Early Payout Critical Illness - NTUC VIVOCARE
It is a plan targeted at the whole spectrum of Critical Illnesses; from EARLY stage to Intermediate and finally, Advanced stage. This means early stage CANCER or carcinoma in situ will be covered, in addition to early stage definitions of other Critical Illnesses.
Key Features
1. Early Stage Critical Illness– 50% payout (capped @75K) +bonus
2. Intermediate Stage CI– up to 100% payout (capped @150K) +bonus
3. Advanced Stage CI – payout of any remaining sum assured + bonus
4. Special Dread Disease benefit
a. 20% payout, capped at $30,000 for following
i. Angioplasty (heart stent/balloon)
ii. Severe Rheumatoid Arthritis
iii. Diabetic Complications
iv. Severe Osteoporosis
b. Claim of Special benefit does NOT reduce Sum Assured.
5. Death Benefit – 300% of basic sum assured less off any payout for early/intermediate CI claim (before age 65)
6. Premium term: 20/25 years, or up to age 64/84.
Benefits payable are capped per Insured, regardless of number of policies. This means that a policyholder cannot increase the payout of early stage claim by aggregating sum assured by multiple policies.
I like the idea it’s a plan that allows for continuous coverage for as long as possible, yet allows for claim in event of early detection of critical illness before the disease gets full-blown and out of control. For instance, consider the claim definition for early and advanced stages of cancer (see extract below).
Carcinoma in situ of Specified Organs
Carcinoma in situ of the following sites: Breast, uterus, ovary, fallopian tube, vulva, vagina, cervix uteri, colon, rectum, penis, testis, lung, liver, stomach, nasopharynx or bladder.
Carcinoma in situ means the focal autonomous new growth of carcinomatous cells confined to the cells in which it originated and has NOT yet resulted in the invasion and/or destruction of surrounding tissues. ‘Invasion’ means an infiltration and/or active destruction of normal tissue beyond the basement membrane. The diagnosis of the Carcinoma in situ must always be supported by a histopathological report. Furthermore, the diagnosis of Carcinoma in situ must always be positively diagnosed upon the basis of a microscopic examination of the fixed tissue, supported by a biopsy result.
Major Cancers (as per standard LIA definition)
A malignant tumour characterised by the uncontrolled growth and spread of malignant cells with invasion and destruction of normal tissue. This diagnosis must be supported by histological evidence of malignancy and confirmed by an oncologist or pathologist.
Compared to NTUC Vivolife, I believe this plan provides much more thorough and comprehensive Critical Illness coverage. This is its focus. As such, the cash value element (relative to Vivolife) isn’t the main attraction. Also, as the claim incidence is likely higher, the premiums will reflect this; hence, in general, expect about 15-25% increase (for non-smokers).
Today, there are many plans in the market which target early stage Critical Illnesses. But overall, from scope of cover to length of cover and weighing premiums versus payout, I believe NTUC has done well with this plan. The wait is finally over.
