Source: Media Outreach
SINGAPORE – Media OutReach Newswire – 7 March 2024 – Etiqa Insurance Singapore, a leading life and general insurer, today announced the launch of Essential critical secure, a new Critical Illness (CI) plan, that offers affordable and comprehensive protection against 111 CI and mental health conditions across multiple stages of illnesses.
The new Essential critical secure plan features coverage for mental health conditions and first-in-market monthly cash payouts upon diagnosis of severe critical illness.
Many Singaporeans remain under-protected against CI, with an average CI protection gap of 74%. Coupled with rising medical costs, there is a growing need for accessible and robust insurance solutions to safeguard individuals from the financial burden associated with CI. The product’s first-in-market feature, Continuous Care Benefit, aims to address this gap by providing monthly cash payouts of up to 200%1 of the original sum insured2 in addition to a 100% lump sum payout upon a severe stage CI claim to help Singaporeans amid challenging times.
“Etiqa Insurance Singapore’s Essential critical secure plan reinforces our commitment to support Singaporeans through life’s challenges while addressing evolving healthcare and protection needs,” said Raymond Ong, CEO of Etiqa Insurance Singapore. “The addition of Continuous Care Benefit aims to alleviate the financial strain of customers during challenging times by providing continuous financial support, going beyond the conventional lump sum payout upon diagnosis.”
In line with Singapore’s focus to make mental health and well-being a key priority, Essential critical secure also encompasses financial support for mental health. Coverage is provided for psychiatrist consultations (up to 8 claims) upon the diagnosis of Mild Depression or Generalised Anxiety Disorder after the first policy year, and an accelerated lump sum benefit of 20% of the sum insured3 will be paid out upon the diagnosis of any 1 of the 5 covered severe mental health conditions.
About Essential critical secure
- Comprehensive CI coverage for multiple stages: Protection against 104 medical conditions across early, intermediate and severe stages.
- First-in-the-market Continuous Care Benefit: Additional monthly cash payout of 1% of the sum insured upon the diagnosis of any of the 36 covered severe stage CIs for up to 200%1 of the original sum insured2.
- Support for mental well-being: Benefits across 7 mental health conditions.
- Lump sum payout for all stages of CI4: Accelerated payout of 50% of the sum insured upon the diagnosis of early and intermediate stages of a covered CI and payout of 100%5 of the sum insured upon the diagnosis of a covered severe stage CI.
- Premium Waiver Benefit: Secure peace of mind with all future premiums waived upon the diagnosis of a covered early or intermediate-stage CI.
- Affordable Premiums: At just S$0.86 per day6 for coverage of S$100,000 CI Benefit and up to S$200,0001 of Continuous Care Benefit.
To learn more about Etiqa Insurance Singapore’s Essential critical secure plan, please click here.
Terms apply. Protected up to specified limits by SDIC.
1 Subject to a maximum of 2 claims. The total amount payable for the Continuous Care Benefit does not exceed 200% of the original sum insured per policy.
2 Original sum insured means the sum insured of the Essential critical secure policy before the reduction in sum insured due to prior claim(s) for CI Benefit and Severe Mental Health Benefit.
3 Subject to a maximum of S$25,000 per life insured.
4 CI Benefit consists of the Early and Intermediate Stage CI Benefit and the Severe Stage CI Benefit. The total amount payable for CI Benefit does not exceed 100% of the sum insured. Maximum aggregate amount of S$2,000,000 per life insured for early, intermediate and severe stages of CI (including premiums to be waived under this policy), subject to a cap of S$350,000 per life insured for early or intermediate stages of CI, for all policies and riders issued by us and other insurance companies on the same life insured.
5 Except for Angioplasty & Other Invasive Treatment for Coronary Artery. Less any claim(s) paid for Angioplasty & Other Invasive Treatment for Coronary Artery, Early and Intermediate Stage CI Benefit and Severe Mental Health Benefit.
6 Premium is illustrated based on a female aged 1 year, non-smoker and a sum insured of S$100,000 for a premium and policy term of up to age 70 on a yearly premium frequency.
Hashtag: #Etiqa #EtiqaInsuranceSingapore
The issuer is solely responsible for the content of this announcement.
– Published and distributed with permission of Media-Outreach.com.
