OCBC Life Insurance – MaxLife Protector 2

This is a whole life insurance plan designed to provide you with financial protection in the event of death, permanent disablement, or terminal illness. As with any other life insurance plan, you will be paying premiums for a limited period while enjoying lifetime coverage. With MaxLife Protector 2, you will have to pay the premium for only 15 years. After that, your premium payments will stop but your coverage continues.

Features and Benefits of OCBC MaxLife Protector 2

Limited premium payment period

Pay the premium only for 15 years and enjoy lifetime coverage against death, total/permanent disablement, or terminal illness. So, if you are buying this policy at the age of 30, you will not have to pay any premium on this policy after the age of 45.

Non-guaranteed bonuses

With this policy, your coverage will continue to increase over time as the non-guaranteed bonuses are added to your basic sum insured. The non-guaranteed benefits you get will depend on the performance of the investment funds.

Additional riders

You have the option to add extra riders to enjoy enhanced coverage. OCBC Life Insurance policy offers the following two riders: MaxLife Care 2 and MaxLife Rewards.

MaxLife Care 2: With this rider, you will get your sum assured along with non-guaranteed bonuses in cash if you are diagnosed with any critical illness that is covered under the policy or if you are diagnosed with carcinoma-in-situ or early stage cancer.

Terms and conditions applicable to critical illness coverage:

  • This policy covers 37 critical illnesses, such as major cancers, severe heart attack, stroke, liver failure (end stage), speech loss, and others.
  • You will get the sum assured and non-guaranteed bonuses once you are diagnosed with any of the 37 critical illnesses. Your policy will terminate once you get the benefits.
  • If you are diagnosed with any kind of illness that requires angioplasty or any other invasive treatment, you will get only 10% of your sum assured or S$25,000, whichever amount is lower. Additionally, you will get non-guaranteed bonuses as applicable. Your policy and the policy rider will continue but your sum assured will be reduced by the same amount as the benefit you have already received.

Terms and conditions applicable to early stage cancer and carcinoma-in-situ coverage:

  • This rider covers you for early stage cancer and carcinoma-in-situ before policy anniversary at the age of 66.
  • Once you are diagnosed with early stage cancer or carcinoma-in-situ, you will get S$20,000 or 20% of sum assured, whichever amount is lower. In addition, you will get non-guaranteed bonuses as applicable.
  • Once you have received the benefits, your MaxLife Care 2 benefits will terminate but you will continue to enjoy the coverage under MaxLife Protector 2 with a reduced sum insured.

MaxLife Rewards: When you purchase this rider, you will enjoy guaranteed cash payout equal to 1% of your basic sum insured every year, starting from 15th anniversary of the policy. These rewards will stop once the claim has been paid under MaxLife Protector 2.

Eligibility Criteria

The individual to be insured must be at least one month old but not more than 60 years old.

How to apply for MaxLife Protector 2

You can visit any nearest branch of the bank to apply for this policy. If you have any doubts/queries regarding this policy, you can also contact the bank at (65) 6722 2293 from Monday through Friday between 9:00 a.m. and 6:00 p.m.

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