Critical illnesses can strike any time, be it for adults or young children. During recovery from critical illnesses, you’d need resources to help you such as vitamins or even alternative medicine to complement existing therapy. That’s where the lump sum from critical illness plans come in, when you are diagnosed with a critical illness. However, the critical illnesses that children face are completely different from the ones that adults face. In this article, as a complement to AXA SmartCare Critical, fundMyLife reviews AXA SmartCare Junior and explores its various features. Disclaimer: this article is accurate as of Oct 2018.
What is it?
AXA SmartCare Junior is a critical illness plan for children 15 days old to 18 years old. The plan is renewable up to the age of 25 if he or she is enrolled in an educational institution on full-time studies. The parents buying this policy for the child must be between 18 to 72 years old.
Similar to the AXA SmartCare Critical, there are three different tiers of plans: Bronze, Silver, Gold. The amount of benefits depends on whichever tier you purchase, with Bronze paying out the least and Gold paying out the most. There are ten conditions covered:
- Major cancers
- Major Organ/Bone Marrow Transplantation
- Bacterial meningitis
- Benign brain tumor
- Terminal illness
- Heart valve surgery
The payout ranges from $20,000 to $35,000 to $50,000, depending on whether you’re Bronze, Silver, or Gold respectively. You also get a lump sum benefit of $3,000 if the child dies an illness during or after treatment for the illness at a hospital.
If your child sent to the hospital for eight conditions, you will get reimbursement for your in-hospital expenses. These are the eight conditions:
- Hand, Foot & Mouth Disease
- Chicken Pox
- Kawasaki Disease
- Dengue Haemorrhagic Fever
- Heat Stroke
- Food Poisoning
- Acute Appendecitis
The amount reimbursed per condition is $2,000, $3,500, and $5,000 for Bronze, Silver, and Gold respectively. On top of that, you will also get a Get Well benefit of $50.
Personal accident cover
For personal accidents, you get $200, $350, and $500 under Bronze, Silver, and Gold plans. On top of personal accident, in the case of of accidental death or permanent total disablement, the policy provides a lump sum of up to the insured child. For both accidental death and permanent total disablement, it is $20,000, $35,000, and $50,000 for Bronze, Silver, and Gold.
Your benefits for accidents, accidental death, and permanent total disablement double when your child suffers them during co-curricular activities.
On top of protecting the child, the payor (most likely you) is protected under the plan as well. The benefits do not cover critical illness, but it covers accidental death and permanent total disablement of the payor of the plan. This is the ensure that if anything happens to the payor/parent, there is enough money to tide the family by temporarily.
Interestingly, the AXA SmartCare Junior has several more features compared to its adult counterpart. Even though the plan covers a smaller number of critical illnesses compared to regular critical illness plans, they nonetheless still cover ones that commonly afflict children. It is nice to have a plan that focuses on the needs of a child. On top of that, it bundles critical illness protection together with personal accident and death and permanent total disablement cover as well.
Given how often children get hurt during school, the personal accident cover is great. The doubling of benefits for accidental injuries during co-curricular activities is truly icing on the cake. With personal accident and death and permanent total disablement benefit, you get a relatively more complete set of protection. Another great part is that the payor is protected as well; this covers accidental death and permanent total disablement.
Connect with fundMyLife financial advisers today!
We hope you found that our review for AXA SmartCare Junior was useful! However, once again, we insist that you’d probably still need to consult a financial adviser to assess if you need more coverage for your child.
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