Monday, February 27, 2006

No extra charge for unlimited coverage

Last year, an insurer raises the lifetime limit on its Shield plan to $5 million and charges premiums that are 10% to 50% higher than a similar plan from NTUC Income (ie Incomeshield).

NTUC Income has recently removed the limit on lifetime claims. The policyholder can claim beyond $5 million a year.

We did not change our premium rates. Our premiums are much lower than the other Shield plan, and yet our coverage is better.
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1 comment:

Ronin said...

Hi,

High (or unlimited) annual/lifetime claims limits are a red herring. Can we really expect an individual to chalk up millions of medical expenses? Especially when the insured has to contend with caps on various medical procedures.

Nonetheless, the competitive market means that NTUC Income has to fight this way to win.

March 01, 2006 9:19 AM

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