Tiq Cancer Insurance Review: Uncomplicated Cancer Plan with 100% Payout at All Stages

Alevin Chan

Alevin Chan

Last updated 06 January, 2023
Learn more about this fire-and-forget cancer protection plan, and how to best utilise it in your portfolio.

Cancer is a tricky and dangerous disease, and - if you do receive a positive diagnosis - you’ll need every available advantage you can get in order to maximise your chances of beating it.

Tiq Cancer Insurance is a simple cancer protection plan that triggers a 100% payout upon a cancer diagnosis, no matter which stage the disease is at. This feature puts the full financial arsenal of your policy at your use so you can focus on treatment without worrying about other hoops to jump through.

However, is this fire-and-forget strategy suitable for everyone? How can you best position Tiq Cancer Insurance in your portfolio for optimal effect?

Let’s take a deeper look at Tiq Cancer Insurance to find out.

Pros and cons of Tiq Cancer Insurance 

Pros Cons
100% payout at all stages of cancer  Cumbersome claim submission process
Yearly renewable policy up to age 85 Medical check-up may be required
No survival period Waiting period of 90 days
No-claims discount of 6% upon yearly renewal (does not stack) Highest payout capped at S$200,000

Key features of Tiq Cancer Insurance 

#1: 100% payout at all stages of cancer

Tiq Cancer Insurance most notable feature is the 100% lump-sum payout of your sum assured upon diagnosis of cancer. This is triggered no matter what stage the cancer is at confirmation, and there are no additional hoops to jump through to access your full benefits.

While some may appreciate the direct and uncomplicated nature of the plan, this also means you’ll only have one layer of protection - unlike in a multi-stage plan, or a policy with a recurring payout. 

This is further exacerbated by the relatively low sums assured of S$50,000, S$100,000 or S$200,000, which may be barely sufficient, depending on the type of cancer you’re diagnosed with, and the applicable therapies.

It is advisable to pair this plan with other healthcare or life policies for more thorough protection.

#2: No survival period required to receive claims

There is no survival period attached to this policy, which means that the full benefits will be awarded, even if the claimant should pass away soon after. This is unlike some other cancer policies, which stipulate a survival period.

However, do note that Tiq Cancer Insurance comes with a 90-day waiting period, during which no benefits will be paid if any symptoms of cancer are present. In this case, Tiq reserves the right to return all premiums paid and void the cancer policy. 

To avoid this unfortunate scenario, consider enrolling in the plan earlier rather than later.  

#3: Yearly renewable up till age 85, no-claims discount of 6% 

Before your application is accepted, you may need to undergo a medical check-up at Etiqa’s discretion.

If you do qualify for the plan, you’ll enjoy automatic renewal on a yearly basis, all the way until age 85. (Maximum age for enrolment, however, is age 65). 

Upon renewal, your premiums are subject to adjustment according to your age, so you should check carefully before going ahead with the renewal.   

However, you will be awarded a no-claims discount equal to 6% of the previous year’s premiums, as long as there were no claims made during the period. This is a flat discount capped at 6% per year, and does not stack with subsequent claims-free years. 

Important exclusions to note

We have highlighted some of the more noteworthy exclusions regarding Tiq Cancer Insurance. For a full list of exclusions, be sure to refer to the product summary.

Benefits will not be paid out under the following circumstances: 

  • Tumours classified as pre-malignant, non-invasive, or neoplasm of uncertain or unknown behaviour
  • Non-melanoma skin carcinoma, or malignant melanoma that has not caused invasion beyond the epidermis
  • All tumours in the presence of HIV infection
  • If you experience first symptoms of cancer within the first 90 days from the policy issue date or date of endorsement, whichever is later
  • Any pre-existing condition which you are suffering prior to the policy commencement date
  • If you commit intentional acts (sane or insane) such as self-inflicted injuries, suicide or attempted suicide during the policy term

For whom is Tiq Cancer Insurance best suited?

With its lump-sum payout upon cancer diagnosis, Tiq Cancer Insurance is ideal for those who prefer a protection plan that works in a straightforward manner. 

However, the payout is capped at S$200,000, which may not be adequate for those with many dependants. Hence, is it advisable to consider pairing Tiq Cancer Insurance with a life policy to boost the total benefits.

Plan tiers, premiums and latest promotions

We’ve summarised the main benefits of Tiq Cancer Insurance for your reference. Before signing up for the plan, please peruse the full details here and here.

Benefit or feature Sum assured
100% payout upon cancer diagnosis, all stages  S$50,000, SS$100,000 or S$200,000
No claims discount 6% of previous year’s premium
Death benefit S$5,000

How much does Tiq Cancer Insurance cost?

Sum assured Monthly premiums Yearly premiums
S$50,000 S$8.40 S$96
S$100,000 S$12.78 S$146
S$200,000 S$21.53 S$246

The premiums above are for a male, non-smoker, with an age-next-birthday at 30 years old. Premiums shown are before applicable discounts and with 8% GST.

What promotions are there for Tiq Cancer Insurance?

There are no ongoing promotions at the moment.

How to claim?

Take note that you’ll need to file a manual claim under this policy. Here are the steps you should follow:

  1. All claims under your Tiq Cancer Insurance policy must be made within three months of cancer diagnosis.
  2. You’ll need to file your claim via written notice. If you are in touch with a Certified Financial Planner, it may be a good idea to enlist his or her help.  
  3. Remember to include all certificates, documents and evidence in your claim.
  4. You may also call or Whatsapp customer care at 6887 8777 for assistance

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:
5 Critical Things You Need to Know About Cancer Insurance
Best Critical Illness Insurance Plans In Singapore (August 2021)
Critical Illness vs Cancer Insurance Plans: A Critical Comparison
Money Confessions: I Bought More Than S$700,000 In Critical Illness Coverage While In My 30s—Here’s Why
How Much Do Health Screenings In Singapore Cost?

An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.


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