Singapore, 15 August 2016 – The Automobile Association of Singapore (AA Singapore), the leading motoring association in Singapore, today announced its new partnership with Tokio Marine Life Insurance Singapore Ltd. (TMLS), one of Singapore’s leading life insurers, to offer Group Term Life insurance solutions to Members of AA Singapore and their families.
Under the new insurance partnership, effective from 1 September 2016, AA members and their families can look forward to affordable insurance coverage at TMLS, allowing them to focus on other financial priorities such as retirement planning. The AA Life Protector and AA Life Protector Plus schemes, both of which are Group Term Life insurance schemes exclusive to this partnership, will cover policyholders in the event of death, total and permanent disability (TPD) and terminal illness as a basic plan. Coverage for 37 critical illnesses is also available with AA Life Protector Plus. For a more comprehensive coverage, members have the option to add Daily Hospital Cash Benefit to either plan.
As part of the new partnership, TMLS and AAS Insurance Agency will also be launching a series of talks for AA Members to share the benefits of the new schemes and answer members’ questions on financial planning, including retirement planning and other insurance solutions.
“As the leading motoring association in Singapore, our affinity insurance scheme is aimed at allowing members to leverage the group-rated premiums of a term life insurance, thereby making this coverage option more affordable for our members and their families,” said Mr Lee Wai Mun, Chief Executive Officer of AA Singapore. “We are delighted to have TMLS on board as our new insurance partner and are confident that their insurance solutions will benefit our members greatly in their financial planning.”
“At TMLS, we are constantly exploring meaningful opportunities through which we can support Singaporeans with their protection needs at every life stage, capitalising on our expertise in life insurance,” said Mr James Tan, Chief Executive Officer of TMLS. “With this new partnership, we are pleased to be offering these two new exclusive Group Term Life insurance coverage plans, which have been competitively priced and designed to keep AA Members and their loved ones well-covered.”
The new AA Life Protector and AA Life Protector Plus plans are currently available to all AA Members. Existing policyholders under the previous AA Singapore Group Term Life insurance scheme, who signed up for either plan prior to 31 August 2016, will enjoy waiver of underwriting, valued up to the sum assured of the existing cover. Additional sum assured will be subject to full underwriting. AA Members can get in touch with TMLS at 6592 6100, or email at email@example.com for more information.