The Best Personal Accident Plans For Working Professionals
In Singapore, enthusiastic insurance agents camping at MRT stations are aplenty.
While many are keen to explain their wide array of insurance products that’ll suit your needs. Unfortunately, as consumers, these plans are oftentimes difficult to comprehend.
And relying solely on the 5-minute pitch of an insurance agent may not necessarily result in you obtaining the best plan.
While there are hundreds of different insurance products out in the market, personal accident plans are perhaps one of the most common and basic ones which most consumers would consider.
For those who’ve just started out researching on insurance and are looking for the best plan for your buck, here’s a guide on some of the best personal accident plans you can get.
Disclaimer: we’re neither sponsored nor are we giving advice, the opinions stated in this article are based on a simple comparison based on rudimentary criteria. Always seek professional advice or speak to your advisor for more information!
TL;DR: Which Is The Best Personal Accident (PA) Insurance For Me?
6 Best Personal Accident Plans For Working Professionals
- Cheapest Premiums – AVIVA PA Insurance (Lite)
- Most Value For Money – AXA SmartPersonal Accident Silver and FWD Personal Accident Plan
- Most Family-Oriented – MSIG Protection Plus Silver
- For Working Adults with Elderly Parents – Tokio Marine TM365 Personal Accident Insurance Plan A
So… how did we shortlist these options?
We did a comparison of personal accident insurance plans across 13 companies and chose the 6 best options based on the following base profile:
- A professional working in a desk-bound job
- Does not travel overseas frequently for work,
- Does not ride a motorcycle, and isn’t a frequent pillion rider,
- Is a breadwinner of the family with dependants (eg. children or elderly parents)
If you already have a personal accident insurance plan or have questions about a PA plan that you’re deciding on, did you know that you can Share your knowledge or ask your question in our Seedly QnA?
Best of all, you can ask anonymously and get help from our friendly Seedly community!
What Is A Personal Accident Plan?
A personal accident plan is considered one of the three key insurance policies that you will need in your lifetime.
It is a general insurance that complements your Medical and Hospitalisation insurance, and it provides you with financial support in the event of an unfortunate accident.
Payouts come in three forms:
- On a reimbursement basis
- Based on medical expenses incurred, or
- Lump-sum payout (depending on the type of injuries sustained)
What’s Covered In A Personal Accident Plan?
In general, there are different types of coverages you can get from a personal accident plan.
The most common ones are:
Accidental Death Benefit
This is a key coverage under the personal accident scheme. It ensures that in the event of death during an accident, a payout will be given to the person’s dependants.
Permanent And Partial Disability
Another key coverage of the PA scheme. This ensures that in an event where the policyholder gets into an accident and becomes disabled, he or she will be given a form of compensation to tide them through.
Usually applicable for employed policyholders at the time of injury who are unable to work due to the injury. The amount may differ from different policies.
Medical Expenses Coverage
Medical expenses reimbursements help alleviate your medical bills and are usually capped at a certain limit.
Daily Hospital Benefit
This is payable if you are hospitalised due to an accident. You can receive this even if you’re unemployed.
Note: This list is just a general overview of the usual coverage for personal accident insurance. Naturally, not all PA plans offer the same coverage.
Should I Get A Personal Accident Insurance Plan?
It is of course, optional for you to have a personal accident plan.
But it is definitely an added layer of protection – especially if you’re really accident-prone.
But really, you should consider getting a PA plan if you are:
- A sole breadwinner or have family members who are financially dependent on you
- Commuting regularly on motorcycles, bicycles, or electric scooters
- Participating in extreme sports
- Travelling often for work or leisure
- Working in a risky job
However, do keep in mind that your situation may affect the type of premiums you will pay for insurance.
For those working in blue-collared jobs, the insurance premiums you pay may be higher than the prices listed in this article, due to the different risk levels of your job.
