Govt going into selling insurance business?
First we have compulsory annuity schemes. Now we have automatic Medishield for kids. And more schemes for youth and young adults on the way. Where else can one sell insurance in a large scale to the masses in such an easy manner. Compulsory and automatic. The latter, ok, can opt out within a month after automatic inclusion. And at $30 annual premium, I concur that it is affordable. What if the opt out rate is too high to make the scheme not economical? Would it then become compulsory? It is a good scheme and good for the people? Why not make it compulsory in the first place? Or why not make compulsory annuity be automatic and allow the people to opt out of the scheme if they do not want to? The premium cannot be a key consideration to decide whether it is compulsory or automatic I supposed. $30 versus $1000 or more per annum?