What is Careshield life all about?
What is it?
It’ll be mandatory for anyone born in 1980 or later (ElderShield is an opt-out scheme)
Premiums start from age 30 (10 years earlier than with ElderShield)
It gives higher monthly payouts (starting at S$600 a month, compared to S$300-400 a month with ElderShield)
It gives up to a lifetime of payouts, as long as you remain severely disabled (compared to up to 72 months now with ElderShield)
Its payouts will increase over time until a claim is made (ElderShield payouts are fixed)
Its premiums increase with age (ElderShield premiums stay constant)
What does it cover?
It covers severe disability, defined as being unable to perform 3 out of 6 Activities of daily living (ADLs)
How can you MAXIMISE your cover
Get a Careshield life supplement
Get Additional Coverage of up to $5000, in event of disability
20% Perpetual discount for life
Use Medisave to pay for premiums
Get Payout of Benefit when you cannot fulfil 2 out of 6 ADL
Premium waiver when you cannot fulfil 1 out of 6 ADL