HSBC Insurance has launched a new early
critical care plan that provides financial protection for the early
detection of a medical condition by making lump sum payouts of 100%
of the sum assured upon diagnosis.
HSBC said the plan differentiates itself from
similar products in the market by providing 100% payouts, of up to
S$1 million ($790,060) at all stages of a medical condition from
early to intermediate and critical.
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By comparison, the financial institution noted
that the current industry convention is usually to pay only 50% of
the sum assured for early stage critical illness.
HSBC’s early critical care plan also pays a
lump sum of up to S$25,000 for dengue haemorrhagic fever, which is
not commonly insured in Singapore.
Walter de Oude, CEO of HSBC Insurance
(Singapore), said the new product supplements life insurance and
accompanying critical illness riders that typically only insure
against late stage critical illnesses.
de Oude said: “The key advantage of early
critical care is that it takes care of the eventuality of a major
illness by offering financial protection and peace of mind so that
the patient can focus on recovery. The payouts can help to cover
not only medical and specialist treatment but also go some way
towards relieving the burden of income losses, household expenses
and even debts and mortgages.”
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By GlobalData
