Best Maid Insurance Guide in Singapore 2020
26
shares

Best Maid Insurance Guide in Singapore 2020

Xue Miao
26
shares

Maids (domestic helpers) have become an integral part of many families, especially in a country like Singapore where it is getting increasingly common to have parents juggle between work and parenting.

maid agency singapore
Source: Jforce Maid Agency

Over the years, maids have been providing indispensable help at home, serving the roles of parents by working on household chores and taking care of children.

Did you know that hiring a maid costs $26,810 to $35,525 for 2 years?

Upon hiring a maid, it is mandatory in Singapore for employers to purchase the maid’s health and personal accident insurance policies.

Some insurance requirements include:

  • Medical Insurance: Coverage of at least $15,000 per year for inpatient care and day surgery, including hospital bills for conditions which might not be work-related
  • Personal Accident Insurance: Sum assured of at least $60,000 per year, and must cover sudden and unforeseen incidents resulting in permanent disability or death

Apart from the compulsory insurance requirements, some employers might consider certain add-ons for more coverage.

As such, It is important to choose the right policies that best suit you and your maid’s needs.

TL;DR: Best Maid Insurance Guide in Singapore 2020

Since most maid work permit contracts are either 12-month or 24-month, and there is MOM requirement for all insurance to have an additional two months of coverage, maid insurance policies have a coverage period of either 14 or 26 months.

For the sake of consistency, we’ll be comparing the prices of the 26-month plans.

 MSIG Maidplus StandardFWD Maid Insurance Essential
Etiqa ePROTECT Maid Plan A
SOMPO MaidEase Superior
Great Eastern MaidGR8 Plan B
Premium (26-month)$267.50$210.25 (after 25% discount)$182.67
(after 30% discount)
$288.90 $278.20
Rehiring / Termination Expenses$300$300$250$500Up to $350
Alternative Domestic Help Benefit $50 per day (max. 30 days)Up to $20 per day (max. 30 days)Up to $10 per day (max. 30 days)$15 per day -
Recuperation Benefit--Up to $10 per day (max. 30 days)
$20 per day$20 per day (max. 60 days)
Daily Wages & Levy Reimbursements$30 per day (max. 30 days)$30 per day
(max. 30 days)
$30 per day
(max. 30 days)
$30 per day
(up to 60 days)
$35 per day (up to 60 days)
Special Grants$2,000$2,000$500$3,000$3,000
Hospital & Surgical Expenses$15,000 per year$15,000 per year$15,000 per year$15,000 per year$15,000 per year
Medical Expenses BenefitIncludes dengue fever ($100), dental treatment ($500) and TCM ($100) due to injuryOffers outpatient coverage at network clinics$1,000Includes dengue fever ($100), dental treatment ($1,000) and TCM ($100) due to injuryUp to $2,000
TCM (up to $150)
Third-Party Liability$5,000$3,000$5,000$5,000Up to $50,000

Special FeaturesIncludes both termination expenses AND replacement maid expenses100% policy refund within first 3 months

Covers pre-existing conditions at no cost
Covers physical abuse by maid to elderly, child or handicapped (Up to $5,000)Lump sum payout if diagnosed with 6 dread diseases – major cancer, stroke, heart attack etc - $2,000Employer's liability to maid (Up to $50,000)

As with all types of insurance plans, maid insurance comes in different types, where employers can make a decision depending on what level of coverage is required.

It is important to compare the benefits offered by the different companies,

We have shortlisted the best maid insurance plans you can consider purchasing.

Etiqa ePROTECT Maid Plan A – Cheapest Maid Insurance Plan

Etiqa Insurance Logo
Source: Etiqa

If you’re looking at cost-effectiveness, the Etiqa ePROTECT Maid Plan A is a plan which you can consider.

Etiqa is now offering a 30% discount on their maid insurance plans, with their Plan A now priced at $182.67, making it the cheapest plan available.

