MEDIA RELEASE
For Immediate Release
Great Eastern Declares Special Bonus of
$287 Million for 2007
This One-Off Special Bonus Coincides with
the Company’s 100th Anniversary
Singapore, 19 February 2008: Great Eastern is pleased to announce that its insurance subsidiaries, Great Eastern Life Assurance Co Ltd and Overseas Assurance Corporation Ltd, will give a One-Off Special Bonus for the year 2007.
This One-Off Special Bonus will be given to Participating Regular Premium Whole Life and Endowment Policies bought on or before 31 December 2006. It will be given in addition to the usual annual Reversionary and Cash bonuses declared for Participating life policies.
The bonus amount ranges from 25% to 100% of the usual annual Reversionary bonus or Cash bonus for Whole Life policies and from 25% to 50% for Endowment policies. It will be distributed from April to August 2008.
This Special Bonus for the two companies in Singapore amounts to $287.4 million.
The rates for the 2007 annual Reversionary, Cash and Terminal bonuses remain the same as 2006. These annual bonuses payable for 2007 (excluding the Special Bonus) amount to $799.1 million, comprising $593.7 million for regular bonuses and $205.4 million for Terminal bonuses. The combined bonus payout, inclusive of the Special Bonus, will amount to $1.09 billion.
The payment of this One-Off Special Bonus is in line with our commitment to give the best value to our customers. The strong investment returns of the Participating Funds in recent years have contributed to a stronger surplus position for the Participating Funds. Part of this surplus will therefore be distributed back to policyholders in the form of this One-Off Special Bonus.
This is the second time that Great Eastern has declared a special additional bonus, over and above the usual annual Reversionary bonus and Cash bonuses declared for Participating life policies. For the year 2004, Great Eastern Life gave a Special Bonus to all Participating Regular Premium Whole Life and Endowment Policies bought before 2002, as a result of higher investment income from the sale of OCBC Bank shares under the Selective Capital Reduction exercise by the Bank. That Special Bonus amounted to $214.8 million and cost $110.5 million.
Director & Group CEO, Tan Beng Lee, said, “Great Eastern is very pleased that it is able to celebrate its 100th anniversary with our loyal policyholders with this Special Bonus. In 2007, Great Eastern reached and even exceeded its 2008 PAT goal of $500 million. Our Profit After Tax was $546.9 million for 2007, about 9% higher than our target of $500 million for 2008.
We will continue to provide the best possible returns to our policyholders and to pursue service excellence to meet rising customer expectations.”
Friday, March 28, 2008
Great Eastern Declares Special Bonus - Coincides 100 year
Great Eastern FY profit up 15% to record S$547m
Great Eastern FY profit up 15% to record S$547m
By Loh Kim Chin, Channel NewsAsia | Posted: 19 February 2008 2032 hrs
SINGAPORE : Insurer Great Eastern Holdings said its full year profit rose 15 percent to a record S$547 million, but its fourth quarter earnings fell 18 percent due to the lack of a one-off gain.
For the three months to December, Great Eastern earned S$145 million.
With the record performance, Great Eastern is giving a one-off special bonus for 2007 to its policy holders. This will apply to premium whole life and endowment policies bought on or before December 31 last year.
In Singapore, the special bonus amounts to some S$287 million.
The combined bonus payout, including the annual bonuses of S$799 million for 2007, will amount to nearly S$1.1 billion for the whole year.
Great Eastern reported an 11 percent rise in gross premiums totalling nearly S$6 billion in 2007. But it took a S$44 million charge on its portfolio of collateralised debt obligations.
