SINGAPORE: Some insurers are seeing an uptick in demand for insurance policies with mental health coverage, but industry analysts say such options are still limited and the coverage usually inadequate.one in seven people in Singapore
Policyholders are insured for mental illnesses at 20 per cent of their basic plan's coverage. This means that a customer who holds a basic plan with coverage of S$250,000 will be eligible to claim S$50,000 for mental health conditions. This payout is capped at a lifetime limit of S$150,000. A spokesperson for the insurer said the take-up rate for the policy has increased since its launch in July 2019, with average monthly applications rising by 60 per cent last year.
Other insurers declined to share the take-up rate for their policies with mental health coverage, but said they offered a suite of such policies. The Lady 360 plan has an outpatient psychiatric benefit that offers a payout if the insured is diagnosed with major depressive disorder or anxiety disorder after a “traumatic life event”. The mental benefit rider gives a payout for diagnoses of major depressive disorder, schizophrenia, bipolar disorder and obsessive-compulsive disorder before 75 years of age and Tourette's syndrome before 21 years of age.
While some insurers offer health and wellness programmes for their customers, most of these focus on physical health and well-being, said Mr Paul Brenchley, partner and head of insurance advisory at KPMG in Singapore.
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