SINGAPORE – With new Integrated Shield Plan (IP) riders requiring policyholders to pay a larger portion of their healthcare bills from April 1, some insurers have turned to introducing features to increase the attractiveness of their new products.
Prudential Singapore, for instance, will waive rider premiums for 12 months if the policyholder is retrenched and has been unemployed for six months.
Prudential said this would “support customers facing prolonged financial disruption… providing relief where the risk of premium payment difficulty is higher”.
Separately, if the rider policyholder is hospitalised or needs surgery due to a critical illness such as cancer, heart attack and stroke, Prudential will also increase the claim limits by up to $100,000 for that policy year.
Prudential launched three new PRUExtra Care riders to cover treatments at all private healthcare institutions, Prudential’s preferred list of private healthcare institutions, or restructured hospitals up to Class A wards.
Prudential is one of the five IP insurers that told The Straits Times that their new riders come with new features or benefits and claim limit adjustments.
All Singaporeans are covered under the national MediShield Life scheme, which covers expenses incurred for hospitalisations and certain outpatient treatments such as radiotherapy for cancer and kidney dialysis.
An IP by a private insurer provides optional health coverage on top of MediShield Life, typically to cover stays in A or B1-type wards in public or private hospitals. On top of the IP, insurers sell riders, which, in general, are meant to cover the patient’s share of the bill.
Great Eastern has streamlined its offerings to four new IP riders, each covering a distinct hospital tier: any private hospital; its partner private hospital with panelled specialists; private class A wards; and subsidised classes B and C wards in restructured hospitals.
While the benefits and limits of the new IP riders remain the same, Great Eastern has removed its claims-adjusted pricing that provided a premium discount of 20 per cent for those who did not make any claims within the assessment period, while increasing premiums for those whose claims went beyond a certain threshold.
Explaining the decision, Great Eastern said the pricing mechanism puts too much onus on the policyholders and may cause some people not to seek medical care when they should.
Income Insurance has launched two new riders that provide new benefits, including coverage for treatments not on the Ministry of Health’s (MOH) list of subsidised Cell, Tissue and Gene Therapy Products (CTGTP).
CTGTPs are made from human or animal cells or tissues, or man-made genetic material that can be used to diagnose, treat or prevent a variety of conditions.
MOH’s CTGTP list currently has two products: one that treats specific blood cancers and another that treats lymphoma.
The new Income riders also provide “extended protection with pre- and post-hospitalisation coverage”, but no details were provided when asked.
HSBC Life launched a new rider that includes coverage for dementia care, providing up to $500 annual coverage for outpatient costs such as consultations and medication.
People who may normally be denied insurance coverage due to certain pre-existing conditions may also come under the rider by paying a higher premium through HSBC’s premium loading.
“This enhancement (of premium loading) provides greater flexibility at underwriting… allowing customers with certain medical conditions to still obtain coverage by paying an adjusted premium, instead of facing exclusions or outright decline,” said HSBC Life chief health officer Manu Tandon.
The new rider also provides a “first-year premium discount”. HSBC Life did not provide details when asked.
Singlife launched three new riders to be sold with its three base IP plans.
Clients who hold both an IP rider and a long-term care supplement on top of the national CareShield Life or ElderShield plan can receive up to $20,000 coverage over two years for home nursing care and rehabilitation services under Singlife’s new Care Collab Recovery Support Benefit if they become severely disabled.
As for the remaining two insurers, AIA Singapore said the benefits between new and existing riders “remain comparable” but did not clarify if this meant benefits did not change or there were minor adjustments.
Raffles Health Insurance (RHI) introduced Raffles Shield Choice Rider to replace the Raffles Key Rider, “with no changes to the benefits between the two riders”, said its general manager Ben Siah.
All seven IP insurers had to introduce new IP riders by April 1 to meet MOH’s requirements that bar them from covering the minimum deductibles set by the ministry, and doubled the co-payment cap to $6,000.
With these new requirements, policyholders on the new riders will have to pay a larger portion of their bills.
Most of the existing riders were not compliant with MOH’s requirements, but could continue being sold until March 31.
Those who purchased the existing riders before MOH’s announcement on Nov 27, 2025, are not immediately affected by the new requirements.
Those who purchased existing riders after MOH’s announcement will have to transition to new riders when their policies are due for renewal from April 1, 2028.
The new riders are 16 per cent to 84 per cent cheaper than previous versions.
Singlife told ST in early March that its three new riders will be at least 30 per cent cheaper across all age bands, and could cost up to 84 per cent less for some groups.
Prudential said its three new riders are at least 30 per cent more affordable than the previous suite, across all age groups and plan types.
Those insured under the new rider for Prudential’s preferred list of private healthcare institutions can see a larger drop in premiums payable of 45 per cent, and even up to 55 per cent.
RHI said the premium of its new rider is about 50 per cent lower than its existing rider.
AIA said premiums for its new riders are 30 per cent lower than those of existing riders.
HSBC Life’s riders for its private hospital plans are also at least 30 per cent cheaper, while those for public hospital plans are 35 per cent lower, across all age groups.
Great Eastern said the premiums of its new riders cost 16 per cent to 50 per cent less. Its highest-tier rider will see a 42 per cent reduction in price across most age groups, and the two lowest-tier riders will see a 50 per cent reduction.
A policyholder turning 50 years old will need to pay $1,697 each year for Great Eastern’s highest-tier new rider. For someone turning 60, the premiums will be $3,218.
Income’s two new IP riders provide an average premium savings of 32 per cent compared with its existing riders, said its chief customer officer Dhiren Amin.
Correction note: In an earlier version of the story, we said that the new riders are 16 per cent to 87 per cent cheaper than previous versions. This is incorrect. It should be up to 84 per cent. We are sorry for the error.