Profit from insurance operations jumped 33 percent to S$537 million. - CNA /ls
please click here to continue reading on the Media Release
Golden Protector - for individuals above age 40
Golden Protector | ||||||||
Key Benefits | ||||||||
 |  | Guaranteed acceptance with no medical checkup required. And you can renew your policy up to the age of 85**. | ||||||
| Up to $55,000 lump sum payment in the event of a fatal accident. | |||||||
| Lump sum payment of up to $45,000 for loss of ability to perform any 3 Activities of Daily Living (washing, dressing, feeding, toileting, mobility and transferring) following an accidental injury | |||||||
| Up to $25,000 cash payout to help you receive the best medical treatment | |||||||
| Accidental medical reimbursement of up to $1,200 per accident, inclusive of reimbursement of up to $600 each year for expenses incurred at registered Chinese medicine physicians | |||||||
| Daily cash benefit of up to $120 (for up to a maximum of 365 days) should you require hospitalisation due to an accident. | |||||||
| 24-Hour worldwide protection that also covers terrorism | |||||||
| Affordable premiums from just $13.30*** a month, with a 25% discount on your spouse’s premium when you sign up for him/her as well. | |||||||
| ||||||||
Medical reimbursement can be made for registered TCM (Traditional Chinese Medicine) too. For information, please email me here. I will add more information online when possible. Thanks!
Extended Care Hospitals / Community Hospitals
Extended Care Hospitals
Adam Road Medical Centre
559 Bukit Timah Road, #01-02 King's Arcade Singapore 269695
Tel: (65) 6466 7777 (4 lines)
Fax: (65) 6467 0254Adam Road Hospital
19 Adam Road, Singapore 289891
Tel: (65) 6466 0840 (4 lines)
Fax: (65) 6467 7164
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| 705, Serangoon Road, Singapore 328127 Mon - Fri: 9 am - 5 pm Sat: 9 am - 1 pm Tel: 6299 3747 Fax: 6299 2406
| ||||||||||||
Tel: 6294 6603 Fax: 6299 2406 Email: soongk@kwsh.org.sg Schools/Clans Tel: 6294 6603 Fax: 6299 2406 Email: thedmd@kwsh.org.sg
Fax: 6295 8131 Email: cheonglw@kwsh.org.sg
Tel: 6294 1189 Fax: 6299 1154 Email: loocl@kwsh.org.sg Nursing Home Section Tel: 6299 1189 Fax: 6299 1154 Email: loocl@kwsh.org.sg
Fax: 6294 7509 Email: limcy@kwsh.org.sg
|
Hougang
Blk 9, Level 1, 10 Buangkok View
Singapore 539747
Tel: 6385 0288
Fax: 6385 0388
Moulmein
50 Jalan Tan Tock Seng
Singapore 308438
Tel: 6358 0777
Fax: 6358 0900
St. Andrew's Mission Hospital
(Level 3, St. Andrew's Community Hospital)
8 Simei Street 3
Singapore 529895
Tel: (65) 6586 1086
Fax: (65) 6586 1096
e-mail : samh@samh.org.sg
St. Andrew's Community Hospital
8 Simei Street 3
Singapore 529895
Tel: (65) 6586 1000
Fax: (65) 6586 1100
e-mail: general@sach.org.sg
St. Andrew's Autism Centre
8 Simei Street 3, Level 10
Singapore 529895
Tel: (65) 6586 1001
Fax: (65) 6586 1101
e-mail: enquiry@saac.org.sg
St. Andrew’s Autism Centre – Day Activity Centre
Blk 33, Bedok South Avenue 2, #01-319
Singapore 460033
Tel: (65) 6441 9575
Fax: (65) 6441 9675
St. Andrew's Lifestreams
1 Francis Thomas Drive, #02-05/07
Singapore 359340
Tel: (65) 6282 1552
Fax: (65) 6282 5132
e-mail: admin@lifestreams.org.sg
2 Bukit Batok Street 11
Singapore 659674
Tel: 6563 2281
Fax: 6561 8205
Email: general@slh.org.sg
New motor insurance policy framework to be introduced in May 2008
Below is an article from Channel NewsAsia, there will be changes coming this May 2008. Drivers please take note. I have highlight the important parts in red and italics. Premiums are also expected to go up soon due to insurance losses :/
For drivers who will be renewing their car insurances, feel free to check with me for an alternative quote.
