Tuesday, September 28, 2010

Termination of Private Shield

I terminated my Incomeshield as I preferred to be insured under basic Medishield. I received this letter from NTUC Income:

"If the insured is also covered in the integrated plan and the policy is terminating without switching to another insurer or change, of plan .... the insured will continue to be insured under the MediShield scheme with th eCPF Board, as long as he/she is eligble for the scheme. The MediShield cover willbe renewed automatically each year after the premium is deducted from the Medisave account".

In short, the transfer to Medishield is automatic. If the insured wishes to terminate the MediShield cover, a separate termination form has to be submitted to the CPF Board.