We celebrate 56 years of National Service this year and Singlife is proud to have been a part of that history since 1983. Dedicated to protecting our protectors, the MINDEF & MHA Group Insurance Scheme has evolved with our armed forces to ensure all servicemen are well protected.

 

I remember calling my mum after the MINDEF insurance presentation on Tekong to ask if I should upgrade my coverage. Being the typical worried mother, she immediately said yes after hearing how affordable it was reminding me that more protection is always better than less. Fast forward 10 years and those words have never been truer with further enhancements to the scheme.

 

As of 1 Jan 2023, cover for the Group Term Life (GTL) and Group Personal Injury (GPI) policies of the core scheme has been enhanced from S$150,000 to S$300,000 each. Under the voluntary scheme, which is available for all personnel to purchase on their own, servicemen can now be covered for a maximum of S$1 million, up from the previous maximum of S$600,000 for GPI.

 

Now you would think that with more coverage, premiums would also increase but no they have gotten cheaper! There's been a 39% decrease in premiums for Group Term Life and a whopping 50% drop for Group Personal Injury premiums. With the rising cost of living, I am glad that the Voluntary Scheme is helping me to save that much more while still being protected.

 

Ready to find out more? We spoke to our resident MINDEF & MHA Voluntary Scheme product owners at Singlife to get you the answers to some common questions servicemen have about the Group Insurance scheme.

 

 

I have ORDed am I still eligible?

All current and former servicemen up to age 40 for non-officer ranks and age 50 for officers are eligible to apply for both GTL and GPI products. This means that even if you have ORDed (i.e. reached your Operationally Ready Date), MRed (i.e. in MINDEF Reserve phase after completing your Operationally Ready National Service) or left the force, you can apply as long as you fall within that age range.

 

If you’re a regular, you can sign up any time from now till you’re 65, the maximum age for entry.

 

Do you have a family? You can insure your wife and kids at the same affordable premium of S$0.17* per day for S$1 million of coverage. I found this is especially helpful for newlyweds like me because other life insurance plans tend to be so expensive. I moved my wife over to the voluntary scheme and we save close to S$100 more every month thanks to the lower premiums.

 

 

When does my coverage expire?

 

Upon signing up, your policy will be renewed every year, until you turn 70 for both GTL and GPI. Your monthly premiums will also remain the same during this period and will only increase from age 66 to 70 under the GTL plan as seen here.

 

 

Does the voluntary scheme cover critical illnesses?

Critical illnesses are not covered under the GTL and GPI plans, but you can purchase critical illness riders exclusive to MINDEF and MHA personnel. Living Care provides protection against 37 common critical illnesses with coverage of up to S$500,000¹. Living Care Plus takes it a step further with protection against early critical illnesses like early cancer for up to S$500,000². Best of all, any claim payout will not reduce the coverage amount of your main plans!

 

 

I have a pre-existing condition - can I still sign up?

The short answer to this question is YES but with a few conditions. Anyone, including those with pre-existing conditions can sign up for GTL coverage up to a cap of S$300,000 without underwriting. Do note that you will not be covered for any pre-existing condition for the first policy year although this exclusion will be waived once you have been insured continuously for 12 months under this policy.

 

For all you NSFs who are on active duty, my advice is to sign up for this as early as possible so you can waive the exclusion by the time you’re done with NS. Having worked in insurance for a while now, I can tell you it’s very rare to find a policy that doesn’t require underwriting i.e. a health checkup so be sure to take full advantage of this!

 

 

How can I downgrade or cancel my plan?

You can choose to reduce or cancel your coverage at any time. Just remember to review your overall coverage carefully before deciding! According to the Life Insurance Association, a working adult needs about nine to 10 times their annual salary as basic life insurance coverage and 3.9 times their annual income in critical illness coverage! If you’re still unsure, a professional financial adviser can help with assessing your protection needs.

 

If you’d still like to reduce or terminate your plan, you can write or email us a letter of instructions. If you need any assistance or have further enquiries, call us at +65 6827 8000 or write to us and we’ll assist you.

 

 

Only the best for servicemen

 

If you’re always on the lookout for a good deal here’s more lobangs for you (you can thank me later): Be sure to check out the latest promotions that include FREE insurance here. Want a more comprehensive view of your full NS benefits? This article has you covered with a list of the other perks you can enjoy as an NSman.

 

If you have any other questions, you can always reach out to our friendly Singlife agents on our socials or write to us here.

 

 

^Notes:

^{* Premium shown is for Group Personal Injury and is based on a monthly rate (rounding off to the nearest cent) for an Insured Person, aged 70 and below at the next birthday.}

^{1. A detailed definition of the critical illnesses admissible for claim can be found in the Singlife website at https://singlife.com. The Life Insurance Association Singapore (LIA) has standard Definitions for 37 severe-stage Critical Illnesses (Version 2019). You may refer to www.lia.org.sg for the standard Definitions (Version 2019).}

^{2. The Life Insurance Association Singapore (LIA) has standard Definitions for 37 severe-stage Critical Illnesses (Version 2019). These Critical Illnesses do not fall under Version 2019. For Critical Illnesses that do not fall under Version 2019, the definitions are determined by the insurance company. You may refer to www.lia.org.sg for the standard Definitions (Version 2019).}

 

^{This policy is underwritten by Singapore Life Ltd.}

 

^{This is published for general information only and does not have regard to the specific investment objectives, financial situation and particular needs of any specific person. A copy of the Product Summary may be obtained from Singapore Life Ltd. and the participating distributors’ offices. You should read the Product Summary before deciding whether to purchase the product. You may wish to seek advice from a financial adviser representative before making a commitment to purchase the product. In the event that you choose not to seek advice from a financial adviser representative, you should consider whether the product in question is suitable for you.}

 

^{Group Term Life}

^{This policy has no savings or investment feature, there is no cash value if the policy ends or if the policy is terminated prematurely. This is not a contract of insurance. Full details of the standard terms and conditions of this policy can be found in the relevant certificate of insurance.}

 

^{Group Personal Injury}

^{This product has no savings or investment feature, there is no cash value if the policy ends or if the policy is terminated prematurely.}

 

^{The benefits of a personal accident policy will only be payable upon an accident occurring. Before replacing an existing personal accident policy with a new one, you should consider whether the switch is detrimental as there may be potential disadvantages with switching. A penalty may be imposed for early termination and the new policy may cost more or have fewer benefits at the same cost.}

 

^{If you decide that the policy is not suitable after purchasing the policy, you may terminate the policy in accordance with the free-look provision, if any, and Singlife may recover from you any expense incurred by us in underwriting the policy.}

 

^{Living Care / Living Care Plus}

^{This product has no savings or investment feature, there is no cash value if the policy ends or if the policy is terminated prematurely. Buying a health insurance policy that is not suitable for you may impact your ability to finance your future healthcare needs.}

 

^{This is not a contract of insurance. Full details of the standard terms and conditions of these policies can be found in the relevant certificates of insurance with benefits summary.}

 

^{This advertisement has not been reviewed by the Monetary Authority of Singapore. These policies are protected under the Policy Owners' Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact Singapore Life Ltd. or visit the Life Insurance Association or SDIC websites (www.lia.org.sg or www.sdic.org.sg). Information is accurate as at 25 July 2023.}