17 Mar 2014
VivoCare 100 provides coverage for more than 100 medical conditions – more than any other policy; sum assured can be reinstated to 100% after early critical illness claim
SINGAPORE, 17 March 2014 – NTUC Income, Singapore’s leading insurer, has expanded coverage of its early critical illness plan to cover more than 100 medical conditions, which makes the plan the most comprehensive of its kind in Singapore.
In addition, VivoCare 100 covers 10 juvenile benefits for those under the age of 18.
VivoCare 100 builds on VivoCare, which was launched in 2010 to take care of early and intermediate stages of critical illnesses. The objective was to relieve a person’s financial burden at a time when he or she is diagnosed with a critical illness.
One of the key differentiated features of VivoCare 100 is that even after a claim has been paid at an early stage of a critical illness, the sum assured can be reinstated to 100 per cent for claims at later stages.
VivoCare 100 also has the option to add on premium waivers. VivoCare 100 – Waiver Basic, for example, waives future premiums if the policyholder is diagnosed with an early stage or intermediate stage critical illness. VivoCare 100 – Waiver Plus, applicable to third-party policies, waives future premiums upon death, or if the policyholder is diagnosed with terminal illness, total and permanent disability or critical illnesses.
“Critical illnesses can strike anyone, anytime,” said Mr Esmond Chan, Vice President, Life Insurance, NTUC Income. “Early treatment significantly improves the chances of survival and recovery. VivoCare 100 provides policyholders financial support that allows them to seek treatment at the onset of the illness.”
“Policyholders also have the added peace of mind knowing that if they were to make claims at an early stage, they do not have to worry about getting less if they need to make another claim at the advanced stages. The sum assured can be reinstated in full to pay for critical illness at the later stage. This helps to address the concern that policyholders might have about the impact that early stage claims typically have on later stage payouts.”
Mr Chan added, “The expanded coverage of VivoCare 100 will benefit more customers who will receive a payment when they need it the most. NTUC Income expects to pay more claims.”
A study published in the Singapore Medical Journal revealed that female and male cancer patients have a 53 and 41 per cent chance of survival, respectively, if the condition is diagnosed early. Cancer makes up about three-quarter of critical illness claims at NTUC Income. This is followed by heart attack, stroke, coronary artery by-pass and kidney failure. Cancer is also the top condition, after accidents, for hospitalisation.
The treatment of critical illnesses is usually costly. For example, treatment of lung cancer in an A ward of a restructured hospital can amount to almost $40,000, including post-treatment cost, according to NTUC Income’s claims records.
By concentrating its enhancements around major illnesses, NTUC Income hopes to make a difference to as many people as possible, said Mr Peter Siong, Senior Vice President and Head, Sales Division, NTUC Income.
“A policy that covers various stages of illnesses is a vital component of financial planning. Financial planners should ensure that their customers are adequately covered with protection insurance that take care of various stages of critical illnesses.”
He added, “The comprehensive coverage of VivoCare 100 enables a person to mitigate the financial impact when he or she is diagnosed with an early stage critical illness and provides the best chance of winning the fight against it.”
In some cases, VivoCare 100 pays up to three times the sum assured in the event of death, or when the policyholder is hit with terminal illnesses. It also offers a choice of payment terms.
“What makes VivoCare 100 stand out is its comprehensive coverage,” said Mr Appelles Poh, Senior Financial Services Director, Professional Investment Advisory Services and author of the national bestseller, Live Well, Love Much, Laugh Often. “This policy covers most known medical conditions and takes away the financial worry that comes with a diagnosis of a critical illness. The option to add premium waivers provides greater peace of mind. At a time when medical cost is rising, it is an essential policy to have.”