Archive for the ‘Insurance’ Category
IncomeShield - Fastest Claims Return Rate
IncomeShield - Fastest Claims Return Rate
We are pleased to share with you that based on MOH statistics (1 October 2009 - 31 December 2009), IncomeShield has the fastest Claims Return Rate amongst the other MediSave Approved Shield providers.
This means best service in the health insurance industry for your clients when they need us most.
How do you read the chart ? https://www.moh.gov.sg/mohcorp/hcfinancing.aspx?id=342
a. Claims return rate indicates how long it takes each insurer to process claims with positive payouts.
b. Cumulative claims return rate, refers to the percentage of claims processed by the insurer within one week, two weeks and one month. The higher the percentage the better.
c. The fifth column shows the median number of days it takes each insurer to process claims. The lower the number of days the better.
|
Cumulative Claims Return Rate |
Median claims return rate (days) |
|||
|
<= 1 week |
<= 2 weeks |
<= 4 weeks |
||
|
AIA |
64% |
78% |
86% |
5 |
|
AVIVA |
80% |
85% |
91% |
2 |
|
Great Eastern |
92% |
94% |
96% |
1 |
|
NTUC Income |
92% |
94% |
97% |
1 |
|
Prudential |
85% |
91% |
94% |
2 |
(1 October 2009 - 31 December 2009)
Note(1) : The number of days insurers take to process claims includes the time it takes to obtain medical records from claimants or medical institutions.
The above statistics can be found under MOH website at https://www.moh.gov.sg/mohcorp/hcfinancing.aspx?id=342
The choice is yours: CPF
Posted by: admin in General, Insurance, Unit Trust on March 29th, 2010
SINGAPORE : Should the CPF Investment Scheme be stopped so that members will not risk losing their retirement nest egg?
Yes, thinks a resident who claimed that he had lost some $350,000 in his CPF account after investing in shares under CPFIS.
The Lengkong Tiga resident, who identified himself as Mr Goh, said during the ministerial dialogue on Sunday that he only got back $35,000 eventually but did not say if these were the gains from the investments or the amount he could withdraw from his Ordinary Account (OA) on top of the Minimum Sum.
He also did not say how he lost the sum and whether the investments spanned a few years.
MediaCorp understands that members can only invest up to 35 per cent of their money in their OA in shares.
Mr Goh said he had suggested to the CPF Board to stop allowing members to invest in shares but staff had replied that it was his personal choice to make the investments.
Second Minister for Finance Lim Hwee Hua said she agreed with the CPF Board’s stance, adding that there had been “a lot of demand” for the Government to allow members to invest their CPF money before the CPFIS was introduced.
She quipped: “I’ll convey your feedback to the CPF Board but I’m not quite sure the rest will agree that we should stop the scheme.”
The latest performance numbers of funds under the CPFIS released earlier this month pointed to a solid year.
According to Lipper, the funds tracking company under the CPF Board’s guidelines, the average return of CPFIS—included funds, unit trusts and investment—linked insurance products (ILPs) rose 38.62 per cent last year compared with the same period a year ago. — TODAY
The CHEAPEST Term Insurance plans in Singapore right now..
For those who is budget conscious more than anything else, you may find this useful. I’ve saved you weeks of research to come up with these rankings, applicable as of 10th February 2009.
The rankings are based on $250,000 sum insured:
Male, 1 year old
- NTUC iTerm
- HSBC Value Term
Male, 10 years old
- NTUC iTerm
- HSBC Value Term
Male, 20 years old
- GE Essential Term Assurance
- TM Asia Peace of Mind
- NTUC iTerm
- ManuLife 40-Yr Level & Convertible Term
- Aviva Wealth Protector - Level
- AXA Future Protector
- HSBC Value Term
- UOB Life Special
- UOB Life Term 100
Male, 25 years old
- TM Peace of Mind - RP
- GE Essential Term Assurance
- NTUC iTerm
- ManuLife 40-Yr Level & Convertible Term
- HSBC Value Term
- AXA Future Protector
- Aviva Wealth Protector
- UOB Life Special
- UOB Life Term 100
Having listed these, I have to highlight that buying of insurance policies are not just about numbers. The terms and conditions of these policies are likely to vary from one another. Though they can be very confusing, the differences are there to cater to our different sets of situations. A competent adviser should be able to prescribe you with the plan that can best fit your situation.
Can’t find what you’re looking for? Enquire here.