SINGAPORE - AXA Life Insurance Singapore has become the sixth player to join the Integrated Shield Plan (IP) market.

The Ministry of Health (MOH) announced it has approved AXA's application to provide three new hospitalisation insurance plans with premiums payable with Medisave from May 1.

This will offer Singaporeans greater choice of private insurance plans, MOH said in a statement on Wednesday (March 30).

The three new IP plans are AXA Shield Plan A, AXA Shield Plan B and the AXA Shield Standard Plan (the Standard IP).

About two in three of the 3.9 million Singaporeans and permanent residents here have IPs. These are for coverage of treatments at private hospitals, and public hospital classes A and B1.

There are currently 26 IPs provided by five insurers. Seven of the IPs no longer accept new members.