MediShield Life will have minimal impact on Integrated Shield Plans' private premiums: LIA
- POSTED: 05 Jun 2014 17:30
The Life Insurance Association of Singapore says the private insurance premium component of Integrated Shield Plans will not be affected by recommendations on MediShield Life.
SINGAPORE: The Life Insurance Association of Singapore (LIA) says the MediShield Life recommendations announced on Thursday (June 5) will have minimal impact on the private insurance premiums component of Integrated Shield Plans.
Integrated Shield Plans are policies that provide additional benefits beyond MediShield coverage, such as treatment in Class A/B1 wards in restructured hospitals or treatment in private hospitals.
The LIA says insurers will continue to monitor and manage the impact of medical inflation to ensure that their Integrated Shield Plans remain competitively priced and affordable.
The association - which represents the five IP insurers in Singapore (AIA Singapore, Aviva, Great Eastern Life, NTUC Income Insurance and Prudential) - said the life insurance industry is encouraged by the review committee's efforts to provide greater protection for Singapore residents with MediShield Life.