AIA has launched Premier Disability Cover on 2 July 2012, their first disability income plan.

AIA Premier Disability Cover is a disability income protection plan, which provides you with protection in the event of a disability due to illness or injury, resulting in your inability to work and earn an income.

Comparing to its rivals, AIA has introduced some First-to-market features:

First of all, AIA guarantees benefit payout regardless of any future changes to your income or payouts received from other disability income policies, while to other insurers, such changes will affect the benefit payout.

Secondly, the plan provides you with an income, in the event you are unable to work due either to an injury or illness, regardless of employment status at the point of claim. This is crucial especially if disability happens during unemployment, it becomes double whammy with loss of income and additional living expenses.

The plan is open to anyone aged before 16 and 60 years on their last birthday. Applicants do not need to be employed to apply. Housewives and retirees may also apply with a maximum monthly benefit of $2,500.

Thirdly, AIA has introduced Payback benefit of up to two times the monthly benefit to replace lost income during the deferment period and additional lump sum payout of 24 times the insured amount should you suffer from Catastrophic disability. Such benefits are not available from other insurers currently.

The plan also has higher limit for Rehabilitation Benefit and Death Benefit

Overall, I would say the plan is supposed to be more comprehensive comparing to other disability income products in the market and of course you should expect a relatively higher premium.