According to the Singapore Cancer Society, an average of 39 Singaporeans face a cancer diagnosis each day. The high cost of treatment can strain finances, but critical illness insurance offers a solution. This guide presents Singapore’s 12 best critical illness insurance for 2024.
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Best Critical Illness Insurance in Singapore Comparison
| Critical Illness Insurance | Coverage | Payout | Renewal | Cost |
| AIA Power Critical Cover | Comprehensive (100 illnesses) | Multiple | Renewable up to age 100, premiums increase every 10 years | High |
| Aviva MyMultiPay Critical Illness Plan IV | Comprehensive (132 illnesses) | Multiple | Renewable up to age 99, premiums increase every 10 years | High |
| Great Eastern GREAT Family Care | Comprehensive (120 illnesses) | Multiple | Renewable up to age 100, premiums increase every 10 years | High |
| Manulife Ready CompleteCare | Comprehensive (106 illnesses) | Multiple | Renewable up to age 100, premiums increase every 10 years | High |
| NTUC Income Star Secure | Customizable (Choose from 37 illnesses) | Single | Renewable up to age 84, premiums increase every 10 years | Medium |
| Prudential PRUActive Protect | Top 3 (Cancer, Heart Attack, Stroke) | Single | Renewable up to age 100, premiums increase every 10 years | Low |
| Raffles Health Insurance Raffles Shield | Comprehensive (110 illnesses) | Multiple | Renewable up to age 100, premiums increase every 10 years | High |
| Singlife with Aviva MultiPay CI III | Comprehensive (138 illnesses) | Multiple | Renewable up to age 99, premiums increase every 10 years | High |
| Tokio Marine TM EarlyCover | Top 3 (Cancer, Heart Attack, Stroke) | Single | Renewable up to age 100, premiums increase every 10 years | Low |
| Tiq Cancer Insurance | Top 3 (Cancer) | Single | Renewable up to age 85, premiums increase every 10 years | Low |
| AXA Super CritiCare | Comprehensive (104 illnesses) | Multiple | Renewable up to age 100, premiums increase every 10 years | High |
| FWD Big 3 Critical Illness | Top 3 (Cancer, Heart Attack, Stroke) | Single | Renewable up to age 85, premiums increase every 10 years | Low |
Top 12 Critical Illness Insurance in Singapore
1. AIA Power Critical Cover – Best for Comprehensive Coverage
AIA Power Critical Cover is one of the best critical illness insurance in Singapore that offers comprehensive coverage for 100 illnesses, making it one of the most comprehensive plans in Singapore. The plan provides multiple payouts, allowing you to claim up to 300% of the sum assured for different critical illnesses, including recurrent or subsequent occurrences.
Key features of AIA Power Critical Cover:
- Coverage: 100 critical illnesses, including early, intermediate, and major stages
- Payout: Multiple payouts up to 300% of the sum assured
- Renewal: Renewable up to age 100, with premiums increasing every 10 years
- Cost: Relatively high due to its comprehensive coverage and multiple payout structure
One unique point of AIA Power Critical Cover is its “Power Reset” feature. If you make a claim for an early or intermediate-stage illness, your coverage will be automatically restored to 100% after 12 months, allowing you to claim again for another critical illness in the future.
However, it’s essential to note that AIA Power Critical Cover, like most critical illness plans, does not cover pre-existing conditions. Furthermore, knowing that the plan might impose a waiting period for particular illnesses is crucial. For instance, a 90-day waiting period may apply to cancer coverage.
AIA Power Critical Cover is best suited for individuals who prioritize comprehensive coverage and the ability to claim multiple times for different critical illnesses. It can provide peace of mind knowing that you have extensive protection against many critical illnesses.
2. Aviva MyMultiPay Critical Illness Plan IV – Best for Multiple Payouts
Aviva MyMultiPay Critical Illness Plan IV is a critical illness insurance plan that stands out for its generous multiple payout feature. The plan covers 132 critical illnesses, one of the highest in the market. It allows you to claim up to 900% of the sum assured for different critical illnesses, including recurrent or subsequent occurrences.
