.png?width=1804&height=500&name=Best%20Annual%20Travel%20Insurance%20Plans%20In%20Singapore%20(2024).png "Best Annual Travel Insurance Plans In Singapore (2024)")
If you plan to visit a few destinations this year, you’re probably shopping for an annual travel insurance plan.
Compared to a single trip plan, an annual travel insurance plan (also known as an annual multi-trip plan) provides coverage for up to one calendar year, offering greater value and convenience while saving on cost.
So if you’re unsure which one best fits your needs, we've compiled 8 of the best travel insurance plans to buy. But first...
Table of Contents
- What is an annual travel insurance plan?
- Should you purchase single trip or annual travel insurance?
- Comparing the best annual travel insurance plans in Singapore 2024
- Best annual travel insurance for each benefit
- Annual travel insurance promotions: Highest discount in the market
- How to pick the right annual insurance plan
- What does your annual travel insurance plan cover?
- Frequently asked questions about annual travel insurance in Singapore
What Is An Annual Travel Insurance Plan?
Annual travel insurance, or multi-trip travel insurance, is designed for those who frequently embark on journeys. It's an efficient solution for the avid traveller which offers coverage for an unlimited number of trips within a year.
This type of plan is best tailored to cater to the needs of individuals who seek comprehensive protection, including medical coverage and assistance during trip inconveniences, across various global destinations.
Should You Purchase Single Trip Or Annual Travel Insurance?
Multi-trip travel insurance is most beneficial for individuals who may find themselves travelling several times throughout the year. It's a cost-effective and time-saving option, eliminating the need to secure a new policy for each trip.
Frequent travellers can leverage its benefits, enjoying peace of mind with extensive coverage that spans many regions worldwide, ensuring they're well-protected on every journey.
Further, annual travel insurance is particularly suited for unique travellers like digital nomads, business travellers, and anyone who may frequently cross borders for leisure or work. These travellers benefit from the extended coverage and flexibility that a multi-trip policy provides, covering everything from medical emergencies to trip cancellations across a wide range of destinations worldwide.
Using MSIG as an example in the table below, let’s compare which type of travel insurance place is more cost-efficient for a simple trip from Singapore to Malaysia.
| Type of Travel Insurance | Single Trip (before discount) | Annual Travel (before discount) |
| Cost | S$50 | S$289 |
| Coverage | S$5,000 for trip cancellation S$250,000 of overseas medical coverage S$3,000 for bags and belongings S$600 for baggage delay (S$150/6h) |
S$5,000 for trip cancellation S$250,000 of overseas medical coverage S$3,000 for bags and belongings S$600 for baggage delay (S$150/6h) |
| Total | S$50 x 8 = S$400 (assuming the plan costs the same throughout the year) |
S$289 |
On top of that, like a single trip travel insurance, you can also choose whether you want an individual or a group annual travel insurance plan.
While they both offer similar benefits and coverage, the difference is the cost per person, policy limit, and customisation. For example, a group plan has a lower cost per person because you can add family members with no additional cost. However, the drawback is that the coverage limit is shared and lower than an individual plan.
Here's an example for overseas medical expenses for an individual vs group plan:
| Annual Travel Insurance Plan | Premium Per Adult (excluding promo) | Main Benefits |
|
|
S$206 to S$323 (ASEAN), S$218 to S$340 (Asia), S$273 to S$492 (Worldwide) |
|
 Allianz Travel Insurance |
S$372 to S$788 (Asia Pacific), S$690 to S$1,263 (worldwide, excluding USA and Canada), S$770 to S$1,398 (worldwide including USA and Canada) |
|
|
S$289 to S$559 (ASEAN), S$347 to S$617 (Asia), S$523 to S$882 (Worldwide) |
|
|
S$259.55 to S$407.45 (ASEAN), S$275.50 to S$429.20 (Asia including Australia and NZ), S$342.20 to S$598.85 (Worldwide excluding USA), S$345.10 to S$620.60 (Worldwide) |
|
|
S$579 to S$630 (Worldwide), S$773 to S$988 (Nepal, Tibet, Rest of the world) |
|
|
S$232 to S$460 (ASEAN), S$250 to S$505 (Asia, Australia, New Zealand), S$307 to S$652 (Worldwide) |
|
|
|
|
S$347 to S$834 (Asia), S$563 to S$1,209 (Worldwide) |
|
|
S$278.75 to S$428.44 (ASEAN), S$345 to S$651.25 (Asia), S$464.80 to S$875 (Worldwide excluding US, Canada, and Cuba), S$579.60 to S$1,050 (Worldwide excluding Cuba) |
|
|
Premiums |
S$206 to S$323 (ASEAN), S$218 to S$340 (Asia), S$273 to S$492 (Worldwide) |
|
Overseas medical coverage |
S$200,000 to S$1,000,000 |
|
Emergency evacuation |
S$1,000,000 to S$1,800,000 |
|
COVID-19 cover |
Yes (add-on; unavailable for Pre-Ex plans) |
|
Pre-existing cover |
Yes (Pre-Ex plans only) |
|
Trip cancellation coverage |
S$5,000 to S$10,000 |
|
Rental vehicle excess cover |
S$300 to S$1,000 (add-on) |
|
Travel delay (S$50 for every three hours) |
S$300 to S$500 |
|
Baggage loss/theft or damage to personal belongings (S$250 per article, S$1,000 per laptop) |
S$2,000 to S$3,000 |
|
Personal accident, accidental death or permanent disability |
S$30,000 to S$500,000 |
Tiq by Etiqa travel insurance is one of the few insurance plans that cover pre-existing medical conditions. It’s also one of the cheapest travel insurance plans around, providing comprehensive coverage across the board, even for the Entry plan.
