30 May 2012
Insurance plan aim to meet the needs of greying Singaporean residents above the age of 65 as this group doubles within the next decade
Singapore, 30 May 2012 – NTUC Income, Singapore’s leading insurer, has launched a special plan under its new “Silver” umbrella of products to meet the needs of a greying population, amid a doubling of those above the age of 65 within the next decade.
Called SilverCare, the plan aims at meeting the needs of a fast ageing society by covering the most basic accidental risks that the elderly are prone to on a daily basis. These accidents relate to broken bones, fractures and burns encountered in their everyday environments.
In addition to payout for permanent disability due to accidents, SilverCare provides coverage for hospitalisation expenses, caregiver training and even home care and home modification expenses. People between the ages of 50 and 75 can apply and the policy can be renewed for life.
Depending on the coverage that customers want, they can choose to pay from as low as 35 cents a day for lifetime coverage of $60,000. NTUC Income is making it easier for applicants to sign up by not requiring any medical checks and asking applicants to answer a few simple questions.
On the latest initiative, NTUC Income Chief Executive Tan Suee Chieh said, “Very often, as people get older, they become more vulnerable to accidents at home and in their surrounding environment. The cost of treating these common accidents can become a greater burden than expected, especially with rising medical costs. NTUC Income’s SilverCare plan is one way we can help overcome these expenses at a time of need.”
Part of the strategic thinking on SilverCare arose when NTUC Income’s claims experience showed that those above the age of 50 are vulnerable to common risks like broken bones, fractures, accidental falls, cuts and burns.
NTUC Income, by virtue of its “Made Different” DNA, is introducing SilverCare as part of its social mission to create greater positive impact on Singaporeans and address the concerns of the underinsured and the elderly. This comes shortly after the launch in March of its Value Pack, a solution at highly discounted rates to meet the long-term health and protection needs of lower-income Singaporeans who live in HDB three-bedroom or smaller flats.