So you may have already heard. Aviva was appointed by the Ministry of Defence (MINDEF) and the Ministry of Home Affairs (MHA) to administer the scheme which has some new features.
What used to be known as the SAF Group Term Life (SAF GTL) insurance scheme and the insurance plan for the Home Team have now joined forces as of 1 July 2016. Here are the top seven things you should know.
1. It has a new name.
It’s called MINDEF and MHA GROUP INSURANCE! So it’s pretty clear who this insurance plan is for.
2. Now more groups of people are covered.
In addition to spouse and children of MINDEF and MHA personnel, the new plan offers coverage to volunteer personnel as well, such as the SAF VC, NS Volunteers, ROVERS, VSC and CDAU as well as their spouse and children too.
Even Part-Time and Contract staff of affiliate MINDEF and MHA organisations and DSTA employees (and their dependants) are eligible for coverage under the Core scheme during their terms of service.
3. The new scheme has TWO components.
One is Core – which is basic coverage that is paid for by MINDEF and MHA. This coverage applies during the period when a serviceman is serving his/her full-time national service, as well as during In-Camp Training (ICT) for operationally-ready NSmen. This coverage is also extended to regulars during their period of employment, and volunteers during their official duties.
The other is the Voluntary component – which is paid by the policyholder if he/she wants a higher amount of coverage, and/or wants to be covered outside their official periods of duty, and/or if they would like to insure their spouse and dependants too. The voluntary scheme is available from 1 July 2016 and 1 Oct 2016, for MHA and MINDEF personnel respectively.
4. The Core scheme consists of two types of coverage, with a coverage amount of S$150,000 each.
This means you get coverage of $150,000 for group term life insurance and S$150,000 for group personal accident under the paid-for Core scheme.
Quick recap: The Group Term Life (GTL) policy provides financial protection in the event of death as well as total and permanent disability. The Group Personal Accident (GPA) policy provides financial protection for the same but also covers accidental injuries.
For the Core scheme, the coverage is not subject to underwriting and covers pre-existing medical conditions.
5. You can make use of the Voluntary scheme to enhance your cover.
If you think the basic coverage isn’t enough for you and your family, you can increase your cover via the Voluntary scheme. You can opt for up to a S$1 million cover for GTL and up to S$600K cover for GPA, per policyholder.
Under the Voluntary scheme, there is no medical check-up and underwriting required for up to S$250,000 coverage for your GTL plan.
There are also other riders that eligible members can purchase – such as critical illness coverage, disability coverage, as well as coverage for outpatient medical expenses.
6. Your original SAF GTL coverage will be ported over to the new scheme automatically.
All servicemen who are already policyholders under the existing SAF GTL scheme will have their policies automatically ported over to the new Voluntary Scheme with no gap in coverage or further underwriting.
7. Premiums from the Voluntary scheme will no longer be payable by payroll.
For those who currently pay their SAF GTL premiums from their payroll, youwill need to change your payment mode to GIRO (or other forms of payment). You can do so by submitting a GIRO application form to Aviva by 30 November 2016.
Now that you know what the new scheme is about, look out for our next article which will help you decide whether you should upgrade your coverage!
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