Like most travel insurance plans, Etiqa Tiq travel insurance offers three different tiers to cater to travellers with different budgets — Entry, Savvy, and Luxury — and each tier has a different level of coverage. For instance, the Entry plan starts with S$200,000 for overseas medical expenses and S$1,000,000 for the Savvy plan.
Aside from the high overseas medical expenses coverage, Etiqa Tiq travel insurance also offers high emergency evacuation coverage, up to S$1,800,000 (combined with the repatriation of mortal remains to Singapore).
The downside of Etiqa Tiq travel insurance is that the travel delay, rental vehicle excess, and baggage loss coverage are lower than most. Moreover, while there’s a COVID-19 add-on option, it’s unavailable if you’re on the Pre-Ex plan. Additionally, pre-ex coverage isn’t available for annual travel plans.
SingSaver's Exclusive TIQ Travel Insurance Promotion: Use the promo code TIQSINGSAVER to get 40% off plus 60% off on COVID-19 add-on. Valid till 31 April 2024. T&Cs apply. Also receive:
- 4 miles per S$1 spend on your premium. Valid till 2 May 2024 8:59 am. Travel Miles Campaign and Additional 2 Miles Travel Giveaway T&Cs apply.
- Complimentary lounge access during flight delays. Valid till 1 July 2024 8:59 am. T&Cs apply.
Key in the promo code under the coupon code section on the next page after selecting your destination and dates. The prices shown are before discounts.
Receive coverage for trip cancellations, medical expenses, and more when you purchase the COVID-19 Rider. T&Cs apply.
|
Premiums |
S$372 to S$788 (Asia Pacific), |
|
Overseas medical coverage |
S$250,000 to S$1,000,000 |
|
Emergency evacuation |
Unlimited (search and rescue: S$10,000) |
|
COVID-19 cover |
Yes |
|
Pre-existing cover |
No |
|
Trip cancellation coverage |
S$5,000 to S$10,000 |
|
Rental vehicle excess cover |
S$1,000 to S$1,500 |
|
Travel delay |
Up to S$1,600 |
|
Baggage loss/theft or damage to personal belongings |
Up to S$5,000 |
|
Personal accident, accidental death or permanent disability |
S$50,000 to S$100,000 |
Allianz travel insurance is best suited for travellers who want high medical coverage when travelling abroad, which is especially important for destinations with high medical treatment costs.
That’s because it covers up to S$1,000,000 in emergency medical and dental expenses, and all three tiers (Bronze, Silver, and Platinum) also have unlimited emergency evacuation coverage. Each plan also covers you against medical costs, trip cancellations, and travel delays caused by COVID-19.
What’s also unique about Allianz travel insurance is that the policy includes automatic coverage extension. So if your return is affected due to something unforeseen (flight delays, medical emergencies, strikes, etc.), your period of cover will be extended without any payment or premiums.
Additionally, the Silver and Platinum plans also come with rental vehicle excess cover of up to S$1,000 and S$1,500, respectively, though this isn’t available for the Bronze tier.
