You work hard all your life to save money and provide your family with a better life. However, the money that you have saved may not be enough to support the lifestyle of your loved ones in your absence and also provide them with the financial support that they need. Hence, it is important that you opt for a life insurance policy that can provide your family with the financial assistance they will need in your absence. A life insurance policy will go a long way in preserving your legacy and making sure that the lifestyle of your loved ones is not affected even if you are not there in their lives.
Overview of OCBC Insurance
OCBC is one of the top 3 local banks in Singapore and is one of the biggest banks in Asia. The bank offers a wide range of banking and financial services in Singapore such as credit card, debit card, loans etc. and is very popular with the customers. OCBC also offers a range of insurance policies and plans that are able to provide people with all the insurance protection that they require. OCBC offers an array of life insurance products that provide coverage for a given period of time and also for whole life. The lump sum amount offered with these policies is quite high and the policy holders enjoy the flexibility of making premium payments through a variety of payment methods.
OCBC Life Insurance
The different life insurance policies offered by OCBC can be categorized based on the type of coverage they provide, which include Term Coverage, Whole Life Coverage and Income Replacement policies. The life insurance policies offered by OCBC are listed below.
- MaxTerm Enhanced / MaxTerm Enhanced (CI) -
These term insurance policies offer higher coverage and flexible terms for premium payment.
Features and Benefits of MaxTerm Enhanced / MaxTerm Enhanced (CI)
- You can enjoy sum assured cover starting from an amount of S$100,000.
- The policy will offer you with guaranteed renewal till the age of 85.
- You can get protection against various critical Illnesses with the MaxTerm Enhanced (CI) plan.
- You should be aged between 17 – 70 years.
If you want to make sure that your family gets complete protection in your absence, this is the term insurance policy you should opt for.
Features and Benefits of MaxFamily Cover
- You can make a claim of up to 160 percent of the sum assured.
- In case no claims are made during the policy period, 100 percent of the premiums paid will be refunded to you.
- The future premiums for the policy will be waived if you claim benefits for Total and Permanent Disability or Critical Illness (except for Angioplasty).
- The term has to be of minimum 15 years.
- The sum assured amount has to be minimum S$50,000.
OCBC offers two basic term plans called Smart Life and Smart Supreme. They offer extensive coverage and lump sum amounts as payouts for a variety of conditions.
Features & Benefits of Basic Term Plans
- You will enjoy round the clock worldwide coverage with these plans.
- You will not have to go through any medical examinations or answer any health questions.
- You will get 100 percent payout in case of total and permanent disability or death.
- You will get 200 percent payout in case of death caused by an accident.
- You will get 100 percent payout in case you are diagnosed with a terminal illness.
- You will get coverage of S$50K or S$100K.
- You can get an additional payout of 10 percent of the sum assured in case you are diagnosed with any of the five major critical illnesses, by opting for the Smart Supreme plan.
- You should be in the age group of 21 – 60 years.
- You should be a citizen or a permanent resident of Singapore.
Whole Life Coverage:
MaxLife Protector 2 –
OCBC offers a single whole life insurance policy known as the MaxLife Protector 2. By paying premiums for a limited number of years, you can enjoy lifetime coverage with this policy.
Features of Benefits of MaxLife Protector 2
- You can enjoy whole life coverage by paying premiums only for a period of 15 years.
- The coverage offered with the policy will increase on a progressive basis with a range of bonuses that are non-guaranteed.
- You will get the chance to avail optional riders (MaxLife Care 2 and MaxLife Rewards) that will enhance the protection and coverage offered by the policy.
- You should be aged minimum 1 month but not more than 60 years.
MaxFamily Protector/MaxFamily Protector (CI) – This is an income protection plan from OCBC that has been designed to offer you with income benefits in case you are unable to work. It will also provide you with protection against certain critical illnesses.
Features and Benefits of MaxFamily Protector/MaxFamily Protector (CI)
- In case you suffer from total and permanent disability or death, you or your family will be provided with continuous income benefit and the future premiums for the policy will be waived as well.
- If you do not make any claims, you will receive a lump sum payment that will 3 times of your annual income.
- By opting for the MaxFamily Protector (CI) you can get coverage against a range of critical illnesses.
- You should be aged between 17 – 55 years.
Types of OCBC Life Insurance Plans
|MaxTerm Value||Highly dependable and affordable insurance that provides coverage over the policy term. The premiums have guaranteed rates, and they don’t change throughout the policy term.||Renewable yearly, covered for the policy term|
|MaxTerm Value (CI)||Highly dependable and affordable insurance that provides coverage over the policy term. Does not have guaranteed premium rates.||Renewable yearly, covered for the policy term|
|MaxFamily Cover||A reliable term coverable insurance policy that gives your premiums back if no claims are made. Premiums are waived upon certain claims.||Renewable yearly with a minimum 15 year coverage term|
|Smart Life||A basic protection insurance plan that give you worldwide coverage with no medical questions or check-ups.||Renewable yearly up to age 65|
|Smart Supreme||A basic protection plan that gives you worldwide coverage with no medical questions or check-ups. It offers extra assured payout if you are diagnosed with certain critical illnesses.||Renewable yearly up to age 65|
|MaxLife Protector 2||A customisable lifelong protection insurance plan that increases your coverage as your responsibilities increase.||Whole life|
|MaxLife Multiplier||A full life insurance plan that gives you up to 3 times the sum assured depending on your age of signing up.||Whole life|
|MaxFamily Protector||A term insurance policy that gives you annual income till end of policy term and waives off future premiums if a claim is made. It also gives you a lump sum of 3 times your annual income when a claim is made.||Policy term|
|MaxFamily Protector (CI)||A term insurance policy that gives you annual income till end of policy term and waives off future premiums if a claim is made. It also gives you a lump sum of 3 times your annual income when a claim is made.||Policy term|
|MaxTerm Enhanced||Provides cover for the assured sum till a claim is made or till the policy term ends.||Renewable till age 85|
|MaxTerm Enhanced (CI)||Provides cover for the assured sum till a claim is made or till the policy term ends.||Renewable till age 85|
Features and Benefits
There are three types of life insurance policies that OCBC offers: those that give you coverage over a limited policy term, those that give you lifetime coverage, and those that give you replacement for your missed income or supplement it. There are many features and benefits to each type of insurance policy that you may choose. Here’s a snapshot:
- Insurance policies that give you cover for a policy term are highly affordable, and can be paid for by a few Singapore dollars a day.
