Term Life

OCBC Protect: Comprehensive Coverage for You and Your Loved Ones

In today's uncertain world, protecting yourself and your family is more important than ever . OCBC Protect offers a flexible and comprehensive solution to safeguard against life's unexpected turns. Whether you're looking for basic coverage or enhanced protection, OCBC Protect has options tailored to meet your needs. Let's dive into the details of this exclusive offering for OCBC cardholders.

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What is OCBC Protect?

OCBC Protect is a term life insurance plan designed to provide financial protection for you and your family. It comes in two variants:

1. OCBC Protect Classic: Offers essential coverage against death, permanent disability, and terminal illness.

2. OCBC Protect Prime: Provides enhanced protection, including coverage for 29 critical illnesses.

Both plans are exclusively available to OCBC cardholders, offering a convenient way to secure your family's financial future.

Key Features of OCBC Protect

Comprehensive Coverage

  • Protection against death

  • Total and permanent disability (TPD) coverage before age 65

  • Partial and permanent disability (PPD) coverage due to accidents before age 65

  • Terminal illness coverage

Double Payout for Accidental Death

If death occurs due to an accident, the plan pays out twice the sum assured , providing extra financial support for your loved ones.

Terminal Illness Benefit

Receive the full sum assured if diagnosed with a terminal illness with a life expectancy of 12 months or less.

Critical Illness Coverage (OCBC Protect Prime)

Get additional protection against 29 critical illnesses , with a payout of 20% of the sum assured upon diagnosis.

Flexible Sum Assured

Choose your coverage amount in multiples of $10,000, from $10,000 up to $300,000.

Family Coverage

Extend protection to your spouse and children under the same plan.

Affordable Premiums

Competitive rates with the option to pay monthly or yearly via your OCBC credit or debit card.

Why compare OCBC Protect with other Term Life options through Whatins?

Traditional Approach

  • Limited term length options from one insurer
  • May push longer terms than needed

Whatins Advantage

  • Compare term lengths across multiple insurers
  • See how different term life insurance periods affect premiums
  • Understand renewal options across insurers
  • See competing term length justifications and determine which one is best for you

In summary: If you want more control and multiple suggestions, then Whatins is the way to go.

Detailed Look at Coverage

OCBC Protect Classic

  • Death benefit: Full sum assured payout

  • Total and permanent disability: Full sum assured payout (before age 65)

  • Partial and permanent disability: Percentage of sum assured based on severity (before age 65, due to accident)

  • Terminal illness: Full sum assured payout

  • Accidental death: Double sum assured payout

OCBC Protect Prime

In addition to all the benefits of OCBC Protect Classic, this plan also includes:

  • Critical illness coverage: 20% of sum assured payout for 29 covered critical illnesses

  • Special provision for angioplasty: Partial payout for angioplasty and other invasive treatments for coronary artery

Premium Rates

OCBC Protect offers competitive premium rates based on the insured's age and chosen sum assured. Here's a snapshot of the monthly premiums for both plans:

OCBC Protect Classic (Monthly Premiums):

  • Ages 1-30: $1.55 to $46.50 (for sum assured $10,000 to $300,000)
  • Ages 31-40: $1.70 to $51.00
  • Ages 41-50: $2.75 to $82.50
  • Ages 51-55: $4.95 to $148.50
  • Ages 56-60: $9.00 to $270.00
  • Ages 61-65: $14.95 to $448.50
  • Ages 66-70: $17.80 to $609.00

OCBC Protect Prime (Monthly Premiums):

  • Ages 1-17: $2.35 to $70.50 (for sum assured $10,000 to $300,000)
  • Ages 18-30: $2.40 to $72.00
  • Ages 31-40: $2.50 to $75.00
  • Ages 41-45: $4.20 to $126.00
  • Ages 46-50: $4.35 to $130.50
  • Ages 51-55: $6.50 to $195.00
  • Ages 56-60: $10.45 to $313.50
  • Ages 61-65: $17.05 to $630.00
  • Ages 66-70: $38.95 to $1,345.50

Remember, these rates are subject to change and increase as you enter higher age bands.

Who Can Apply?

  • OCBC credit or debit cardholders (principal or supplementary)

  • Singaporeans, Singapore Permanent Residents, or foreigners with valid Singapore identification

  • Individuals aged 16 to 60 at the point of application (coverage ends at age 70)

  • Children aged 15 days to 17 years (coverage ends at age 25)

Important Considerations

Waiting Periods

  • 30 days for terminal illness and most critical illnesses

  • 90 days for major cancer, coronary artery by-pass surgery, heart attack, and angioplasty

Family Coverage

  • Your spouse and children can be covered under your plan

  • Their sum assured cannot exceed yours unless yours is reduced due to underwriting

Policy Termination

  • Coverage ends if you're no longer an OCBC cardholder

  • Your spouse's coverage ends upon separation or divorce

Exclusions

Certain conditions are not covered. Always refer to the policy contract for full details.

Premium Payment

Must be paid using an OCBC credit or debit card. Failure to maintain an OCBC card will result in policy termination.

Real-Life Scenarios

Accidental Death

John, 35, has OCBC Protect Classic with $100,000 sum assured. If he dies in a car accident, his family receives $200,000 (double the sum assured).

Critical Illness (OCBC Protect Prime)

Sarah, 45, has OCBC Protect Prime with $200,000 sum assured. If diagnosed with a covered critical illness, she receives $40,000 (20% of sum assured), while her death and TPD coverage reduces to $160,000.

Terminal Illness

Tom, 50, has OCBC Protect Classic with $150,000 sum assured. If diagnosed with terminal illness, he receives the full $150,000 .

Pros and Cons

Pros

  • Flexible coverage options

  • Affordable premiums

  • Family coverage available

  • Double payout for accidental death

  • Critical illness coverage (Prime plan)

  • No medical check-up required

Cons

  • Coverage ends at age 70

  • Premiums increase with age

  • Must maintain OCBC card for coverage

  • Waiting periods for certain conditions

Conclusion

OCBC Protect offers a comprehensive and flexible insurance solution for OCBC cardholders. Whether you choose the Classic plan for essential coverage or the Prime plan for enhanced protection, you're taking an important step in securing your family's financial future.

Remember, while OCBC Protect provides valuable protection, it's essential to consider your overall financial plan. This insurance should complement, not replace, other financial strategies such as savings and investments.

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