There are some personal Accident insurance companies available in Singapore. Each insurer has a range of plans that you can choose from when looking for a Personal Accident plan.
The type of plan you want will depend on the premiums that you are willing to pay per year and the areas of coverage of the plan.
Some personal accident cover providers include AXA, Aviva Personal Accident Insurance, Tokio Marine 365 Plan, Sompo PA, MSIG Protection PLus and AIG Sapphire among others.
The cost of PA premiums
The premiums offered by these insurers start from a minimum of $85.5 which is the cheapest offered by Aviva. It covers death and disability up to $100,000 of the sum assured.
The most expensive plan is by NTUC Income PA which costs $198 per year. It covers death by $100,000 and total disability by $150,000. The insurance premiums are for an adult who is below 65 years with an office job except for those doing manual jobs.
Usually, personal accident covers tend to be cheaper compared to life policies for the same assured sum.
The Personal Accident policy does not take into consideration any pre-existing medical circumstances. As a result, they are affordable. Typically if your annual premium has an assured sum of $100,000, you are likely to pay between $85 and $300 in the form of premiums.
For instance, Liberty insurance has the smallest sum of $50,000, and you are expected to pay premiums of around $50 for the whole year.
Pricing of premiums
There are no exceptions when it comes to taking a Personal Accident cover. However, the premiums are priced according to the scope of coverage chosen as well as your occupation.
The price of the premiums depend on your occupation. In most cases if you work in a low-risk environment you are given a low-cost premiums. However, if you work in a high-risk environment such as construction, you will have to pay more for your premiums.
Which plan is the most affordable?
In Singapore, Aviva tends to be the most affordable option regarding premiums paid, but it exceeds AXA by only a few cents. However, both offer the same benefits regarding claims as they offer $100,000 for death and total disability.
Aviva outshines AXA regarding coverage for medical expenditure since they offer $3,000 compared to AXA’s $2,000. Aviva is affordable and a decent option because it only covers total disability, personal liability, medical expenses, and accidental death.
However, it does not cover weekly disablement stipend, mobility aid compensation and ambulance costs unless you pay more as add-ons.
If you are looking to get more coverage that can include your children, be prepared to pay more for premiums like Takio Marine. It costs $90 but also has a reduced claims compensation for $50,000 for death and disability and $2,000 for covering medical expenses.
The plan provides coverage for your children for free. Additionally, it also includes coverage for dengue fever, HFMD as well as food poisoning.
Sompo which is perhaps the most popular plan offers their premiums at $101.65, and claims at $50,000 of the assure sum in case of death or permanent disability plus $2,000 for medical expenses.
Nevertheless, their plan also covers dengue fever, HFMD, Zika virus, and terrorism. They have an additional cover for the birth of a child at $100 which is limited to two children per policy annually.