You will need to pay a catch-up component, on top of the base premium, if your ElderShield profile is any of the following prior to joining CareShield Life:
- You are an existing ElderShield 300 insured.
- You are not insured under ElderShield or have opted into ElderShield late.
- You are an existing ElderShield 400 insured who joined CareShield Life from 1 January 2022 onwards.
- Your ElderShield 300/400 policies have become reduced paid-up (i.e. you stopped paying premiums after a minimum number of years of premium payment, which qualifies you for a lower payout amount).
The catch-up component ensures consistency with those in the same cohort who had been consistently insured under the ElderShield 400 scheme and joined CareShield Life earlier.
The catch-up component will also be applicable to foreigners who become Singapore Citizens/Permanent Residents from 1 October 2020 onwards.
The catch-up component is a flat amount paid across 10 years and is paid on top of the base premium.
