Why would anyone choose AIA Power Critical over Aviva Multipay Critical Illness Plan IV?

Hi anon,

Just to give you some context, the Aviva multipay plan has recently undergone a revision. Prior to the revision, the Aviva multipay plan has a 3 pot system whereby illnesses are classified under these 3 pots and you can only claim 2 out of 3 of these pots. That of course meant that the kind of illnesses you can potentially claim from is lower. In addition, their premium waiver function comes in play only for severe CI stage. This explains the competitively cheaper premium Aviva has to offer. Also, they offer a 300% payout for late CI and note, less early/intermediate stage claims.

Just a comparison, AIA PWCC does not have such a pot system, without having to worry about the classification nor the different stages eating into each other. AIA PWCC is also one of the most comprehensive CI plans in the market covering a rather extensive list of CI, whether its special conditions etc. The premium waiver rider also does not factor in the stage of CI, ie. your premiums are waived even if it's an early stage CI. That will make sense if you want your plan to be in force if you're diagnosed with an early stage CI without having to continue to work to fund the plan.

Currently, Aviva's multipay plan removed the 3 pot system and with this of course, the premiums are revised upwards. The premium waiver function comes in when more than 300% of CI benefit is claimed for CI and they've also retained the 300% claim less subsequent early/intermediate stage claim.

The point here is that comprehensiveness comes with a price tag. Of course, the argument for some people is that what is the likelihood of having multiple claims etc. But our job here isn't to question the probability of you getting a particular CI/condition/stage because thats a double edged sword. Insurance is here to manage and transfer risk, not decide arbitrarily which risk will potentially happen. Hope this helps!

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Hi Anon, I can distribute both products and I would almost always recommend Aviva's option to AIA's.

Aviva's product allows for a higher claim amount (300% Sum Assured - more claims quicker) during late stage plus offers more recurring CI benefits. Now with the added borderline malignant and malignant tumour benefit + ICU benefit, it really has become an extremely comprehensive plan.

Premium is quite a bit cheaper as well, and the frills with AIA's PWCC (pre-early conditions etc) isn't that worth the extra premium. Even after the Vitality discount (should you sign up for it), it still won't compare.