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

Etiqa Insurance Pte. Ltd.

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.