NTUC new Shield Plan Riders

In late July, NTUC launched 2 new IncomeShield Plan riders. These two riders are the Child Illness rider & Daily Cash rider.

In essence, the Daily Cash rider offers daily cash benefit upon hospitalization (for inpatient admission >6hrs) and a Get Well benefit upon discharge (for hospitalization of at least 48hrs).

The Child Illness rider offers a one-time lump sum benefit of up to $20,000 should the insured child be diagnosed with any of the specified child-related illnesses e.g. severe asthma, leukemia, mental retardation due to sickness, injury or accident. Also, 10% of the sum assured is payable for any accident that result in fractures to the skull, pelvis or femur. Premium is $99 per annum.

For an annual premium of $99, a similar NTUC rider may be more value for money.

The Child Plus rider has the same benefits as the Child Illness rider, and includes a daily hospitalization benefit of 0.5% of the sum assured (i.e. $150 for max sum assured of 30k) payable from the first day of hospitalization (up to 100 days) due to accidental injury. This is a life plan rider. Premium is $108 per annum.

For parents who are considering child illness cover for their child via NTUC plans, and are taking up/already own a life plan (for the child), the Child Plus rider may be a suitable alternative for a mere additional yearly premium of $19.