Prudential Singapore has increased the age for group medical insurance to 100 years for the employees of its corporate clients.
Effective 1 September, staff of Prudential corporate clients will be able to avail insurance coverage for hospital and surgical, outpatient medical and dental expenses.
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The insurer said that the move will address increasing Singaporean’s longevity and their aspirations to work longer.
With an average life expectancy of 84.8 years, the citizens of Singapore enjoy the longest lifespan across the globe.
Additionally, the insurer has also raised the maximum age coverage up to 74 years from 64 to 69. The increased age limit is effective for its group term life, accidental death as well as major medical plans.
Prudential Singapore head of enterprise business solutions Jeff Ang told The Straits Times: “With rising healthcare costs, and the need for a bigger retirement nest egg to last these increased years, employees need greater support in their extended careers. Employers need to support their aspirations by making workplaces age-friendly.
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By GlobalData“By providing insurance till age 100, we want to help employers attract and retain their senior talent, and we want to provide their employees the peace of mind that their needs are taken care of with greater coverage.”
However, Ang did not reveal the number of staff who will benefit from the increased age for insurance coverage.
