Etiqa 3 Plus Critical Illness Plan Review: Is It Worth Your Money?
Etiqa 3 Plus Critical Illness Plan Review: Is It Worth Your Money?
Pros
- Priced competitively
- Complimentary Child Cover
- Special Conditions Benefit
Cons
- Covers 3 conditions only
Etiqa 3 Plus Critical Illness Insurance is a critical illness plan that covers 3 major critical illnesses: cancer, heart attacks and strokes. Given that 3 major critical illnesses covered make up 90% of all critical illness claims today, it is a convenient option for those who want decent critical illness coverage that is priced affordably, or those who want to top up their existing critical illness policies with additional coverage for common conditions.
Table of Contents
| Summary of Etiqa 3 Plus Critical Illness Plan |
|---|
| Provides coverage exclusively for cancer, heart attack and stroke |
| Yearly Renewable Plan up to age 85 |
| Premiums are 50-66% cheaper than average compared to other standalone CI plans for most age groups |
| Complimentary Child cover: Provides death coverage of $20,000 for each child, for up to 4 children. |
| Special Conditions Benefit: Provides an additional 20% payout against Diabetic Complications/Severe Rheumatoid Arthritis (SRA) |
Breakdown of Etiqa 3 Plus Critical Illness Plan
Etiqa 3 Plus Critical Illness Plan would be a suitable option for those on the lookout for a critical illness plan that provides coverage for only the most common critical illnesses in Singapore, namely cancer, heart attack and stroke.
As compared to critical illness plans that provide coverage for a wider range of illnesses, Etiqa 3 Plus Critical Illness Plan proves to be more affordable for the common person. We found premiums of Etiqa 3 Plus Critical Illness Plan to be around 50-66% cheaper compared to other critical illness plans available in the market.
Premiums & Benefits for Etiqa 3 Plus Critical Illness Plan
| Premiums & Coverage | S$30,000 Plan | S$100,000 Plan | S$200,000 Plan | S$300,000 Plan |
|---|---|---|---|---|
| 25 Year-Old Male (Non-smoker) | S$66.69 | S$153.30 | S$306.60 | S$459.90 |
| 25 Year-Old Male (Smoker) | S$94.39 | S$217.00 | S$434.00 | S$651.00 |
| 35 Year-Old Male (Non-smoker) | S$77.95 | S$179.20 | S$358.40 | S$537.60 |
| 35 Year-Old Male (Smoker) | S$112.06 | S$257.60 | S$515.20 | S$772.80 |
| 45 Year-Old Male (Non-smoker) | S$124.24 | S$285.60 | S$571.20 | S$856.80 |
| 45 Year-Old Male (Smoker) | S$232.64 | S$534.80 | S$1,069.60 | S$1,640.40 |
| 55 Year-Old Male (Non-smoker) | S$359.92 | S$827.40 | S$1,654.80 | S$2,482.20 |
| 55 Year-Old Male (Smoker) | S$664.42 | S$1,527.40 | S$3,054.80 | S$4,582.20 |
| Death Benefit | ||||
| Stroke, Heart attack or Cancer Payout | ||||
| Note: Premiums shown are 1st year annual premiums with on-going promotions applied. For more up-to-date personalized quotes, please refer here | ||||
In comparison to other critical illness plans, the unique selling point of Etiqa 3 Plus Critical Illness Plan lies in two areas: Complimentary Child cover and Special Conditions Benefit.
The Complimentary Child Cover provides a death benefit of S$20,000 each for up to 4 children, between 14 days to 16 years old, of the insured. In addition, the Special Conditions Benefit provides the insured with an additional 20% sum payout against Diabetic Complications and Severe Rheumatoid Arthritis (SRA), capped at S$25,000 per special condition.
However, do note that the Special Conditions Benefit is only claimable once. Coupled with the additional perks, such as a 100% sum cash payout upon diagnosis of any of the illnesses covered, a death benefit of S$20,000, as well as lower premiums offered, Etiqa 3 Plus Critical Illness Plan proves to be a critical insurance plan worth considering for individuals with or without children alike.