New motor insurance policy framework to be introduced in May
By Wong Siew Ying, Channel NewsAsia | Posted: 26 March 2008 1936 hrs
SINGAPORE: The motor insurance sector has reported a hefty loss of S$103.2 million last year, up from just S$625,000 in 2006.
This "disastrous result" has prompted the General Insurance Association (GIA) to change the motor claims insurance framework.
From May, motorists are required to report accidents to their insurance companies within 24 hours or by the next working day. This is a change from the current requirement of reporting within a "reasonable time", which is open to interpretation.
The GIA said compulsory reporting will leave less room for disputes, especially when a motorist chooses not to report the accident but the other party involved decides to file for claims at a later date.
Derek Teo, President of GIA, said: "If the motorist or policyholder fails to comply then it will be tantamount to a breach in policy conditions. When the policy condition is breached, then the policy holder is put to a disadvantage. He may find that the insurer may not want to honour the liability.
"The motorists can now go to their insurer to file a claim, and if they are not responsible for the damage themselves and they can attribute the claim to a third party, their insurer will file the claim on their behalf. Currently, this is not done."
Insurance companies will offer one-stop service from filing of claims to providing a replacement car when the damaged vehicle is being repaired at approved workshops.
GIA said each insurance company will have a list of approved workshops which meet the required service and technical standards.
"In the longer term, we will be able to build up credibility and those workshops that receive more than three complaints for poor service or unscrupulous practices may be taken off," Mr Teo said.
It is hoped that such efforts will help expedite the claiming process and reduce losses from inflated claims.
Gross insurance premiums in Singapore's general insurance sector rose 8.38 percent last year to about S$2.5 billion, but it was overshadowed by the significant underwriting loss in the business, causing profits to slump by 25 percent year on year in 2007.
The S$103.2 million deficit incurred last year was the worst for the sector since 2002. This coincided with a sharp rise in accident reports – from 129,428 in 2006 to 151,583 cases last year.
The association said there are several reasons for the spike in accident reports. Among them is an increase in the vehicle population to an all-time high of over 850,000 vehicles last year – an 8 percent climb from 2006.
Other reasons cited were greater vehicle usage and a larger number of foreigners who may be unfamiliar with the roads in Singapore.
Asked if this will translate to higher premiums for motorists, the association said premiums are expected to go up but the quantum will be decided by the companies.
On average, claims take up about 85 percent of the motor insurance premiums.
"For this to become a sustainable position, I think we are looking at an overall loss ratio of about 75 percent, which means for every dollar premium they pay, we will pay out 75 cents in claims, leaving the 25 percent for expenses incurred in delivering the product," said Mr Teo.
In other areas, GIA said Workmen's Compensation cover cut its losses by nearly half from S$13.7 million in 2006 to S$7.8 million last year.
However, the new Work Injury Compensation Act (WICA) that will be implemented this April will have some impact on the market.
The WICA Bill will expand the coverage for all employees, including non-manual employees who earn more than S$1,600 per month.
Mr Teo said: "It's likely to attract a 35 percent increase in claims cost – this is the result of a research that was done by an NTU research team for the association. With such information, it's clear that there will be increases in premiums to cope with the rising claims cost."
Overall, the association expects other business classes like personal accident, fire, and marine cargo and hull covers to continue to do well this year.
