Called CriticalCare Plus, the new health policy covers five major critical illnesses (CIs), including cancer, heart attack, stroke, Parkinson's disease, and Alzheimer's disease.
CriticalCare Plus is available in four plan types with maximum payout of S$100,000 (US$77,512).
Policyholders will be granted an accelerated payout at 50% of sum insured upon diagnosis of early-stage cancer such as carcinoma-in-situ, early prostate cancer and early thyroid cancer.
Moreover, there will also be an accelerated payout at 10% of sum insured for angioplasties and other invasive treatments for coronary artery.
New customers may avail a 25% discount on their premiums if they apply until 26 September.
Whilst Singaporeans have employer and national health plans to pay for medical costs, these are often insufficient to fully address long-term needs of critical illnesses.
A report found that the average healthcare cost in Singapore has increased by 10.3% year-on-year, reported Insurance Asia.