Singapore legislation

Regulation 22

of Care Shield Life and Long-Term Care (Elder Shield Scheme) Regulations 2021

Regulation 22

Insured sum

Subregulation 1

For the purposes of section 12(2) of the Act, the insured sum applicable to an insured person under the ESH Scheme is —

(a)

for an individual whose insurance coverage under the former ElderShield Scheme commenced on or after 30 September 2007 (called in this regulation the ESH 400 Scheme) —

(i)

if the individual is required to pay premiums until the insurance period that commences after the individual’s 65th birthday — the insured sum specified in the First Schedule applicable to the individual;

(ii)

if the individual is required to pay premiums for 10 insurance periods — the insured sum specified in the Second Schedule applicable to the individual; and (iii)if the individual is required to pay a single lump sum premium — $400; (b)for an individual whose insurance coverage under the former ElderShield Scheme commenced on or after 30 September 2002 and before 30 September 2007 (called in this regulation the ESH 300 Scheme) —

(i)

if the individual is required to pay premiums until the insurance period that commences after the individual’s 65th birthday — the insured sum specified in the Third Schedule applicable to the individual;

(ii)

if the individual is required to pay premiums for 10 insurance periods — the insured sum specified in the Fourth Schedule applicable to the individual; and

(iii)

if the individual is required to pay a single lump sum premium — $300; and

(c)

for an individual under the ESH 300 Scheme who upgraded to the ESH 400 Scheme on or after 30 September 2007, an amount calculated using the formula:

Subregulation 2

The insured sum mentioned in paragraph (1)(a) and (c) is payable to an insured person monthly for a duration calculated using the formula 72 – C.

Subregulation 3

The insured sum mentioned in paragraph (1)(b) is payable to an insured person monthly for a duration calculated using the formula 60 – C.

Subregulation 4

In this regulation —

(a)

A is the number of insurance periods for which the individual has paid additional premiums to upgrade from the ESH 300 Scheme to the ESH 400 Scheme;

(b)

B is the total number of insurance periods for which the individual is required to pay additional premiums to upgrade from the ESH 300 Scheme to the ESH 400 Scheme; and

(c)

C is the number of months for which an insured person received payouts under the former ElderShield Scheme and the ESH Scheme.

Read in full context — Care Shield Life and Long-Term Care (Elder Shield Scheme) Regulations 2021 →