Baby Insurance Plans in Singapore | Four Types of Baby Insurance Plans
Health Insurance | Insuranceby Priyadarshini 28 August 2023
Here are the four most common types of insurance purchased for newborns. This blog tells you about baby insurance plans in Singapore.
Four Types of Baby Insurance in Singapore
- Health insurance (Integrated Shield plans) – To supplement MediShield Life coverage and improve care quality.
- Critical illness insurance compensates for income loss if one or both parents are forced to miss work to care for their sick child.
- Personal accident insurance – Provides coverage for outpatient treatments and other “miscellaneous” medical expenses.
- Whole life insurance – As a “forced savings” plan to pass on cash value to their child while also providing them with coverage for the rest of their lives.
Baby Insurance Plans in Singapore
Great Eastern SupremeHealth has an integrated shield plan
Great Eastern SupremeHealth is highly adaptable, with four different tiers available. It can cater to a wide range of financial circumstances, from only Class B1 wards and lower at restructured hospitals (Standard plan) to all wards including private hospitals (P-Plus plan). Premiums for children aged one year and up range from S$157 to S$299 per year. Although there are multiple tiers to choose from, this isn’t the most expensive plan. However, for the benefits it provides, such as claim limits of up to S$1.5 million and coverage for 120 days pre-hospitalization and 365 days post-hospitalization, the premiums charged are excellent value for money.
AXA SmartCare Junior is a critical illness plan
AXA’s SmartCare Junior is a hybrid critical illness and personal accident plan (with a focus on the former) tailored to children. The plan covers ten critical illnesses and pays out lump sums ranging from S$20,000 to S$50,000. While this may not appear to be much, it also includes coverage for in-hospital expenses ranging from S$2,000 to S$5,000*, medical expenses resulting from accidental injuries ranging from S$200 to S$500, and the same lump sum pay-out for the payor’s accidental death or total permanent disablement.
All of this makes its annual premiums, which range from S$135 to S$339, a much better value. Overall, while this isn’t a strict critical illness plan in and of itself, it is a good “all-arounder” option that can supplement MediShield Life or Integrated Shield Plan coverages.
AXA Life Treasure is a whole life insurance policy
As previously stated, one of the primary advantages of purchasing whole life insurance for a young child is that thanks to flexible premium payment terms, you may be able to ensure your child is protected for their entire life by the time they reach adulthood. For example, if you purchase whole life insurance and pay the premiums in full over 10, 15, or 20 years, they will be fully covered for the rest of your lives with no further premiums to pay.
AXA Life Treasure offers one of the most flexible premium payment terms on the market in this regard. The premiums can be paid over 10, 15, 20, 25, or 30 years, and they can be paid monthly, quarterly, semi-annually, or annually. You can also add on multiple riders to cover a variety of critical illnesses, such as early-stage diagnoses and juvenile conditions, as well as the multiplier benefit rider, which allows you to multiply the sum assured on your policy. This has the potential to transform it into a truly comprehensive policy.
Sompo PA Junior’s personal accident plan
This is a personal accident and infectious disease plan (covering 17 of them) aimed solely at children. But what we like about this one is its daily hospital allowance (up to S$100) and its broader definition of ‘disability.’ The two higher plan tiers also provide lump sum payouts for post-accident reconstructive surgery up to an estimated 30% of the sum assured.
Its infectious disease coverage, which includes daily hospital allowances, get-well benefits, and medical expense claims of up to S$1,500, is also limited to the two higher plan tiers. This plan is divided into three tiers, with annual premiums ranging from S$85.60 to S$288.90, making it an affordable option for parents with a high-risk child.