Claims over 8 years.

I wrote about claims on Life Insurance pay-out by NTUC Income for the month of October in 2010.  The figure below shows the same period 8 years later in 2018. How much have change?

Claims Settled In October 2018

Type of ClaimsNumberAmount (S$)
Death1357,095,721
Critical illness1085,823,076
Permanent & total disability6276,108
Total249$13,194,905

It is interesting to see while the total amount for Death and Critical Illness are higher in 2018 as compared to 2010, the average case claimed was not significantly higher. The average amount claimed per case for Death was about $52,560 in 2018 and it is about $10,000 lesser in 2010.

For critical illness claims, it was $51,807/case claim in 2010 and it increased to just $53,917 in 2018. One major jump was the number of claims made for Critical Illness which had more than doubled from just 50 cases in 2010 and the current 108 cases in 2018.  It was also noted that the claims for Total and permanent disability was very low.

However, the amount claimed per case is not a good indication of the average coverage a policy holder is covered. It may not indicate that the coverage had not increase over the last 8 years as there is a possibility that there is a possibility that there is a huge sum assured e.g. $300,000 and the rest are made up of small coverage like $50,000. A better gauge is how many claims are made for coverage above $100,000 which is also, IMHO, the minimum amount one should be covered .

 In Oct 2018, there were a total of 38 cases that exceeded $100,000 as compared to only 13 cases in 2010.  It is also interesting to note that the claims for critical illness were significantly much higher today than in 2010.

Claims Exceeding $100,000

No.TypeAgeCauseAmount (S$)
1Death43Heart Attack150,674
2Death44Others, Unknown186,264
3Death45Suicide125,000
4Death46Cancer111,596
5Death47Stroke553,297
6Death53Cancer385,214
7Death55Chronic Lung Disease111,826
8Death56Cancer201,230
9Death56Accident200,462
10Death58Cancer306,606
11Death61Cancer255,158
12Death65Cancer145,427
13Death66Cancer295,108
14Death70Cancer151,088
15Death73 Others, Unknown115,949
16Death73Heart Attack279,514
17Death74Heart Attack112,781
18Death75Cancer210,000
19Death79Chronic Lung Disease119,096
20Critical illness32Cancer107,507
21Critical illness44Cancer270,993
22Critical illness46Cancer101,541
23Critical illness46Cancer186,381
24Critical illness46Cancer180,645
25Critical illness49Cancer150,000
26Critical illness50Cancer100,000
27Critical illness52Cancer158,599
28Critical illness55Heart Attack225,023
29Critical illness56Heart Attack158,354
30Critical illness59Cancer116,162
31Critical illness60Cancer122,212
32Critical illness61 Heart Valve Surgery220,166
33Critical illness62Cancer110,335
34Critical illness63Stroke281,661
35Critical illness64Cancer185,083
36Critical illness65Cancer222,335
37Critical illness65 Kidney Failure170,546
38Critical illness68Cancer128,299
Total$7,212,132

The claims made in 2010 and 2018 are summarised below in charts.


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