- CNA/so
General Insurance - Travel, Maid, Home, Car
For General Insurance, related to:
- Maid Insurance
- Car Insurance
- Home Insurance (coverage for house items)
- Travel Insurance
Wednesday, March 19, 2008
Singapore Public and Private Hospitals Locations and Info
Public Hospitals
Alexendra Hospital
http://www.alexhosp.com.sg/
Changi General Hospital
http://www.cgh.com.sg/
KK Women's and Children's Hospital
http://www.kkh.com.sg/
National University Hospital
http://www.nuh.com.sg
http://www.sgh.com.sg
Tan Tock Seng Hospital
http://www.ttsh.com.sg
Private Hospitals
East Shore Hospital
http://www.eastshore.com.sg
Gleneagles Hospital
http://www.gleneagles.com.sg
Mount
http://www.mountelizabeth.com.sg
Mount Alvernia Hospital
http://www.mtalvernia-hospital.org
Raffles Hospital
http://www.raffleshospital.com
Thomson Medical Centre
http://www.thomsonmedical.com
PS: I will add in the hospital locations when I have the time :)
Polyclinics in Singapore
POLYCLINICS IN SINGAPORE
| Ang Mo Kio Polyclinic | Bedok Polyclinic |
| Bukit Batok Polyclinic | Bukit Merah Polyclinic |
| Choa Chu Kang Polyclinic | Clementi Polyclinic |
| Geylang Polyclinic | Hougang Polyclinic |
| Jur | Marine Parade Polyclinic |
| Outram | Pasir Ris Polyclinic |
|
| Sengkang Polyclinic Sengkang Community Hub |
| Tampines Polyclinic | Toa Payoh Polyclinic |
| Woodlands Polyclinic | Yishun Polyclinic |
24 Hours Clinics
24 Hours Clinics
Please let me know if any of the clinic details are wrong or missing, so that I can update for everyone reference :)
Care 24-Hr Medical Centre 190 Toa Payoh Central #01-590 | Cck 24-Hr Family Clinic
|
Central Clinic & Surgery 25 Bendemeer Rd #01-579 | Centramed International Pte Ltd
|
General Outpatient Clinic Pte Ltd 17 Ang Mo Kio Avenue 9 #02-07/08 ANG MO KIO COMMUNITY HOSPITAL Singapore 569766 | Grace Polyclinic (East Coast) 24HR
|
Horizon Medical Centre 200 Up Thomson Rd #01-11 | Lifeline Medical Group Sengkang Pte Ltd
|
Life-Link 24 Hours Clinic & Surgery
| Lifelink 24Hrs Clinic & Surgery 153 Serangoon Nth Ave 1 #01-534 |
Lifelink Clinic & Surgery
| Medihealth Bishan 24 Hours Clinic & Surgery
|
Raffles Hospital Pte Ltd
|
|
Shenton Family Medical Clinics (24HR)
| Silver Cross 21 Pte Ltd
|
Silver Cross Healthcare Pte Ltd 923 Yishun Central 1 #01-352 | Silver Cross Medical Centre Pte Ltd 275A |
Silver Cross North Pte Ltd
|
|
The Healer Medical Practices Pte Ltd 153 Serangoon Nth Ave 1 #01-508 | Thomson Medical Centpte Ltd 1 Thomson Rd #04-338G |
| YSL Bedok Clinic & Surgery
| |
Varsity fees go up - Education costs in Singapore
University Schools fees will be increasing again. Just a 4 years (esp. Engineering, computing at NTU) can cost about $25,500 for fees alone. If you include hostel fees, food and transport, that figure may be well over $50,000.
Varsity fees go up but cost fixed for entire course of studies
By Hoe Yeen Ni, Channel NewsAsia - 13 Feb, 2008
SINGAPORE: All three public universities in Singapore will raise the tuition fees for the new intakes of students starting school in the next academic year.
Existing students and returning National Servicemen admitted earlier will not be affected by the fee increase.
For Nanyang Technological University (NTU), the fee hike is about 4 per cent. This means that incoming students at NTU will pay an annual fee of S$6,360, up from S$6,100 last year.
Most of the schools in National University of Singapore (NUS) will also limit the fee increase to about 4%. However, the Law and Business faculties at NUS will raise their fees by a higher amount.
On top of the fee hike, NUS and NTU will also implement differentiated pricing, where Singapore PRs pay 10 per cent more in tuition fees. International students will pay 50 per cent more compared to their Singaporean counterparts.
The two universities have also decided to implement a new fee structure called the "cohort-based" structure that is currently in place at the Singapore Management University (SMU).
This means tuition fees for all new undergraduates will be 'locked in' for their entire duration of studies. So for those entering NUS and NTU, they will pay a fixed amount of S$6,360 each year till they graduate.
