Many changes in life are unplanned and unforeseeable and not all changes in life are pleasant. But that does not mean that you don't have to prepare for them well in advance. For great executions, great planning is always a necessity. When you apply for an insurance, you are learning to manage potential risks in a better and more efficient manner. Obtaining an insurance is a way of reducing anxiety and stress by planning your financial circumstances even before facing a duress change in life. Obtaining an insurance tailored to your needs now ensures financial stability in the future. For instance, if you do not have health insurance and you require an emergency surgery or have been in an accident, under such a circumstance you have to shell out the entire expenditure from your pocket without any external help. Apart from the physical discomfort, you are also mentally drained to make ends meet in order to pay your medical bills. You can avoid this hassle by planning your finances ahead through obtaining an insurance.
About OCBC Insurance
Starting from 1932, the Oversea – Chinese Banking Corporation is the longest locally established bank in Singapore. With the merger of three local banks in Singapore, OCBC has ever since acquired many businesses above and beyond the scope of commercial banking. They also operate on a global landscape providing an array of financial products and services including Credit Cads, cash management and insurance to name a few. OCBC bank is the second largest banking group in Singapore in terms of the total assets. They also have stakes in other financial service businesses that function under independent brands including -
- Lion Global Investors for Assent Management
- Great Eastern for Insurance and
- OCBC Securities for Brokerage
Types of Insurance Provided by OCBC
The insurance for OCBC bank is taken care by its subsidiary, Great Eastern where OCBC owns a massive 87% stake. When it comes to market share and assets, Great Eastern is the largest insurance group in the whole of Singapore and Malaysia. This partnership between OCBC and Great Eastern has paved a way for closer collaboration and coordinated initiatives in product development, management and sales. The following are the areas wherein you can obtain an insurance with OCBC bank via its subsidiary, Great Eastern -
- Personal and Family
- Savings with Insurance
- Home and Mortgage
- Travel and Car
Personal and Family
What does it cover?
- Life Insurance
- Accident and Health Insurance
- Maternity Insurance
Who you are as a person is often defined by how you live your life. There are plenty obstacles that you have faced and will continue to face, but how you overcome them is what will define your future. One of the most common duress that may influence your personal life is financial shortcomings that will affect both you as well as your family. Under such tough circumstances you can guarantee a blissful and comfortable lifestyle for your family with any personal with a OCBC's Life Insurance so that your family can stay protected in case of any unforeseen events such as permanent disability or death.
In other instances, during times such as accident or unforeseen illness, medical bills and hospitalization charges can be immense. Without planning ahead to take such unexpected events into account, you will face additional financial strain of making ends meet over and above the stress caused to your family due to your condition because any and all charges will have been shelled out from your own pocket. By opting for an OCBC's Accident and Health Insurance with OCBC bank you allow no room for wiggling any such added stress. With the right kind of insurance, you can reimbursement for your medical expenses, cash benefits, hospitalization reimbursement and personal accident coverage. By having these expenses already covered by your insurance, you along with your family can solely focus on your recovery. Some insurance offers coverage even for your spouse and children with affordable premiums.
Many women do not feel complete until they have played the role of a mother in their life. Being a mother can fulfill your life's purpose. The journey does not begin after the birth of your child, but it begins at conception. Not every aspect of this journey is blissful. The evolution of science has identified many complications that are borne by women. Hospital checkups for pregnancy complications, congenital illnesses are not an inexpensive affair. Apart from the stress concerning the health of your unborn baby, you also need to make arrangements to financially tackle this situation. By applying for a OCBC's Maternity Insurance(MaxMaternity Care) early, you have an option of financial security in case of any pregnancy complications that may be encountered. Additionally OCBC also provides you with the option to cover your child under the insurance after birth.
Key Features of Personal and Family Insurance provided by OCBC
- OCBC's Life Insurance policy gives you the option of choosing between various insurance schemes such as an insurance premium that can be paid only until the time you want to be covered, or one that provides lifelong protection under various threats against your life such as illness, death or permanent disability or even a premium that provides annual payouts under loss of income following permanent disability.
- OCBC's Accident and Health Insurance covers your medical bills and hospitalization charges, cash benefits or even payouts in case of permanent disability or accidental death.
- OCBC's Maternity Insurance provides coverage under various types of pregnancy complications, congenital illness and even protection after your child is born.
Savings with Insurance
What does it cover?
- Child's Education Insurance
- General Savings with Insurance
- Retirement Savings with Insurance
Every parent longs to give their child the best possible education so that they grow up to achieve their true potential and make something of their life that they can be proud of. To provide such a degree of sophisticated education in the present time is no ordinary achievement in the parenting world. No parent today is satisfied by merely providing the basic education that every child needs. Tertiary education has grown to become an integral cog in every child's education planning. Many parents take the route of drawing educational loans to cover the high costs of tertiary education, but a wiser plan for your as well as your child's future would be to opt for OCBC's Child's Education Insurance and provide insurance protection for your child. In this way by setting aside money on a regular basis for your child's bright future, they can get coverage for pre-university expenditure on one hand and also cover unexpected events such as terminal illness, death or permanent disability.
Apart from saving for your child's future, saving for your own future is a way to retain your current lifestyle even when you are no longer able to earn to maintain it. Planning your future ensures that you have a bright one. Live not only for today but for tomorrow as well. When you start saving, you earn higher interest rates on your savings by investing in attractive plans that provide you with protection. You can use OCBC's General Savings with Insurance plans that cater your present financial situation as well as your future needs and possible requirements. You have the option of choosing from various assorted plans that suit your needs perfectly.
