Aia Life Insurance: What You Need To Know

AIA Group Limited, commonly known as AIA, is an American-Hong Kong-based multinational insurance and finance corporation. It is the largest publicly traded life insurance group in the Asia-Pacific region. AIA offers a range of insurance products, including life insurance for individuals and businesses, accident and health insurance, and retirement planning services. With over a century of expertise, AIA strives to empower customers to manage their health, wellness, and protection needs, helping them live healthier, longer, and better lives. The company has a strong presence in Asia-Pacific markets and is committed to creating a sustainable future for the communities it serves.

AIA's history and global presence

AIA Group Limited, also known as AIA, is an American-Hong Kong-based multinational insurance and finance corporation. It is the largest publicly traded life insurance group in the Asia-Pacific region, with a presence in 18 markets across the region. The company's headquarters are in Central, Hong Kong, and it has wholly-owned branches and subsidiaries in Hong Kong, mainland China, Taiwan, Macau, South Korea, Singapore, Thailand, Malaysia, the Philippines, Indonesia, Vietnam, Brunei, Cambodia, Myanmar, Australia, New Zealand, and Sri Lanka. It also has a 49% joint venture in India.

AIA was founded on 19 December 1919 by Cornelius Vander Starr, who established a small insurance agency in Shanghai, China, known as American Asiatic Underwriters (later American International Underwriters). In 1931, the company expanded to Hong Kong and Singapore, and in 1933, it entered Malaysia. Despite the challenges posed by World War II, AIA remained committed to its customers and employees, providing support to those affected by the war.

In 1949, following the communist takeover of mainland China, AIA became a subsidiary of the New York-based American International Group (AIG). AIA relocated its head office to Hong Kong and changed its name to American International Assurance Company, Limited (AIA Co). During the 1950s, AIA continued to expand across Asia, establishing its first office in Japan and entering new markets through joint ventures.

In 1972, AIA established its regional headquarters in Hong Kong, solidifying its presence in the Asia-Pacific region. The company went public on the Hong Kong Stock Exchange in 1976, raising capital to accelerate its growth. Despite challenges such as the riots in Hong Kong in 1967 and the economic downturn in Asia in the late 1980s, AIA remained committed to its customers and continued to expand.

In 1997, AIA became a wholly-owned subsidiary of AIG, gaining access to its global resources and expertise. In 2009, AIG sold preferred equity interests in AIA and American Life Insurance Company (ALICO) to the Federal Reserve Bank of New York. AIA planned to list on the Hong Kong Stock Exchange in 2010, but the deal fell through, and AIA held a successful IPO in October 2010, raising approximately $20.51 billion.

Since then, AIA has continued to expand its global presence and enhance its product offerings. In 2012, it acquired a majority stake in Sri Lankan insurer Aviva NDB Insurance and entered into a bancassurance agreement with the National Development Bank (NDB) in Sri Lanka. AIA also acquired ING Group's Malaysian insurance subsidiaries the same year. In 2013, AIA signed an exclusive bancassurance agreement with Citibank, encompassing 11 AIA markets in the Asia-Pacific region.

AIA has received numerous awards and recognitions for its insurance services and is committed to helping people live healthier, longer, and better lives. The company strives to create a better, more sustainable future by empowering customers to understand and manage their health, wellness, and protection needs.

AIA's life insurance plans for individuals

AIA is a leading life insurance company with a presence in Asia Pacific, including India, Australia, New Zealand, Hong Kong, Singapore, Malaysia, the Philippines, and China. AIA offers a range of life insurance plans for individuals, including:

Group Term Life Insurance

AIA Trust offers members-only group term life insurance through the New York Life Insurance Company, with the option to lock in rates for 10 years. This insurance is designed to protect your family's finances in the event of your passing, helping to replace your income, sustain your family's lifestyle, and provide for their future.

AIA Vitality

You can attach an AIA Vitality membership to your life insurance or income protection cover. The more you improve your health, the greater the rewards. AIA Vitality's Content Hub provides information and guidance to help you move well, think well, eat well, and plan well.

Tata AIA Life Insurance

Tata AIA offers a range of life insurance plans in India, including term insurance plans, savings plans, ULIPs (Unit Linked Insurance Plans), and retirement plans. These plans provide financial protection, savings opportunities, market-linked returns, and regular income during retirement. Tata AIA also offers tax benefits, high life cover, and guaranteed returns on selected plans.

AIA Australia

AIA Australia offers life insurance products that protect your family, your lifestyle, and your future. They provide different types of cover, such as total and permanent disablement, accidental death cover, and AIA Priority Protection. AIA Australia also assists in understanding premiums and cover, policy structure, and nomination of beneficiaries.

AIA Trust

AIA Trust provides health care coverage and partners with Get Kasa to offer licensed benefits advisors who can tailor programs to individual needs. AIA Trust offers access to group and individual health, dental, and vision insurance, as well as group life, disability, and accident insurance.

