Recognition of the original inception date of the existing policy and the simplified underwriting questionnaire make it simple and easier for Shield policyholders to change plans.
SINGAPORE – Media OutReach – September 11, 2023 –
Shield plan members[1] can now more easily switch from their existing plans with other insurers to PRUShield from Prudential Singapore (“Prudential”)[2] additional policies and plans (endorsements), via PRUShield EasySwitch (“EasySwitch”).
From September 1, 2023 to December 31, 2023, eligible persons[3] will only have to answer three health questions instead of starting the underwriting process from scratch and filling out the full health questionnaire.
If their application is accepted, the creation date of their existing Shield policy will be recognized for their new PRUShield policy. This means that Prudential will take into account the date of purchase of the Shield policy with the existing insurer as the date of purchase of the policy with Prudential, and all benefits and the claims assessment process will also apply accordingly. result. This also means that for conditions where waiting periods are usually applicable, these waiting periods will now be waived, subject to the duration of the previous policy.[4]
There are approximately 71 percent (2.9 million lives)[5] Singapore residents who are protected by Integrated Protection Plans (IP) which provide coverage in addition to MediShield Life.
Mr. Ben Tan, Corporate Development Director of Prudential Singapore, said: “We introduced PRUShield EasySwitch to make it simple and more convenient for Shield policyholders to transfer their plans to Prudential. Individuals may wish to do this for reasons such as consolidating their policies under one insurer for convenience or to receive better benefits. Some people are hesitant. ”
Further information
Eligible customers are Singaporeans and permanent residents or foreign residents who are:
- with an existing Shield plan in effect[6] with any other insurer of the Integrated Shield Plan (IP)
- able to provide coverage start date and life insurance certificate for their existing Shield plan in force
- able to answer the three health questions
Eligible customers will need to change their Shield plan between September 1, 2023 and December 31, 2023 to receive the benefits offered by the PRUShield EasySwitch initiative.
For more information on eligibility and the PRUShield EasySwitch campaign, please visit RPUShield EasySwitch (please refer to PRUShield EasySwitch terms and conditions under “Important information”).
[1] This includes the Integrated Shield Plan (IP) providing cover to Singaporeans or permanent residents, and the Shield Plan providing cover to foreigners.
[2] PRUShield is the intellectual property endorsed by Prudential Medisave which offers comprehensive medical coverage on top of MediShield Life, Singapore’s national health insurance scheme. For more information about PRUShield, please visit: https://www.prudential.com.sg/products/health-insurance/medical/prushield
[3] Please refer to the “Additional Information” section of this press release.
[4] Customers are subject to the following waiting period from the date of purchase of the previous insurer’s policy: (1) PRUShield Plus and Premier policyholders: serious complications related to pregnancy and childbirth – 10 months, congenital anomalies for the biological child of an insured woman – 10 months, Congenital anomalies of the insured life (as billed) – 24 months, and organ transplant from a living donor – 24 months. (2) PRUShield Standard policyholders: Serious complications related to pregnancy and childbirth – 10 months.
[5] Source: https://www.lia.org.sg/media/3947/20230811_lia-1h2023-results_media-release.pdf
[6] This includes the Integrated Shield Plan (IP) providing cover to Singaporeans or permanent residents, and the Shield Plan providing cover to foreigners.
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The issuer is solely responsible for the content of this announcement.
About PRUShield
PRUShield is the intellectual property endorsed by Prudential Medisave which offers comprehensive medical coverage on top of MediShield Life, Singapore’s national health insurance scheme. It offers customers benefits such as reduced out-of-pocket expenses and comprehensive cancer treatment coverage, affordable plans to suit different budgets, as well as value-added services to enhance the overall hospitalization experience. For more information, please visit:
https://www.prudential.com.sg/prushield
About Prudential Assurance Company Singapore (Pte) Ltd (Prudential Singapore)
Prudential Assurance Company Singapore (Pte) Ltd is one of Singapore’s leading life insurance companies, serving the financial and protection needs of the country’s citizens for 92 years. The company enjoys an AA- financial strength rating from leading credit rating agency Standard & Poor’s, with $49.4 billion in funds under management as of December 31, 2022. It offers a suite of offerings of comprehensive products in the areas of protection, savings and investment through multiple distributions. channels including a network of more than 5,000 financial advisors.
Prudential Singapore
September 11, 2023
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