Key features of Aviva MyMultiPay Critical Illness Plan IV:
- Coverage: 132 critical illnesses, including early, intermediate, and major stages
- Payout: Multiple payouts up to 900% of the sum assured
- Renewal: Renewable up to age 99, with premiums increasing every 10 years
- Cost: Relatively high due to its extensive coverage and generous multiple payout structure
One unique point of Aviva MyMultiPay Critical Illness Plan IV is its “Special Benefit Payout.” If you are diagnosed with any of the covered major-stage critical illnesses, you will receive 25% of the sum assured on top of your main benefit payout.
However, like most critical illness plans, Aviva MyMultiPay Critical Illness Plan IV does not cover pre-existing conditions. Certain illnesses, such as 90 days for cancer, may also have a waiting period.
Aviva MyMultiPay Critical Illness Plan IV is best suited for individuals who want the assurance of being able to make multiple claims for different critical illnesses and those who seek extensive coverage. The plan’s generous multiple payout feature and special benefit payout can provide significant financial support in the event of a critical illness diagnosis.
3. Great Eastern GREAT Family Care – Best for Family Protection
Great Eastern GREAT Family Care, a critical illness insurance policy, provides extensive protection by covering 120 critical illnesses. What sets this plan apart is its focus on providing protection for the entire family.
The plan allows you to extend coverage to your spouse and children, ensuring that your loved ones are also financially protected in the event of a critical illness diagnosis.
Key features of Great Eastern GREAT Family Care:
- Coverage: 120 critical illnesses, including early, intermediate, and major stages
- Payout: Multiple payouts up to 300% of the sum assured
- Renewal: Renewable up to age 100, with premiums increasing every 10 years
- Cost: Relatively high due to its comprehensive coverage and family protection feature
One unique point of Great Eastern GREAT Family Care is its “Family Sharing Benefit.” If you are diagnosed with a major stage critical illness, the plan will waive future premiums for your spouse and children’s plans, ensuring continuous coverage for your family.
However, like most critical illness plans, Great Eastern GREAT Family Care does not cover pre-existing conditions. Certain illnesses, such as 90 days for cancer, may also have a waiting period.
Great Eastern GREAT Family Care is best suited for individuals who want to protect their entire family against the financial impact of critical illnesses. The plan’s family-sharing benefit can provide peace of mind, knowing that your loved ones’ coverage will continue even if you are diagnosed with a major critical illness.
4. Manulife Ready CompleteCare – Best for Early-Stage Coverage
Manulife Ready CompleteCare is a critical illness insurance plan that provides comprehensive coverage for 106 critical illnesses. This plan’s distinguishing feature is its emphasis on providing coverage for critical illnesses in their early stages. The plan offers payouts for early-stage diagnoses of critical illnesses, allowing you to receive financial support at the earliest possible stage.
Key features of Manulife Ready CompleteCare:
- Coverage: 106 critical illnesses, including early, intermediate, and major stages
- Payout: Multiple payouts up to 300% of the sum assured, with additional payouts for early-stage diagnoses
- Renewal: Renewable up to age 100, with premiums increasing every 10 years
- Cost: Relatively high due to its comprehensive coverage and early-stage payout feature
One unique point of Manulife Ready CompleteCare is its “Early Stage CareBooster.” If you are diagnosed with an early-stage critical illness, you will receive an additional 50% of the sum assured on top of your early-stage benefit payout. This extra financial support can help cover the costs of early treatment and recovery.
However, Manulife Ready CompleteCare does not cover pre-existing conditions like most critical illness plans. There may also be a waiting period for certain illnesses, such as 90 days for cancer.
Manulife Ready CompleteCare is best suited for individuals who want the assurance of receiving financial support at the earliest stage of a critical illness. The plan’s early-stage coverage and Early Stage CareBooster can provide the necessary funds to help manage the costs of early treatment and recovery, potentially improving overall health outcomes.
5. NTUC Income Star Secure – Best for Customizable Coverage
NTUC Income Star Secure is a critical illness insurance plan with a unique, customizable coverage feature. Unlike most plans with a fixed list of covered illnesses, Star Secure allows you to choose from 37 critical diseases to create a plan that best suits your needs and budget.
