Singlife has launched two new Add-on Benefits for its CareShield Standard and CareShield Plus plans to provide customers with increased assurance and improved financial support from the onset of mild disability.
Should policyholders be confronted with such disabilities, Singlife CareShield Plus ensures a monthly payout for up to 12 months if individuals cannot perform one out of six Activities of Daily Living independently. Singlife CareShield Standard guarantees a monthly payout for up to 12 months if individuals cannot perform two out of six ADL independently. These include bathing, dressing, eating, toileting, transferring and continence.
| Plan | Add-on benefits | Coverage |
| Singlife CareShield Standard | 2 ADL | Policyholders will receive a full 100% monthly payout for up to 12 months if they are unable to perform two ADLs. |
| Singlife CareShield Plus | 1 ADL | Policyholders will receive a full 100% monthly payout for up to 12 months if they are unable to perform one ADL. |
With the anticipation that half of the healthy Singaporean population aged 65 will encounter significant disabilities, and a majority of CareShield Life payouts benefiting individuals under 40, it becomes crucial to initiate early preparations for long-term care. The Singlife CareShield Standard and CareShield Plus Add-on Benefits enhance the financial protection of current base plans while providing reassurance for extended care requirements.
New Singlife CareShield policyholders will be granted the Add-on benefits by default. Meanwhile, for existing policyholders who can independently perform all six Activities of Daily Living (ADLs) during the renewal, haven’t made any prior claims, and don’t possess a subpar policy with an additional premium exceeding 50% of the standard premium, Singlife will get in touch with them to offer the Add-on Benefits at a special discounted rate. This offer is open to individuals aged between 31 and 65 years on the occasion of their upcoming birthday.
Singlife is also the only insurer to offer a Guaranteed Issuance Option (GIO) for life stage events for its CareShield plans. This unique feature allows policyholders to increase their monthly benefits by up to 50% during significant life milestones, regardless of their age or health status.
Singlife also offers policyholders a Singlife Care Collab, an innovative one-stop health services hub that allows policyholders to readily access a comprehensive array of services, including preventive care and long-term care, through a network of trusted healthcare providers. Singlife has partnered with a homegrown healthtech start-up, Homage and offers reduced rates on their first transaction to policyholders for services such as Severe disability assessment, home personal care, home nursing care, and therapy.
