OCBC GREAT Critical Cover: Top 3 CIs

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OCBC GREAT Critical Cover: Top 3 CIs

3.0

/5

Type

Critical Illness Insurance

Covers

Major Cancer, Heart Attack, and Stroke from early to late stage

Optional add-on Riders

'Protect Me Again' rider extends overall coverage up to 3 times the sum assured

Available Policy Term

Renewable till age 85

Overview

One of the plans with the best value in this category, covering the top 3 CIs across all severity stages

Provides the option to extend coverage to cover multiple occurrences at an affordable rate

Buy and manage online (with Great Eastern), without adviser or agent

For Whom

Suitable For

Standard (healthy) lives, Individuals who prefer to buy insurance directly and/or online without an adviser, individuals looking at a supplementary plan to boost coverage for the 3 conditions

Not Suitable For

Retirees or individuals with pre-existing conditions (specifically cancer, heart attack and stroke)

For What Purpose?

Income replacement for dependants or self in case of:

Income replacement for self in case of

Diagnosis of any stage of severity for cancer, heart attack or stroke:
One lump sum payout to you (choice of $100,000, $200,000 or $350,000 sum assured) as income replacement during treatment and recovery period.

Option to add on ‘Protect Me Again’ rider:
Extends coverage to cover two more times the sum assured when diagnosed again with any of the 3 covered CIs. This means that even after diagnosis of a covered CI condition, which would normally make you uninsurable, you remain continuously protected. Waiting period between claims applies.

What are the Pros & Cons?

Pros

Guaranteed renewal until age 85 without requiring further health checks once the policy is accepted, even after being diagnosed with an illness during the coverage period

The 'Protect Me Again' rider ensures continuous protection with 2 additional payouts after the first claim, keeping you covered even after a diagnosis of a critical illness

Relatively affordable premiums compared to traditional CI plans that cover a wide range of conditions

Cons

Premiums are not fixed and will increase with age (non-level)

Only covers 3 specific conditions, hence may not be suitable for individuals looking for wide scope of coverage

What's the Cost?

Premiums for a $100,000 basic sum assured, non-smoker rates

Premiums for a OCBC Great Critical Cover: Top 3 CIs

Age (next birthday)	Male Annual Premium (Basic 1X payout)	With ‘Protect Me Again’ rider: Male Annual Premium	Female Annual Premium (Basic 1X payout)	With ‘Protect Me Again’ rider: Female Annual Premium
40	$317.80	$476.70	$499.00	$748.50
50	$801.90	$1,202.85	$981.10	$1,471.65
60	$1,764.20	$2,646.30	$1,417.70	$2,126.55

Note: The 10% promotional premium discount has been applied to the quote premium above and will remain effective throughout the policy duration.

Things to Note

Waiting periods between claims: if the 'Protect Me Again' rider is added and the 1st claim has been made, there will be a,

1 year between claims if the 2nd claim is for a different type of critical illness.
2 years between claims if the 2nd or 3rd claim is for the same type of critical illness as the 1st claim.

Written by: Anton Tan, CFP®

Last updated: 21 November, 2024

Disclaimer: This publication has not been reviewed by the Monetary Authority of Singapore. The information contained herein does not have any regard to the specific investment objective(s), financial situation or particular needs of any individual. Buying insurance is a long-term commitment and should be based on your unique needs and the suitability of the products. It is advisable to seek advice from a financial adviser to assess your needs and guide you on the features and details of the products before making any financial decisions. The coverage, benefits, premiums, and terms of insurance policies may vary depending on individual circumstances and insurance providers. Individuals are encouraged to review their own insurance needs and policies and seek advice tailored to their specific situation. While every reasonable care is taken to ensure the accuracy of the information provided, no responsibility can be accepted for any loss or inconvenience caused by any error or omission.

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