Key features of NTUC Income Star Secure:
- Coverage: Customizable, choose from 37 critical illnesses
- Payout: The plan provides a lump sum payout equal to the sum assured when the policyholder is diagnosed with any of the covered critical illnesses
- Renewal: Renewable up to age 84, with premiums increasing every 10 years
- Cost: Relatively moderate due to its customizable coverage and single payout structure
One unique point of NTUC Income Star Secure is its “Power Up Option.” This feature allows you to increase your sum assured by 25% every two years without further medical underwriting. This can be particularly useful if your financial needs change over time.
However, like most critical illness plans, NTUC Income Star Secure does not cover pre-existing conditions. There may also be a waiting period for certain illnesses, such as 90 days for cancer. As with most critical illness insurance policies, this plan excludes coverage for pre-existing conditions and may impose waiting periods before coverage for the included illnesses takes effect.
NTUC Income Star Secure is best suited for individuals who want the flexibility to create a critical illness insurance plan that meets their needs and budget. The plan’s customizable coverage and Power Up Option can provide a more personalized level of protection.
6. Prudential PRUActive Protect – Best for Affordable Coverage of Top 3 Critical Illnesses
Prudential PRUActive Protect stands out as a critical illness insurance plan that prioritizes budget-friendly coverage for the three most frequent critical illnesses faced by Singaporeans: cancer, heart attack, and stroke. Covering these top three illnesses offers a more streamlined and cost-effective option compared to comprehensive plans.
Key features of Prudential PRUActive Protect:
- Coverage: Cancer, heart attack, and stroke
- Payout: When a policyholder is diagnosed with a critical illness that falls under the plan’s coverage, they will receive the sum assured as a single, one-off payment
- Renewal: Renewable up to age 100, with premiums increasing every 10 years
- Cost: Relatively low due to its focused coverage on the top three critical illnesses
One unique point of Prudential PRUActive Protect is its “No Claim Bonus.” If no claims are made during the policy term, you will receive a bonus of 10% of the total premiums paid upon policy expiry. This feature rewards you for maintaining a healthy lifestyle and not making any claims.
However, it’s important to note that Prudential PRUActive Protect only covers the three specified critical illnesses. It does not provide coverage for other critical illnesses or early-stage diagnoses. Additionally, like most critical illness plans, it does not cover pre-existing conditions, and there may be waiting periods for the covered illnesses.
Prudential PRUActive Protect is best suited for individuals who want an affordable critical illness insurance plan focusing on Singapore’s most common critical illnesses. This plan can be a good option for those on a budget or as a supplementary plan to enhance critical illness coverage.
7. Raffles Health Insurance Raffles Shield – Best for Comprehensive Coverage with High Sum Assured
Raffles Health Insurance Raffles Shield is a critical illness insurance plan that offers comprehensive coverage for 110 critical illnesses, with the option to choose a high sum assured. This plan is designed for those who want substantial financial protection against critical illnesses.
Key features of Raffles Health Insurance Raffles Shield:
- Coverage: 110 critical illnesses, including early, intermediate, and major stages
- Payout: Multiple payouts up to 300% of the sum assured
- Renewal: Renewable up to age 100, with premiums increasing every 10 years
- Cost: Relatively high due to its comprehensive coverage and high sum assured options
One unique point of Raffles Health Insurance Raffles Shield is its “Recovery Benefit.” If you are diagnosed with a major stage critical illness, the plan will provide an additional 50% of the sum assured to support your recovery process. This benefit can provide financial assistance to help manage the expenses associated with post-treatment care and rehabilitation.
However, like most critical illness plans, Raffles Health Insurance Raffles Shield does not cover pre-existing conditions. Certain illnesses, such as 90 days for cancer, may also have a waiting period. Additionally, the high sum assured options may result in higher premiums.
Raffles Health Insurance Raffles Shield is best suited for individuals who want comprehensive critical illness coverage with the option to choose a high sum assured. This plan can provide substantial financial protection for those who want to ensure they have sufficient funds to cover treatment costs and support their recovery process.
8. Singlife with Aviva MultiPay CI III – Best for Extensive Coverage
Singlife with Aviva MultiPay CI III is a critical illness insurance plan that offers one of the most extensive coverages in the market, protecting you against 138 critical illnesses. The plan’s comprehensive protection extends across the entire spectrum of critical illness stages, from early to major.
