Every spending situation is unique. SingSaver assembles the 'Best For' list, so you can decide what’s best for you. When it comes to insurance, the first few plans that come to mind (and rightly should) include life insurance, health insurance and critical illness insurance. Personal accident insurance typically falls under the 'good-to-have' section but is one that shouldn't be overlooked, simply because it provides great coverage at a very low cost. The annual premium is also independent of your claims and you can choose to change providers each year if you wish to. Another aspect of personal accident insurance that is often overlooked is the coverage provided for infectious diseases, something that has become increasingly important due to COVID-19. You might be glad to know that many personal accident insurance plans have also turned hybrid by including COVID-19 coverage. So, in a single plan, you can get benefits for mishaps of both the physical and the autoimmune kinds. Let’s look at what a personal accident plan really entails and compare the best plans out there. Simply put, a personal accident insurance policy is a type of general insurance that provides benefits in the case of accidental death, disability and injury. The benefits usually cover all phases of suffering an accident, from evacuation to hospitalisation and treatment, rehabilitation and recovery. In case of a fatality, personal accident plans also provide a death benefit. When shopping for a personal accident insurance plan, make sure that the basics are covered. These include accidental death and disability, inpatient and outpatient coverage (several good plans include) as well as daily allowance for hospital stays. Many personal accident plans also include reimbursement for physiotherapy, chiropractic and Traditional Chinese Medicine (TCM) treatments cost — which don't come cheap. (Note: Confused about the similarities and overlaps with term life and hospitalisation/MediShield plans? Check out this handy article.) It could be your go-to plan if you want higher protection against unforeseen accidents in general. It could also be for all of you who are self-employed, regularly engage in outdoor activities and sports, or simply require a higher payout for your family in case of accidental death. You could also find personal accident plans useful if you frequently make visits to the TCM, physiotherapist or chiropractor. For example, if you actively play sports, engage in strenuous activities, or if you're simply clumsy and sprain your ankle every once in a while. Here’s our roundup of the best personal accident insurance plans around. The basic tier provides S$100,000 coverage for accidental death or disability, and S$5,000 funeral grant for accidental death S$2,000 accidental medical reimbursement for both inpatient and outpatient medical expenses S$100,000 Guardian angel benefit (per policy year). If both the insured person and spouse die/ are permanently disabled from an accident, this additional payout will be triggered to ensure the child gets financial protection. S$10,000 Home modifications and S$500 for mobility & prosthesis aids in the event of an accident causing temporary total disablement Personal liability S$100,000 S$2,000 accidental medical reimbursement for both inpatient and outpatient medical expenses S$1,000 monthly home mortgage reimbursement of up to 6 months in the event of an accident causing temporary total disablement S$50 Daily Hospital Cash Benefit up to S$2000 S$500 monthly parental allowance payout of up to 6 months to parents over six months in the event of death caused by accident S$50 monthly utility expense of up to 6 months in the event of an accident causing temporary total disablement S$150,000 for permanent and total disablement Up to S$100,000 for permanent and partial disablement S$50/day hospital cash benefit (capped at S$2,500) Bereavement grant of S$3,000 S$50,000 benefit for total permanent disability, or partial permanent disability S$2,500 coverage for medical and surgical expenses per accident S$2,500 for bereavement allowance S$5,000 for mobility aids and home modification Enjoy a 15% premium discount on the adult premium payable for all couple/family plans S$2,000 accident medical reimbursement S$4,000 mobility aid and ambulance services reimbursement S$50 per day hospitalisation allowance (injury) Up to 25% no claim bonus S$15,000 third degree burns payout Free coverage of up to 25% of selected benefits for your children when you and your spouse are insured under the same policy Up to S$600,000 coverage for accidental major permanent disablement Up to S$3,000 accidental medical reimbursement Enjoy up to 150% of payout with the benefit booster For those with young dependents, FWD Personal Accident