NTUC Income has just timely launched a new insurance plan, Silver Secure, to provide monthly payout till 100 years old when insured is diagnosed with any of the 8 defined senior diseases that are likely to plague the Singapore aging population in 2030 when we will have 1 in 4 Singaporeans aged 65 and above.
Silver Secure is a non-participating, regular premium plan that provides monthly payout till 100 years old for insured who are 40 to 74 years old and diagnosed with senior diseases. The benefits include:-
- Senior Disease Benefit – Intermediate stage Alzheimer’s disease or dementia; Intermediate stage Parkinson’s disease; Severe chronic obstructive pulmonary disease (COPD); Amyotrophic lateral sclerosis; Blindness (loss of sight); Kidney failure; Major head trauma; Paralysis (loss of use of limbs).
- Support Benefit – Upon successful claim of Senior Disease Benefit, a lump sum amount equal to six time of the monthly benefit will be payable. This benefit can be claimed once only.
- Premium Waiver Benefit — Upon successful claim of Senior Disease Benefit, premium will be waived until the policy ends.
- Special Benefit – Upon diagnosis of the insured with any of the conditions covered under the Special Benefit during the term of the policy, a lump sum equal to 3 times the monthly benefits will be payable (cap at $6,000). This benefit can be claimed once only.
- Care Benefit – Silver Secure provides insured with care benefits through a list of preferred healthcare providers such as 10% off Home Care services from NTUC Health, 12% off Long Term Home Care Packages from Tetsuyu Homecare.
- Death Benefit – 100% of total premium will be refunded if death occurs within one year, otherwise, $10,000 will be payable.
Conditions covered under the Special Benefit are:
Movement – Osteoarthritis requiring surgery; Osteoporosis with fractures requiring surgery; Rheumatoid arthritis with joint deformity.
Sensory — Age-related macular degeneration with visual impairment; Glaucoma requiring surgery; Severe presbycusis (age-related hearing loss)
Urinary disorders – Benign prostatic hyperplasia requiring surgery; Stress urinary incontinence requiring surgery or procedure
Other disorders – Varicose veins requiring surgery; Severe obstructive requiring surgery; Outpatient psychiatric condition due to loss of spouse or child.
The minimum monthly benefit is $500, up to $10,000 per life, in multiples of $100.