How does a personal accident insurance work in Singapore?
When we wake up in the morning, most of us hope or pray for a good day ahead. We look forward to a beautiful day where we travel safely and reach home the way we left. Most of us have a certain level of optimism about what is to come. In such circumstances, it is probably rare that we would want to think of the possibility of an accident (or even death, perhaps?). But in reality, all probabilities coexist. And as responsible individuals, it is imperative that we go through life with safety gloves at all points in time. It is for this reason, that a lot of people opt for various insurance policies.
Singaporeans commonly purchase life insurance plans, health insurance policies, car insurance, pet insurance, and personal accident insurance. The main focus of this article is to discuss the workings of personal accident insurance in Singapore.
So, what is personal accident insurance? Simply put, it is a type of general insurance that provides policyholders with financial support in the event of an unfortunate accident occurring. The payouts for personal accident insurance in Singapore is in the form of reimbursement of the medical expenses incurred or paid off in the form of a lump sum amount depending on the nature of injuries. Read on to know more about personal accident insurance in Singapore.
Coverage and scope
Under a personal accident insurance plan, there are different types of coverage that are available. Some of them are listed below:
Yes, your personal accident plan will even provide coverage for death. In that case, the lump sum amount will be paid to the family members or the designated dependent persons of the deceased policyholder.
Permanent & Partial Disability
You might wonder that even your life or health insurance would cover for permanent or partial disability but personal accident plans are specifically meant for injuries. In the event of permanent or partial disability, personal accident plans in Singapore complement your hospitalization plans thereby making it easier to make all the payments.
Policyholders get income benefit if 1) gainfully employed at the time of the injury and 2) unable to work due to the injury. The benefit is usually paid on a weekly basis.
Personal accident insurance plans tend to pay up for all medical expenses up to a certain limit.
Daily Hospital Benefit
This is payable if you are hospitalized due to the accident. Unlike income benefit, you do not need to be employed to receive this.
Why opt for a personal accident plan?
There are many advantages of opting for personal accident plans in Singapore. It is natural for some of you to think that a personal insurance plan is unnecessary as you are already covered by other insurance policies. But some occupations and certain lifestyles demand the need for personal accident insurance plans. For example, if you are someone into heavy sports activities, then the chances of you meeting with an accident are really high. In that case, taking a personal accident insurance plan could be of great help. On the other hand, if you are into a profession that involves high risk of you getting injured, then you might want to consider taking a personal accident plan for yourself. Professionals who are into hardcore manual labor such as technicians, carpenters, firefighters, and policemen to name a few are at a high risk of getting injured.
Along with your other insurance plans, your personal accident plan can give you a higher level of insurance protection.
What to look out for when buying personal accident plans in Singapore?
The primary thing to look for in a personal accident plan is for coverage. Is the plan covering you and your travelling partners, spouse, and children? You need to figure out if children are included or covered up to a certain age. You also need to look for the extent to which you will be covered. Will the policy be applicable if you meet with an accident overseas. If you are someone who continuously travels overseas, then this is something you would want to look for. Lastly, don’t settle for the cheapest policy as it may not necessarily be the best one. As mentioned above, you need to be mindful of your lifestyle, occupation, and overall financial health while choosing your personal accident plan in Singapore.
We hope this guide has given you a clear picture about the benefits and workings of personal accident plans in Singapore. Do you feel that a personal accident plan may not be necessary? Let us know your thoughts in the comments section below.
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