Insurance E-mart had brought to you hot off the press Life Insurance Association Singapore
(LIA)’s press release on Changes to
Critical Illness Benefits Guidelines.
What are the guidelines about?
Here are the key points:
1) Revised
standard definitions for the severe stage of 37 common Critical Illnesses
2) Flexibility
for more medical conditions to be covered
When?
1 Feb 2015. But..
CI products
using preceding definitions will no longer be sold from 1 February 2015. And effective immediately, CI benefits
offered under new individual or group insurance policies may be launched
with the two changes.
Why?
In a word - “relevance”;
for the standard definitions:
Standard definitions for
the severe stage of some of the 37 common CIs have been updated to
reflect advances in clinical practices, medical science and technology
which have impacted certain illnesses in their diagnosis and treatment.
First introduced in
2003, the rationale for LIA’s standardisation of CI definitions remains
unchanged, which is that standardisation provides greater transparency for
customers to easily assess and compare the different insurance plans
available.
“Innovation” for “flexibility for more medical conditions to
be covered”:
The revised guidelines encourage life insurers to
innovate products and services to
better meet the evolving needs of Singaporeans.
Current insurance plans cover up
to a maximum of 30 CIs. The Competition Commission of Singapore (CCS)
has been consulted and hence under the new framework, any number of
medical conditions can now be covered under a CI insurance plan, and insurers can
also offer single-illness CI insurance plans.
So what does that mean for consumers?
In the next post, we will take a closer look at what the changes mean
for consumers, and how we view the development.
You may be interested to read:
Difference between Medical insurance and Critical Illness insurance?
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