Wednesday, August 4, 2010

What are the definitions of critical illnesses in Singapore?

Not sure about the critical illnesses definitions in Singapore and wondering if the definition of a critical illness is the same among all insurance companies in Singapore?

Since 1 July 2003, the Life Insurance Association of Singapore and the General Insurance Association of Singapore has standardized the definitions of 37 critical illnesses covered under the critical illness benefit of all life and general insurers operating in Singapore. Do note it only applies to personal life insurance policies issued on or after 1 July 2003 and group policies issued or renewed on or after 1 July 2003.

The standardisation of critical illness definitions in Singapore is to ensure consistency and transparency. This will make it easier for consumers to compare critical illness financial products from different insurance companies and also help in a more consistent and quicker settlement of a claim.

Note that although the definitions are the same, the number of critical illnesses covered under a critical illness insurance product may differ among insurance companies.

Common definition - 37 critical illnesses

Find out more about Life Insurance Association of Singapore and General Insurance Association of Singapore
Back to Singapore Insurance Planning FAQs

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