PayCare Overview If you’re unable to work due to illness and injury,
an income insurance policy such as Great Eastern Life’s PayCare
will protect you against the loss of your most valuable asset –
your income – with a Monthly Disability Benefit. Flexible
premium payment and coverage plans allow you to customise PayCare
to suit your individual needs.
PayCare is different from other insurance policies because it provides
you a regular stream of benefit during your disability period, giving
you the time to recover and get your plans back on track.
You can also claim for rehabilitation expenses that you might incur
while recovering – PayCare reimburses you with up to three
times your Monthly Disability Benefit to cover this.
PayCare is available to any working Singaporean or Singapore Permanent
Resident from the age of 21 to 55 years next birthday. Restrictions
may apply to some occupations.
Key Benefits
Total
disability benefit*:
Upon Total Disability beyond the Pre-Benefit Period***, if you are
unable to perform your own occupation during the first 24 months
or any other occupations beyond 24 months after the onset of disability,
the monthly benefit will continue to be paid until you are 55, 60,
or 65 years of age.
Partial
disability benefit*: Following the period of Total Disability beyond the Pre-Benefit
Period***, if you return to work for a lower monthly income, PayCare
will pay you a proportion of the Monthly Disability Benefit to supplement
your reduced income.
Rehabilitation
expenses benefit:
In addition to the total or partial disability benefit you will
receive while suffering from a disability, PayCare will reimburse
you up to three times the Monthly Disability Benefit to cover your
rehabilitation expenses, which may include the cost of training
courses, medical aids and workplace modifications as certified by
a Medical Practitioner.
Death benefit: PayCare (for stand-alone policy only) will also pay a death
benefit equivalent to 6 times the Monthly Disability Benefit in
the event of death.
Completely
tailor-made to your needs: PayCare can be customised to suit your needs – choose
how often you pay your premiums**, how long you want to be covered
for, a level or escalating Monthly Disability Benefit to keep up
with inflation, and whether to purchase the plan as a standalone
policy or a rider to supplement your existing Great Eastern policies.
The above is for
general information only. It is not a contract of insurance. Please
refer to the policy document for the precise terms and conditions
of the insurance plan.
Buying a life insurance policy is a long-term commitment. An early
termination of the policy usually involves high costs and the surrender
value payable may be less than the total premium paid.
It is usually detrimental to replace an existing accident and health
insurance policy with a new one. A penalty may be imposed for early
policy termination and the new policy may cost more or have less
benefits at the same cost.