Key features of Singlife with Aviva MultiPay CI III:
- Coverage: 138 critical illnesses, including early, intermediate, and major stages
- Payout: Multiple payouts up to 900% of the sum assured
- Renewal: Renewable up to age 99, with premiums increasing every 10 years
- Cost: Relatively high due to its extensive coverage and multiple payout structure
One unique point of Singlife with Aviva MultiPay CI III is its “Special Care Benefit.” If a major-stage critical illness covered by the plan is diagnosed, you will receive a supplementary payout equal to 20% of the sum assured. This extra payout can help cover the costs of specialized treatments or care services.
However, like most critical illness plans, Singlife with Aviva MultiPay CI III does not cover pre-existing conditions. There is a waiting period for certain illnesses, such as 90 days for cancer. Additionally, the extensive coverage and multiple payout structure may result in higher premiums than plans with more limited coverage.
Singlife with Aviva MultiPay CI III is best suited for individuals who want the most comprehensive critical illness coverage available in the market. This plan can provide peace of mind, knowing that you are protected against a wide range of critical illnesses, with the potential for multiple payouts and additional financial support for major-stage diagnoses.
9. Tokio Marine TM EarlyCover – Best for Early Stage Critical Illness Coverage
Tokio Marine TM EarlyCover is a critical illness insurance plan that focuses on providing coverage for the early stages of the three most frequently critical illnesses in Singapore: cancer, heart attack, and stroke. By detecting and treating these illnesses early, the plan aims to improve the chances of recovery and reduce the financial burden on the insured.
Key features of Tokio Marine TM EarlyCover:
- Coverage: Early stages of the top 3 critical illnesses (cancer, heart attack, and stroke)
- Payout: Single payout of the sum assured upon diagnosis of a covered early-stage critical illness
- Renewal: Renewable up to age 100, with premiums increasing every 10 years
- Cost: Relatively low due to its focused coverage on early-stage critical illnesses
One unique point of Tokio Marine TM EarlyCover is its “Wellness Benefit.” The plan provides a free health screening every two years, which can help detect early signs of critical illnesses. Detecting critical illnesses early can result in more effective treatment and improved overall health outcomes.
However, it’s important to note that Tokio Marine TM EarlyCover only covers the three critical illnesses’ early stages. It does not provide coverage for intermediate or major stages, or for other critical illnesses. As is standard with most critical illness insurance plans, this policy excludes coverage for pre-existing conditions and may impose waiting periods before coverage for the included illnesses begins.
Tokio Marine TM EarlyCover is best suited for individuals who want an affordable critical illness insurance plan that focuses on early detection and treatment of Singapore’s most common critical illnesses. This plan can be a good option for those who want to catch critical illnesses early and maximize their chances of recovery.
10. Tiq Cancer Insurance – Best for Comprehensive Cancer Coverage
Tiq Cancer Insurance is a critical illness insurance plan that provides comprehensive coverage specifically for cancer. As cancer is one of the most common critical illnesses in Singapore, this plan offers targeted protection to help manage the financial impact of a cancer diagnosis.
Key features of Tiq Cancer Insurance:
- Coverage: All stages of cancer, from early to major stages
- Payout: If diagnosed with cancer at any stage, the insured will receive a single, lump sum payout equal to the sum assured
- Renewal: Renewable up to age 85, with premiums increasing every 10 years
- Cost: Relatively low due to its focused coverage on cancer
One unique point of Tiq Cancer Insurance is its “Cancer Relapse Benefit.” If you are diagnosed with a relapse of cancer after at least one year from the last cancer diagnosis, the plan will pay an additional 50% of the sum assured. This benefit recognizes the possibility of cancer recurrence and provides additional financial support.
However, it’s important to note that Tiq Cancer Insurance only covers cancer. The plan’s coverage is limited, as it does not extend to critical illnesses other than those specifically mentioned. As with most critical illness insurance policies, this plan excludes coverage for pre-existing conditions and may impose a waiting period, such as 90 days, before coverage for cancer diagnosis takes effect.