- Most policies tend to give out lump sum payments when a claim is made, so you can move on and focus on living a better life instead of worrying about financial concerns.
- Insurance policies like MaxFamily Protector, MaxLife Multiplier, and MaxFamily Cover not only tend to return your money if a claim isn’t made, but also give you much higher returns than the assured sum when a claim is made. This way, your scheme gives you the maximum benefits too.
- In many policies, you can add extra riders to customise your plan according to your need and give yourself the best possible protection and cover.
- MaxFamily Protector not only gives you a lump sum amount in case of both claim and no claim, it gives you annual income for the rest of the policy term while also waiving future premiums when a claim is made. This feature gives you a total payout that can be higher than 10 times the total amount of premium paid by you.
- Most insurance plans also have a parallel plan that covers critical illnesses. This allows you customise your protection.
|MaxTerm Value (CI)||
|MaxLife Protector 2||
|MaxFamily Protector (CI)||
|MaxTerm Enhanced (CI)||
OCBC MaxLife Multiplier
It’s a whole life insurance plan. This policy comes with Critical Illness Protector Multiplier that multiplies your coverage to provide you with maximum protection when you are in the prime of your life.
Features and Benefits of OCBC MaxLife Multiplier
- Limited premium payment term: With this policy, you pay premium for only 15 years while your coverage continues for life.
- Multiplier effect: The policy comes with Critical Illness Protector Multiplier, which offers a payout of up to three times the amount of sum assured before the age of 65. The multiplier factor is determined on the basis of your age at the time of policy entry. Sooner you start, higher the multiplier factor.
The entry age for this insurance plan is 1 year (age next birthday). The payouts under this plan will stop and the policy will be terminated when you turn 65 years old (age next birthday).
When you buy an OCBC life insurance plan, you can enjoy many benefits. Some of the following promotions may apply to your policy purchase depending on the terms and conditions:
- When you buy a MaxTerm Value (CI) policy, you can get a reward of up to S$400 by starting a portfolio. You may get additional S$30 on completion of OCBC Life Goals Planner and purchase of an eligible product.
How to Apply
Depending on the type of insurance you choose, there are a few methods of applying for an OCBC life insurance policy. The application methods are:
- You can make an appointment with the insurance team at OCBC via their website.
- You can call at (65) 6722 2293 between 9am to 6pm on weekdays.
- You can visit an OCBC branch.
- You can apply by mail. Download the form and pay with your credit card, and then mail the form with your NRIC to Great Eastern’s Pickering Street address.
- You can call at 1800 363 3333.
Check your Eligibility
Depending on the type of policy you choose, your eligibility may depend on a few things. You may be required to be a Singaporean or a Permanent Resident, and you may need to have a certain documents. The age required for applying for the different OCBC life insurance policies is:
|MaxTerm Value||17 to 70|
|MaxTerm Value (CI)||17 to 70|
|Smart Life||21 to 60|
|Smart Supreme||21 to 60|
|MaxLife Protector 2||1 month to 60 years|
|MaxLife Multiplier||1 to 50|
|MaxFamily Protector||17 to 55|
|MaxFamily Protector (CI)||17 to 55|
|MaxTerm Enhanced||17 to 70|
|MaxTerm Enhanced (CI)||17 to 70|
How to Make a Claim
In order to make a claim for your insurance, you can call customer service hotline for Great Eastern General Insurance Limited at (+65) 6248 2888 between 9am to 5.30pm on weekdays.
Q. As a customer protected by MaxFamily Cover insurance plan, in which situations can I expect my premiums waived off?
A. When you make a claim for critical illness (excluding Angioplasty) or total and permanent disability, your future premiums are waived off.
Q. How can my MaxFamily Cover insurance help me if I am to undergo Angioplasty?
A. On first diagnosis of Angioplasty requirement or when you make a claim, you are paid 8% (S$25,000 maximum) of the sum assured to you. The policy continues providing your coverage.
Q. If I sign up for MaxLife Multiplier at 39 years of age, what benefits would I get?
A. As the multiplier factor in this policy is dependent upon the age of signing up, you would get the maximum benefit out of this policy of you sign between the ages of 1 to 35 years. Between ages 36 and 45, this policy reduces their multiplier factor from 3 to 2.5, therefore you get 2.5 times the sum assured in case you make a claim before the age 65. If you are going to wait to sign up till the age range of 46 to 50, the multiplier factor becomes 2.
Q. I am a foreigner studying in Singapore, can I buy the Smart Life and Smart Supreme protection plans?
A. No, you are not eligible for these policies as OCBC requires their policyholders to be a Singaporean or a Singapore permanent resident.
Q. When I purchase MaxTerm Value (CI) insurance plan, what is the maximum assured sum that I can get coverage for?
A. The maximum sum assured for MaxTerm Value (CI) is S$3 million.