DBS MyCare - Maximize Disability Coverage

DBS Bank provides you with a policy that covers you in case you suffer from severe disabilities. This policy is called DBS MyCare and it maximises the coverage provided under ElderShield. This policy comes with an unlimited time frame for payouts, in case you suffer from major disabilities. Besides, the payout guaranteed under this plan is higher than the usual ElderShield policy payout. This plan not only provides the protection you seek, but also helps in covering extra expenditures for the period you’re disabled.

Features and Benefits

The primary features and benefits of the DBS MyCare policy include:

  • This plan covers you with initial expenditures at the onset of a disability. You’re paid an amount on a lump sum basis, the value of which stands at three times the amount given in the first month of payout.
  • You’re also provided with a dependent care benefit up to a period of 3 years, given that your child is aged 21 or below while making the claim. The coverage amount stands at S$200 each month.
  • Additionally, you’re provided with a death benefit, if such an instance occurs when you’re disabled. The value of this cover stands at three times the amount given during the previous payout.
  • This plan also combines guaranteed renewal feature, which helps you continue the coverage until it’s necessary.
  • Furthermore, this plan can be applicable for all family members protected under the ElderShield policy.

DBS MyCare Insurance Coverage

The following table illustrates the main coverage features provided under this plan:

Type of benefit Coverage provided
Death benefit Coverage of a bonus amount which stands at three times the amount of the previously drawn monthly benefit.
Severe disability benefit per month Coverage of S$600 to S$3,500 which includes the basic ElderShield benefit. This coverage is provided in the form of S$100 increments.
Benefit in the form of a lump sum Coverage up to three times the benefit provided in the first month.
Benefit for rehabilitation Coverage of 50% of your benefit provided on a monthly basis. This is given up to the end of the period for benefit payout.
Benefit for dependent care Coverage of a bonus S$200 each month, in case you have a child who’s aged 21 years or below when the claim is made. This benefit is provided up to a period of 3 years.
Duration for payout of benefit Limitless coverage for lifetime or up to a period of 12 years.
Term for premium payment Coverage up to your 66th birthday.
Waiting period 90 days which is waived in case of accidents and vehicle coverage.
Period of deferment Coverage period of 90 days.

How to Apply

You can directly get in touch with DBS by calling 1800 221 1111. You can also leave you contact details with the bank while expressing interest for application. Based on this, the bank will get in touch with you. Alternately, you can directly walk into any of the bank branches to apply for the policy.

Eligibility Criteria

The eligibility criteria for this policy requires you to be a Singapore citizen or a Permanent Resident. Besides, you also need to have a basic ElderShield plan with an ElderShield insurer appointed by MOH in Singapore to qualify for buying a MyCare policy.

Claim Process

It’s pretty simple to file claims for the DBS MyCare policy. All you have to do is contact the bank in case of a disability. You have to call 1800 221 1111 and a DBS Expert will help you with the process for making claims. Alternately, you can visit the nearest branch in person to apply.

Frequently Asked Questions

Q. What can I consider as severe disability?

A. You’re considered to have a severe disability when you’re unable to perform three of the following six Activities of Daily Living:

  • Dressing
  • Feeding
  • Mobility
  • Toileting
  • Washing
  • Transferring

Q. Who underwrites the DBS MyCare policy?

A. This policy is underwritten by Aviva Limited.

Q. Is my DBS MyCare policy protected?

A. This policy is protected by the Policy Owners’ Protection Scheme, administered by SDIC.

Q. Who will be automatically covered under ElderShield policy?

A. Singapore Citizens and Permanent Residents who have a Medisave account will be provided with automatic coverage through the ElderShield policy, when they are aged 40 or more.

Q. Is rehabilitation benefit covered under the ElderShield policy?

A. No, this policy does not include any rehabilitation benefit.

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