New Cancer Waiver Rider (Guaranteed Acceptance) from NTUC Income

NTUC Income has just launched a new Can­cer Premi­um Waiver (GIO) (WPV10), which is a non-par­ti­cip­at­ing, reg­u­lar premi­um rider that waives future premi­ums on the policy for the remain­ing term of the rider upon dia­gnos­is of the insured with any one of the major can­cers after one year from the cov­er start date and dur­ing the term of the rider.

In addi­tion, applic­a­tion for this rider is hassle-free and accept­ance is guar­an­teed. There is no need for any med­ic­al check-up*.

This rider is avail­able to spe­cified GIO plans and can be attached to both first and third-party policies at policy incep­tion.

The list of GIO plans Can­cer Premi­um Waiver (GIO) rider is attach­able to:
1.       Lim­ited Pay RevoSave (ANRP)
2.       Lim­ited Pay RevoSave 3-Pay-10 (ANRV)
3.       Lim­ited Pay RevoSave 5-Pay-10 (ANRE)
4.       FlexRe­tire (FRR)
5.       Revo­Se­c­ure (RVGG)
6.       VivoC­ash (VCGL)

* If Insured had con­sul­ted a doc­tor for, suffered symp­toms of, was invest­ig­ated for, was dia­gnosed with, or received med­ic­al treat­ment for any caner, includ­ing car­cinoma-in-situ, before the cov­er start date, no bene­fit will be paid under the Can­cer Waiver Rider, and the rider will be ter­min­ated.

Update to Critical Illnesses definitions and coverage

Life Insur­ance Asso­ci­ation Singa­pore (LIA) has just made two changes to the Crit­ic­al Ill­nesses (CIs) bene­fits offered under new indi­vidu­al and group insur­ance policies. These changes take imme­di­ate effect.

Firstly, the defin­i­tions to the “severe stage” of the cur­rent 37 CIs are updated. This is to reflect the advances in clin­ic­al prac­tices, med­ic­al sci­ence and tech­no­logy.

Secondly, LIA now allows more than 30 CIs to be covered in a crit­ic­al ill­ness plan. Cur­rently, only 30 out of the 37 CIs are selec­ted by each insurer to be included in a life insur­ance plan.
Addi­tion­al crit­ic­al ill­nesses out­side the 37 stand­ard CIs will be set and defined by indi­vidu­al insurer. Insurer is also allowed to offer single-ill­ness CI plan such as can­cer.

The cur­rent defin­i­tion of the 37 CIs will not be sold from 1 Feb 2014.