Financial News and Advice in Singapore

Best Cancer Insurance Plans In Singapore (August 2021)

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Every spending situation is unique. SingSaver assembles the ‘Best For‘ list, so you can decide what’s best for you.


If you’re a Singaporean, statistically, cancer is the most worrying cause of death. And although medical technology has greatly increased our chances of surviving cancer, the impact on our finances can be dire.

As we explained in why you should seriously consider getting cancer insurance, the average Singaporean has a critical illness protection gap of over S$250,000.

But since critical illness insurance can be prohibitively expensive, cancer insurance is a way to get protection against the highest-probability critical illness at a relatively low price. Getting it is almost a no-brainer—especially if you have a history of cancer in your family.

But there are several cancer insurance plans you can choose from. And not all of them will be the ideal fit to your individual circumstances. So, to help you make the optimal choice for yourself—and to save even more money on top of that—here are the best cancer insurance (along with promotions and discounts) out there today.

(P.S. If you’re still confused about what it entails, be sure to read about the five critical things to know about cancer insurance.)

Cancer Insurance PlanHighlightsPremium (per year)Promotion
MSIG CancerCare Plus– Highest coverage to premiums ratio
– Highest default basic sum assured of S$100,000
– 50% accelerated payout for early cancer diagnosis
 
From S$94.16 (S$100,000 Sum Assured)Receive S$10 via PayNow, a 20% discount and S$10 e-vouchers when you apply. Valid from 1 – 9 August 2021. T&Cs apply.
FWD Cancer Insurance– 100% payout even for early stage diagnosis
– Obtain a free medical second opinion via Mediguide
– Additional death benefit payout 
From S$98 (S$50,000 Sum Assured)For claims of S$200,000, use the promo code CAN30 to get 30% off your annual premium. Valid from 2 – 6 August 2021. T&Cs apply.
TIQ Cancer Insurance– 6% of past year’s premiums worth of savings on yearly policy renewal if no claim made in previous year
– 100% payout even for early stage diagnosis
– Additional death benefit payout
From S$96 (S$50,000 Sum Assured)
Use promo code TEIF on Fridays to get additional discount. Valid from 1 – 30 June 2021. T&Cs apply.
Great Eastern GREAT Cancer Guard– 100% payout even for early stage diagnosis
– No medical examination required 
From S$396.16 (S$100,000 Sum Assured)Get 15% off your premium for the first year. T&Cs apply.
SingLife Cancer Plus Plan– Lump sum S$5,000 death payout
– Allows multiple claims in the event of relapse
– Very flexible premium options
From S$82.52 (S$40,000 Sum Assured)
NTUC Income Cancer Protect– Up to 125% of sum assured
– Covers accidental death
– Automatic renewal every 10 years
From S$172.80 (S$50,000 Sum Assured)Get 20% off your premium for the first year. T&Cs apply.
Prudential PRUCancer 360– Coverage for all stages of cancer
– Coverage up till age 100
– 100% payout of sum assured for all cancer stage diagnosis
From S$192 (S$100,000 Sum Assured)Get 10% off your premium for the first year. T&Cs apply.

*The premiums are based on a 30-year-old male, non-smoker. 

MSIG CancerCare Plus: Best value for money

MSIG’s cancer insurance plan is a little more rigid, with the sum assured fixed at S$100,000, with no flexibility given. On the surface, that can seem to be a drawback, and we’re not denying that—all things being equal—most people would prefer to have that flexibility.

But all things are not equal, because MSIG CancerCare Plus may be one of the best value for money plans on the market. For the same premiums you would pay for a plan that gives you S$50,000 of coverage, you get the full S$100,000.

That said, the plan does have a couple of other drawbacks to note. For one, early stage diagnoses are only eligible for 50% of the sum assured (the remaining 50% can be used for any non-early stage diagnoses down the line). There is also no additional death benefit.

