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OCBC Bank on Thursday said it is offering a new way of buying health insurance through digital channels.
It has rolled out a product called Early Cancer Care, the first health insurance product sold through OCBC's mobile and Internet banking channels.
Underwritten by Great Eastern, it is a cancer insurance plan that provides coverage in the event early or major cancer is detected.
Depending on the plan purchased, upon diagnosis of major cancer, the insured may receive a cancer recovery benefit of up to S$3,000 monthly for six months, and a lump sum benefit of up to S$150,000, which can be used to cover treatment costs.
The bank said that typically, such health insurance plans are not sold via online channels as they require a health check-up to evaluate the applicant's medical condition. Eligible OCBC customers can now just make a health declaration online.
OCBC said that it expects to launch more non-general insurance plans to be sold over the digital channels, over time.
Aditya Gupta, head of E-Business Singapore, said: "By offering our customers access to directly buy insurance solutions like Early Cancer Care via our digital channels, we have upped the ante in meeting their insurance needs simply, quickly and securely. It's the start of what I call 'democratisation of insurance'."