SINGAPORE: Insurance group AIA has launched an insurance policy that offers coverage for mental illnesses - the first of its kind in Singapore - in a move aimed at tackling the stigma surrounding these conditions.
The AIA Beyond Critical Care policy will cover five conditions - major depressive disorders (MDD), schizophrenia, bipolar disorder, obsessive compulsive disorder (OCD), and Tourette Syndrome. The policy will provide coverage up to age 75, except for Tourette Syndrome, which will be up to age 21.
Advertisement[h=3]READ: Facing depression: Working adults battle not just demons, but also stigma[/h]Overall, one in seven people in Singapore has experienced a mood, anxiety or alcohol use disorder in their lifetime, according to the Singapore Mental Health Study 2016. The study also revealed that OCD is one of the most common mental health conditions in Singapore.
[h=3]READ: OCD one of the most common mental disorders in Singapore[/h]However, the findings also showed that the majority - or about 75 per cent - of people who have experienced a mental disorder in their lifetime did not seek professional help.
AdvertisementAdvertisement“AIA Beyond Critical Care fills the gaps in protection, providing comprehensive coverage for previously unprotected areas," said Ms Ho Lee Yen, chief customer and marketing officer at AIA Singapore.
The plan also offers customers both financial and "personalised medical" support, according to the insurer's website.
Under the plan, policyholders will be reimbursed up to S$200 for the cost of their health screening.
Additionally, the plan will give customers who have been diagnosed with any of the five mental conditions it covers what it calls a mental wellness benefit. The payout will be an additional 20 per cent of the coverage amount, capped at S$50,000 per claim.
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