Thursday, January 15, 2009

Opt-out Insurance Coverage for MINDEF Employees and SAF Personnel

With effect from 1 January 2009, all MINDEF employees and Singapore Armed Forces (SAF) active servicemen will be automatically insured for $100,000. This initiative, which rides on the existing SAF Group Term Life (GTL) Insurance scheme, is aimed at encouraging them to have a minimum level of insurance protection for themselves.

For a monthly premium of $12.80, all eligible MINDEF employees, regular servicemen who are 45 years old and below, and full-time National Servicemen (NSFs), who do not opt out of the scheme will be insured for the sum of $100,000. The insurance coverage will provide protection against personal accidents in daily life.

SAF GTL Insurance Scheme
The SAF GTL insurance scheme is a voluntary life and personal accident insurance scheme that has been available to SAF active servicemen and Operationally Ready National Servicemen (NSmen) since 1983.

Features of the SAF GTL include:
● Low cost and affordability. MINDEF/SAF is able to leverage on its large population base to negotiate the best terms and rates for its employees and personnel.
● Portability. MINDEF and SAF personnel can continue to enjoy the coverage even after they leave service, as long as they pay their premiums. Insurance coverage will continue up to age 65 based on the prevailing premium. From age 66-70, the premium will be based on a different prevailing rate every year.

Increase in NSF allowance
With the introduction of the SAF GTL opt-out $100,000 insurance coverage, MINDEF will increase the monthly allowance of NSFs by $20 to help them pay for the monthly premium. The increase in NSF allowance takes effect from 1 January 2009.

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