Retirement is not simply a big word, but a heavy one indeed. The concept of no work, no pay no longer holds good in the present context. If you have a plan, then nothing is impossible. With the right kind of planning for your future, you can continue to earn income even during your retirement period. Using OCBC, you can opt for Retirement Savings with Insurance(MaxRetirement/MaxRetirement Flex) and plan early for your retirement. With attractive payout schemes you are guaranteed to earn retirement income on a monthly basis for a significant amount of time. OCBC provides you different schemes that gives you the opportunity to choose the period of time for which you will received the retirement income.
Key Features of Savings with Insurance provided by OCBC
- Using OCBC's Child Education Insurance, you can cover all of your child's pre-university education expenses.
- Using OCBC's General Savings Insurance, you can enjoy higher returns on your savings by investing in plans.
- Using OCBC's Retirement Savings Insurance, you can be ensured of retirement payments from 10 years guaranteed up to 20 years after retirement.
Home and Mortgage
What does it cover?
No life is complete without returning to a place you call 'home' at the end of a day. Everyone dreams of a perfect life in a perfect home. Your life may not be perfect, but your home can be. In an earlier time, you had to compromise on your lifestyle in order to save to build your perfect home. This is no longer the case today. You can continue to cherish your set lifestyle and also work towards getting your perfect home. OCBC's Mortgage Insurance helps you do just that. By opting for this insurance you not only protect your family but also your dream home from unfortunate events. This insurance also provides enough coverage that helps reduce the amount of capital you will lose under such an event.
There are numerous threats that you face during the course of your life. The same can be applied to your home as well. Your home is not devoid of any unfortunate accidents. Throughout the lifespan of your house, unpleasant mishaps may befall on it such as windstorms, explosions, fire, robbery or other injuries that are sustained by your house. Your house needs as much protection as your life. Securing a Home Insurance from OCBC guarantees this protection for your dream home. This insurance protects your house by providing coverage under unfortunate events such as fires, robbery or explosions. This coverage will aid you in protecting your home's valuables in a more efficient and less stressful manner.
Speaking of home, a home is never complete without the presence of the person whose sole duty is to keep the house neat and clean. A maid dedicates his or entire life to make your home comfortable for you to live in. The greatest gift that you can give your maid in return is protection through an insurance. Through OCBC's Maid Insurance(OAC Maid Supreme Plus) you can incur various benefits for your maid. It provides a complete 24 hour protection in cases including an accident and the cost for the medical treatment, permanent disablement or even under circumstances of death. It provides coverage for all surgical expenses and hospitalization charges.
Key Features of Home and Mortgage Insurance
- Through OCBC's Mortgage Insurance, you can curtail your financial loss because this insurance reduces the amount of capital lost due to unfortunate events.
- Through OCBC's Home Insurance, you can obtain coverage for your house and its valuables by obtaining coverage for events including fire, robbery or explosions.
- Through OCBC's Maid Insurance, you can obtain coverage during the termination of your maid's service if it is determined that he or she is medically unfit to continue working.
Travel and Car
What does it cover?
A wise man once said that “every day is a journey and the journey itself is home”. There are numerous ways in which you travel in life, be it for work or pleasure. What is even better when it comes to travel is not just the journey but knowing that you can afford it comfortably. Having a travel insurance helps ensure that every one of your trips gets enough coverage in addition to `the offers and deals you can receive with an active travel insurance. With OCBC's Travel Insurance you get to see the world under a well protected bubble along with enjoying better discounts and attractive offers specially made for you.
Apart from traveling the world, traveling within your own city can be taxing if your only mode of transportation ceases to work, even for a short period of time. Furthermore, once you have a car of your own, it will also need care and protection. Obtaining an insurance for your car ensures its safety and you can have peace of mind while driving. You can give your car the protection it deserves using OCBC's Car Insurance. By choosing a plan that is suited for your needs you can benefit to a great extent by receiving comprehensive coverage under unexpected circumstances. It provides physical protection for your car as well as personal. For instance, one hand the insurance will reimburse you for windscreen covers, while on the other hand it also provides coverage under personal accidents or loss of use.
Key Features of Travel and Car
- Using OCBC's Travel Insurance, you can claim attractive discounts on your trips apart from the coverage you receive from the insurance.
- Using OCBC's Car Insurance, you can claim unlimited replacements of windscreen covers.
Choosing an insurance is never an easy decision. But once the decision has been made you can secure yours as well as your family's future with one of the largest and most trustworthy bank.
OCBC Insurance FAQs
- If I opt for a Maternity Insurance with OCBC, how will it be beneficial for me?
- Once I opt for the Retirement Savings with Insurance, for how long will I receive the retirement income?
- If I have the OCBC Home Insurance, what can I claim it for?
- What coverage does OCBC’s Car Insurance provide?
- What discounts will I get using my OCBC Travel Insurance?
The MaxMaternity Care Insurance offers you protection and coverage from 8 different types of pregnancy complications and your child from 18 different types of congenital illnesses.
Depending on the plan you have chosen, you can receive from 10 years up to 20 years of retirement income.
The OCBC Home Insurance guarantees coverage for unfortunate events including fire, explosions and robbery. You can also claim your OCBC Home Insurance for minor concents such as the replacement of locks and keys.
Using OCBC car insurance, you can claim coverage under personal circumstances including loss of use, personal accidents. The insurance also provides with unlimited reinstatements of windscreen covers.
You get a 20% off on the single trip plans until 31st December, 2015. If you are also an OCBC Cardmember, you can avail an additional 5% off the promotional price.