SAFRA Insurance Plans

Hi Mr Tan,

I have come across SAFRA Essential Term and SAFRA Living Care Policies. Both are offered from NTUC Insurance to SAFRA members.

How do they compare with the similiar policies offered by NTUC? Would they be the same with only differece in the pricing?

I am thinking which policy I should be buying from. Your advice will be greatly appreciated.

REPLY

The premium rates for the SAFRA plans are much lower than similar policies sold by NTUC Income to the public. They are good value to the consumer. You should buy these plans to enjoy the attractive rates.

However, the SAFRA policy is a group policy and is subject to cancellation or revision of premium rates. So far, the claim experience has been quite favourable, so any adjustment in premium rates is quite modest.

In addition to the SAFRA insurance plans, you should have your personal Term insurance, as it is guaranteed for the duration of the policy.

Perhaps you should have have of the sum assured under the SAFRA plan and the other half under the personal Term insurance.