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Life insurance gives you and your family
financial protection against the financial loss that
can occur after death or total and permanent disability.
It can also provide you with a retirement income or
act as a financial reserve in emergencies and protect
you against health care cost.
The products range are Whole Life Insurance, Term Insurance,
Endowment Insurance, Health Insurance, Life Annuity
and Investment-Linked Insurance.
Whole
Life Insurance
You get life-long protection. You pay premiums
throughout life, but these can be adjusted to a limited
period of payment. It pays the sum insured and accrued
bonuses if any on the death or, where applicable, on
total and permanent disability of the insured.
This plan is suitable for long-term
savings if you would like the insurance company to invest
on your behalf.
Term
Insurance
You get protection for a limited period. It pays the
sum insured only if death or, where applicable, total
and permanent disability occurs during this period.
Endowment
Insurance
You get both protection and savings. It pays the sum
insured and accrued bonuses if any at the end of the
specified period of time (maturity date) or on death
or, where applicable, on total and permanent disability
if it occurs during this period.
Health
Insurance
- Medical Expense
Basic Medical Expense Insurance, commonly known
as Hospital and Surgical Insurance or Hospital Income
plan, provides benefits for covered medical costs
that result from accidents and sicknesses. Hospital
and Surgical Insurance will reimburse the in-patient
expenses incurred during hospitalisation as well
as certain out-patient expenses subject to the limits
stated in the policy. Hospital Income plan will
pay a fixed daily benefit amount based on number
of days the insured is warded, subject to the limits
stated in the policy.
Major Medical Insurance covers the expenses arising
from longer period than the limits in basic Hospital
and Surgical Insurance.
- Disability Income
It is an income-protection product as it helps to
replace a portion of the insured's income that he
loses when he becomes totally /partially disabled
and unable to work as a result of an accident or
sickness, subject to certain conditions.
- Long-Term Care
It is designed to meet some or all of the costs
of daily living care to a person who, as a result
of accident or sickness, is physically impaired
to the extent that they are unable to function independently.
Instead they have to depend on others to help them
perform the most basic activities of daily living
such as bathing, moving around in the living quarters,
feeding and so on.
- Critical Illness
It pays a lump sum of money on death or diagnosis
of a major illness. The illnesses that are covered
vary, but usually include heart attack, stroke,
coronary artery bypass, most cancers, kidney failure,
fulminant hepatitis, major organ (heart, lung and
kidney) transplants, paralysis and multiple sclerosis.
Life
Annuity
It provides a regular "income" to the annuitant.
Usually, you pay a lump sum which is invested by the
insurance company in return for monthly payouts.
There are also annuities that are designed
specially for Central Provident Fund (CPF) members,
under the CPF Minimum Sum Scheme / Minimum Sum Plus
Scheme. For this annuity, the minimum sum can be invested
with an approved life insurance company, to provide
a life lifetime monthly income.
Investment-Linked
Insurance
Your premiums buys life insurance protection and investment
units in a managed fund. Like a unit trust, your money
is pooled and invested in short and long-term investment
instruments.
The price of your units depends on the investment performance
of the fund. What it pays depends on the price of the
units at the time of surrender or death. In addition,
you may get a death benefit.
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