New prenatal insurance plan in Singapore
AXA Life Insurance Singapore has introduced a new prenatal insurance plan that offers health and financial protection to expectant mothers and their babies.
Recognizing that parents have many different costs to consider when having a baby, including the delivery, childcare, savings for college and medical costs, AXA Mum’s Advantage bundles two plans to offer medical protection, wealth accumulation and peace of mind in one fell swoop.
Unlike many other pregnancy plans offered by insurers, which requires the female insured to have held the policy for a certain time before becoming pregnant, AXA offers a simple pregnancy plan that can be bought from as early as week 18 of pregnancy when pregnant mothers have passed their first trimester.
MumCare – Easing the stress of pregnancy
The first plan in the bundle, MumCare, helps to ease the cost of treatment arising from possible pregnancy complications. This plan ensures that the baby is guaranteed protection against 18 listed congenital illnesses including Congenital Cataract, Congenital Deafness, Down’s Syndrome and Cerebral Palsy, while allowing both mother and child to enjoy hospital care benefits. Furthermore, if the mother is carrying more than one foetus in the same pregnancy, the benefit will be multiplied to apply to each child individually.
Key features of MumCare:
- Plan offers choice of a 3-year or 6-year coverage term
- Includes hospital care for both mother and child
- Covers a total of 18 congenital illnesses and 8 pregnancy complications, and hospital care for the child including dengue fever, hand, foot and mouth disease and pneumonia
- Benefits will be multiplied to apply to each child individually in the event that the mother is carrying more than one foetus in the same pregnancy
INSPIRE™ flexi² - Building savings for your child’s future, now
The second component of the AXA Mum’s Advantage bundle, the INSPIRE™ flexi² plan, provides parents with a valuable head start in building up savings for their child's future, through investment in AXA’s wide variety of funds.
The key feature of INSPIRE™ flexi² is that the mother is given the option to transfer this savings plan to the child after birth and incorporates the automatic inclusion of a Critical Illness rider when the policy is transferred into the child's name.
Key features of INSPIRE™ flexi²:
· The INSPIRE™ flexi² plan is transferable from the mother to the child
· AXA offers parents the flexibility to choose any sum assured for the investment component in the plan
· The plan includes an accelerated Critical Illness rider, up to an sum assured of $200,000, when the policy is transferred to the child
Commenting on the new policy, Li Choo Kwek Perroy, CMO of AXA Life Insurance Singapore, said, “AXA Mum’s Advantage is a flexible and comprehensive plan offering valuable pre and post-natal coverage and savings opportunities for expectant mothers. Childbirth is a wonderful milestone in a woman’s life. AXA wants to be there to provide the protection needed to ensure a peace of mind for parents throughout birth and early years. We also want to create an opportunity for parents to start a savings plan for their baby from Day 1.”