Group Insurance Plans: Why This Might Be A Good Worth Major Insurance Coverage And Are You Eligible?

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When you were through Military service, volunteer at an organization on a regular basis, or are already in the business world, you were likely automatically covered by group insurance.

In principle, a payment can be made in the event of death or complete permanent disability (TPD), in the event of an accident of the insured person or other medical costs. Insurance coverage really depends on the plan your employer or organization has agreed with the insurer.

But there is another type of group insurance – some organizations or companies allow you to top up your coverage.

In the case of the insurer Aviva, this is called a voluntary system – and it allows you to choose the level of protection you want (especially if you need better protection compared to basic insurance) and even if you want to insure your loved ones like good. Your employer does not pay for this policy, but you can enjoy the group insurance price (usually lower premiums).

These voluntary group insurances are great value for money, especially if this is your first insurance policy. Group insurance also serves as a good stepping stone for building your robust protection portfolio.

Let's take a closer look at group insurance (voluntary system):

Group insurance benefits (voluntary insurance)

Do you remember the time when you bought a carton of your favorite snack for a volume discount? Group insurance works like this: when a group of people takes out insurance, the insurer's risk is spread across that group of policyholders.

Therefore, the premium paid by the individual tends to be lower when taking out group insurance.

And just as you can share the box of your favorite snack with your neighbors (group purchase, anyone?), You can also share the “lobang” of lower group insurance premiums with your loved ones, e.g. B. your spouse and children.

How's that for the price-performance ratio?

What is group insurance (supplementary insurance)?

Many insurers that offer corporate group insurance to protect their employees also offer core coverage enhancements to employees who want to expand their coverage. Employees pay with their own money or use company benefits such as flex dollars for this top-up coverage.

Did you know that many Singaporeans still do it even if their employer doesn't have this option? justified for Aviva's Voluntary Group Life and Group Accident Retirement Plans for MINDEF (Ministry of Defense) and MHA (Ministry of Interior) employees? This also applies to their relatives!

Here's a closer look at Aviva's MINDEF and MHA group insurance plans (voluntary system) for MINDEF and MHA employees and their dependents:

To plan Main advantages Insured sum Premium tariffs
Aviva Group Term Life (MINDEF and MHA)
  • Fixed premium rates up to age 65 (next birthday)
  • No medical examination or underwriting required *
Up to $ 1M Starts at $ 4.10 per month ($ 100,000 coverage)
Personal accident of the Aviva Group (MINDEF and MHA)
  • Protected around the clock (no service required)
  • Fixed premium rates up to 70 years of age (next birthday)
  • Up to $ 10,000 each for mobility aids and home rehabilitation renovation costs
  • Accidental total and permanent disability (TPD) up to 150% of the coverage
  • No medical examination or underwriting required *
Up to $ 600k Starting at $ 1 per month ($ 100,000 coverage)
For both Aviva group insurance plans (MINDEF and MHA)
  • Spouses and children can be insured at the same tariff
  • The protection of the spouse remains in effect even after the death of the main insured person
  • Exclusive discounts on dare, homeland and travel insurance
  • Available drivers: Serious Illness, Early Serious Illness, Disability Income, Outpatient Medical Care

* Up to an insured amount of US $ 250,000 only. Terms and conditions apply

Since my husband is still doing his reservist and is an Operationally Ready National Serviceman (NSMen), I am his wife justified for the group insurance MINDEF and MHA from Aviva (voluntary system).

Even those who do NS can sign up for the voluntary system in addition to automatic insurance coverage. It is really an affordable and inexpensive policy (you can still afford it with your NS grant), especially if it is your first insurance (perfect for young or entry-level professionals with little available premium income, they are lower than most individual insurances).

A stepping stone to building robust protection

In short, Aviva's group insurance plans (voluntary insurance) are great value for money and are a strong foundation to build on a robust protection.

Group runtime & group accident

As mentioned above, there is coverage for the term at a flat rate of USD 4.10 / month up to the age of 65 (renewable afterwards, but premiums increase annually) for up to USD 1 million; and for personal accidents it is a flat rate of $ 1 / month up to age 70 for up to $ 600,000.

Group Living Care & Group Living Care Plus

Aviva's Group Living Care driver provides secure protection against 37 common critical illnesses, while Aviva's Group Living Care Plus driver provides additional protection for 10 early critical illnesses. These passengers do not reduce the sum insured for the Term Life group, the personal accident group and / or the associated passengers.

Protecting the people who matter

Insured persons can extend the insurance cover (and the low premium prices) to their spouse and to children (up to 25 years of age). As long as the spouse continues with the plans, the policies will continue to run in the event that something happens to the main policyholder that offers you security.

Covering yourself with Aviva's MINDEF and MHA group plans (voluntary system) is easy – just fill in your details online, select your plan and coverage, make the payment, and you're good to go.

for only for a limited time, sign up for Aviva's MINDEF and MHA Voluntary Insurance Plans to enjoy these promotions:

  1. Soldiers Appreciation Day: Free dengue coverage + up to $ 100 worth of vouchers for referrals
  2. Give away a voucher: Receive e-vouchers worth up to 90 USD with the purchase of Group Term Life, Group Personal Accident and / or the drivers (for eligible MINDEF and MHA members; primary insured persons or dependents)

Find out more and sign up for Aviva's MINDEF and MHA voluntary insurance plans to improve protection for you and your family: Group Term Life and Group Individual Accident.

Terms and conditions apply. These guidelines are maintained by Aviva Ltd. created. This material is published for general informational purposes only and does not take into account the specific investment objectives, financial situation and special needs of any particular person. You should read the product summary and seek advice from a financial advisor before committing to purchase the product. Since these products have no savings or investment function, there is no cash value if the contracts are terminated or if the contracts are terminated prematurely. Personal accident insurance benefits are only due in the event of an accident. Before replacing an existing accident insurance with a new one, you should consider whether the change will be disadvantageous, as there can be potential disadvantages. Early termination may result in a contractual penalty and the new policy may cost more or provide less benefits for the same cost. If, after purchasing the policy, you decide that the policy is not suitable, you can cancel the policy according to the free look provided and Aviva can reclaim from you any costs we incur in signing the policy.

This ad has not been verified by the Monetary Authority of Singapore.

Protected by SDIC up to the specified limits.

The information is correct as of August 11, 2021.

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