Mr Tan was a policyholder with Income since July 1989. On 9 November 98, he suffered a heart attack and submitted a claim under his Living policy. However, Mr Tan's medical report showed that he was on medication for hyperlipidaemia, a risk factor for heart attack, since 1988. This condition was not disclosed in the proposal form and was not mentioned in the Health Declaration form dated 26 December 1990.
The policy issued could have been rendered void due to this non-disclosure of a material fact. However, since Mr Tan is a loyal policyholder and his condition was well controlled at the time of proposal, we chose to take a compassionate stand and decided to settle his claim in full for the sum of $30,000.
We know that Mr Tan will has to cope with high medical costs so we hope the money will go some way in easing his financial burden. We have always valued and appreciated our loyal policyholders and that is most evident in the way we settle claims. As an insurance co-operative, we believe that claims settlement should always be professional, but also with a generous dosage of personal touch and compassion.
We are glad that we are able to make a difference in Mr Tan's life.
Email this page
Print this page