Tiq Cancer Insurance is best suited for individuals who want comprehensive coverage specifically for cancer. As cancer treatment can be costly and prolonged, this plan can provide the necessary financial support to help manage the expenses associated with cancer diagnosis and treatment.
11. AXA Super CritiCare – Best for Long-Term Coverage
AXA Super CritiCare is a critical illness insurance plan that offers comprehensive coverage for 104 critical illnesses, with a focus on providing long-term protection. The plan is designed to offer coverage up to age 100, ensuring that you are protected against critical illnesses throughout your lifetime.
Key features of AXA Super CritiCare:
- Coverage: 104 critical illnesses, including early, intermediate, and major stages
- Payout: Multiple payouts up to 300% of the sum assured
- Renewal: Renewable up to age 100, with premiums remaining level throughout the policy term
- Cost: Relatively high due to its comprehensive coverage and long-term protection
One unique point of AXA Super CritiCare is its “No-Claim Discount.” If no claims are made for a continuous five-year period, the plan offers a 5% discount on the premium for the following year. This is a reward for leading a healthy lifestyle and not filing any claims.
However, like most critical illness plans, AXA Super CritiCare does not cover pre-existing conditions. It has a waiting period for certain illnesses, such as 90 days for cancer. Additionally, the long-term coverage and level premiums may result in higher initial premiums than plans with shorter coverage terms or increasing premiums.
AXA Super CritiCare is best suited for individuals who want comprehensive critical illness coverage that lasts throughout their lifetime. The plan’s long-term protection and no-claim discount feature can provide peace of mind and potential savings for those who maintain a healthy lifestyle.
12. FWD Big 3 Critical Illness – Best for Affordable Coverage of Top 3 Critical Illnesses
FWD Big 3 Critical Illness is a critical illness insurance plan that provides affordable coverage for the three most frequently occurring critical illnesses in Singapore: cancer, heart attack, and stroke. The plan offers a cost-effective option for those who want basic critical illness protection by covering these top three illnesses.
Key features of FWD Big 3 Critical Illness:
- Coverage: Cancer, heart attack, and stroke
- Payout: If diagnosed with cancer at any stage, the insured will receive a single, lump sum payout equal to the sum assured
- Renewal: Renewable up to age 85, with premiums increasing every 10 years
- Cost: Relatively low due to its focused coverage on the top three critical illnesses
One unique point of FWD Big 3 Critical Illness is its “No-Claim Bonus.” If no claims are made during the policy term, you will receive a refund of 50% of the total premiums paid upon policy expiry. This feature rewards you for maintaining a healthy lifestyle and not making any claims.
However, it’s important to note that FWD Big 3 Critical Illness only covers the three specified critical illnesses. It does not provide coverage for other critical illnesses or early-stage diagnoses. Like other critical illness insurance policies, this plan withholds coverage for pre-existing conditions and may require policyholders to observe waiting periods before coverage for the specified illnesses takes effect.
FWD Big 3 Critical Illness is best suited for individuals who want an affordable critical illness insurance plan that focuses on the most common critical illnesses in Singapore. This plan can be a good option for those on a budget or as a supplementary plan to enhance existing critical illness coverage. The no-claim bonus feature adds value for those who maintain a healthy lifestyle.
Conclusion
Choosing the best critical illness insurance plan depends on your needs and budget. While all the plans mentioned offer valuable protection, Aviva MyMultiPay Critical Illness Plan IV stands out for its comprehensive coverage of 132 illnesses and generous multiple payout feature, providing up to 900% of the sum assured.
Before deciding, it is crucial to thoroughly examine the coverage details, exclusions, and costs associated with each critical illness insurance plan. When choosing a plan, consider your personal health history, family medical background, and financial circumstances to ensure that you have the most appropriate protection in place.
Frequently Asked Questions (FAQs)
Disclaimer: The information contained in this article is for general comparison purposes only and should not be taken as a substitute for professional insurance advice. Critical illness insurance plans can be complex and have varying exclusions, benefits, and eligibility requirements. It’s important to consult with a qualified financial advisor or insurance agent to understand your needs and choose the best plan. While we strive to provide accurate information, the author(s) and BizTech Community disclaim any liability for any errors or omissions or for the results obtained from using this information.
