As a veteran in Singapore’s highly competitive insurance sector, AXA has developed a comprehensive suite of products in a bid to capture as many clients as possible. While this can be a boon for those looking for a particular level of protection, it can leave the rest of us a little lost.
Take, for example, its personal accident category. With a total of four different policies, it can be tricky trying to work out which one you should get because personal accident plans tend to sound alike.
But we’re here to help. In this article, we’ve done a side-by-side comparison of AXA’s four personal accident plans, highlighting their differences and their key features.
Read on to find out which (if any) of these plans are the best fit for you - both in terms of benefits and budget.
AXA personal accident plans at a glance
|Name of plan||Summary of plan||Base coverage||Add-ons|
|AXA Band Aid||Personal accident plan with 1.5x permanent disablement benefits, 2x benefits for public transport, and 3x benefits for air transport.||Accidental Death: Up to S$500,000
Accidental Permanent Disability: 1.5x of Accidental Death benefit
Public transport: 2x benefits
Air transport: 3x benefits
Child cover: 10% of benefits, up to 3 children (only for highest tier plan)
|Medical expenses (diagnosis of selected diseases)
Broken bones benefits
Home modification reimbursement
Accident medical reimbursement
Weekly benefits on disablement
Daily accident hospitalisation income
|SmartPA Protect+||High-end personal accident plan with top-tier benefits and comprehensive coverage||Accidental Death or Permanent Disablement: Up to S$1 million
1.5x death benefits while overseas or on public transport
Third-degree burns: Up to S$100,000
Medical expenses: Up to S$10,000 per accident
Post-accident therapy: Up to S$5,000 per year
Temporary total disablement: Up to S$1,000 per week
Lifestyle maintenance: Up to S$10,000 per year
Child cover: 20% of sum assured, + S$100 cover for Hand, Foot and Mouth Disease per year
Daily hospital cash allowance
Home recuperation benefit
Emergency medical evacuation/repatriation
Family shield (lump-sum benefit for surviving spouse, children or parent)
Increase child cover to 50% of Sum Assured
AXA Band Aid
AXA Band Aid focuses on providing cover against accidental death and disablement. It has a high sum assured of up to S$500,000 (for the highest tier plan), and this is further increased under specific circumstances.
However, the base plan doesn’t offer very much more outside of this main benefit, but you can opt for up to six optional benefits that extend the plan to provide some additional coverage.
Increased benefits for permanent disablement, public transport and air transport
In case of permanent disablement arising from an accident, you will receive 1.5 times of the sum assured.
This increases to two times for incidents on public transport, and three times for incidents involving air transport.
Other notable benefits
AXA Band Aid also offers up to six different add-ons that provides the following benefits:
- Yearly medical expense for selected disease (such as Hand, Foot and Mouth Disease)
- Yearly broken bones benefits
- Home modification reimbursement (selected tiers only)
- Accident medical reimbursement (for outpatient, follow-up treatments)
- Weekly disability benefits (selected tiers only)
- Accident daily hospital allowance (selected tiers only)
Premiums for AXA Band Aid
Here’s a summary of the yearly premiums for AXA Band Aid (with 8% GST):
|Plan 1||Plan 2||Plan 3|
|Occupational Class 1||S$101.52||S$203.04||S$507.60|
|Occupational Class 2||S$111.24||S$222.48||S$556.20|
|Add-ons (Class 1)||S$94.45||S$151.04||S$532.33|
|Add-ons (Class 2)||S$103.84||S$166.37||S$585.74|
SmartPA Protect+ is AXA’s heavyweight in its personal accident lineup, designed for those seeking high sums assured in a robust and comprehensive plan.
The base policy provides top-tier cover - boosted for incidents happening overseas or on public transport - that not only focuses on the incident, but also the aftermath, bundling benefits for post-accident therapy, third-degree burns, and other contingencies.
On top of that, you can also opt for an add-on pack which further extends your courage to include benefits for loan and family protection, funeral expenses, emergency medical evacuation and repatriation, and more.
Highest sums assured for personal accidents
SmartPA Protect+ offers the highest sums assured of up to S$1 million for accidental death or permanent disability. This benefit is increased by 1.5 times if the incident occurred while taking public transport or when overseas.
In addition, the plan provides up to S$100,000 sum assured for third-degree burns, S$10,000 per accident for hospital expenses, and S$5,000 for post-hospitalisation therapy per year.
Other notable benefits
The plan also provides:
- Lifestyle maintenance of up to S$10,000 for mobility aids and home/vehicle modifications
- Free child cover at 20% of sums assured (increased to 50% through add-on bundle)
- Lump-sum benefit of S$30,000 for any surviving spouse, parent or child (add-on bundle)
- Lump-sum benefit of S$30,000 for any outstanding loans (add-on bundle)
Premiums for SmartPA Protect+
Here’s a summary of the yearly premiums for SmartPA Protect+:
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 is 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:
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5 Reasons Why Every Millennial Needs Personal Accident Insurance
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5 Types of People Who Must Get Personal Accident Insurance