AIG LifeTime Personal Accident Plan Review 2023

The AIG LifeTime Personal Accident Plan is a disability plan that pays out a lump sum of up to R1,000,000.00 in the event of an accident. The plan includes a 50% increase in payout if the policyholder is killed or injured while using public transportation.

Permanent South African residents between the ages of 18 and 60 are eligible for the AIG LifeTime Personal Accident Plan. A maximum of 5 children, as well as the main member’s spouse, can be added to the plan.

The policyholders or beneficiaries have access to up to R10,000.00 from the cover. This amount is available within 3 working days of receiving documentation and approval of the final expenses benefit.

When traveling to other countries, the AIG LifeTime Personal Accident Plan remains in effect. When traveling outside of South Africa, the plan covers you for 3 months. Travelers must notify AIG of their overseas trip because coverage is not automatic.

The AIG LifeTime Personal Accident Plan provides a comprehensive plan that includes coverage for family members. The plan’s specifics are discussed below.

AIG LifeTime Personal Accident Plan

The AIG LifeTime Personal Accident Plan provides cover for disability. The plan covers up to R1 million and pays out in the event of accidental limb loss or disablement.

The plan’s primary member may include up to five children as well as a spouse. However, children and housewives are not covered for permanent disability, and pensioners are also not covered by the policy’s permanent disability coverage.

If the insured is injured or killed while riding public transportation, the policy pays out 50% more. The plan also includes road coverage, which aids policyholders when filing claims with the Road Accident Fund.

The AIG LifeTime Personal Accident Plan provides three benefit level brackets from which to choose. These brackets have a significant impact on the amount of monthly premiums payable.

The following are the plan’s coverage options:

Cover between R100,000.00 to R1 million

This cover is ideal for someone who wants to maximize their coverage to the greatest extent possible. The cover allows the primary member to add immediate family members based on the amount of coverage desired.

Main members can still choose to purchase the plan only for themselves and not for their spouse. The coverage can range from R100,000 to R1 million. The main member has the option of selecting more than one plan and can get insured for up to R2.5 million.

Cover for R100,000.00

This cover is for those that want to get cover for R100,000.00. The cover is straightforward and also allows main members to add their children and spouse to the cover.

The primary member can get covered on the plan and has to pay a monthly premium of R81.70. Family premium can be added for monthly payments of R134.35.

Cover for R1 million

This is the most expensive cover, and it pays out a lump sum of R1 million in the event of a successful claim. The primary member may include a spouse and a maximum of 5 children on the cover.

The monthly premium for the plan is R790.04 for the primary member only. The R1 million family cover premium is R1,296.46.

What The AIG LifeTime Personal Accident Plan Doesn’t Cover

The AIG LifeTime Personal Accident Plan has several exclusions and will not provide coverage if a claim falls under one or more of them. Exclusions include those related to medicine, activities, and personal affiliations.

The following are the exclusions of the AIG LifeTime Personal Accident Plan:

Medical Exclusions

• Bodily injury or physical trauma caused by, or traceable to, a long-standing physical defect, infirmity, or medical condition that existed before the policy’s effective date.

Individual Exclusions

• Members of any terrorist organization
• Individuals working with explosives
• Members on active duty or those training for a government and/or private organization as a soldier, police/traffic/security officer, or reservist
• Professional sportspersons in training or competition
• Individuals working underground
• Individuals working as airline crew members

Activity Exclusions

• Willful neglect
• Failure to seek professional medical advice or treatment in the event of an insured event
• Suicide or attempted suicide, self-inflicted injury
• Injury resulting from any criminal or illegal act you commit
• Driving while impaired by alcohol and/or illegal substances, as well as driving over the legal limit
• Under the influence of drugs (excluding drugs taken as prescribed by a medical doctor)
• The exclusions on the AIG LifeTime Personal Accident Plan are effective both when the policy is purchased and when it is ongoing. Policyholders must refrain from these activities and affiliations while on the plan.

Advantages of AIG LifeTime Personal Accident Plan

• The plan comes at a competitive premium.
• The cover can be activated for 3 months while traveling abroad.
• Public transport accidents get a 50% payout increase.
• AIG assists with RAF claims when a member is involved in a car accident.
• There are different cover amounts to choose from.
• The plan is activated immediately after paying the first premium.
• The plan can be canceled at any time.
• Members get a cash advance of up to R10,000.00 from the cover while AIG still processes the payout.
• More covers can be taken out through AIG.

Disadvantages of AIG LifeTime Personal Accident Plan

• There is no cash back benefit from the plan.
• Individuals over the age of 60 cannot get covered.
• The plan requires its main member to be employed.
• AIG LifeTime Personal Accident Plan Application
• The applicant must be over the age of 18 but not over the age of 60.
• The main member who pays the premiums must be gainfully employed.
• Children of the main member must be between 6 months to 18 years old.
• The applicant must be a permanent South African resident.

Conclusion

The AIG LifeTime Personal Accident Plan is a beneficial insurance policy to have because it pays out if you become disabled. The payout can help you adjust to your new life and afford all the necessary equipment if you become disabled. Since it’s highly likely that you will not receive an income if you become disabled, the payout from this plan can come in handy during such challenging times.