IncomeShield Standard Plan
IncomeShield Standard Plan is Income’s offering for Standard Integrated Shield Plan (Standard IP).
Integrated Shield Plans (IPs) comprise two components – the MediShield Life component and additional private insurance coverage. Those covered under IPs enjoy the combined benefits of (i) MediShield Life, run by the Central Provident Fund (CPF) Board, and (ii) the additional private insurance coverage for Class A/B1 and private hospital stays, run by private insurers. IncomeShield is Income’s offering for IP.
The Ministry of Health has worked with private insurers who offer IPs, including Income, to develop Standard IP to offer affordable coverage with similar benefits across all IP insurers for Class B1 wards. MediShield Life provides coverage for Class B2 and C wards only.
Benefits of Standard IP are standardised across all IP insurers. However, there will be variances in the premiums of Standard IPs offered by different IP insurers as each insurer takes into account the company’s estimation of claims and expenses, risk management policies and other relevant factors.
You can apply for IncomeShield Standard Plan from 16 Mar 2016. Your IncomeShield Standard Plan coverage will start from 1 May 2016 onwards.
You can approach Income’s financial adviser for more information and advice before making a decision to apply for IncomeShield Standard Plan.
If you are a Singapore Citizen and Permanent Resident, you will continue to be covered by MediShield Life even if you are covered under IncomeShield Standard Plan. This means that you will be enjoying the combined benefits of (i) MediShield Life, run by the Central Provident Fund (CPF) Board, and (ii) the additional private insurance coverage by Income for Class B1 hospital stay.
Applying for IncomeShield Standard Plan
Deductible is the amount that you will need to pay first before any claim is payable. Co-insurance is the amount that you need to co-insure after the Deductible is met.
No, IncomeShield Standard Plan is guaranteed renewable for a lifetime. This means that after you have been accepted, any change to your health status does not affect your current insurance coverage.
Applying for Riders
Upgrading to IncomeShield Standard Plan
Daily Cash Rider
Child Illness Rider