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   April 9, 2009

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   Nadim van der Ros said:

   
   

   Hi Patrick,

   I am Nadim van der Ros from Aviva. Thanks for your feedback on Aviva’s SAF Group insurance scheme. There are a few points in your post that we would like to clarify below as we feel there is room for misinterpretation.

   We will continue to follow this discussion and look forward to any further comments or feedback you may have on this scheme or other Aviva products,

   Regards
   Nadim van der Ros
   Senior Executive, Brand & Marketing Services
   Aviva Ltd.

   a. It is a yearly renewable group insurance plan.

   Once a person is insured, the insurance will automatically be renewed every year and the insured person will not be subjected to any formality or have to pay additional administration fees, regardless of his/her medical condition until the maximum age allowed under these group plans or upon the admission of a claim, whichever is earlier.

   b. SAF group insurance scheme and major illness cover expires at age 65 and age 70 respectively.

   The Aviva-SAF Group Term Life covers up to $400,000 expires at age 65 and thereafter covers for $100,000 from age 66 to 70 whereas the Major Illnesses rider covers up to $300,000 and expires at age 65. The SAF Group Term Life insurance and its rider, Major Illnesses are essentially designed to cover the most crucial phase of parenthood (before age 65). Thereafter, the dependent children would have graduated and would be financially independent; the onus on the parent to provide is thus reduced.

   To put in context, the SAF Group Schemes are employee benefit group schemes. Most employee benefit group schemes in Singapore cease at age 65. However, the SAF Group Term Life insurance offers $100,000 coverage from age 66 to 70 (if coverage was $100,000 or more, on or before age 65) and the insured person is not required to undergo additional medical review to continue the coverage seamlessly from age 66 to 70.

   d. Premiums for major illness cover will be based on attained age on an
   escalating basis from age 66 to age 70 (not in policy wordings). Read more…

   Similar to above, most Term insurance plans in Singapore charge higher premiums as one ages. However, the SAF Group Term Life insurance charges a flat premium rate all the way up to age 65. The premium will only increase with age for insured persons whose ages are between 66 to 70.

   Premiums for the Major Illnesses rider remain unchanged until age 45. From age next birthday (ANB) 46 onwards, at every 5- year “window” (i.e. ANB 46 to 50, ANB 51 TO 55, etc) the premium shall be revised on lst Oct as you attain ANB 46, 51, 56 and 61 respectively. lst Oct is Day One (1) of the SAF insurance policy year.

   e. in the event of declared war, aviva’s maximum liability shall be limited to a quarter of one per cent (0.0025) of the total sum assured under the group policy for all claims arising from the event.

   This is an industry standard.

   f. on admission of liability by AVIVA pertaining to a claim on death or total and permanent disablement or accidental permanent partial disablement, the insurance cover shall cease with immediate effect. Application for reinstatement of cover may be made on 1st January of the following year by completing a fresh application form and the furnishing of evidence of insurability satisfactory to AVIVA.

   Again, it is an industry standard for coverage to cease upon payout of a Death or Total And Permanent Disablement claim. It is not true to say that the person can apply for reinstatement for such settled claims. It is only true if a person survives an accident and had successfully claimed 50% or more for Total And Permanent Dismemberment. The person may submit a fresh application and he will be subjected to fresh underwriting. Underwriting is a universal practice by all insurers.

   g. major illness cover – there is a specified survival period of thirty (30) days from the date on which the life assured is diagnosed to be suffering from a major illness, or in the case of coronary artery by-pass surgery or major organ transplant, the date of surgery or treatment. if the life assured dies within 30 days from date of the diagnosis/occurence of the illness, no benefits shall be payable under the plan.

   Most Group Major Illnesses/Critical Illnesses insurance plans have this “survival period” clause. The Aviva SAF Major Illnesses insurance imposes a minimal period of 30-days, compared to some insurers that may impose a 60-day or even 90-day survival period.

   h. and this is the mother of all the terms and conditions which states:

   future plan changes: this scheme will be reviewed periodically and may be subject to change as part of the SAF’ policy of continuously reviewing the benefit for its members. while it is the sincere intention of the SAF to continue providing the aforementioned benefits, the SAF reserve the right to MODIFY, AMEND, SUSPEND OR DISCONTINUE any or all of the provisions of this scheme at its absolute discretion.

   The SAF Group Term Life insurance is an employee benefit group insurance initiated by SAF as the “Policyholder” for the welfare and benefit of its employees and/or SAF personnel (including former SAF personnel). Thus, it is only right that SAF can negotiate with Aviva to modify or vary some of the terms and conditions and this includes enhancements to the policy features.

   Since the commencement of the SAF group insurance scheme, all the terms and conditions varied so far were for the better. Even the premium rates have been reduced quite significantly over the years.

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   March 15, 2010

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   Er Poh Guan said:

   
   

   Dear Sir,
   I am pleased to update my email address as above.
   My contact number : 67639945 (Res)
   My H/P : 97545026
   My Office : 66682165

   Any information or update,please forward to me via email or SMS.Thank you.