Singapore: Etiqa debuts critical illness insurance solution

| 12 Mar 2024

Etiqa Insurance Singapore has introduced a new critical illness (CI) insurance policy, named Essential critical secure. The new insurance policy aims to offer wide-ranging and cost-effective coverage for 111 CI and mental health conditions spanning different illness stages.

The launch addresses a gap in the Singaporean insurance landscape, where a significant number of people lack sufficient CI coverage, facing an average protection shortfall of 74%. This concern is magnified by the increasing costs of medical care.

The plan features a novel continuous care benefit, which provides monthly cash disbursements up to 200% of the insured sum, alongside a lump-sum payment for severe CI claims, offering financial support during difficult periods. 

“The addition of continuous care benefits aims to alleviate the financial strain of customers during challenging times by providing continuous financial support, going beyond the conventional lump sum payout upon diagnosis,” said Etiqa Singapore CEO Raymond Ong. 

The plan also incorporates provisions for psychiatric consultation for conditions such as mild depression or generalised anxiety disorder, after the first year of the policy, and offers an upfront payment of 20% of the insured sum for the diagnosis of any of five severe mental health conditions. 

The launch of Essential critical secure follows the introduction of Etiqa Singapore's new pet insurance policy, reports Insurance Business.