For NUS, this applies to those in the Arts and Social Sciences, Computing, Design and Environment, Engineering and Science faculties. Fees for the other faculties will be higher.
Explaining the advantage of the "cohort-based" fee structure, Professor Dr Meng-Hwa Er, NTU's Associate Provost, said: "They (students) know exactly what to expect in terms of financial needs, so they can make the necessary arrangements for their university education."
"It definitely gives more predictability, and you're not caught unawares as to when fees will increase," said Donald Koh, president of NUS Students' Union.
For SMU courses, except for the law course, the cost is fixed at S$9,130. That's 10 percent more than what the previous cohort has to pay.
Fees for law students will be higher. At SMU, the jump is over 11 per cent, to S$10,050 for Singapore students. At NUS, it is 20 percent higher, at S$7,340.
Other than the increase in tuition fees, the hostel fees at NUS will also be raised by between S$10 and S$40 per week over the next three years.
NUS says this is because current fees are not enough to cover maintenance and upgrading costs.
The hike has caused some students to reconsider their options. "I think it's very expensive, I think it's not worth it. I'll probably take a cab to school instead of staying in a hostel," said a student.
Both NUS and NTU say the fee hikes are necessary to meet the increase in manpower and operating costs in order to continue providing a quality education.
NUS Provost and deputy president, Tan Eng Chye, said that the fee increase was delayed from last year due to the GST hike, but it could not be held off any longer.
He said: "70 per cent of our budget goes to salaries. Look at what the salary increase has been in the industry, 4 per cent and 5 per cent. The increase that we are looking for, it's quite clear that the fees only give us a small bit in terms of the increase.
"People would want to see their salary increase, so I think the same thing I would say is if you expect salary increase for yourself, you should also expect the university has to function, I have to give salary increase for my staff as well. So it's not unusual to expect a fee increase."
All the three universities have assured that needy students will not be denied a place as there will be enhanced financial aid packages to help them cope. - CNA/ir
Application for Personal Accident Plan - AccCare Plus II
Application for Personal Accident Plan
- Please send your enquiry/questions to melvin.lkw@gmail.com
Please include the following details:
- Your desired coverage, and specific requirements (e.g. daily hospitalisation allowance, max is $300). Feel free to check with me if you are not sure.
- Name, Mr/Ms/Mrs/Mdm/Doc
- Company/Occupation
- Contact details
Personal Accident Plan - AccCare Plus II
Personal Accident (PA) plans maybe overlooked during financial planning. Although Personal Accident plans form a small portion of the entire risk management portfolio, it is recommended to be included, as it's coverage includes total and partial disability. Normal insurance plans only provides coverage for TPD (Total Permanent Disability)
AccidentCare Plus II also covers hazardous activities/sports
Mishaps that occur during hazardous activities like mountaineering, scuba-diving, parachuting, martial arts, motorcycling or military or policy service of a peace-time nature, are eligible for claims at up to 50% of the state benefit payment. ** However, no benefits will be payable if losses occurred while engaging the activities in a professional capacity
Below is a brief intro of the Personal Accident Plan
AccidentCare Plus II
Overview
Protect yourself and your family from the financial burden of a sudden accident with Great Eastern Life’s yearly renewable personal accident insurance policy, AccidentCare Plus II.
This flexible policy allows you to tailor your coverage and premiums according to your budget and needs, and also provides 20% more coverage exclusively for women.
AccidentCare Plus II is available to anyone between the ages of 17 and 65, as well as to your children between the ages of 1 and 16.
Key-Benefits | ||
| | The freedom to mix and match the types of benefits and level of coverage |
| | Substantial payouts of up to 150% of the Capital Sum Insured for major permanent disablement depending on severity of loss | |
| | Weekly disability benefit for up to 104 weeks if you’re unable to work | |
| | Medical and hospitalisation benefits including daily hospital cash benefits for up to 180 days | |
| | 24-hour worldwide protection | |
| | Terrorism coverage for death and total & permanent disablement. | |
| | 20% more coverage for death, permanent disablement and hospitalisation benefit at no extra cost for women | |
The premium you pay depends on the Occupational Class you fall under:
Note: This classification is for reference only. The exact Occupational Class will be determined by the Company. | ||||||||||
For free quotation, please fill up the coverage required using the form below, and fax to me at 6417-5522, Attention to "Melvin Lim" please. Thanks. I will revert to your request asap.
