1.     Why am I receiving this letter / email?

This is regarding the policy you purchased from AIG. 

This letter / email sent is to notify you of the discovery of a system error resulting in non-correspondence of premium rate with age band, and that AIG will be charging the actual premium from the 1st of October 2024.

2.     What caused this issue?

It was a system error that caused this issue.

3.     Why is this issue only identified now?

The system error was identified back in Year 2020. In view of the pandemic situation, AIG decided to defer the premium correction implementation to the 1st of October 2024.

4.     What do I need to do?

There is no action required on your side. As communicated in the letter / email you have received, the actual premium corresponding to your age will be charged to your payment card from the 1st of October 2024 and continue on a monthly / annual basis just as what was done previously.

5.     How much do I need to pay?

The actual premium corresponding to your age is stated in the letter / email sent to you.

6.     When is this corrected premium effective?

Kindly note that the correct premium amount will be collected on your next billing / renewal commencing 1st of October 2024.

7.     Are you going to charge me for the differences in premium for all the previous months / years?

Do not worry. We assure you that we will not be charging you the difference in premium accumulated for all the prior months / years. We will only be collecting the actual premium as per your age on your next billing / renewal commencing 1st of October 2024.

8.     Can the same premium as before retained?

Per the product purchased by you, the premium of your policy should increase with age. We will need to charge the correct amount according to your age. However, we will only be collecting this on your next billing / renewal commencing 1st of October 2024.

9.     Where in the policy does it say premium will increase with age?

This is stated in the Product Disclosure Sheet (PDS).

10.  With this increase in premium, will I get higher coverage?

The premium is corrected so that we are charging the actual premium as per your age. There is no change in any other product term or benefit under your policy.

11.  Can I downgrade my policy plan? The policy is too expensive after the premium correction.

Yes, you can, if there is a lower plan available.

12.  Can I cancel my policy?

Yes, you can.

However, we would like to remind that having this insurance helps you with your financial wellbeing when you incur medical expenses for medical condition. Any new policy of similar benefits will start the applicable waiting period and pre-existing condition exclusion afresh. We suggest that you continue with the policy to ensure continuous coverage.

13.  Can I buy / switch to a different policy plan?

Yes, you can.

However, please be reminded that any pre-existing conditions or waiting periods if applicable will start fresh with the new policy. This means any medical condition that was first diagnosed with between the purchase date of the current policy and the new policy will not be covered. We advise you to retain your policy.

14.  After this round of premium correction, will the premium of my policy change again in future?

The premium for your policy changes with your age.

15.  I am not satisfied with this premium correction.

We understand how you feel. This premium correction was supposed to take place much earlier, but AIG will only be collecting the actual premium on your next billing / renewal commencing 1st of October 2024.

You may opt for a lower plan if available, or you may choose to cancel your policy.