“Is getting personal accident insurance in Singapore worth it?” This question has probably crossed your mind many times already. To answer that, it depends on your situation. If you work in a field that’s prone to unforeseen misfortunes, then we recommend buying an insurance plan.
Your safety isn’t always guaranteed. Bad luck may hit you just before you know it, so it’s better to be prepared.
A personal accident (PA) insurance policy has your back when you’re unable to work due to an injury. It will cover your loss of income, not to mention that it provides your loved ones with financial assistance when you die due to an accident or from injuries sustained in an accident.
Here are five of the best PA insurance plans in Singapore:
1. MSIG – ProtectionPlus
A subsidiary of MSI and a member of the MS&AD Insurance Group, MSIG Insurance Pte. Ltd., has become one of the leading insurance companies in Singapore. It has a comprehensive line of insurance plans, including personal accident insurance.
MSIG’s personal accident plan, ProtectionPlus features a high permanent and total disablement payout of up to $375,000. It also comes with a hospitalisation cash benefit, temporary total disablement cover, bereavement grant, third-degree burns cover, and more.
You can choose whether to get a silver, gold, or platinum plan for you and your child. The basic version of ProtectionPlus (silver) offers hospitalisation assistance of $50 per day (Max $2,500) and a recuperation benefit of $100.
2. Etiqa – ePROTECT Safety
Since accidents bring about the unexpected, it’s crucial to stay protected all the time. The good news is that there are several personal accident insurance options in Singapore—and Etiqa ePROTECT Safety is one of them.
As the name suggests, ePROTECT Safety is a PA insurance plan that you can purchase online. You can get protection coverage at your convenience—no need for meet-ups with financial advisors, just a few clicks away.
When you choose this accident insurance, you will be eligible for up to S$500,000 protection for accidental death or permanent disability. You will also receive outpatient medical expenses of up to S$4,000 and hospitalisation expenses for 22 infectious diseases, including hand, foot, and mouth disease, dengue fever, and h1n1.
3. AXA – SmartPA Protect+
AXA is one of the household names in the insurance industry. In fact, the insurance company has teams all over the world, of which Singapore is one.
What’s special about AXA is that they have an assortment of plan choices. Its personal accident insurance, in particular, is available in two types—SmartPA Protect+ and AXA Band Aid. The former offers reimbursement of medical expenses, home recuperation benefit, and additional death benefit if the accident occurs overseas.
SmartPA Protect+ includes other perks, such as free child cover and a 10% discount if you and your spouse are covered in the same policy. Plus, you can include add-ons, such as loan protector, funeral expenses, emergency medical evacuation, and more.
4. ERGO – AccidentProtect
ERGO Insurance Pte. Ltd. also provides individuals with a selection of insurance solutions that meet their specific needs. One of their products is the AccidentProtect, personal accident insurance that lets you choose from various types— basic, essential, standard, and deluxe.
AccidentProtect pays a lump-sum cash benefit in the event of death or total permanent disablement. You will receive double indemnity for accidental death if the accident happens while travelling in any public conveyance or is caused by natural catastrophes (i.e., earthquake, typhoon, hurricane, etc.).
Other benefits you can get from this plan are daily hospital income, emergency medical evacuation, lifestyle maintenance, compassionate allowance, child support fund, income protection, and loan protector.
5. FWD – Personal Accident Insurance
Since its inception in Singapore in 2016, FWD has established itself as one of the leading pan-Asian insurers. It offers customers a wide range of products that can cater to their evolving needs, including protection against accidents and assistance from accidental injuries and disablement.
FWD’s personal accident insurance plan covers up to S$15,000 for inpatient and outpatient care and up to S$1,000,000 cover against accidental death. This plan also gives you a daily cash allowance if you’re hospitalised or confined to an ICU unit.
You can add riders to your PA policy for optimal protection. Examples of the add-ons to consider are daily hospital income, weekly income for temporary disability, and damage to personal electronic devices, to name a few.
Wrap Up: Choose a PA plan that suits your needs (and budget)
When buying personal accident insurance in Singapore, be sure to assess first your needs and your budget. It’s indeed crucial to find the best insurance plan, but the point of getting the best PA becomes useless if you can’t continue paying your premium.