For the majority of working adults in white-collared office jobs, it’s best to get a personal accident plan that has decent coverage and annual premiums that won’t break the bank.
A Comparison Of Personal Accident Plans In Singapore
Here’s a comparison of the various PA plans out in the market right now:
|Accidental Death Payout||Medical Expense Reimbursement / yr||Bonus to Consider||Annual Cost (Premium)|
|AVIVA Personal Accident Insurance (Lite)||$100,000||$3,000||Covers Personal Liability||$85.50
|AXA SmartPersonal Accident Silver||$100,000||$2,000||Free Child Cover insures your child with 10% of selected Adult benefits.|
High ($2000) coverage for TCM and Chiropractor
|FWD Personal Accident Plan||$100,000||$2,000||Above-average coverage for things such as home modifications, physiotherapy and personal liability||$90|
|Tokio Marine TM365 Personal Accident Insurance PLAN A||$50,000||$2,000||Emergency Medical Evacuations, Coma benefits, benefits focus on post-accident recovery, with coverage for mobility aids and prosthetics, home modification and trauma support counseling. ||$90.95|
|ManuLife Ready Protect HeadStart||$50,000||Up to S$1,000||Double Payout for|
Accidental Death &
|Sompo PA Star Standard||$50,000||$2,000||A higher weekly Income Benefit up to S$650. |
Coverage on infectious disease and Free Extension Coverage for Food Poisoning, Accidental Miscarriage, Insect / Animal Bites.
|MSIG Protection Plus Silver||$100,000||$1,000||Protect your entire family with free cover for up to 3 children when you and your spouse enrol for Protection Plus at the same time||$123.05
|Etiqa eProtect Safety Silver||$100,000||$2,000||Includes Home/Office Modification Reimbursement and Facial Reconstruction Surgery||$150|
|GREAT Eastern Essential Protector My100||$100,000||-||Triple Indemnity for Accidental Death &|
Permanent Disablement on Air Travel Accidents
|PRUPersonal Accident||$100,000||$2,000||Free Extension Coverage for Food Poisoning, Accidental Miscarriage, Insect / Animal Bites, Leisure Underwater Activities||$175|
|AIA Solitaire Personal Accident||$100,000||$2,000||Accidental death benefit is doubled if death happens on a public conveyance||$176.33|
|AIG Sapphire Enhanced Plan 1||$100,000||$4,000||Higher than average TCM claim at $750||$189|
|NTUC Income PA Assurance Plan 1||$100,000 (death) / $150,000 (TPD)||$2,000||Provides optional infectious disease cover, and 40% discount on premiums for child cover.||$198 (basic)
$217 (with infectious disease cover)
Things To Look Out For When Buying A Personal Accident Plan
I’ve spoken to a few of my insurance agent friends to find out more about what you should look out for when purchasing a personal accident insurance plan.
Other than the cost of annual premiums, other key things you’ve to look out for include:
Accidental Death And Disability Amount
Accidental death, disability, and medical reimbursements are highlights of a personal accident insurance plan, and in an event of a major accident, these claims are most useful. Make sure that you have enough coverage in these areas when looking for the right plan.
Medical Reimbursements Amount
Make sure you are clear on your accidental medical reimbursement amount, and whether claims should be made per injury, per body part, or per year.
How Is “Accident” Defined In The Policy? Are There Any Extensions For The Definition Of An Accident?
Check if your PA policy includes accidents beyond the standard coverage.
For example, coverages for food poisoning, insect bites, terrorism are good to have.
Check The Schedule For The Indemnities For Accidental Dismember And Disability Amount
In your insurance policy, look under: Product Summary >> Accidental Dismemberment Benefit >> Schedule of Indemnity List.
Take note of what is being covered in your insurance, as well as the percentage insured amount.
Traditional Chinese Medicine (TCM) And Chiropractor Claim Amounts
Check if your PA policy includes TCM and Chiropractor claims.
