I have renounced my Singapore Citizenship/Permanent Resident status, what will happen to my ElderShield cover?
ElderShield policyholders who have renounced their Singapore Citizenship or Permanent Resident status before 1 April 2024
You can retain your ElderShield policy as long as your policy was paid up before 1 April 2024 or you continue to make payment for your premiums.
As foreigners would no longer have CPF accounts from 1 April 2024 onwards, you will have to make alternative premium payment arrangement to continue payment, if you wish to retain your cover. If you are using your own MediSave Account to pay for the premiums and no alternative payment arrangements are made to continue, your ElderShield policy will lapse, with no refund of past premiums paid. However, in scenarios where there were a minimum number of premiums paid, your ElderShield cover will be converted to a policy with reduced payouts.
ElderShield policyholders who renounce their Singapore Citizenship or Permanent Resident status after 1 April 2024
In line with the closure of CPF accounts, your ElderShield policy will be automatically terminated and there will be no refund of premiums paid. This is as per how MediShield Life and CareShield Life policies are terminated upon renunciation of Singapore Citizenship or Permanent Resident status.
This information provided here is sourced from the MOH website.
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