What used to be known as the SAF Group Insurance Scheme and the insurance plan for the Home Team have now joined forces as of 1 July 2016.
Here are the top five things you should know.
1. It has a new name.
It's called MINDEF & MHA GROUP INSURANCE! So it's pretty clear who this insurance plan is for.
2. The new scheme has TWO components.
One is Core – which is basic coverage that is paid for by MINDEF and MHA.
This coverage applies during the period when a serviceman is serving his/her full-time national service, as well as during In-Camp Training (ICT) for operationally-ready NSmen. This coverage is also extended to regulars during their period of employment, and volunteers during their official duties.
The other is the Voluntary component – which is paid by the policyholder if he/she wants a higher amount of coverage, and/or wants to be covered outside their terms of service, and/or if they would like to insure their spouse and dependants too.
3. The Core scheme consists of two types of coverage, with a coverage amount of S$150,000 each.
This means you get coverage of S$150,000 for Group Term Life policy and S$150,000 for Group Personal Accident under the paid-for Core scheme.
Quick recap: The Group Term Life (GTL) policy provides financial protection in the event of death as well as total and permanent disability. The Group Personal Accident (GPA) policy provides financial protection for the same caused by accident but also covers accidental injuries. and other benefits.
For the Core scheme, the coverage is not subject to underwriting and covers pre-existing medical conditions.
4. You can make use of the Voluntary scheme to enhance your cover.
If you think the basic coverage isn't enough for you and your family, you can increase your cover via the Voluntary scheme. You can opt for up to a S$1 million cover for GTL and up to S$600,000 cover for GPA.
Under the Voluntary scheme, there is no medical check-up and underwriting required for up to S$250,000 coverage for your GTL policy (the pre-existing condition will be excluded for the first 12 month from the policy effective date) and up to S$600,000 for GPA policy.
There are also other riders that insured members can purchase – such as critical illness coverage, disability coverage, as well as coverage for outpatient medical expenses.
5. Premiums from the new scheme will be payable by GIRO instead of payroll.
For those who are still paying the premiums from their payroll, you will need to change your payment mode to GIRO. You can do so by submitting a GIRO application form to Singlife. For DBS & POSB users, you can also do so via iBanking.
Now that you know what the new scheme is about, look out for our next article which will help you decide whether you should upgrade your coverage!
Update: Here's another way to instantly get a quote or upgrade your existing Group Term Life or Group Accident plan.