POSB Medical & Health Insurance


Using MyCare by POSB bank you can upgrade your ElderShield cover to a lifetime of coverage and benefits. ElderShield provides a basic level of cover and protection in case of Severe Disability. In this context, severe disability means the inability to perform a minimum of 3 of the following 6 Activities of Daily Living (ADL):

  • Washing: The capability to take a shower or wash in the bath. This includes getting in and out of the bath/shower or washing through other means.
  • Toileting: The capability to manage bladder and bowel functions through the use of lavatory and through the use of protective undergarments or surgical appliances, if applicable.
  • Feeding: The capability to feed oneself after food has been prepared and made available to consume.
  • Dressing: The capability to put on/take off/secure/unfasten garments + any braces/artificial limbs/other medical or surgical appliances.
  • Transferring: The capability to move from the bed to an upright wheelchair or chair and vice versa.
  • Mobility: The capability to move from one room to another on a level surface.

MyCare is a supplement of ElderShield and approved by Medisave. You can use MyCare as an upgrade on your ElderShield cover to enjoy a lifetime of higher payouts and premiums that will remain constant.

Features and Benefits of MyCare:

  • Lifetime OR 12 years of benefit payouts:
    • You will receive monthly payouts guaranteed for a lifetime if you have opted for a Lifetime Benefit Payout.
    • Alternatively, you can also opt for a 12 year (144 months) Benefit Payout and receive your monthly payouts accordingly.
  • Limited premium payments for a Lifetime or Coverage of 12 years:
    • You will receive continued protection that will allow you to claim for Severe Disability even after payments on your premiums have been stopped at the age of 67.
    • You will receive a waiver on your premiums for the period of the benefit payout you have chosen.
    • You can opt for either limited premium payment term or a lifetime premium payment term.
  • After recovery, continue to receive 50% of your benefit payouts:
    • In case you cannot perform at least 2 ADL activities, you will continue to receive 50% of your Severe Disability Benefit as payments under the Rehabilitation Benefit feature available with your MyCare plan.
    • You will be paid the Rehabilitation Benefit after you have claimed for Severe Disability for the same benefit payout period as the Severe Disability Benefit.
    • The Monthly Benefit you receive will be according to the Severe Disability Benefit under MyCare.
  • Additional Cash for your children:
    • You will receive an additional amount of SGD 200 each month up to a period of 36 months in case you have a child aged 21 years or below.
  • Paying using Medisave:
    • You can use up to SGD 600 of your Medisave funds per Life Assured per calendar year. In case you hold multiple policies, this limit of SGD 600 will be applicable on the aggregate of the premiums that you pay for all your ElderShield Supplement policies.
    • You can also use Medisave funds of your parents, spouse, children or grandchildren.
  • Leveled premiums based on your age at entry:
    • The younger you start, the lower your premium will be.
    • The premium rates will not be guaranteed and they may be adjusted with an advance notice of 30 days on the basis of future experience.
  ElderShield 400 MyCare
Benefit Payouts Requirements Inability in performing a minimum of 3 out of the 6 ADL.
Duration for Benefit Payout Up to 72 months or 6 years. According to the plan chosen, receive payouts up to:
  • 12 years (144 months) OR
  • Unlimited lifetime payout.
Benefit for Monthly Severe Disability SGD 400 SGD 600 to SGD 5,000 (increments of SGD 100) which includes the (basic) ElderShield benefit.
Lump Sum Benefit None Additional 3X of your 1st monthly benefit.
Benefit for Dependent Care None Additional SGD 200 per month (up to 3 years) if your child is aged 21 or below when you make the claim.
Rehabilitation Benefit None 50 per cent of your monthly benefit until the end of your Payout Duration for the Benefit.
Death Benefit None Additional 3X of your last monthly drawn benefit.
Deferment Period 90 days 90 days
Waiting Period 90 days but Waived for auto coverage and accidental causes. NA
Premium Payment Term Until the age of 66.
  • Lifetime OR
  • Until the age of 66 OR
  • For 20 years from the age of entry.
Whichever of the above is later.

Applying for POSB’s MyCare:

You can apply for MyCare through the following ways:

  • You can fill in the ‘Life Insurance – Contact Form’ available on the MyCare web page of POSB bank’s official website. Your details should include your preferred date and time so a POSB Relationship Manager can contact you accordingly.
  • Alternatively, you can also visit your nearest POSB bank branch, speak to a member of the staff and apply for MyCare directly in person.

Note: You will enjoy special tie-ups and other benefits on select healthcare services if you apply for this policy today. These benefits will be offered by health care service partners of POSB.

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