Tuesday, March 18, 2008
NTUC Incomeshield - Client anguish
Click picture to enlarge it:
Article extracted from Strait Times, Forum section - March 12, 2008
Thursday, March 13, 2008
Global Advantage - Having the best doctors & healthcare in the world
Global Advantage Plan
Overview
When it comes to maximising your chances of recovering from a medical condition, you need to gain access to the best medical practitioners, treatments and advice- not just locally but globally. With Global Advantage, the best advice and treatments in the world are just a phone call away.
Key-Benefits* | ||
| | 2nd opinion service by world’s top ranking doctors including diagnosis review and recommendation of treatment options. |
| Hassle free arrangement that takes care of your medical appointments, hospital admission and accommodation. | |
| Up to $2 million annual benefit limit for overseas hospital and treatment expenses reimbursement on the 5 covered treatments. | |
| $5,000 travel allowance. | |
| $5,000 lump sum Get Well Benefit should you choose not to go overseas for treatment. | |
| Affordable premium that gives you access to the best doctors and treatment worldwide. | |
*Terms and conditions apply | ||
Click on picture below to enlarge the Benefit Table
For brochures, quotations or questions, please click here to send email
TotalShield with Optional Rider for extra ASEAN coverage, daily cash benefit and more!
Comprehensive Supplementary benefits
Unlike other similar hospitalization plans in the market, TotalShield is a highly comprehensive plan packed with supplementary benefits including Get Well Benefit, Ambulance Services and Emergency Outpatient Treatment.
Lifetime guaranteed renewability
Best of all, TotalShield comes with guaranteed lifetime renewability. This means that you can renew your policy, even if you have made claims against it.
Wide medical coverage
Unlike most hospitalization plans, TotalShield also covers areas such as pregnancy complications, congenital diseases, stem cell as well as organ transplants, and even confinement in community hospitals to help ease the financial distress of such medical problems.
Extra cash for ward downgrade
Get up to $250 for each day that you are admitted to a lower ward class than the ward class that you are entitled to.
Child and renewal discounts
To ensure that you enjoy the most comprehensive medical coverage year after year, we are extending a 5% discount every year from the second year onwards. If you wish to have your child covered as well, we will also take 10% off his or her first year policy premium.
Exclusive 20% premium discount
You will also enjoy a 20% premium discount as long as you are also covered under our SupremeHealth (As-Charged) Plan.
TotalShield Plus (Optional)
Full cover for ASEAN region
There is a growing trend for overseas postings to ASEAN countries, such as Malaysia and Thailand. TotalShield Plus gives you full cover should an unfortunate event occur when you’re in any of the ASEAN countries, whether you are out-stationed for work or for leisure.
Extra benefits for less premium especially for SupremeHealth (As-Charged) lives assured
Enjoy your SupremeHealth (As-Charged) coverage even if you are overseas. What’s more, as our loyal customer, you will enjoy an exclusive 20% discount!
Emergency Assistance Services
For Advance Plan policyholders, you can also benefit from the services of International SOS whenever you need medical advice or emergency medical assistance while you are overseas.
| Other-Benefits | ||
| | 24/7 Worldwide Coverage |
| | Attractive Suite of Hospitalization Benefits – Hospital Income Benefit, Cancer Treatment | |
| | Guaranteed Renewability till age 85 yrs next birthday | |
| | Enjoy a comprehensive inpatient and outpatient Cancer Treatment benefit, including medication and consultation | |
| | 10% first year discount for your children if you are covered under the plan | |
| 5% Renewal Discount regardless of your claims status | |
For brochures, quotations or questions, please click here to send email
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