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.
Frequently Asked Questions (FAQs)
- Till what age does the MaxTerm Enhanced policy provides coverage? Will I be eligible for this policy if I am 55 years old
The MaxTerm Enhanced policy provides coverage till the age of 85. Yes, people aged between 17 – 70 years are eligible for this policy.
- What are the Critical Illnesses covered by the MaxFamily Cover policy?
The covers the following 37 Critical Illnesses:
- Major Cancers
- Heart Attacks (Specified Severity)
- By-pass Surgery of Coronary Artery
- Aplastic Anaemia
- Major Burns
- Kidney Failure
- Lung Disease (Final Stage)
- Liver Failure (Final Stage)
- Heart Valve Surgery
- Deafness (Loss of Hearing)
- Loss of Speech
- Bone Marrow or Major Organ Transplantation
- Muscular Dystrophy
- Multiple Sclerosis
- Parkinson’s Disease
- Surgery of Aorta
- Severe Dementia or Alzheimer’s Disease
- Motor Neurone Disease
- Fulminant Hepatitis
- Pulmonary Hypertension (Primary)
- HIV caused by Blood Transfusion or acquired due to Occupation
- Brain Tumour (Benign)
- Viral Encephalitis
- Bacterial Meningitis
- Angioplasty & Other Invasive Treatment For Coronary Artery
- Major Trauma of the Head
- Blindness (Loss of Sight)
- Terminal Illness
- Paralysis (Loss of Use of Limbs)
- Progressive Scleroderma
- Systemic Lupus Erythematosus with Lupus Nephritis
- Apallic Syndrome
- Other Serious Coronary Artery Disease
- Loss of Independent Existence
5 Advanced Stage Critical Illnesses:
- Advanced Stages of Cancer
- Heart Attack leading to Severe and Permanent Impairment of Function
- By-Pass Surgery of Coronary Artery
- Stroke leading to Severe Impairment
- Extensive Burns
- How much coverage do the Basic Term Insurance Plans of OCBC offer?
The two Basic Term Plans from OCBC, Smart Life and Smart Supreme, offer coverage of S$50K or S$100K.
- What are the benefits offered with the MaxLife Care 2 optional rider?
With the MaxLife Care 2 rider, you will be provides with cash benefit (a percentage of the sum assured) alowng with all the other benefits that are non-guaranteed in case you are diagnosed with any of the 37 recognized Critical Illnesses. You will also enjoy other benefits such as early-stage cancer and pre-stage cancer benefits.
- For how many years will I need to pay the premiums for the of MaxLife Protector 2 policy?
With this life insurance policy, you can enjoy whole life coverage by paying premiums only for a period of 15 years.