These are good to have, especially in cases of injuries where you have the option to seek alternative medical treatments.
For The Elderly
Check the maximum age of entry and the maximum renewable age.
It is better for you to choose one that has a renewable age of at least 85 years old, so that you will be protected for a much longer time.
Which Personal Accident Insurance Is Best For You?
The best personal accident plan is one that is catered to your customer profile. Here, I’ve picked out 6 of the best ones according to various profiles.
|Best For||Key Selling Points||Limitations|
|AVIVA Personal Accident Insurance (Lite)||For those who've just started work, looking for a no-frills basic plan.||A cheap, basic plan with a good coverage for Medical and Accidental Death and Disablement. |
Also covers personal liability on third party, where you will be covered if you inflict accidental harm on a third party.
|Not much additional benefits and add-ons|
|AXA SmartPersonal Accident Silver||For those looking for a basic insurance plan, intending to have children.||Affordable plan with good coverage that extends to medical expenses that covers dental treatment, dengue fever, insect/animal bites and food & drinks poisoning.|
Free Child Cover insuring your child with 10% of selected adult benefits.
|Lower compassionate allowance.|
|FWD Insurance||For those who prefer a basic plan with larger coverage.||A larger coverage including home modifications, mobility and prosthesis aids.||Average/ lower medical reimbursement value as compared to AVIVA|
|MSIG Protection Plus Silver||For those with large families needing coverage.||Value for Money Plan for Families: |
Free cover for up to 3 children when you and your spouse enrol for Protection Plus at the same time
|No Chiropractor expense reimbursement|
|Tokio Marine TM365 Personal Accident Insurance Plan A||For those who need to look after their elderly parents.||A decent PA plan for senior citizens: good fit for seniors due to its post-accident benefits and length of coverage.|
Plan includes coma benefits, benefits focusing on post accident recovery, with coverage for mobility aids, home modifications and trauma support counselling, pass away cash benefits.
Compasionate Fund $10,000. Caregiver Grant for permenant disability $3000.
|No Chiropractor and TCM Coverage is lower than average.|
|PRUPersonal Accident||For those with a higher income ceiling, or women for better coverage.||A larger accident extension plan including free Extension Coverage for Food Poisoning, Accidental Miscarriage, Insect / Animal Bites, Leisure Underwater Activities||Higher premium.|
For Those Looking For A No-Frills Basic PA Insurance Plan
For those looking for the cheapest plan, AVIVA Personal Accident Insurance (Lite) takes the cake, with one of the lowest premiums at $85.50.
AXA SmartPersonal Accident Silver ($85.60) and the FWD Personal Accident Plan ($90) are also worthy contenders, as they both give a more comprehensive coverage at a very similar price point.
For Those With Large Families Who Need Coverage
For those with huge families, MSIG Protection Plus Silver will be the most value for money, assuming that you’d put your whole family under the same personal accident insurance scheme.
For Those Who Need To Look After Elderly Parents
For those approaching retirement or have aged parents, the Tokio Marine TM365 Personal Accident Insurance Plan A has an elderly-centric coverage scheme, which includes home modifications and mobility aids.
For Those With Higher Income Seeking More Comprehensive Coverage
Those with a higher income ceiling may want to consider PRUPersonal Accident, which includes a larger accident extension plan for free. The extension covers accidental miscarriage as well as underwater leisure activities.
But of course, if you can afford a higher premium a year, you can also consider upgrading your personal accident plan to a higher tier, which will give you more extensive coverages.
Do understand that these recommendations are made based on a general comparison across 13 personal accident insurance plans.
To find the personal accident plan that is most suited for you, it is vital that you do in-depth research on the respective policies while keeping in mind the points mentioned above!
Already have a personal accident insurance plan? Or do you have questions about a PA plan that you’re deciding on? You can contribute your knowledge or ask your question in our Seedly QnA, or Leave Us A Review About Your Personal Accident Plan!
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