Plan offers peace of mind with a dedicated Guardian Angel benefit of up to S$500,000 per policy year. This ensures financial protection for the young ones in the event of accidental death or permanent disability of you and your spouse. At the basic tier, you’ll get S$100,000 coverage for accidental death and disability coverage, and S$2,000 accidental medical coverage for both inpatient and outpatient medical expenses. What’s worth noting is that the plan also covers unlimited emergency medical evacuation when you are overseas plus emergency phone charges of S$300 and ambulance fee of S$500 for hospital transfer due to an accident. This could be a good option for those who need to travel frequently either for business or leisure. Apart from inpatient and outpatient medical expenses, the plan also includes coverage for physiotherapy, seeking treatment from Chinese physician, acupuncturist, bonesetter and chiropractor expenses–increasingly common expenses among deskbound workers. In the event of permanent disability, FWD Personal Accident Plan also provides a home modifications benefit as well as for mobility & prosthesis aids. For those seeking higher coverage, you can choose up to S$1,000,000 max coverage as well as optional riders for more protection. Annual premium: From S$121.12 (based on a white-collar office worker for a minimum sum assured of S$100,000). FWD Personal Accident Insurance Promo: Use the promo code PA25to get a 25% discount on your FWD Personal Accident Insurance Plan. Valid till 7 March 2023. T&Cs apply. At first glance, what stands out the most for the Starr Urban Cover Personal Accident Plan is the affordable premiums that start from S$11 a month for the Bronze plan. This plan is extremely value-for-money as it ranks second in affordability of the list. Let’s start with the basics first. With the bronze plan, you’ll get S$100,000 coverage for accidental death and disability coverage, and S$2,000 accidental medical coverage for both inpatient and outpatient medical expenses. Though the coverage falls a little on the lower side, it is worth it for the affordable premiums. Beyond the basic coverage, this plan is catered specially to working adults who are responsible for putting food on the table for your family. Imagine being disabled due to an accident and having to take on a prolonged no-pay leave. This would definitely eat into your finances, making it extremely difficult to commit to your financial commitments. With these concerns in mind, Starr Urban Cover Personal Accident Plan takes care of other financial aspects that most may overlook. The plan provides a S$1,000 monthly home mortgage reimbursement and a S$500 child tuition fee reimbursement in the event an accident causes temporary total disablement. Not only that, but it also provides a parental allowance of S$500 if your death was due to an accident and even utility bills reimbursements of S$500 per month in the event of temporary total disablement. If these coverage tiers are not enough, you can easily opt for a higher-tier plan like their Silver and Gold plans which offer higher coverage for better protection. Annual premium: From S$138.24 (based on a 30-year-old working in a non-manual occupation. E.g. accountant). SingSaver Exclusive Promotion: Enjoy S$25 via PayNow when you apply. Valid till 31 March 2023. T&Cs apply. Unlike the plans listed above that extensively cover infectious diseases, if you're looking for a personal accident plan that focuses on, well, accidents, this is one for you to consider. Where MSIG ProtectionPlus stands out is its high personal accident coverage of S$100,000 for accidental death, S$150,000 for permanent and total disablement and up to S$100,000 for permanent and partial disablement. For the Silver plan, you also get up to S$1,000 worldwide medical expenses coverage which includes Traditional Chinese Medicine. Should you meet with an accident, you will receive S$200 daily hospital cash benefit for a maximum of 50 days. Parents will be glad to know that MSIG ProtectionPlus includes coverage for up to three children for free, if both you and your spouse are policyholders. However, if only one parent is covered, the child premium would range from S$10.70 to S$26.75 depending on the plan’s tier. Read our review of MSIG's personal accident plan. Annual premium: From S$124.20 (Based on a 30-year-old with no pre-existing illnesses or accidental injuries in the last five years working in a non-manual occupation. E.g. accountant). SingSaver Exclusive Promotion: Receive 20% off, S$10 via PayNow and S$25 vouchers (from MSIG) when you apply for MSIG ProtectionPlus. Valid till 15 March 2023. T&Cs apply. Allianz’s Accident Protect is a do-it-all personal accident insurance plan. The Silver tier policy grants a S$50,000 payout upon accidental death, total permanent disability, or partial permanent disability. But that’s not all, because the policy provides coverage for medical and surgical expenses to the tune of S$2,500 per accident. And if you require mobility aids or home modifications after an accident, you’ll be happy to know that there’s coverage for these too. With regards to infectious diseases such as dengue fever or malaria, a S$200 lump sum payment will be disbursed upon diagnosis. Should you require additional protection, a number of riders are available as well. These riders include hospitalisation and weekly cash benefits. Alternatively, Allianz Accident Protect has a built-in No Claim Bonus. A 10% discount off your premium is granted for every year that a claim is not made, for a maximum of 30%. There’s also a 15% discount when you add your spouse and/or children into your policy to create a couple/family plan. Lastly, Allianz Accident Protect boasts Gold, Platinum tiers and even a tier for children too, if you feel that you need greater coverage against infectious diseases or accidents. Annual premium: From S$169.57 (Based on a 30-year-old working in a non-manual occupation. E.g. accountant). Compare Best Personal Accident Plans The Sapphire Enhanced Choices Standard plan by AIG covers all the bases, including S$100,000 for accidental death and permanent disablement, S$2,000 accident medical reimbursement and S$4,000 mobility aid and ambulance services reimbursement. There's also great flexibility to include add-ons for coverage such as physiotherapy treatments (up to S$100 per session) and TCM treatments (up to S$750) — an ideal solution if you are looking for coverage for alternative treatments. While the Standard plan does not come with infectious diseases coverage, you can get such coverage when you add on the comprehensive benefits package. If you’re looking for additional coverage, AIG offers a wide range of coverage tiers for their personal accident plan. Choose between the Sapphire Enhanced Choices Standard, Preferred, Deluxe, or Prestige. The Sapphire Enhanced Prestige plan offers coverage of up to S$500,000 for accidental death and permanent disablement, S$10,000 for accidental medical reimbursement and S$250 per day daily hospital income for injuries. If you and your spouse are insured under a single policy, your children enjoy free coverage of up to 25% for selected benefits. Annual premium: From S$170.13 (Based on a 30-year-old working in a non-manual occupation. E.g. accountant). If you are looking after your elderly parents, or if you’re 40 years old and above, you could instead consider the Advanced Silver Standard plan. It comes with benefits that include the following: Annual premium: From S$175.75, but annual premium differs for each age band. (Based on a 30-year-old working in a non-manual occupation. E.g. accountant). A Great Eastern plan that provides solid coverage for personal accidents, the GREAT Protector Active comes with a lump sum payout of S$200,000 for accidental death and up to S$600,000 for accidental major permanent disablement. This is the highest coverage offered by the plans listed in this article. Should you get injured, you receive up to S$3,000 accidental medical reimbursement. Your coverage is boosted up to 1.5 times payout when you are injured in a road traffic accident or while traveling in a public conveyance or while travelling overseas. However, this plan does not include hospitalisation cash allowance. Instead, it has an accidental medical reimbursement benefit that provides up to S$3,000 per accident and up to S$500 per sickness, which includes insect bites, food poisoning and Hand Foot and Mouth Disease (HFMD). Annual Premiums: S$332.64 (Based on a 30-year-old working in a non-manual occupation. E.g. accountant). Compare Best Personal Accident Plans Protected up to specified limits by SDIC. Note: This is only product information provided. You may wish to seek advice from a qualified adviser before buying the product. If you choose not to seek advice from a qualified adviser, you should consider whether the product is suitable for you. Buying an insurance product that are not suitable for you may impact your ability to finance your future healthcare needs. If you decide that the policy is not suitable after purchasing the policy, you may terminate the policy in accordance with the free-look provision, if any, and the insurer may recover from you any expense incurred by the insurer in underwriting the policy. Read These Next:These renewable insurance standalones cost very little in defraying very large medical bills.Here are the best ones for you to consider.
What does a personal accident plan cover?
Who should take up personal accident insurance?
Best personal accident plans in Singapore
Plan name Price (SGD) Best for Main Benefit:
General coverageOptional Riders Other info FWD Personal Accident Insurance S$121.12 Includes infectious disease cover For all plans, unlimited emergency medical evacuation when you are overseas. Wide range of riders to choose from, which includes coverage of medical expenses overseas Starr Urban Cover Personal Accident Plan (Bronze) S$138.24 Most value-for-money that covers all bases S$100,000 coverage for accidental death and disability NA S$500 monthly child tuition fee reimbursement of up to 6 months in the event of an accident causing temporary total disablement MSIG ProtectionPlus (Silver) S$124.20 Affordability and high hospital cash benefit cap S$100,000 for accidental death NA Free cover for up to 3 children and 10% off your spouse's premiums when you and your spouse enrol at the same time Allianz Accident Protect (Silver) S$169.57 High coverage and great for families with children S$50,000 payout upon accidental death Upgrade to include Hospitalisation Benefit, Weekly Cash Benefits, or Dependent Cover Benefits Enjoy a 10% premium discount for each year without a claim, up to a maximum of 30% AIG Sapphire Enhanced Choices (Standard) S$175.75 Basic coverage plus flexibility, with different add-ons available S$100,000 accidental death and permanent disablement S$100 per visit for physiotherapy, S$750 for TCM treatment, and other riders available Higher limits for inpatient medical treatment at S$4,000 GREAT Protector Active (Basic) S$332.64 High coverage and multiple plans available for different needs S$200,000 accidental death coverage None Does not include hospitalisation cash allowance, but covers insect bites, food poisoning and Hand Foot and Mouth Disease (HFMD) FWD Personal Accident Insurance
Starr Urban Cover Personal Accident Plan (Bronze)
MSIG ProtectionPlus
Allianz Accident Protect (Silver)
Sapphire Enhanced Choices (Standard) - AIG
Advanced Silver (Standard) - AIG
GREAT Protector Active (Basic)
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FAQs
Which is the best personal accident policy in Singapore? ›
Best Personal Accident Insurance Plans in Singapore 2021
Etiqa eProtect Safety. AIA Solitaire Personal Accident. Tokio Marine Personal Accident. Sompo Personal Accident.
| Insurer | Plan Name | Coverage amount |
|---|---|---|
| Bajaj Allianz General Insurance | Personal Accidental Plan | Rs. 10-25 lakh |
| HDFC Ergo General Insurance | Personal Accident Plan | Rs. 2.5-15 lakh |
| Niva Bupa Health Insurance | Accidental Plan | Rs. 5-25 lakh |
| Care Health Insurance | Personal Accident Plan | Rs. 15 lakh- 25 crore |
- Individual accident insurance – ...
- Group accident insurance – ...
- Accidental Death Cover – ...
- Permanent Disability Cover – ...
- Permanent Partial Disability Cover – ...
- Temporary Total Disability –
The most important benefits in a personal accident plan are the core benefits: accidental death, permanent disability and partial disability. If you do not have a life insurance policy, making sure you have a high accidental death and disability limit may be a good idea.
What are the most important insurances to have Singapore? ›- Health insurance. As Singapore citizens, you and your family are covered by MediShield Life. ...
- Personal accident insurance. ...
- Life insurance. ...
- Critical illness insurance.
- FWD Singapore – Best in General Insurance. ...
- AIA Singapore Pte Ltd – Best in Health Insurance. ...
- HSBC Insurance Singapore – Best in Personal and Business Insurance. ...
- Singlife with Aviva – Best Investment-Linked Policies. ...
- Manulife Singapore – Best in Financial Planning Services.
- Private Mortgage Insurance. ...
- Extended Warranties. ...
- Automobile Collision Insurance. ...
- Rental Car Insurance. ...
- Car Rental Damage Insurance. ...
- Flight Insurance. ...
- Water Line Coverage. ...
- Life Insurance for Children.
If an accident results in medical expenses your current health insurance doesn't cover, accident insurance can serve as a financial cushion should the unexpected happen. Accident insurance also helps complement disability insurance by allowing you to claim benefits even if your injuries don't keep you out of work.
What are the 4 types of insurance that everyone should have? ›There are, however, four types of insurance that most financial experts recommend we all have: life, health, auto, and long-term disability."
Which is not covered in personal accident? ›Injuries from a civil or foreign war: If the burns, broken bones, permanent partial disability, permanent total disability, dismemberment, temporary partial disability, temporary total disability, death, hospitalization, etc.
What are the three 3 main types of insurance? ›
- Health insurance. It allows the insured to cover up medical expenses while visiting a doctor and other major costs usually involved during surgeries. ...
- Life insurance. ...
- Rental or property insurance.
A personal accident insurance policy provides protection against death, permanent total or partial disability, and temporary disability in case of an accident. In case of death or permanent disability, the insurer pays a sum insured, and the policy terminates thereafter.
What is personal accident insurance Singapore? ›What is personal accident insurance (PAI)? PAI insures against accidental death or permanent disablement. It provides a lump sum compensation to the beneficiaries of the policy if unfortunate events happen.
Do I really need personal accident insurance? ›Accidents are not just unpredictable and unexpected, but can expensive too. Your health insurance only provides coverage when you are hospitalised and for medical treatments. If you are unable to work after an accident, your emergency savings can be quickly wiped out.
Do I need a personal accident plan? ›If you are the sole breadwinner of the family or have children and elderly parents relying on your income, you should consider an PA plan. In the event of an accident, you might be unable to work temporarily. The payout from your PA plan will help you and your family tide through the period of zero or reduced income.
What the types of insurance that foreigners have in Singapore? ›If you are a Singaporean just starting to buy insurance, or if you are a foreigner residing long-term in Singapore, youshould have 5 types of insurance, namely life insurance, health (or hospitalisation) insurance, personal accident insurance, critical illness insurance, and income disability insurance plans.
What insurance is needed in Singapore? ›Singaporeans are already covered by MediShield Life, a compulsory health insurance scheme that pays for basic public hospital treatments. If you prefer to be admitted to a better type ward or private hospital, you can consider an upgrade to an Integrated Shield Plan with wider coverage.
Can foreigners buy insurance in Singapore? ›Foreigners, such as expats or other short term visitors to Singapore, receive health coverage through international health insurance plans provided by their employer or purchased privately.
What are the big 3 insurance companies in Singapore? ›Here are some major life insurance companies in Singapore:
Aviva. AXA. FWD. Great Eastern.
- USAA. 4.3. U.S. News Rating. USAA is the best insurance company in our ratings. ...
- State Farm. 4.2. U.S. News Rating. ...
- Farmers. 4.1. U.S. News Rating. ...
- Nationwide. 4.1. U.S. News Rating. ...
- Geico. 4.1. U.S. News Rating. ...
- Allstate. 4.0. U.S. News Rating. ...
- Travelers. 4.0. U.S. News Rating. ...
- Progressive. 3.9. U.S. News Rating.
Does Singapore have private insurance? ›
There are a variety of choices for private health insurance in Singapore, known as Integrated Shield Plans which supplement Medishield Life coverage.
Which type of insurance plan is best? ›Term insurance is the purest and most affordable among the types of insurance policy in which, you can opt for a high life cover for a specific period.
What is the most popular type of insurance plan? ›Preferred provider organization (PPO) plans
The preferred provider organization (PPO) plan is the most common insurance coverage plan offered by employers. According to the Kaiser Family Foundation (KFF)1, 49% of surveyed individuals with an employer-sponsored plan have a PPO.
The most common type of insurance is health insurance. This policy will cover the costs of your medical care if you become ill or injured.
What will an accident policy most likely pay a benefit for? ›Accident insurance pays benefits if you sustain injuries or die in an accident. This type of insurance does not typically cover health care costs associated with an illness, and does not pay a death benefit when the insured dies of natural causes.
Is Aflac accident insurance worth it? ›Is Aflac worth it? With strong "A+" ratings from both AM Best and the BBB, along with being a Fortune 500 company that offers a ton of coverage options for customers of all kinds, Aflac can arguably be considered a great option.
Should I use an accident management company? ›In short, an Accident Management company can be a great way to eliminate the stress of dealing with the aftermath of an accident that wasn't your fault. It can cut out the need for insurance involvement and provides you with peace of mind that an experienced professional is acting on your behalf.
What insurance should everyone have? ›Home or property insurance, life insurance, disability insurance, health insurance, and automobile insurance are five types that everyone should have.
How to choose insurance policy? ›- Look for the right coverage.
- Keep it affordable.
- Prefer family over individual health plans.
- Choose a plan with lifetime renewability.
- Compare quotes online.
- Network hospital coverage.
- High claim settlement ratio.
Types of Health Insurance Plans: HMO, PPO, HSA, Fee for Service, POS.
What are two things not covered by insurance? ›
Termites and insect damage, bird or rodent damage, rust, rot, mold, and general wear and tear are not covered. Damage caused by smog or smoke from industrial or agricultural operations is also not covered. If something is poorly made or has a hidden defect, this is generally excluded and won't be covered.
What is the limit of personal accident insurance? ›What is Covered in Personal Accident Cover? A PA cover under the motor insurance policy will pay for the compensation in case of bodily injuries, death or any permanent disability resulting due to an accident. The limit of the coverage is defined as Rs. 15 lakhs by IRDAI.
Does personal accident insurance premium increase with age? ›No, the premiums for Personal Accident policies will not increase with age.
What are the 7 necessary types of insurance? ›- Homeowner's/Renter's Insurance. In case something happens to your possessions, this insurance will cover your material belongings. ...
- Auto Insurance. ...
- Health Insurance. ...
- Disability Insurance. ...
- Long-Term Care Insurance. ...
- Identity Theft Protection. ...
- Life Insurance.
The different types of health insurance include: Health Maintenance Organizations (HMOs) Exclusive Provider Organizations (EPOs) Point-Of-Service (POS) Plans.
What is 4 and 8 in insurance? ›Whereas, the non-guaranteed returns are variable as they are a reflection of the projected investment rate of return based on the assumption of 4 percent per annum and 8 percent per annum on investment."
Is death during surgery considered accidental? ›Medical mishaps may be excluded when the insured voluntarily undergoes surgery and death is a foreseeable outcome. However, death may be considered accidental for insurance purposes or the result of “accidental means” when the death is not foreseeable or death proximately results from other accidental means.
What type of death is not covered by insurance? ›Term insurance plans do not cover death due to self-inflicted wounds. Death due to any critical illness is covered under Term plans. It also includes sexually transmitted disease like HIV/AIDS. If you have an existing illness when purchasing a Term insurance plan, then it is mandatory to disclose it.
Is a stroke considered accidental death? ›In order for a death to be considered accidental, it needs to be just that – an accident. Generally, anything related to the health and wellness of the body (such as a heart attack or stroke) would not be considered accidental.
Is personal accident insurance mandatory in Singapore? ›You need to buy medical and personal accident insurance for your migrant domestic worker ( MDW ). Find out the coverage required. Before your helper arrives in Singapore, you must buy medical insurance and personal accident insurance as part of your medical obligations to her.
Why choose personal accident insurance? ›
Personal accident insurance is useful to get the financial assistance to you and your family in the event of an accident that leads to death, bodily injuries, temporary total disability, permanent total disability and permanent partial disability.
Can I claim multiple personal accident insurance Singapore? ›Filing a Claim with Multiple Insurance Companies
Life insurance and related products (endowment, invest-linked, critical illness, personal accident) let you claim across multiple policies. However, you should note that there will be a total limit to the amount you can claim.
Personal accident insurance is not mandatory. But – especially if you are often on the road – it can provide the peace of mind that you'll have a financial safety net should you need specialist medical treatment or are unable to work due to a car accident.
Are accident policies worth it? ›Accidents happen more often than you'd think
Each year, more than 775,000 kids, 14 years old and under, are treated in ERs for sports-related injuries. It is worth considering having accident insurance for your whole family. Even if you think you or your family will never get hurt, it's best to be prepared.
Ans: Yes, as per the India Motor Tariff 2002, it is mandatory to purchase a personal accident cover. The car owner car can purchase this policy with third-party liability cover as well.
What is the difference between personal accident and personal injury cover? ›Personal accident insurance pays out if you suffer a serious injury or die as a result of a car accident. It can also cover you if you become totally and permanently disabled. Personal injury insurance policies usually pay a fixed amount of money for specific injuries.
Why accidental insurance is good? ›Accident insurance helps you pay for medical and other out-of-pocket costs that you may incur after an accidental injury. This includes emergency treatment, hospital stays, medical exams, as well as other expenses you may face such as transportation and lodging needs.
What is Personal accident insurance Singapore? ›What is personal accident insurance (PAI)? PAI insures against accidental death or permanent disablement. It provides a lump sum compensation to the beneficiaries of the policy if unfortunate events happen.