Personal Accident Insurance Plans | Buy Personal Accident Insurance Singapore
Health Insurance | Insuranceby Priyadarshini 19 May 2022
These standalone renewable insurance policies cost extremely little in terms of defraying very significant medical expenditures. Here are the top ones to think about. In this blog, we talk about personal accident insurance plans in Singapore.
When it comes to insurance, the first things that come to mind (and should) are life insurance, health insurance, and critical illness insurance. Personal injury insurance is often classified as a ‘nice-to-have,’ but it should not be neglected because it provides excellent coverage at a low cost. The annual premium is likewise unrelated to your claims, and you can switch providers each year if you so desire.
Another facet of personal accident insurance that is sometimes forgotten is coverage for infectious diseases, which has become increasingly essential as a result of COVID-19. You may be relieved to learn that many personal accident insurance policies have become hybrid by integrating COVID-19 coverage.
What are personal accident insurance plans?
A personal accident insurance policy is a sort of general insurance that pays out benefits in the event of accidental death, incapacity, or injury. Benefits often include all stages of an injury, from evacuation to hospitalization and treatment, rehabilitation, and recovery. Personal accident insurance also includes a death benefit in the event of a fatality.
When looking for personal accident insurance, be sure that the fundamentals are covered. These include accidental death and disability, inpatient and outpatient care (which several decent plans provide), and daily hospital stay allowances. Many personal accident insurances also cover the costs of physiotherapy, chiropractic, and Traditional Chinese Medicine (TCM) treatments, which are not cheap.
Who should consider purchasing personal accident insurance?
If you want more protection against unanticipated incidents in general, this could be your go-to plan. It could also be for those of you who are self-employed, often participate in outdoor activities and sports, or just desire a larger payout for your family in the event of an accident. Personal accident policies may also be beneficial if you frequently visit a TCM practitioner, physiotherapist, or chiropractor. For example, if you actively participate in sports or demanding activities, or if you’re plain clumsy and sprain your ankle every now and then.
Personal Accident Insurance Plans
Starr Urban Cover Personal Accident Plan
At first look, the inexpensive premiums for the Starr Urban Cover Personal Accident Plan start at S$11 per month for the Bronze plan. This plan is exceptionally cost-effective, ranking second on the list in terms of affordability. Let’s start with the fundamentals. The bronze plan includes S$100,000 in accidental death and disability coverage, as well as S$2,000 in accidental medical coverage for both inpatient and outpatient medical bills. Though the coverage is a tad on the modest side, the reasonable premiums make it worthwhile.
This plan is tailored specifically to work adults who are responsible for putting food on the table for your family. Consider getting injured in an accident and being forced to take an extended period of unpaid leave. This will undoubtedly deplete your cash, making it harder to stick to your financial responsibilities.
With these worries in mind, Starr Urban Cover Personal Accident Plan addresses other financial problems that many people ignore. In the event of a temporary total disablement caused by an accident, the plan covers a S$1,000 monthly home mortgage repayment and a S$500 kid tuition price refund. Not only that, but it also gives a S$500 parental allowance if your death was caused by an accident, as well as monthly energy bill reimbursements of S$500 in the event of temporary total disablement.
Allianz Accident Protect (Silver)
Accident Protect from Allianz is a comprehensive personal accident insurance coverage. The Silver tier coverage provides a payout of S$50,000 in the event of accidental death, total permanent disability, or partial permanent disability. But that’s not all, because the policy covers medical and surgical expenditures up to S$2,500 per accident.
And if you need mobility aids or house modifications as a result of an accident, you’ll be relieved to know that they are also covered. When infectious disorders such as dengue fever or malaria are diagnosed, a S$200 lump sum payment is made. A number of riders are also available if you desire additional protection.
Hospitalization and weekly monetary payments are among the riders. Allianz Accident Protect, on the other hand, includes a built-in No Claim Bonus. Every year that you do not file a claim, you will receive a 10% savings on your premium, up to a maximum of 30%. When you add your spouse and/or children to your insurance to establish a couple/family plan, you will receive a 15% discount. Finally, Allianz Accident Protect offers Gold, Platinum, and even a tier for children if you believe you want more protection against contagious diseases or accidents.
MSIG Protection Plus
Unlike the plans described above, which cover infectious diseases extensively, this is one to consider if you’re seeking a personal accident plan that concentrates on, well, accidents. The high personal accident coverage of S$100,000 for accidental death, S$150,000 for permanent and entire disablement, and up to S$100,000 for permanent and partial disablement distinguishes MSIG ProtectionPlus.
The Silver plan also covers up to S$1,000 in worldwide medical expenditures coverage, including Traditional Chinese Medicine. If you are involved in an accident, you will receive a daily hospital cash benefit of S$200 for a maximum of 50 days. Parents will be relieved to learn that MSIG ProtectionPlus gives free coverage for up to three children if you and your spouse are both policyholders. If only one parent is covered, the child premium ranges from S$10.70 to S$26.75, depending on the tier of the plan.
AXA SmartPA Protect+ (Silver)
AXA recognizes that a good insurance plan is all about getting down to fundamentals and doing them effectively. AXA offers higher-than-average coverage for accidental death and permanent disability, starting at S$150,000 for the Silver tier and increasing to S$1,000,000 for the Platinum tier. Medical expenses for inpatient and outpatient treatments are divided: outpatient medical expenses are covered for S$2,000, while inpatient medical expenses are covered for S$4,000 for hospitalizations lasting longer than 48 hours.
Furthermore, there is a sub-limit of S$500 for ambulance expenses per accident. AXA also covers you for S$5,000 in lifestyle maintenance and up to S$1,000 in mobility equipment and home modifications in the case of a disability. If you have a child, you’ll be glad to hear that AXA SmartPA Protect+ provides free child protection, as well as S$100 coverage per year for Hand, Foot, and Mouth Disease across all plans.