However, if this is not a major concern and you just want to maximise value in your cancer insurance plan, look no further. Additionally, this policy features automatic renewal, which is valid even after you have made a claim for early stage diagnoses. Making things even more fuss-free would be a simple application process, with just three health declarations before you’re covered.

Besides giving you protection, for every new policy purchased, MSIG donates S$10 to the Singapore Cancer Society to support needy cancer patients! 

MSIG CancerCare Plus Promotion: Receive S$10 via PayNow, a 20% discount and S$10 e-vouchers when you apply. Valid from 1 – 9 August 2021. T&Cs apply.

FWD Cancer Insurance: Best and most unique benefits

What sets FWD’s cancer insurance plan apart from the rest is its free medical second opinion. Policyholders are entitled to obtain a second opinion from Mediguide, where a team of expert physicians will review your medical records. Considering the gravity of a cancer diagnosis, this can offer a huge peace of mind.

That aside, the nuts and bolts of FWD’s cancer insurance plan stand up well against the market. Basic coverage starts as low as S$50,000 but goes all the way up to S$200,000—the upper limit of the market. Furthermore, it pays out a full 100% of the sum assured even for early stage diagnoses. There’s also a smaller and separate death benefit.

Its premiums are priced slightly above the market average (starting at S$7 a month if you’re a non-smoking 30-year-old male), but if that is not a big issue for you, this is a great ‘all-rounder’ plan that has one of the best benefits on the market. Application is hassle-free too, with just one health declaration and no medical examination required

FWD Cancer Insurance Promotion:
Use the promo code CAN30 to get 30% off your annual premium. Valid from 2 – 6 August 2021. T&Cs apply.

TIQ Cancer Insurance: Great benefits plus yearly savings

To be honest, TIQ’s cancer insurance plan is very similar to FWD’s. They are both solid ‘all-rounder’ plans which pay the full 100% sum assured regardless of the diagnosis stage. They have the same smaller lump sum death benefit and their coverage sums also range from S$50,000 to S$200,000. Premium-wise, they are within a few dollars of each other too. You really can’t go wrong with either option.

The salient differences really only come down to two main points. FWD has the unique benefit of getting a free medical second opinion from a team of expert physicians. Whereas for TIQ, you can enjoy 6% off your annual premiums so long as you haven’t made any claim. This is essentially the ‘No Claim Discount’ model you see with motor insurance.

If you are looking for a good ‘all-rounder’ cancer insurance plan, either TIQ or FWD will serve your needs. It just depends on what you value more—a second medical opinion or a 6% annual discount.

TIQ Cancer Insurance Promotion: Use promo code TEIF on Fridays to get additional discount. Valid from 1 – 30 June 2021. T&Cs apply.

Great Eastern GREAT Cancer Guard: Most convenient plan

Great Eastern’s GREAT Cancer Guard plan is designed to give you the maximum convenience and consistency possible. For one, the premiums don’t increase with age—this consistency gives you the ability to plan your finances with much more clarity. Second, there’s no medical examination required, just a simple health declaration with a guaranteed renewal until age 85.

Its sum assured starts at S$50,000 and goes up to S$300,000—it’s rather standard. It pays out 100% of the amount regardless of the diagnosis stage, although it doesn’t include a death benefit.

That said, its premiums are definitely on the higher end of the market—a necessary trade-off for maintaining it for the entire term of the plan. However, if you don’t mind bearing higher premiums (and the absence of a death benefit) in exchange for this convenience and consistency, then this is one plan worth looking into.

Great Eastern GREAT Cancer Guard Promotion: Get 15% off your premium for the first year. T&Cs apply.

SingLife Cancer Insurance: Best for those on a tight budget

Truth be told, cancer insurance is one of the more overlooked insurance types in Singapore, despite the sobering statistics. And if you are one of those with a ‘some is better than none’ mindset, SingLife has a very affordable cancer insurance plan for some measure of cancer protection.

