AXA Life Insurance Singapore today announced that it has been approved by the Singapore Ministry of Health as a new Integrated Shield Plan provider in Singapore. AXA will launch AXA Shield, a Medisave-approved Integrated Shield Plan, offering the longest post-hospitalisation coverage in the market. AXA Life Insurance Singapore is the sixth and newest insurer in Singapore to become an approved provider of Integrated Shield Plans. These provide additional private health insurance coverage for Singaporeans on top of MediShield Life. AXA Shield premiums can be paid with Medisave, up to certain limits.
Sales will start from 1 May 2016. Singaporeans can find out more about AXA Shield at axa.com.sg.
“We are extremely proud to be approved as the newest life insurer in Singapore to offer Integrated Shield Plans. This is an important milestone for us here at AXA. By adding Integrated Shield Plans to our wide range of health, protection, savings and investment products, we now can truly say we offer a comprehensive suite of protection solutions for our customers in Singapore,” said Mr. Glenn Williams, Chief Executive Officer of AXA Life Insurance Singapore.
Chief Marketing Officer of AXA Life Insurance Singapore Ms. Kwek-Perroy Li Choo added, “We were very fortunate to be able to ride on the many years of experience with existing Integrated Shield Plans in the market, and we focused on looking out for what else will be beneficial to customers. We were determined to build AXA Shield around what Singaporeans want. This resulted in an Integrated Shield Plan that will fulfil one’s needs for a longer period of support for recovery after hospitalisation (365 days of post-hospitalisation cover) and one plan that will satisfy Singaporeans’ preference to select and pay only for what they need.”
AXA Shield brings these key benefits to the market:
LONGEST POST-HOSPITALISATION COVERAGE: 365 DAYS
For major illnesses such as cancer, stroke and heart attacks (depending on the stage / severity of illness and unforeseen relapses) recovery may take a longer time. That is why having enough posthospitalisation coverage is important.
With that in mind, AXA Shield is the only Integrated Shield Plan to offer the longest period of 365 days post-hospitalisation coverage in Singapore, ensuring that customers are fully protected for a year upon hospital discharge.
HIGHEST ANNUAL COVERAGE LIMITS
AXA Shield Plan A, with private hospital coverage, offers the highest annual limit in the market at S$1 million. Also AXA Shield Plan B, with coverage for single bedded ward in public hospitals, offers the highest annual limit in its category at S$550,000.
FLEXIBILITY IN CHOOSING PLANS, OFFERING BETTER COVERAGE OPTIONS
AXA Shield will comprise three plans: AXA Shield Plan A, Plan B, and the Standard Plan. The key benefits and services of each plan can be found in the table below:
OPTIONAL RIDERS THAT TRULY MAKE A DIFFERENCE
It is important to us that Singaporeans have the power to choose based on their varying needs, wants and cost considerations.
AXA is offering customers who buy AXA Shield a choice of three additional optional benefits (optional riders) with different focus areas for more complete health insurance coverage. Each rider has been carefully developed with Singaporeans’ practicality of needs in mind.
Instead of offering one optional rider which is usually presented to Integrated Shield Plan buyers, AXA has chosen to unbundle their rider benefits, to allow Singaporeans to choose one, two or all three riders: a no-frills rider (AXA Basic Care), a rider aimed at making out-of-home treatment more complete (AXA General Care) and/or a rider aimed at customers who are concerned about treatment at home (AXA Home Care).
AXA Basic Care: This offers first-dollar coverage. Whenever there is a claim under Integrated Shield Plans, there are deductible and co-insurance components that customers will have to pay for. With AXA Basic Care, the deductible and co-insurance costs incurred by customers are reimbursable.
AXA General Care: This covers customers for a full suite of medical treatments such as Traditional Chinese Medicine (TCM), Planned Overseas Medical Treatments and Emergency Outpatient Treatment due to accidents. Among other features, should the customer be hospitalised, accommodation charges for a member of his immediate family will also be covered.
- AXA Home Care: This is a rider unique to AXA. AXA Home Care brings convenience to customers in the comfort of their home. It covers visits to their home by a General Practitioner, home nurse and home care medical services such as physiotherapy.
Table of AXA Shield Plans and Riders
Assuming an annual premium cost for a 30 year old:
- AXA Basic Care: This offers first-dollar coverage. Whenever there is a claim under Integrated Shield Plans, there are deductible and co-insurance components that customers will have to pay for. With AXA Basic Care, the deductible and co-insurance costs incurred by customers are reimbursable.
AXA: A LEADING GLOBAL & LOCAL HEALTH INSURER
Globally and locally, AXA has extensive experience in the health insurance market. With revenues of more than S$16 billion in 2013, the AXA Group is the world’s 3rd largest player in the global health insurance business (excluding the US), with one of the most diversified footprints in both mature and emerging markets. Locally, AXA’s health insurance plans (non-Integrated Shield Plans) cover more than 320,000 people through individual and employee benefits programme in Singapore.
AXA is currently the #1 global insurance brand, for the 7th consecutive year based Interbrand’s latest rankings, with a brand value growth of 14% in 2015. At the 48th position, the AXA brand is also one of the top 50 global brands, ahead of the likes of Visa, Cartier, Starbucks and Heineken.
About AXA in Singapore
With presence as early as 1969, AXA operates in both entities of Life Insurance and General Insurance in Singapore. AXA offers a wide range of products, catering to the needs of individuals and companies.
AXA Insurance is the No. 2 general insurer in Singapore. It ranks No. 2 in Health, Marine Cargo and Motor insurance in the Singapore general insurance market.
About AXA Asia
AXA Asia is a market leading insurance player offering a differentiated composite proposition in Life and General Insurance with operational presence in Hong Kong, Singapore, Indonesia, China, India, Malaysia, the Philippines, and Thailand. AXA Asia is part of the AXA Group, headquartered in Paris and a worldwide leader in insurance and asset management with a presence in 64 countries. AXA Asia is committed to creating a sustainable, long-term business for our employees, customers and shareholders.
About the AXA Group
The AXA Group is a worldwide leader in insurance and asset management, with 166,000 employees serving 103 million clients in 64 countries. In 2015, IFRS revenues amounted to Euro 99.0 billion and IFRS underlying earnings to Euro 5.6 billion. AXA had Euro 1,363 billion assets under management as of December 31, 2015.
The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.
The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.
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IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Please refer to the section “Cautionary statements” in page 2 of AXA’s Document de Reference for the year ended December 31, 2011, for a description of certain important factors, risks and uncertainties that may affect AXA’s business. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise.