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Health Insurance

New ElderShield Supplement, PrimeShield from NTUC Income

Sunday, 13 September 2009 08:00 Ginny Lim
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Eldershield is a long-term care insurance that make a monthly payout to policyholder should he not able to perform 3 out of the 6 Activities of Daily Living: Washing, Dressing, Feeding, Toileting, Mobility and Transferring.

NTUC Income has now replaced the existing ElderShield Care and ElderShield Lifetime Care with PrimeShield.. PrimeShield offers lifetime monthly income benefit of $500, $1000, $1500, $2000 and $2500. The other benefits include:

  • Lump sum benefit of 3 times the monthly payout per lifetime
  • Dependent care benefit of 25% of the monthly payout per month, up to a maximum of 36 months per lifetime if the policyholder has at least one child of age below 21 years old as of claim date.
  • Get well or death benefit of 3 times the monthly payout per lifetime.
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Last Updated on Friday, 30 April 2010 04:59
 

Two New Riders for NTUC IncomeShield Plan

Wednesday, 12 August 2009 08:00 Ginny Lim
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Good news! NTUC has recently introduced two new riders - Daily Cash Rider and Child Illness Rider, to enhance your IncomeShield Plan. With Daily Cash Rider, you will have access to cash benefits everyday if you are hospitalised and receive a Get Well Benefit upon your discharge. The Child Illness Rider, on the other hand, provides a one-time lump sum benefit of up to $20,000 should the insured child be diagnosed with any of the specified child-related illnesses.

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$6M Assistance Scheme for NTUC IncomeShield Policyholders

Friday, 05 December 2008 08:00 Ginny Lim
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One piece of good news in this economic downturn! NTUC Income has just announced a year-long initiative to help the lower-income and elderly policyholder with a $6m special assistance scheme.

The money will help about 77,000 policyholders to copy with premium revisions, mostly for those who hold plans pegged to B and C wards in Singapore Restructured Hospital. Existing Incomeshield policyholders below the age of 61 will have their monthly premium increase capped at $5 or $10, depending on the wards their plans are pegged to Policyholders aged 61 years and above whose plans are pegged to the C wards will enjoy annual subsidies ranging from $55 to $211 depending on the plans that they hold (refer to the table below).

NTUC Income, a social enterprise, is probably the first insurer in the insurance industry to offer such assistance scheme, which will definitely help in this economic crisis.

Table: Incomeshield Assistance Scheme(Subsidy is applicable for one year and not applicable to “Ascharged” plans pegged to Private and A wards)

Ward Class Aged below 61 Aged above 61
B wards and above Monthly premium increase capped at $10   Monthly premium increase capped at $10  
C wards Monthly premium increase capped at $5   Annual subsidies ranging from $55 to $211  
 

H1N1 Pandamic: What travel and health insurance cover?

Thursday, 02 July 2009 08:00 Ginny Lim
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Will you be covered by your travel- and health-insurance policies if you gets infected with the Influenza A (H1N1) virus when you are oversea, or if you cancelled your trip as a precautionary measure? Here are the answers...

my paper (01 Jul 09) checked with seven insurance and health groups on Mr Tan’s concerns as the virus spreads globally...

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Latest MediShield Scheme Effective on 1 Dec 08

Monday, 05 May 2008 08:00 Ginny Lim
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From 1 Dec 08, Singaporean can expect their big hospital bill in B2/C wards to be covered by MediShield Scheme by up to 80%, up from the current 60% cap. This of course, comes with increase in premium, from less than $1 to $40 per month increase in premium. The new premium is shown in the table below.

Age (Next Birthday) Current Annual Premiums Revised Annual Premiums
< 30 30 33
31 - 40 40 54
41-50 80 114
51 - 60 160 225
61 - 65 225 332
66 - 70 265 372
71 - 73 335 390
74 - 75 375 462
76 - 78 420 524
79 - 80 510 615
81 - 83 600 1087
84 - 85 705 1123

The annual Medisave withdrawal limit will be raised to $1,150 for policyholders who are above 80 years old, while it still remains at $800 for the rest of the policyholders. Also, the Government will also be topping up the Medisave accounts in September 08 for those above 50 years old, which range from $150 to $550. The enhanced coverage for MediShield can be found at MOH website here.

The above is definitely good news for those policyholders who has pre-existing illness covered by MediSheild originally, but not by their enhanced Medisave-approved private Shield Plan.

 
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Newsflash

Prudential Buy AIA for S$50b, 05 Mar 2010

Prudential has just confirmed that it intends to pay US$35.5 billlion (S$50billion) to buy American International Assurance (AIA), the Asian life insurance arm of American International Group (AIG).

This deal will help AIG to pay back some of its US$182.5 billion debt to the US government. Prudential will pay US$25 billion in cash and US$10.5 billion in stocks and other securities for AIA. Prudential will raise the cash of US$25 billion by selling US$20 billion worth of shares and another US$5 billion by selling bonds. AIG accepted Prudential’s offer since the price offered is much better than the initial public offering of AIA in Hong Kong which could raise for about US$15 billion. Together with the earlier purchase of UOB Life Assurance (now named Prudential Life Assurance) from UOB for $428 million, Prudential will becomes the largest life insurer in Singapore, Hong Kong, Malaysia, Thailand, Indonesia, the Philippines and Vietnam.

There are likely to have some repercussion from this take-over. There may be job losses due to duplicate functions such as Finance and Human Resource. However, the combined sales force of 7,800 will not be affected. Prudential share price tumbles by almost 20% in just two days in March 2010, amid concern over the price of the deal. Prudential is currently valued at about S$25.8 billion. With the rights issue to be offered, there will be mass dilution to the current share price. AIA policyholders should not be too concerned on their policy contracts since Prudential is obligated to honour the original contracts.