Aviva has recently announced that they have decided to withdraw two popular Health Insurance products, “IdealMedical” and “Global Health”, from the Singapore market.
As a result of the decision, Aviva will cease to renew existing (in-force) policies on their next policy anniversary date starting from 1 February 2013. Existing policyholders will continue to enjoy the benefits as per their policy contract until their next policy anniversary date.
To ensure continuous coverage for the policyholders, Aviva has entered into an arrangement with Raffles Health Insurance (RHI) and Bupa Insurance to offer two of their products – “RHI-Bupa Worldwide Health Options” and “RHI-Bupa Health Select Asia Pacific” without any further underwriting. This means those conditions developed while insured with Aviva will not be treated as a pre-existing condition under Bupa.
Singapore policyholders are much luckier comparing to their counterparts in Hong Kong in 2011, where no alternative solutions were provided for customers which left those who had developed health conditions during their policy with no option to receive coverage from any other provider.
About Raffles Health Insurance (RHI) and Bupa Insurance
RHI and Bupa work in collaboration in Singapore to offer a range of individual and group medical cover. RHI is a leading healthcare insurance specialist offering high-quality healthcare financing solutions and is regulated by the Monetary Authority of Singapore and is a wholly-owned subsidiary of the Raffles Medical Group, a leading integrated healthcare services company in Singapore.
Since setting up in the UK in 1947, Bupa now has an extensive network in 190 countries and provides health and care services to over 10 million customers worldwide. Bupa has developed an international reputation for helping millions of people around the world to live longer, healthier and happier lives. As a truly specialist organisation, every aspect of Bupa’s business relates to health and care products and services.
Interested in how many others affected by Aviva decision….consider class action claim? I was personally sold the policy directly by Aviva whose salesperson claimed it was guaranteed renewable…wonder how many others feel this is misrepresentation?
btw, quotation from RHI-Bupa was triple the cost of Aviva policy. wonder how much Aviva’s mistake will costs over the next 30 years…
If you feel Bupa cost is too high, you can always contact me and I can offer you some alternatives.