Etiqa Insurance Launches Market-First Cancer Insurance with No Claim Discount

SINGAPORE -�Media OutReach - 16 December 2019 – Etiqa Insurance has unveiled their latest offering of Cancer Insurance with No Claim Discount (NCD)
— a market-first feature among cancer protection plans in Singapore. This
Cancer Insurance offers full coverage and payout for all stages of cancer to
help customers and their families to meet financial needs as they occur.
Additionally, the policyholder shall receive 6% savings on their annual premium
upon policy renewal if no claims have been made in the previous policy term.

 

According to the Ministry of
Health records, cancer is the leading cause of death in Singapore, accounting
for nearly 30% of deaths every year. One in every four to five people in the
nation may develop cancer in their lifetime but it is noteworthy that a third
of all cancers^[1] can be cured if they are detected and treated
early, and new cancer treatments has enabled people with advanced cancers to
live longer.

 

On the other hand, the 2017
Protection Gap Study released by the Life Insurance Association (LIA) revealed
that Singaporeans may be insufficiently prepared to cope with the medical
expenses should a critical illness like cancer occurs. Most conventional critical
illness plans cover a wide range of diseases, including cancer, but they might
not cover all stages of cancer.

 

“The risk of cancer increases
with age. With an ageing population in Singapore, Etiqa recognises the
increasing need for a comprehensive yet affordable cancer protection plan,
which can reduce financial worry and allow one to fully focus on recovery if
cancer is diagnosed. The NCD benefit in our Cancer Insurance is meant to
encourage customers to consistently
take charge of their protection needs,” said Sue Chi Kong, Chief
Executive Officer of Etiqa Insurance Pte. Ltd.

 

NCD benefit is commonly used
in motor insurance and increasingly in health insurance, to reward
policyholders for healthy behaviours. Cancer is unpredictable, but there are
modifiable lifestyle factors such as keeping a healthier diet and doing regular
exercises, which can reduce risk of cancer.

 

Etiqa’s new Cancer Insurance will pay out 100% of the sum
insured if the policyholder is diagnosed with cancer at any stage, and a death
benefit of S$5,000 in the event of the policyholder’s demise. The policy can be
purchased easily online with premium from as low as S$0.27^[2] per
day. During this soft launch period, the first 100 customers shall also enjoy a
limited time offer of 25%
off the annual premium^[3].

 

More information on the Cancer
Insurance is available at Tiq, Etiqa’s digital channel. Learn more here: http://po.st/TiqCancer  

 

^[1] Source:https://www.singaporecancersociety.org.sg/learn-about-cancer/cancer-basics/cancer-myths-debunked.html

^[2] Based on a male,
non-smoker, age 20 who applies for Cancer Insurance plan with a sum assured of
$50,000. Protected up to specified limits by
SDIC.

^[3] Terms apply.

Etiqa Insurance – A Singapore Insurance Company with Asian and International Expertise

Etiqa Insurance Pte. Ltd. is a licensed life and general insurance
company registered in the Republic of Singapore and regulated by the Monetary
Authority of Singapore (MAS). In 2019, Fitch affirmed the company’s “A”
(Strong) rating for its financial strength and stable outlook.

Etiqa has been protecting Singaporeans since 1961 with a range of
general insurance solutions that constantly evolve to meet their ever-changing
needs. Etiqa is the official insurer for the Housing Development Board (HDB)
Fire Insurance Scheme in Singapore, protecting more than 550,000 homes.

In 2014, Etiqa added a comprehensive suite of life insurance solutions,
including protection, savings and retirement, and subsequently legacy planning
and universal life solutions to our portfolio to better serve our growing
customer base and the needs of the modern day consumer.

Etiqa is owned by Maybank Ageas Holdings Berhad, a joint venture company
that combines local market knowledge with international insurance expertise.
The company is 69% owned by Maybank, one of Asia’s leading banking groups with
more than 22 million customers worldwide in 20 countries; and 31% by Ageas, an
international insurance group with 33 million customers across 16 countries and
a heritage that spans over 190 years, with a focus to provide world class
insurance solutions to consumers in Europe and Asia through market leading
joint ventures.

At Etiqa, we believe in our brand promise of humanising insurance, by
placing people over policies in everything we do. We are passionate about
helping Singaporeans protect themselves and their loved ones today and helping
them plan for a financially secure tomorrow.