Insurance Companies in Singapore | Guide to Insurance Companies
Health Insurance | Insurance | Life Insurance | Travel Insurance
by Priyadarshini
6 December 2023
In Singapore, all insurance companies are regulated by the Monetary Authority of Singapore also known as (MAS). All insurance companies need a valid license to function and all insurance brokers here must be registered with MAS. If you are new to Singapore and want to take up an insurance policy, then read this blog. We tell you, all about insurance companies in Singapore.
Life Insurance Companies (LIA) Singapore
Life insurance products tend to be difficult to understand and most often you will need an insurance agent to help you choose the policy. It is one of the most popular insurances that are there in the market. This is the basic term life insurance that most people have and you can say it’s a must-have. The insurance policy will pay out an insurance sum in the vent of death of the insurance bearer. Some major life insurance company are as follows – AIA, NTUC Income, AXA, FWD, Aviva
General Insurance Companies Singapore
These are the insurance companies that offer various types of products, such as travel insurance, home insurance, car insurance, maid insurance, and personal accident insurance, etc. It is much simpler and specific as compared to life insurance or health insurance. We recommend the following insurance companies for you – AIG, Aviva, AXA, Allianz, NTUC Income.
Health Insurance Companies Singapore
The Government of Singapore gives basic health insurance coverage to all its citizens that is Singaporeans and PRs. But most often you will find the majority of people topping up the government health insurance with an upgrade from a private player. The government’s health insurance, also known as MediSheild is giving out very basic benefits. This type of hybrid insurance policy is called Integrated Shield Plans or IPs. IPs are provided by the following 7 insurance companies – AIA, Aviva, AXA, Great Eastern, NTUC Income, Prudential, Raffles Medical Group.
Choose the Right Insurance Company
Claims process: Don’t depend on your agent to make claims for you and it is not necessary that your agent will be around all the time. So, do check how easy the claim process is to carry out.
Credit rating: For long-term commitments like whole life insurance, you may want to check the credit rating of the various insurers.
User-friendly: Policy Management is an exhausting and tough task. So, check for this factor before you buy an insurance policy. Digital presence and online processes are important to ensure you have a talk with your agent before signing the papers.
