Tuesday, 29 May 2018

CareShield Life to replace Eldershield

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The severely disabled who join an enhanced ElderShield scheme from 2020 will receive lifetime payouts as long as their condition continues, following recommendations by the scheme’s review committee.

This is an improvement over the six-year limit to payouts under the ElderShield scheme, which will continue in its present form for existing policyholders.

Under the enhanced scheme, to be called CareShield Life, the severely disabled will also receive higher cash payouts of at least S$600 per month. The monthly payouts that people will be eligible for when they become disabled will increase over time.

The higher monthly payouts that people are eligible for are expected to increase by 2% per year for the period that premiums are being paid, subject to regular review by an independent council. It will be supported by regular premium adjustments to account for inflation.

Read more @ https://www.channelnewsasia.com/news/singapore/higher-lifetime-severe-disability-payouts-careshield-life-10281944

You may want to read Six things you should know about CareShield Life

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