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SINGAPORE - Insurer Great Eastern will introduce a policy next month that pays a monthly income if the client is unable to work in their own occupation due to disability from an illness or injury.
PayAssure, as it's called, will pay policyholders up to the retirement age of 65 years, said Singapore chief executive Khoo Kah Siang, at an event held at Great Eastern Centre on Monday.
Mr Khoo added: "If you can't carry out your work based on what is required of your job, we will continue to pay you a monthly income, for as long as you are unable to carry out your own occupation."
He said other disability insurance schemes in the market have a stricter disability definition that kicks in after two to three years of paying the premium and could require a policyholder to show that they cannot carry out any job related to their training.
Annual premiums for the GE scheme would cost someone aged 30 about $400.
AIA Singapore offers disability cover that guarantees benefit payouts regardless of any future changes to income or payouts from other disability income policies.
Aviva, Great Eastern and NTUC Income are also appointed insurers of the ElderShield scheme, a severe disability insurance scheme for those needing long-term care.
GE also announced on Monday that it is setting up an advisory council comprising industry experts to identify health and wellness trends and develop programmes for customers.
rachaelb@sph.com.sg
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