No, FWD Cancer 100 provides 100% sum insured payout with 0 deductible and 0 co-insurance, if the person insured is diagnosed with major cancer (late-stage cancer) and is undergoing or has completed cancer drug treatments in Singapore that are not on the Singapore Ministry of Health’s Cancer Drug List.
Nevertheless, deductibles and co-insurance may be payable for other insurance policies. For these purposes, deductibles refer to the fixed minimum amount payable for medical expenses in a policy year, before any policy benefits are paid out from the insurance policy.
Co-insurance, on the other hand, refers to a portion (usually a fixed percentage) of the hospitalisation and/or outpatient treatment(s) bill, payable after the deductible is met.
An example if your insurance policy has deductibles and co-insurance:
Insurance claim amount: S$10,000
Assuming the insurance policy imposed a deductible of S$5,000 and co-insurance of 10%.
Amount payable first = S$5,000 (deductible)
Balance amount = S$5,000
Amount payable after paying for the deductible = $500 (co-insurance: 10% of the balance amount)
Total amount paid by you = S$5,500
Amount paid from the insurance policy = S$10,000 - S$5,500 = S$4,500