ANNEX A
Estimated CareShield Life premiums
Age 30 in 2020
| Male | Female |
Premiums and Subsidies1 |
| 206 | 253 |
- Means-tested Subsidy of 30% on premium3 (S$)
| - 61.80 | - 75.90 |
- Transitional Subsidy in 2020 (S$)
| - 70 | - 70 |
Net Premium Payable in 2020 (S$) | 74 | 107 |
Monthly Equivalent Premium Payable (S$) | 6.17 | 8.92 |
Payouts: Starts at $600/month in 2020, increases over time to ~$1,200/month at age 674 Payouts last for as long as policyholder remains severely disabled |
Note:
1 Premium figures are derived on the basis of Government taking over the administration of ElderShield schemes from existing ElderShield insurers.
2 Premiums will increase over time until age 67, alongside regular increases in payouts. Premiums and payouts will be reviewed regularly to account for claims experience and changes in disability and longevity trends.
3 Assuming individual has a per capita household income of $1,100 or less. Subsidy rates for other income groups are available on the CareShield Life website.
4 This illustration assumes a payout increase of 2% per year and a claim is made at age 67 or later. Actual payouts may vary depending on the regular adjustments.
Age 42 in 2021
| Male (ElderShield 400) | Female (ElderShield 400) | Male (Not on ElderShield) | Female (Not on ElderShield) |
Premiums and Subsidies1 |
- Base premium in 20212 (S$)
| 318 | 395 | 318 | 395 |
- Means-tested Subsidy of 30% on premium3 (S$)
| - 95.40 | - 118.50 | - 95.40 | - 118.50 |
- Participation incentive4 (S$)
| - 50 | - 50 | - 50 | - 50 |
| 0 | 0 | 44 | 58 |
Net Premium Payable in 2021 (S$) | 173 | 227 | 217 | 285 |
Monthly Equivalent Premium Payable (S$) | 14.42 | 18.92 | 18.08 | 23.75 |
Payouts: Starts at $612/month in 2021, increases over time to ~$1,000/month at age 676 Payouts last for as long as policyholder remains severely disabled |
Note:
1 Premium figures are derived on the basis of Government taking over the administration of ElderShield schemes from existing ElderShield insurers.
2 Premiums will increase over time until age 67, alongside regular increases in payouts. Premiums and payouts will be reviewed regularly to account for claims experience and changes in disability and longevity trends.
3 Assuming individual has a per capita household income of $1,100 or less. Subsidy rates for other income groups are available on the CareShield Life website.
4 Provided each year for 10 years.
5 Paid each year for 10 years.
6 This illustration assumes a payout increase of 2% per year and a claim is made at age 67 or later. Actual payouts may vary depending on the regular adjustments.
-
Age 54 in 2021
| Male (ElderShield, 400) | Female (ElderShield, 400) | Male (ElderShield, 300) | Female (ElderShield, 300) | Male (Not on ElderShield) | Female (Not on ElderShield) |
Premiums and Subsidies1 | | | | |
- Base premium in 20212 (S$)
| 529 | 677 | 529 | 677 | 529 | 677 |
- Means-tested Subsidy of 30% on premium3 (S$)
| - 158.70 | - 203.10 | - 158.70 | - 203.10 | - 158.70 | - 203.10 |
- Participation incentive4 (S$)
| - 150 | - 150 | - 150 | - 150 | - 150 | - 150 |
| 0 | 0 | 38 | 49 | 409 | 537 |
Net Premium Payable in 2021 (S$) | 220 | 324 | 258 | 373 | 629 | 861 |
Monthly Equivalent Premium Payable (S$) | 18.33 | 27.00 | 21.50 | 31.08 | 52.42 | 71.75 |
Payouts: Starts at $612/month in 2021, increases over time to ~$790/month at age 676 Payouts last for as long as policyholder remains severely disabled |
Note:
1 Premium figures are derived on the basis of Government taking over the administration of ElderShield schemes from the ElderShield insurers.
2 Premiums will increase over time until age 67, alongside regular increases in payouts. Premiums and payouts will be reviewed regularly to account for claims experience and changes in disability and longevity trends.
3 Assuming individual has a per capita household income of $1,100 or less. Subsidy rates for other income groups are available on the CareShield Life website.
4 Provided each year for 10 years.
5 Paid each year for 10 years.
6 This illustration assumes a payout increase of 2% per year and a claim is made at age 67 or later. Actual payouts may vary depending on the regular adjustments.
-
Age 62 in 2021
| Male (ElderShield, 400) | Female (ElderShield, 400) | Male (ElderShield, 300) | Female (ElderShield, 300) | Male (Not on ElderShield) | Female (Not on ElderShield) |
Premiums and Subsidies1 | | | | |
- Base premium in 20212 (S$)
| 611 | 807 | 611 | 807 | 611 | 807 |
- Means-tested Subsidy of 30% on premium3 (S$)
| - 183.30 | - 242.10 | - 183.30 | - 242.10 | - 183.30 | - 242.10 |
- Participation incentive4 (S$)
| - 250 | - 250 | - 250 | - 250 | - 250 | - 250 |
| 0 | 0 | 76 | 100 | 732 | 969 |
Net Premium Payable in 2021 (S$) | 178 | 315 | 254 | 415 | 910 | 1,284 |
Monthly Equivalent Premium Payable (S$) | 14.83 | 26.25 | 21.17 | 34.58 | 75.83 | 107.00 |
Payouts: Starts at $612/month in 2021, increases over time to ~$680/month at age 676 Payouts last for as long as policyholder remains severely disabled |
Note:
1 Premium figures are derived on the basis of Government taking over the administration of ElderShield schemes from the ElderShield insurers.
2 Premiums will increase over time until age 67, alongside regular increases in payouts. Premiums and payouts will be reviewed regularly to account for claims experience and changes in disability and longevity trends.
3 Assuming individual has a per capita household income of $1,100 or less. Subsidy rates for other income groups are available on the CareShield Life website.
4 Provided each year for 10 years.
5 Paid each year for 10 years.
6 This illustration assumes a payout increase of 2% per year and a claim is made at age 67 or later. Actual payouts may vary depending on the regular adjustments.