Caring for the silver market
Insurance plan covers basic accidental risks that elderly are prone to.
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 which can range depending on the plan of choice from S$30,000 to S$50,000, SilverCare provides coverage for hospitalisation expenses, caregiver training as well as home care and home modification expenses such as installing hand-rails and non-slip tiles (see the table for the amounts covered). People between the ages of 50 and 75 can apply and the policy can be renewed for life (see the table for renewal charges).
There are three plans available from S$128.40 per year for a lifetime coverage of S$60,000; S$160.50 per year for a lifetime coverage of S$80,000 and S$203.30 per year for a lifetime coverage of S$100,000.
NTUC Income is not requiring any medical checks for sign up to the plan but asking applicants to answer some questions including:
• Do you have or ever had any accident, disease, infirmity, illness or physical defect?
• Have you been hospitalised during the last five years?
• Do you have any other personal accident insurance? Have you ever made a claim against any insurer in respect of injury?
• Have you ever been declined, terminated or imposed special terms or exclusion by any insurance companies?
Filling in a gap
NTUC Income Chief Executive Tan Suee Chieh said about this new initiative: “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. Asked if there were similar coverage being offered by other insurance companies, NTUC said there is no comparative product that is this comprehensive.
For more information, download the brochure at: www.income.com.sg/forms/brochure/SilverCare.pdf or call 6788 1111.
(** PHOTO CREDIT: Asian couple, dreamstime)