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ElderShield
Reform
From September 2007, all Singaporeans
and Permanent Residents who turn 40 will be automatically covered
under the new ElderShield plan. This improved severe disability
insurance scheme will pay out $400 a month for up to 6 years or
maximum potential payout of $28,800 - compared to the current payout
of $300 a month for up to 5 years or maximum potential payout of
$18,000. This is equivalent to a 60% or $10,800 increase in benefits.
Besides Great Eastern and NTUC Income, Ministry of Health (MOH)
has also announced the entrance of the 3rd ElderShield insurer,
Aviva.
Premiums for New ElderShield
Plan
|
Entry
Age |
Regular
Premiums ($) |
|
Male |
Female |
|
40 |
176.96 |
217.76 |
| |
|
| 1 |
Premiums are inclusive of 7% GST |
| 2 |
Single Premium Plan is no longer offered
under the New ElderShield Plan |
Existing Policyholders
If you are our existing ElderShield policyholder, you will
be invited to upgrade to the new ElderShield plan at your next renewal*.
You may wish to note that the upgrade is subject to underwriting.
Details of the upgrade will be included in your renewal package
(package will be sent to you before your next renewal*).
You can choose
to either: |
• |
Upgrade to the new ElderShield
plan by paying an increased premium and additional premium
adjustments (based on your entry age), or |
• |
Remain under the old
plan by paying your current premium. |
*If you have finished
paying your premiums (i.e. single premium or paid up to age 65 for
regular premium plan), you will also receive an invitation to upgrade
by your next policy anniversary date.
Eg. If you have paid a single premium for your policy due on
31/12/2003, you will receive your package by 31/12/2007.
Supplementary Plans
To obtain higher severe disability insurance coverage,
you may purchase ElderShield supplements which complement the basic
ElderShield plan by offering additional benefits at different pricing
levels. The supplements may be purchased from any of the 3 insurers
(Great Eastern, NTUC Income or Aviva) as long as you have a basic
ElderShield cover (need not be upgraded).
Click here for details on the Supplementary Plans.
Summary of Changes
to Basic ElderShield
|
|
Current
ElderShield |
New
ElderShield |
|
Benefit Payout |
$300 |
$400 |
|
Payout period |
Up to 5 years |
Up to 6 years |
|
Maximum Potential Payout |
$18,000 |
$28,800 |
|
ElderShield insurers |
Great Eastern
NTUC Income
|
Great Eastern
NTUC Income
Aviva |
|
Supplementary products |
- |
Policyholders can purchase supplementary plans
from any of the 3 ElderShield insurers |
|