However, premiums are expensive, and you can get similar coverage with other insurers at more competitive rates. Moreover, you can't buy an annual travel insurance plan if you're travelling to the ASEAN region.
|
Premiums |
S$289 to S$559 (ASEAN), |
|
Overseas medical coverage |
S$250,000 to S$1,000,000 |
|
Emergency evacuation |
S$1,000,000 |
|
COVID-19 cover |
Yes |
|
Pre-existing cover |
Yes (with Pre-ex plan) |
|
Trip cancellation coverage |
S$5,000 to S$15,000 |
|
Rental vehicle excess cover |
S$1,000 to S$1,500 (Elite and Premier plans only) |
|
Travel delay (S$100 for every six hours) |
S$500 to S$1,000 |
|
Baggage loss/theft or damage to personal belongings (S$500 per article and S$1,000 per laptop) |
S$3,000 to S$7,500 |
|
Personal accident, accidental death or permanent disability |
S$150,000 to S$500,000 |
Starting from S$289 for an annual travel insurance, MSIG TravelEasy travel insurance is among the most affordable travel insurance around.
However, it doesn’t skimp on benefits as it covers you up to S$1,000,000 for overseas medical coverage, up to S$1,000,000 for emergency evacuation, up to S$500,000 for personal accident and TPD, and up to S$15,000 for trip cancellations, among others. You’ll also get other perks like personal liability coverage, adventurous activities cover, rental vehicle excess, and golfer’s cover.
Travellers who want travel coverage for their pre-existing conditions can purchase the MSIG TravelEasy Pre-Ex plan, which provides coverage for asthma, diabetes, hypertension, stroke, and high blood pressure, allowing you to travel confidently.
However, like Etiqa Tiq, the TravelEasy Pre-Ex plan is only available for single trips only, which is not the best option if you are looking out for coverage that includes pre-existing conditions if you’re on the annual plan. Also, it’s also worth noting that the Standard plan (which is the most basic tier) excludes some of the benefits you’ll get from the Elite and Premier plan. For instance, you won’t get rental vehicle excess cover, adventurous activities cover, and golfer’s cover.
SingSaver's Exclusive MSIG TravelEasy Insurance Promotion: Get up to 40% off when you buy NOW! Valid till 30 April 2024. T&Cs apply. Also receive:
- 4 miles per S$1 spend on your premium. Valid till 2 May 2024 8:59 am. Travel Miles Campaign and Additional 2 Miles Travel Giveaway T&Cs apply.
- Complimentary lounge access during flight delays. Valid till 1 July 2024 8:59 am. T&Cs apply.
MSIG TravelEasy has been enhanced to provide better travel protection with over 50 benefits and COVID-19 coverage.
|
Premiums |
S$259.55 to S$407.45 (ASEAN), S$275.50 to S$429.20 (Asia including Australia and NZ), S$342.20 to S$598.85 (Worldwide excluding USA), S$345.10 to S$620.60 (Worldwide) |
|
Overseas medical coverage |
S$200,000 to S$1,000,000 |
|
Emergency evacuation |
Unlimited |
|
COVID-19 cover |
Yes (add-on) |
|
Pre-existing cover |
No |
|
Trip cancellation coverage |
S$7,500 to S$15,000 |
|
Rental vehicle excess cover |
S$500 to S$1,000 (Business and First plans only) |
|
Travel delay (S$100 for every six hours) |
S$300 to S$1,000 |
|
Baggage loss/theft or damage to personal belongings (S$300 per item for the Premium plan and S$500 per item for the Business and First plan) |
S$3,000 to S$7,500 |
|
Personal accident, accidental death or permanent disability |
S$200,000 to S$400,000 |
With premiums starting from about S$260 for a multi-trip travel insurance plan, FWD travel insurance is one of the most affordable annual travel insurance plans you can find in Singapore, making it worthwhile to budget-conscious and frequent travellers who want no-frills coverage.
Offering three different plans (Premium, Business, and First), you get good coverage for overseas medical expenses, emergency evacuation (unlimited), trip cancellations, and personal accidents, accidental death, or TPD. FWD travel insurance also comes bundled with extreme sports coverage for scuba diving, skiing, skydiving, bungee jumping, and more.
That said, the compromise is you get lower limits for travel delays and loss of personal belongings. Also, the Premium plan (the most basic tier) lacks behind in coverage compared to the Business and First plans.
