OCBC's maternity protection plan for mum
OCBC Bank yesterday said it will offer Singapore's first pure maternity protection plan, MaxMaternity Care, that is not bundled with an investment-linked plan.
The bank, which has been re-appointed as the Baby Bonus Bank - a role assumed since 2008 - said the protection plan will be more affordable and targeted at addressing the needs of new parents.
OCBC said MaxMaternity Care is a three-year policy that aims to protect the expectant mother against maternity complications from as early as the 13th week of pregnancy, and to continue protecting the newborn against congenital illnesses until the policy matures.
Several research studies conducted by OCBC have revealed that the top concerns of expectant mothers include pregnancy complications and their newborn's medical expenses.
Among the benefits, MaxMaternity Care will pay a cash allowance of up to 30 days if hospital stay is required by the mother or child due to any of the covered complications.
It will also provide the newborn with a discount up to $108 for the first premium payment on his or her first integrated shield plan SupremeHealth, which primarily covers hospitalisation and surgical expenses.
According to the bank, the Singapore market offers only investment-linked plans which allow for a maternity complication rider to be attached to them.
In contrast to a pure maternity protection plan, investment-linked plans are investment products that require medium to long-term commitment and monitoring of its investment value. These riders only provide the expectant mothers with coverage from the 18th week of pregnancy.
THE BUSINESS TIMES