AIA's life insurance plans for businesses

AIA is a leading life insurance company with over a century of expertise. It was founded in 1919 by American businessman Cornelius Vander Starr, and its group company is listed on the Hong Kong Stock Exchange. AIA offers a wide range of insurance products, including health, hospitalisation, personal accident, critical illness, travel, and life insurance.

• Group Term Life Insurance: This plan is offered through New York Life Insurance Company, with an option to lock in rates for 10 years. It helps protect your family's finances in the event of your passing, providing peace of mind. It can help replace your income, sustain your family's lifestyle, and provide for their future. Additionally, it can help cover essential expenses such as mortgages, credit card bills, loans, and school tuition.
• AIA Vitality: This is a wellness programme for policyholders that encourages participation in weekly fitness challenges, health screenings, nutritional assessments, and preferred rates for dental and health services. It also offers discounts on health foods, fitness gear, lifestyle services, and annual premiums upon achieving health milestones.
• AIA Guaranteed Protect Plus (III) Whole Life Plan: This plan is suitable for individuals aged 0 to 70. It offers a base assured sum for your entire life, with the option to choose a multiplier (2X, 3X, 4X, or 5X) to increase the sum assured until you turn 65 or 75. This plan includes critical illness riders for extended coverage, flexible premium payment terms, guaranteed cash value, and potential non-guaranteed bonuses. It is also compatible with AIA Vitality.
• AIA Pro Lifetime Protector (II): AIA Pro Lifetime Protector (II) is a customisable whole life insurance plan for individuals aged 0 to 70. It covers 150 multi-stage critical illnesses, disabilities, and relapses of medical conditions. The coverage can be increased by $200k upon specific life events, such as your 18th birthday, marriage, childbirth, adoption, or the death of a spouse. You can also choose an investment portfolio that suits your risk profile. This plan is also compatible with AIA Vitality.
• Direct AIA Whole Life Cover (II): This whole life plan is available for individuals aged 18 to 65 and can be purchased directly online without an insurance agent. It covers death, terminal illness, and total and permanent disability (until 65 years old) up to 100 years old. It offers non-guaranteed yearly bonuses and a one-off bonus when a claim is made. Premiums remain fixed, and a critical illness rider can be included.

AIA's other insurance products

AIA Group Limited, commonly known as AIA, is a multinational insurance and finance corporation based in Hong Kong. It is the largest publicly traded life insurance group in the Asia-Pacific region, with a presence in 18 markets across the region. AIA offers a diverse range of insurance products and services to meet the varying needs of individuals, families, and businesses. Here is an overview of some of AIA's other insurance products:

Health Insurance

AIA places a strong emphasis on health and wellness, offering comprehensive health insurance plans. They provide group health insurance, dental and vision insurance, and individual medical insurance. AIA also assists customers in navigating financial strategies related to health care, such as Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs).

Life Insurance

AIA provides life insurance solutions for both individuals and groups. Their Group Term Life Insurance helps firms enhance their compensation packages, attracting and retaining valuable employees. They also offer Key Person Term Life Insurance, which provides financial protection to companies in the event of losing a key leader or top earner.

Accident and Health Insurance

Recognising the significance of accident coverage, AIA offers accident and health insurance to provide financial security in case of unforeseen events. This includes accident insurance for individuals (AD&D / High Limit Accident Insurance) and group accident insurance as part of their employee benefits.

Travel Insurance

AIA understands the importance of protecting your travels, offering Trip Cancellation Insurance and Global Emergency Medical Assistance Services. Their Global Travel Plus provides AIA members with annual coverage for medical emergencies when travelling far from home.

Retirement Planning and Wealth Management

AIA helps individuals and businesses plan for the future with retirement planning services and wealth management solutions. They provide guidance on investments and securities, as well as variable contracts. AIA is committed to helping customers achieve their financial goals and secure their future.

These are just a few examples of AIA's diverse insurance product offerings. The company strives to go beyond traditional insurance, aiming to empower people to live healthier, longer, and better lives.

AIA's commitment to sustainability

AIA Group Limited is Asia's leading insurance company, with over a century of expertise. AIA is committed to creating a healthier Asia and strives to create a better, more sustainable future. This is achieved by empowering customers to understand and manage every aspect of their health, wellness, and protection needs.

AIA's approach to sustainability is threefold: environmental, social, and governance. The company has published a Climate Transition Plan and reported significant progress in Environmental, Social, and Governance in 2023. AIA has also launched the AIA One Billion initiative, with the goal of engaging one billion people to live Healthier, Longer, Better Lives by 2030. This initiative includes partnerships with Tottenham Hotspur and BlackRock, the Monetary Authority of Singapore, to unlock investment opportunities in decarbonisation in Asia.

AIA's sustainability efforts are not limited to the environment but also extend to social initiatives. The AIA Healthiest Schools Competition and the AIA Healthiest Schools Programme aim to help young people live healthier, longer, and better lives. AIA also supports the development of offshore RMB business in Hong Kong and has acquired MediCard in the Philippines to extend its leadership in health insurance.

Frequently asked questions