Add-ons
Etiqa 3 Plus Critical Illness Plan provides an add-on that provides coverage for 13 additional heart conditions and 11 neurological conditions. It costs less than S$400 annually to add for non-smoking customers in their 20's if they wish to get the maximum coverage at S$300,000. However, it does get more expensive as you get older. A 60 year-old customer would have to pay up to S$3,000 annually for the add-on at maximum coverage.
| Covered Heart Conditions | Covered Neurological Conditions |
|---|---|
|
|
Etiqa 3 Plus Cancer Insurance
If you want just cancer coverage, then you can choose to get Etiqa 3 Plus Cancer Insurance. You can choose S$50,000, S$100,000 and S$200,000 of coverage, which will be paid out as a lump sum for all stages. If you die while your policy is in force, your beneficiaries will also receive a S$5,000 death benefit. In addition, a 6% yearly savings upon renewal applies if no claims are made in the previous year’s policy term.
Premiums & Benefits for Etiqa 3 Plus Cancer Insurance
| Premiums & Coverage | S$50,000 Plan | S$100,000 Plan | S$200,000 Plan |
|---|---|---|---|
| 25 Year-Old Male (Non-smoker) | S$96.00 | S$153.30 | S$306.60 |
| 25 Year-Old Male (Smoker) | S$116.00 | S$217.00 | S$434.00 |
| 35 Year-Old Male (Non-smoker) | S$116.00 | S$179.20 | S$358.40 |
| 35 Year-Old Male (Smoker) | S$156.00 | S$257.60 | S$515.20 |
| 45 Year-Old Male (Non-smoker) | S$206.00 | S$285.60 | S$571.20 |
| 45 Year-Old Male (Smoker) | S$346.00 | S$534.80 | S$1,069.60 |
| 55 Year-Old Male (Non-smoker) | S$486.00 | S$827.40 | S$1,654.80 |
| 55 Year-Old Male (Smoker) | S$906.00 | S$1,527.40 | S$3,054.80 |
| Death Benefit | |||
| Stroke, Heart attack or Cancer Payout | |||
Policy Exclusions
You will not be able to file a death claim for events that are indirectly or directly related to intentional acts (sane or insane) or a pre-existing condition within the first 12 months from the policy issue date, with the same restrictions applied for the Complimentary Child Cover.
Etiqa also doesn't provide critical illness coverage for conditions directly or indirectly, wholly or partly, caused by pre-existing conditions, intentional acts (sane or insane), effects of drug/alcohol addiction, and AIDs or any related infections in the presence of HIV with the exception of blood transfusions or occupationally acquired HIV infections.
Please note that there is also a waiting period of 90 days from the policy issue date or the effective date of the last increase in sum insured before you can claim for any of the benefits. For more information on exclusions and important definitions, please refer to Etiqa’s policy wording here.
Conclusion
Etiqa 3 Plus Critical Illness Plan provides coverage for the three most common illnesses in Singapore. As it is not a comprehensive package, it is highly recommended to get Etiqa 3 Plus Critical Illness Plan to supplement your other critical illness plans, instead of using it as a stand-alone. Affordable with added unique perks, Etiqa 3 Plus Critical Illness Plan could prove to be the right insurance policy for you.
Interested in more insurance products? Do check out Etiqa’s other insurance products over here to find out more now!
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Protected up to specified limits by SDIC. This is only product information provided. You may wish to seek advice from a qualified adviser before buying the product. If you choose not to seek advice from a qualified adviser, you should consider whether the product is suitable for you. Buying an insurance product that is not suitable for you may impact your ability to finance your future financial needs. If you decide that the policy is not suitable after purchasing the policy, you may terminate the policy in accordance with the free-look provision, if any, and the insurer may recover from you any expense incurred by the insurer in underwriting the policy.
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Joanne is a full-fledged financial advisor with advanced certification in insurance with SCI and over 9 years of experience in the insurance industry. Having managed over 1,400 policies and $1,000,000 Assets Under Management (AUM), Joanne currently focuses her time on helping clients at PolicyPal and overseeing insurance-related content on ValueChampion.