI, as well as 100 percent premium refund at the end of the policy term for policyholders who remain in pink of health.
“AIA Beyond Critical Care fills the gaps in protection, providing comprehensive coverage for previously unprotected areas and supports the insured through their life journey,” said Ms Ho Lee Yen, Chief Customer and Marketing Officer, AIA Singapore. “Importantly, we want to ensure that this plan is accessible so that more Singaporeans can get adequate CI coverage and support to get through the challenges of being diagnosed with such a condition.”