AVIVA MyLongTermCare CareShield
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This product is managed by Aviva.
Summary
AVIVA CareShield MyLongTermCare Review 2021
AVIVA's MyLongTermCare is an additional comprehensive coverage of disability insurance to help in the event of loss of income or long-term care costs due to disability, on top of the regular CareShield or ElderShield.
- AVIVA CareShield has 2 plans - MyLongTermCare and MyLongTermCare Plus.
- AVIVA CareShield plans provide a lifetime monthly payout of $200 to $5,000 on top of CareShield Life's payout. The criteria for the monthly payout is upon the inability to perform 3 or 2 ADL depending on the tier of the plan.
- You can choose to have your monthly payouts fixed or increasing at 2%-3% p.a.
- MyLongTermCare will pay a one-time lump-sum payout worth 3x the monthly benefit when the assured is considered severely disabled (inability to perform 3 ADL) AND when death occurs.
- Additionally, premiums will be waived as long as 1 ADL cannot be performed.
- Apart from the usual coverages, AVIVA also offers many other benefits like dependant care benefit, rehabilitation benefit and caregiver benefit.
- MediSave can be used to help offset some of the premium amount
- ADL = Activities of Daily Living
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Plans (2)
Aviva MyLongTermCare Careshield Plus
$5,000
MAX MONTHLY BENEFIT
Unable to perform ≥ 2 ADLs
MONTHLY PAYOUT CRITERIA
300% of monthly benefit
MAX LUMP SUM PAYOUT
Unable to perform ≥ 2 ADLs
LUMP SUM PAYOUT CRITERIA
Aviva MyLongTermCare Careshield
$5,000
MAX MONTHLY BENEFIT
Unable to perform ≥ 3 ADLs
MONTHLY PAYOUT CRITERIA
300% of monthly benefit
MAX LUMP SUM PAYOUT
Unable to perform ≥ 3 ADLs
LUMP SUM PAYOUT CRITERIA
Aviva MyLongTermCare Careshield Plus
$5,000
MAX MONTHLY BENEFIT
Unable to perform ≥ 2 ADLs
MONTHLY PAYOUT CRITERIA
300% of monthly benefit
MAX LUMP SUM PAYOUT
Unable to perform ≥ 2 ADLs
LUMP SUM PAYOUT CRITERIA
5.0
1 Reviews
- I bought the policy from my agent. Compared with other similar policies as careshield add on, Aviva provides a better deal. Most importantly, I can use my medisave to pay. However, I do wish they have an app for user to manage all my policies.
1
What are your thoughts?Hi Joey, great that you upgraded. There's an app called PoliPocket that can do that for you. Have you heard of it before?
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AVIVA MyLongTermCare CareShield Insurance Coverage Summary
Benefit Coverage | MyLongTermCare | MyLongTermCare Plus |
|---|---|---|
Severe Disability definition | Inability to perform at least 3 out of 6 ADL | Inability to perform at least 2 out of 6 ADL |
Monthly benefit duration | Lifetime | Lifetime |
Monthly Benefit Amount | S$200 to S$5,000 per month (in increments of S$100) on top of CareShield Life’s payout | S$200 to S$5,000 per month (in increments of S$100) on top of CareShield Life’s payout |
Availability of increasing payouts | Choice of fixed payouts or increasing payouts at a fixed rate of 2% or 3% p.a. | Choice of fixed payouts or increasing payouts at a fixed rate of 2% or 3% p.a. |
Policy Term | Lifetime | Lifetime |
Waiver of Premium When you're unable to perform at least 1 ADL | Eligible | Eligible |
Lump Sum Benefit when you're severely disabled (criteria set by the type of plan you choose) | A one-time benefit that is 3 times of your first monthly benefit | A one-time benefit that is 3 times of your first monthly benefit |
Rehabilitation Benefit When your condition improves but you're still unable to perform 2 ADL | 50% of your last monthly benefit, for as long as you’re unable to perform 2 ADL | nil |
Dependant Care Benefit When you’re receiving the monthly benefit or Rehabilitation Benefit and have a child 22 ANB and below at the point of claim | An additional 20% of your monthly benefit, for up to 36 months | An additional 20% of your monthly benefit, for up to 36 months |
Caregiver Relief Benefit When you're receiving the monthly benefit or Rehabilitation Benefit | An additional 60% of your monthly benefit for up to 12 months | An additional 60% of your monthly benefit for up to 12 months |
Death Benefit | One-off payout of 3 times of your last paid monthly benefit or Rehabilitation Benefit | One-off payout of 3 times of your last paid monthly benefit or Rehabilitation Benefit |
AVIVA CareShield Disability Health Insurance Coverage Summary
Features of AVIVA MyLongTermCare
- To be eligible for the monthly payout, policyholders have to be medically considered 'severely disabled' via the ability to perform Actions of Daily Living (ADL).
- For MyLongTermCare the criteria is the inability to perform 3 ADL whereas for MyLongTermCare Plus, the criteria is the inability to perform just 2 ADL.
- The monthly benefit amount is selectable from S$200 to S$5,000 per month, on top of the CareShield Life payout.
- You can choose fixed payouts or increasing payouts at a fixed rate of 2% or 3% p.a. until the end of the premium term, or when a claim is made, whichever is earlier.
- Premiums of up to S$600 per calendar year per Life Assured can be paid using MediSave
- MyLongTermCare also has other benefits like Rehabilitation benefit, Dependant Care benefit, Caregiver Relief benefit but these benefits have their own set of criteria stated above.
Activities of Daily Living (ADL)
ADL refers to ‘Activities of Daily Living’ or basic self-care tasks which is a measure of how physically independent a person is. Activity of Daily Living encompasses washing, toileting, dressing, feeding, walking or moving around and transferring.
Premiums for AVIVA CareShield MyLongTermCare
Premium Payment Term
The premiums for MyLongTermCare are payable on an annual basis. Premiums do not increase with age if you choose the Fixed payouts option. However, Premiums will increase accordingly if you choose the 2-3% increase in monthly payout
Depending on your entry age (at last birthday), the selectable premium terms are as follows:
a. Pay up to the policy anniversary after your 97th birthday (98 Age Next Birthday (98 ANB))
b. Pay for a limited period:
• up to the policy anniversary after your 67th birthday (68 ANB) or
• for 20 years from entry age (for those who join at 49 ANB and above), whichever is later.
Note: Premiums will increase at 2% or 3% p.a., the same rate you choose for your increasing payout.
Premium Waiver
The policy premium will be waived when the insured becomes unable to perform at least 1 ADL.
Premiums paid with MediSave
Premiums can be paid by cash, your own MediSave funds, or the MediSave funds of your family members, up to a limit of S$600 per calendar year per insured person.
Eligibility: Who can apply for AVIVA MyLongTermCare?
- Citizenship Status: Singaporeans and Permanent Residents
- To be an eligible buyer of AVIVA's CareShield, you must have the standard CareShield Life or ElderShield 300/ ElderShield 400.
- Entry Age from 30
Contact AVIVA
- Click the "Visit Site" button above to find out more
- Tel: +65 6827 7988
- Address: 4 Shenton Way, SGX Centre 2, #01-01, Singapore 068807
Contact us at [email protected] should you require any assistance or spot any inaccuracies.
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