New Senior Disease Insurance Plan, Silver Secure, from NTUC Income

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.