Singlife unveils new benefits for CareShield plans

Singlife unveils new benefits for CareShield plans | Insurance Business Asia

Life & Health

It aims to bolster support for policyholders who are facing mild disabilities

Life & Health

By
Kenneth Araullo

Singlife has announced the rollout of two additional benefits for its CareShield Standard and CareShield Plus plans, aimed at bolstering support for customers facing mild disabilities.

The enhancements ensure a monthly payout for up to a year if policyholders are unable to independently perform certain activities of daily living (ADL). CareShield Plus provides assistance if one out of six ADLs is affected, while CareShield Standard covers policyholders struggling with two out of six ADLs, encompassing activities like bathing, dressing, and eating.

With anticipations regarding a significant portion of healthy Singaporeans experiencing severe disability by the age of 65, Singlifed underscored these new benefits as part of its commitment to careful long-term care planning. The new benefits are also meant to complement the existing base plans, extending financial coverage and offering peace of mind in the realm of extended care requirements.

The benefits structure will follow the following:

Singlife CareShield Standard offers full 100% monthly payout for up to 12 months if policyholders cannot perform two ADLs
Singlife CareShield Plus ensures the same monthly payout if policyholders are unable to perform one ADL

New policyholders are also set to automatically receive these benefits, providing comprehensive coverage from the outset. Additionally, Singlife has announced that it will reach out to existing policyholders to offer these benefits at a discounted rate.

“We recognise the challenges of living with mild to moderate disability, as well as the difficulty in predicting the type and duration of required long-term care. Many individuals tend to underestimate the associated costs of long-term care. With the introduction of our new Add-on Benefits to the Singlife CareShield Standard and CareShield Plus protection plans, our policyholders gain the assurance that they can afford the necessary care they need and the confidence that their loved ones will not face financial burdens. This fosters financial peace of mind, allowing them to focus on what matters most,” Singlife group head of health Helen Shen said.

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