Etiqa Insurance has unveiled their latest offering of Cancer Insurance with No Claim Discount (NCD) -- a market-first feature among cancer protection plans in Singapore, said the company.
This Cancer Insurance offers full coverage and payout for all stages of cancer to help customers and their families to meet financial needs as they occur. Additionally, the policyholder shall receive 6% savings on their annual premium upon policy renewal if no claims have been made in the previous policy term.
According to the Ministry of Health records, cancer is the leading cause of death in Singapore, accounting for nearly 30% of deaths every year. One in every four to five people in the nation may develop cancer in their lifetime but it is noteworthy that a third of all cancers can be cured if they are detected and treated early, and new cancer treatments has enabled people with advanced cancers to live longer.
On the other hand, the 2017 Protection Gap Study released by the Life Insurance Association (LIA) revealed that Singaporeans may be insufficiently prepared to cope with the medical expenses should a critical illness like cancer occurs. Most conventional critical illness plans cover a wide range of diseases, including cancer, but they might not cover all stages of cancer.
Sue Chi Kong, Chief Executive Officer of Etiqa Insurance, said: "With an ageing population in Singapore, Etiqa recognises the increasing need for a comprehensive yet affordable cancer protection plan, which can reduce financial worry and allow one to fully focus on recovery if cancer is diagnosed. The NCD benefit in our Cancer Insurance is meant to encourage customers to consistently take charge of their protection needs."
NCD benefit is commonly used in motor insurance and increasingly in health insurance, to reward policyholders for healthy behaviours. Cancer is unpredictable, but there are modifiable lifestyle factors such as keeping a healthier diet and doing regular exercises, which can reduce risk of cancer.
(Visual: Etiqa. Source: Singapore Cancer Registry 50th Anniversary Monograph (1968 - 2017))
Etiqa's new Cancer Insurance will pay out 100% of the sum insured if the policyholder is diagnosed with cancer at any stage, and a death benefit of S$5,000 in the event of the policyholder's demise. The policy can be purchased online with premium from as low as S$0.27 per day. During this soft launch period, the first 100 customers shall also enjoy a limited time offer of 25% off the annual premium.
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