Page 12 - 5. June 2016

ಸಂಪುಟ ೬, ಸಂಚಿಕ ೬, ಜ್ನ್, ೨೦೧೬
ಉಪ್ಯುಕಿ ಮಾಹಿತಿ

#2: Health insurance
While parents tend to have health cover for themselves, they often overlook taking on health insurance for
their children until there is a medical emergency.
“Parents should start thinking about getting health insurance for their children when they’re young, healthy
and free from illnesses. This will ensure that any new medical condition that subsequently develops will be
covered.”
In Singapore, all Singapore Citizens and Permanent Residents are covered by Medishield (which is replaced by
Medishield Life by end 2015). This government-initiated medical insurance provides basic coverage on hospi-
talization and surgical costs, which protects your baby for life, even if they have pre-existing health condi-
tions.
To enhance the coverage, you can purchase Integrated Shield Plans, and you would be pleased to know that
premiums are payable from Medisave, up to the withdrawal limits set by MOH.
What’s more, if both you and your spouse are covered under My shield Plan 1 or 2, up to four of your chil-
dren will enjoy free medical coverage until the age of 20! In Singapore, it is the only Integrated Shield Plan
that gives free health coverage to children, so you get to enjoy cost savings while your family enjoys compre-
hensive healthcare protection with a peace of mind.

#3: Lifelong investment for your child’s future
Knowledge is power and the best investment for your child is in educa-
tion.
However, the rising costs of education cause parents to worry if they can
afford their children’s tertiary education in 10 to 20 years’ time, so the
third thing you should focus on is purchasing a savings plan for your
child’s education.
Education starts from young, and it is an investment for your child’s future.
This should be part of your family insurance planning goals too.
“Your child’s education is something you wouldn’t want to delay. Ensuring that they can afford that educa-
tion is therefore a key area that parents should consider early on. The earlier you start, the more time there
is for your savings and investments to accumulate,”
There is a variety of different savings and investment options available, depending on your preferences and
affordability. Endowment Savings plans purchased from an insurer or bank is one of the most common way in
which parents save for their child’s education. Most of the insurance companies offers Edu Plan that offers a
structured savings plan, which allows you to get back a guaranteed amount when your child starts university.
For enhanced assurance, protection riders can usually be added on to such plans, to protect against situa-
tions whereby you are unable to continue saving for your child. For example, On EduPlan, you can add on a
cancer premium waiver – in the event that you are diagnosed with a major cancer, not only are the premi-
ums waived, your child’s education fund will continue to grow.

Celebrate your new chapter in life, and enjoy the fulfilling journey of parenthood. While there may be sleep-
less nights and tantrums abound, the best security option is to ensure that financial planning for the family is
well taken care of during unforeseen circumstances. With adequate planning and coverage, your children’s
future will have a smoother path ahead.
In the jungle of insurance, what is types of insurance are relevant to your child, and at which stage?
Parenthood comes with many challenges and juggling feats, we hope this will help simplify the process of ac-
quiring the necessary insurance for your child.

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