Invest Round-Up

Drive safe to be 'Best Driver in Singapore'

The Sunday Times looks at several new insurance products, including an app that offers savings with improved driving

AIG ON THE GO

AIG On the Go is a new intelligent driving mobile application that scores a driver's performance each time he gets behind the wheel.

It uses telematics to measure driving performance against a range of factors, including acceleration, braking, cornering and speed.

The app, which was launched last Wednesday, provides a score for each completed journey, as well as driving tips.

It enables AIG motor insurance customers to influence their insurance premiums by improving their driving behaviour.

Safe drivers with high scores - regardless of whether they are new or existing AIG customers - will be rewarded with discounts of up to 15 per cent on their annual AIG insurance premiums.

The safer the driver, the bigger the savings.

"We hope that by incentivising drivers to cultivate good road safety habits with dollar savings, we can help to reduce traffic incidents and build a larger community of safer road users," says Mr Manik Bucha, AIG Singapore's head of auto insurance.

The driver who racks up the highest score by June 30 will be crowned AIG Singapore's "Best Driver in Singapore" and win prizes worth $10,000, including free fuel for a year valued at $5,000, car spa vouchers worth $2,000 and a customised $3,000 AIG Singapore CashCard.

This nationwide search is open to all drivers, even those who are not AIG customers.

MAID INSURANCE BY FWD

Online insurer FWD's Maid Insurance product covers outpatient medical expenses related to illnesses, including visits to a general practitioner. This benefit is offered as a rider attached to the main cover.

This is a unique feature as rival plans typically cover outpatient medical expenses related to personal accidents but not illnesses.

The plan also provides zero excess for the mandatory security bond in its base plan. This means that employers are fully covered if the unforeseen happens.

It is unlike other foreign domestic worker insurance products in the market where the mandatory security bond is only fully covered with a rider.

FWD chief executive Abhishek Bhatia says: "With technology, we've made it possible for customers to buy online with a few clicks, and at a highly competitive price without the hassle of cumbersome paper forms or dealing with long queues at a maid agency."

Maid Insurance is available on www.fwd.com.sg with annual premiums starting at $188. Employers can enjoy a special 10 per cent launch discount by keying in the promo code FWDHELPER. This offer is valid until June 13.

GLOBAL HEALTHCARE SOLUTIONS BY ALLIANZ

Allianz Group has launched new worldwide healthcare insurance products specifically for Singapore.

Offering worldwide cover, they include individual healthcare plans designed for locals or expatriates and their families living or moving to Singapore, as well as group healthcare plans tailored for multinationals based here.

Core benefits include a 24/7 multilingual helpline, cover for chronic medical and congenital conditions, a global medical provider network, inpatient and day treatments, medical evaluation, oncology, rehabilitation and palliative care.

AIA SMART LIFETIME REWARDS

This savings plan can also be used as a retirement plan, a three-generation plan and for customers to meet their long-term savings needs.

Policyholders must pay for a period of either five or 10 years. Benefits include a monthly income payable after the fifth policy year until age 100 with guaranteed monthly coupons that increase by 8 per cent every five years after the 10th policy year. Take note that the guaranteed monthly coupon is capped at 132 per cent of the initial coupon.

AIA said this feature is particularly relevant to help ease the rising cost of living as well as provide policyholders with a sense of security.

There is a simple application process with guaranteed acceptance and no requirement for medical underwriting.

A version of this article appeared in the print edition of The Sunday Times on March 26, 2017, with the headline 'Drive safe to be 'Best Driver in Singapore''. Print Edition | Subscribe