Health plan gives payouts upon diagnosis of old-age ailments

Apart from NTUC Income's new insurance scheme, DBS is offering POSB cashback bonus and enhancing its iWealth portal

SILVER SECURE

BY NTUC INCOME

This is the latest addition to insurance cooperative NTUC Income's suite of offerings to provide financial protection against old age- related ailments.

Silver Secure pays out benefits upon diagnosis of diseases usually associated with the elderly, such as Parkinson's disease (intermediate stage), dementia or Alzheimer's disease (intermediate stage), blindness, major head trauma and paralysis (loss of use of limbs). Upon diagnosis of a specified old-age disease, policyholders will receive the chosen monthly benefit of, say $1,000, until the age of 100.

Mr Ken Ng, Income's chief executive, said: "Coming down with these conditions significantly increases the level of care required."

Also, a support benefit that is equal to six times the monthly benefit will be paid out. Income says this payout can be used to cover medical expenses as you recuperate.

The plan also offers a special benefit that is equal to three times your chosen monthly benefit (up to $6,000) upon diagnosis of a specified health condition, such as osteoarthritis requiring surgery.

In the event of death, the payout is up to $10,000. Future premiums of the policy will be waived until the end of the policy term, upon diagnosis of any of the specified old-age diseases. Remaining benefits that are unclaimed will still be available to you.

"Before jumping in to buy this plan, you may wish to consider if you already have a comprehensive wealth protection portfolio which includes an early critical illness cover," said Mr Patrick Lim, FA director at financial advisory PromiseLand Independent.

This is because some of the medical conditions under Silver Secure are covered in an early critical illness/Shield plan and the maximum benefits are not significant.

At present, Income offers Silver Care to protect older people against personal accidents and Silver Protect to protect against cancer.

POSB CASHBACK BONUS

BY DBS BANK This is a "bank and earn" programme where POSB customers can earn up to $130 a month in the form of cashback payments by doing transactions of at least three out of a total of five designated types.

Two of these ways - crediting a monthly salary of at least $2,500, and spending any amount on a POSB or DBS credit card - will each earn a cashback of 0.3 per cent per year on the salary and spending, capped at $20 monthly.

A third type, paying a mortgage instalment from the bank account or through the Central Provident Fund, means customers will earn a cashback of 3 per cent a year on the instalment, capped at $30 a month.

The two final qualifying transactions are to do with insurance and investments bought through DBS or POSB. Customers can earn a cashback of 3 per cent annually on the insurance premiums and/or investments, each again subject to a monthly cashback cap of $30.

The programme will prove attractive to those earning $2,500 to $5,000 a month and who prefer to keep their funds liquid.

DBS also offers the DBS Multiplier Programme targeted at "emerging affluent customers". It pays a higher rate on deposits, with the interest rate rising as the number and value of transactions increase.

Rival banks here have been using competitive cashback programmes to enhance customer loyalty. They include Bank of China's SmartSaver, OCBC Bank's 360 Account and UOB's One Account.

DBS iWEALTH PLATFORM

BY DBS BANK DBS Bank has enhanced its wealth portal, iWealth, providing customers with all-in-one access via a single platform to conduct their banking transactions, manage their wealth and trade. Key features include:

•An up-to-date view of your banking, trading and wealth management portfolio

•Trading stocks in seven key markets and staying on top of trends with customised charting tools, market analysis, stock search and filters

•Quick access to more than 400 funds, as well as fund information, research data and expert analysis

•Insights from research based on your preferences and holdings

•Timely notifications and price alerts to keep track of your portfolio

DBS iWealth will be available on the mobile platform next year. Go to go.dbs.com/new-iwealth for details.

A version of this article appeared in the print edition of The Sunday Times on November 06, 2016, with the headline 'Health plan gives payouts upon diagnosis of old-age ailments'. Print Edition | Subscribe