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20 Oct 2005
The Ministry of Health has approved 2 more applications for 3 new Medisave-approved integrated plans. The applications were submitted by Prudential, a new market entrant, and NTUC Income.
Prudential has been approved to introduce PRUShield Plans A and B, which cater to hospitalisation at Class A and private hospitals, and Class B1 respectively. These 2 plans were launched by Prudential on 17 Oct 2005.
NTUC Income has been approved to provide a new plan called IncomeShield Plan P from 1 Nov 2005, targeted at private hospital stays. This is in addition to their three existing plans.
One of the objectives of the MediShield reform is to promote a competitive medical insurance market which can offer Singaporeans greater choice of private insurance plans. When the reform was implemented on 1 Jul 2005, there was immediate benefit to Singaporeans as private insurers responded positively to the reform. Three existing insurers (AIA, Great Eastern and NTUC Income) significantly enhanced coverage for policyholders with hardly any changes to premiums. A fourth insurer (Aviva) was a new entrant to the market which introduced different insurance plans.