Best Cancer Insurance Plans In Singapore (November 2023)

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.

Best Cancer Insurance Plans in Singapore on SingSaver

• Allianz Cancer Protect - Best for comprehensive coverage with monthly income benefits
• MSIG CancerCare Plus - Best value for money
• FWD Cancer Insurance - Best for unique benefits
• Great Eastern Cancer Guard - Best for long-term care and treatment
• Singlife Cancer Cover Plus - Best for overseas treatment
• TIQ Cancer Insurance - Best for yearly savings

By now most Singaporeans would have heard of the changes that will kick in on 1 April 2023 -  Integrated Shield Plans (IPs) will only cover cancer treatments that are on the Ministry of Health’s Cancer Drug List (CDL), with individual claim limits for cancer drug treatments.

That means you should take a closer look at your cancer coverage, and decide if there is a protection gap to cover right now.   

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.

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 Plan	Highlights	Premium (per year)	Promotion
Allianz Cancer Protect Apply Now	- 100% payout for major cancer diagnosis - Non-invasive cancer benefit of S$10,000 - Monthly income benefit of S$1,500 for 12 months upon major cancer diagnosis - No medical examination required	From S$136.80 (S$50,000 Sum Assured)	Use promo code CAN20C to receive 20% off the premiums when you purchase NOW! Valid from now till 31 December 2023. T&Cs apply.
MSIG CancerCare Plus Apply Now	- Highest coverage to premium ratio - Highest default basic sum assured of S$100,000 - 50% accelerated payout for early cancer diagnosis	From *S$95.04 (S$100,000 Sum Assured) *for renewal only	Get 20% off with MSIG CancerCare Plus when you purchase NOW! Valid till 30 November 2023. T&Cs apply.
FWD Cancer Insurance Apply Now	- 100% payout even for early stage diagnosis - Obtain a free medical second opinion via Mediguide - Additional death benefit payout	From S$270.48 (S$50,000 Sum Assured)	Get 50% off FWD Cancer Insurance with promo code BFCM23. Valid till 30 Nov 2023. T&Cs apply. Plus, enjoy 1x chance to win an Apple iPhone 15 worth $1,299 in FWD's Black Friday Cyber Monday 2023 Lucky Draw. T&Cs apply.
Singlife Cancer Cover Plus Apply Now	- Complements your coverage under existing medical insurance plans (e.g. Integrated Shield Plan and riders) - High annual coverage limit of up to S$1.5 mil after deductibles - No medical check-up needed for signup	From S$120-S$3,770 The life assured must be 75 years old or below at age next birthday at cover start date	N.A.
TIQ Cancer Insurance Apply Now	- 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)	Get 30% off and a Sterra Moon True HEPA-13 Air Purifier or S$400 e-vouchers with code CANCER30 on TIQ Cancer Insurance. Valid till 30 Nov 2023. T&Cs Apply. A Combined total annual premium across all protection products: $1000 - $2000 premium get a Sterra Moon True HEPA-13 Air Purifier, annual premium mode only, first 100 customers, while stocks last $2001 and above receive S$400 eCapitaVouchers, annual premium mode only, first 50 customers, while stocks last
Great Eastern GREAT Cancer Guard Apply Now	- 100% payout even for early stage diagnosis - No medical examination required	From S$370.24 (S$100,000 Sum Assured)	N.A.
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)	N.A.
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$160 (S$100,000 Sum Assured)	N.A.

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

Allianz Cancer Protect: Best for comprehensive coverage with monthly income benefits

Allianz Cancer Protect could be the one for you if you’re looking for a comprehensive cancer insurance plan that offers a monthly income benefit as well as lump sum benefit upon diagnosis of a non-invasive cancer (one claim per lifetime; counts towards your sum assured). 

While Allianz Cancer Protect is a tad more expensive compared to some other cancer insurance plans that also offer the same S$50,000 sum assured, the others do not come with the handy monthly income benefit that’s payable up to 12 months upon diagnosis of a major cancer. 

Another plus point of Allianz Cancer Protect? You have options when it comes to choosing the right coverage for you and your loved ones. Apart from the S$50,000 sum assured Silver Plan illustrated above, you can opt for the S$75,000 sum assured Gold Plan or the S$100,000 sum assured Platinum Plan. 

The Allianz Cancer Protect Gold Plan offers a non-invasive cancer benefit of S$15,000 and a monthly income benefit of S$2,500. The Allianz Cancer Protect Platinum Plan offers a non-invasive cancer benefit of S$20,000 and a monthly income benefit of S$3,500. 

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. 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'll 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.

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 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$22.54 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.

Singlife Cancer Cover Plus: Covers overseas treatments

With treatment for late stages of cancer ranging from S$100,000 to S$200,000 yearly, cancer coverage can literally be a lifesaver.

For a comprehensive cover, Singlife Cancer Cover Plus covers cancer outpatient cancer drug treatment and services (both on the CDL and not on the CDL), Proton Beam Therapy and Cell, Tissue and Gene Therapy.

It also provides as-charged coverage for claims, which helps to lower your out-of-pocket expenses. For anyone going through cancer treatment, there is greater peace of mind knowing that the medical bills from cancer treatments are claimable as charged. The annual coverage limit of up to S$1.5 million per policy year for medical bills.

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 similar to 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.

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, but you'll need to do three health declarations to pass for eligibility with a guaranteed renewal until age 85.

The 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.

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).

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). Do note though, 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. 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.

Helping you make the best choice for your cancer 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