Though lower in cost, this plan offers substantial coverage which makes it value-for-money.

For instance, it includes both alternative domestic help benefit and recuperation benefit of $10 per day each (max. 30 days), which is allowance given when the maid is hospitalised.

One unique feature of this plan is the coverage for physical abuse by the maid.

In an unfortunate event of abuse by the maid to the elderly, child, or handicapped, there is a coverage of up to $5,000.

FWD Maid Insurance Essential – Best for Flexibility

fwd insurance logo
Source: FWD Insurance

If you’re looking for a plan that offers better flexibility, the FWD Maid Insurance Essential plan is one you can consider.

It currently costs $210.25, after a 25% discount.

This plan allows for 100% policy refund within the first three months, upon cancellation of policy.

This feature is especially useful during unforeseen circumstances, where there might be a need for replacement of the domestic helper.

In addition, this plan covers pre-existing conditions at no cost, and offers outpatient coverage for medical visits at their network of clinics.

These are definitely some attractive features to consider.

Great Eastern MaidGR8 Plan B – Best for Liabilities

Great eastern logo
Source: Great Eastern

For anyone who is looking for extensive coverage on liabilities, the Great Eastern MaidGR8 Plan B is a good plan to have.

We looked at Plan B, the second cheapest option as it is the tier which comes with a lot more benefits, and includes liabilities benefits.

While most plans have third-party liability coverage of $2500 to $5000, this plan provides coverage of up to $50,000.

That’s a pretty impressive sum.

Third-party liability coverage protects the maid for any third party accidental physical injury or property damage as a result of negligence.

In addition, there is also coverage of the employer’s liability to the maid of up to $50,000 too.

MSIG Maidplus Standard Plan – Best for High Coverage

MSIG Insurance Logo
Source: MSIG

For a comprehensive insurance plan, the MSIG Maidplus Standard Plan is one that offers coverage in different areas.

At a cost of $267.50 for a 26-month period, this plan includes coverage for rehiring/termination expenses if the maid is unfit for work (due to injury or illness), and replacement maid expenses due to death, injury or illness.

In addition, there is an alternative domestic help benefit of $50 per day (max. 30 days), which is quite a decent sum as compared to other plans.

Also, there is coverage of $300 for the domestic helper’s personal belongings, a coverage that is less commonly seen among insurance plans.

SOMPO MaidEase Superior – Best for Critical Illnesses

Sompo Logo
Source: SOMPO

The SOMPO MaidEase Superior Plan is an insurance plan which covers critical illnesses.

At $288.90, it provides a lump sum payout if the maid is unfortunately diagnosed with 6 dread diseases, which includes major cancers, stroke and heart attack.

Upon diagnosis, a payout of $2,000 will be given under this plan.

As such, this plan would be suitable for employers who are looking to include insure their domestic helper for critical illnesses.

In addition, this insurance plan also includes Fidelity Guarantee coverage (of $1,000), in an unfortunate event where there is fraudulent or dishonest acts, which involves the loss of money or property.

Best Maid Insurance Guide in Singapore 2020

As with all insurance policies, it is not always the best to solely look at the cost value of insurance policies.

With the range of insurance policies that companies now offer, do look into the different terms of each insurance policy, and choose the one that offers sufficient coverage in the areas that you need.

 

About Xue Miao
A millennial who is learning to adult. She doesn't believe in the rat race and hopes to live on a farm someday.
You can contribute your thoughts like Xue Miao here.

Still have more questions after reading the article? Fret not, ask our community here!

Stay updated with the latest finance tips!
Receive bite-sized finance on Telegram here.

What's Popular

    • Loading articles
    • Loading articles
    • Loading articles
    • Loading articles
    • Loading articles
Comments
26
shares

What's Popular

    • Loading articles
    • Loading articles
    • Loading articles
    • Loading articles
    • Loading articles

Still have more questions after reading the article? Fret not, ask our community here!