Starting at approximately S$85.20/year for a 10-year basic plan (the lowest on this list), its sum assured goes for S$60,000 for late stage cancer only, with a death payout of S$5,000. An upgrade to the SingLife Cancer Plus plan would see complete inclusion of early and intermediate stages. In the event cancer strikes, you are entitled to a 25% and 100% (of sum assured) payout respectively, all without having your policy lapse. Yes, it does offer multiple claims, whether or not it is a case of relapse or the occurrence of a new cancer.

Two other great features are that you won’t have to undergo any medical examination, and getting covered is a simple matter of pre-filling an online form using MyInfo. It makes the SingLife Cancer plan one of the latest entering the fray of fuss-free digital insurance offerings, one that you can get quick coverage on the go. Last but not least, the policy is automatically renewed as well.

NTUC Income Cancer Protect: A fuss-free plan with added benefits

NTUC Income’s Cancer Protect policy is fuss-free in every sense of the word. Policyholders enjoy an automatic renewal for the same contract term and sum assured every decade if a claim isn’t made. This excludes the event where you make a claim for an early stage of a major cancer.

However, this policy is subject to medical underwriting and may require the applicant to undergo a medical test. Furthermore, it will not pay any benefits should a claim arise from an existing medical condition that was not communicated beforehand. The sum assured is not as competitive too, starting at S$50,000 and capping out at S$100,000. With regards to payouts for early stage cancer, you only receive 25% of the sum assured.

On the bright side, the premiums are affordable and coverage is comprehensive. The monthly premium starts at S$14.40, but you have the flexibility to make your payment quarterly, half-yearly, or yearly too. Additionally, you receive up to 125% of your sum assured should you be diagnosed with an advanced stage cancer. Finally, there is a death benefit of S$5,000 or 100% of premiums paid (if death occurs within a year from the date that coverage begins).

NTUC Income Cancer Protect Promotion: Get 20% off your premium for the first year. T&Cs apply.

Prudential PRUCancer 360: Features the longest coverage across all stages

Prudential’s PRUCancer 360 policy boasts the widest coverage on this list, including infants who are a year old to senior citizens up to 100 years old. Additionally, it covers all stages of cancer and provides a 100% payout of your sum assured upon diagnosis for any stage.

The sum assured starts at S$10,000 and goes up to a maximum of S$300,000. This translates into a maximum monthly premium of S$46 (based on a 25-year-old female who is a non-smoker). However, applicants age 1 to 16 are restricted to a maximum sum assured of S$100,000 and the maximum age of renewal is 95 years old. There is also no death benefit included.

Fortunately, signing up for this policy is extremely easy because you only need to answer a single health question when applying. You do not need to jump through multiple hoops just to get on board.

Prudential PRUCancer 360: Get 10% off your premium for the first year. T&Cs apply.

Helping you make the best choice for your protection

Cancer is unpleasant to read, hear, or even think about. But we cannot ignore reality, which is why it’s important to stay protected. SingSaver is here to help you make the best choices when it comes to your protection. Click here to compare all our cancer insurance plans at a single glance.


Protected up to specified limits by SDIC.

Note: This is only product information provided. You may wish to seek advice from a qualified adviser before buying the product. If you choose not to seek advice from a qualified adviser, you should consider whether the product is suitable for you. Buying an insurance product that is not suitable for you may impact your ability to finance your future healthcare needs.

If you decide that the policy is not suitable after purchasing the policy, you may terminate the policy in accordance with the free-look provision, if any, and the insurer may recover from you any expense incurred by the insurer in underwriting the policy.


Read these next:
Here’s Why You Should Seriously Consider Getting Cancer Insurance
Everything You Need To Know About Breast Cancer: Screening, Treatment Costs & Insurance
5 Critical Things You Need to Know About Cancer Insurance
Critical Illness vs Cancer Insurance Plans: A Critical Comparison
Critical Illness Plans vs Early Critical Illness Plans: Which Should You Get


By Ian Lee
Ian is a former investment banker turned freelance financial and investment writer. He specialises in creating versatile finance content for the attention economy on topics ranging from personal finance and investing to fintech and cryptocurrencies.