While there isn't any pre-existing condition coverage, you can include a COVID-19 add-on, starting from S$100.
|
Premiums |
S$579 to S$630 (Worldwide), S$773 to S$988 (Nepal, Tibet, Rest of the world) |
|
Overseas medical coverage |
S$1,000,000 to S$2,500,000 |
|
Emergency evacuation |
Unlimited (Supreme and Enhanced plans only) |
|
COVID-19 cover |
Yes |
|
Pre-existing cover |
No |
|
Trip cancellation coverage |
S$10,000 to S$15,000 |
|
Rental vehicle excess cover |
S$1,000 to S$1,500 (Supreme and Enhanced plans only) |
|
Travel delay (S$100 for every six hours) |
S$2,000 to S$3,000 |
|
Baggage loss/theft or damage to personal belongings (S$500 per article and S$1,000 per laptop) |
S$5,000 to S$10,000 |
|
Personal accident, accidental death or permanent disability |
S$200,000 to S$300,000 |
AIG’s travel insurance plan, Travel Guard Direct, offers comprehensive coverage in most categories, particularly for overseas medical coverage, emergency evacuation, and rental vehicle excess.
Sports enthusiasts and golfers leaving Singapore to chase adrenaline overseas will be glad to know that Travel Guard Direct also offers extreme sports coverage and other golf-related benefits.
However, it’s also one of the most expensive travel insurance plans. The Basic tier or Classic plan also offers significantly less coverage than its mid-tier “Enhanced” and top-tier “Supreme” counterparts.
As such, budget-conscious travellers may want to look elsewhere if they want similar coverage at lower prices.
|
Premiums |
S$232 to S$460 (ASEAN), S$250 to S$505 (Asia, Australia, New Zealand), S$307 to S$652 (worldwide) |
|
Overseas medical coverage |
S$250,000 to unlimited (Prestige plan only) |
|
Emergency evacuation |
Combined with overseas medical expenses |
|
COVID-19 cover |
Yes |
|
Pre-existing cover |
No |
|
Trip cancellation coverage |
S$5,000 to S$20,000 |
|
Rental vehicle excess cover |
S$500 to S$2,500 |
|
Travel delay (S$100 for every six hours) |
S$500 to S$2,000 |
|
Baggage/theft or damage to personal belongings (up to S$300 per item for Lite plan, up to S$700 per item for Piks and Prestige plan |
S$3,000 to S$8,000 |
|
Personal accident, accidental death or permanent disability |
S$50,000 to S$500,000 |
Singlife travel insurance offers three different tiers with varying levels of coverage based on your budget: Travel Lite, Travel Plus, and Travel Prestige. As you can probably tell, the difference between the three is the level of protection and benefits.
For instance, the Travel Prestige plan, which is the highest iteration, offers unlimited overseas medical expenses and emergency medical evacuation. Furthermore, you’ll also get the highest coverage for personal accidents, travel delays, and baggage loss/damage, among others, so it is something that you should definitely consider for your yearly getaways from Singapore.
Moreover, the Travel Plus and Travel Prestige plan has trip cancellation for any reason benefit (including pre-existing conditions) of S$5,000.
However, the downside is that overseas medical expenses and emergency evacuation coverage are shared, and there’s no coverage for pre-existing conditions.
Singlife Travel Insurance Promotion:
Annual Trip: Use promo code ANNUAL20 to get 20% off Annual Trip plans and get up to SGD 100 UNIQGIFT Vouchers from Singlife. Valid till 19 April 2024. T&Cs apply.
Also receive:
- 4 miles per S$1 spend on your premium. Valid till 2 May 2024 8:59 am. Travel Miles Campaign and Additional 2 Miles Travel Giveaway T&Cs apply.
- Complimentary lounge access during flight delays. Valid till 1 July 2024 8:59 am. T&Cs apply.
|
Premiums |
Standard: S$347 to S$551 (Asia), S$563 to S$844 (worldwide) |
|
Overseas medical coverage |
S$250,000 to S$350,000 (Standard), S$500,000 to S$1,000,000 (Enhanced PreX) |
|
Emergency evacuation |
Combined with overseas medical expenses |
|
COVID-19 cover |
Yes |
|
Pre-existing cover |
Yes (Enhanced PreX plan only) |
|
Trip cancellation coverage |
S$5,000 to S$15,000 (Standard), S$10,000 to S$15,000 (Enhanced PreX) |
|
Rental vehicle excess cover |
S$1,500 to S$2,500 (Standard), S$2,000 to S$2,500 (Enhanced PreX) |
|
Travel delay (S$100 for every six hours) |
S$1,000 to S$2,000 (Standard), S$1,500 to S$2,000 (Enhanced PreX) |
|
Baggage loss/theft or damage to personal belongings (up to S$500 per article, S$1,000 per laptop) |
S$3,000 to S$8,000 |
|
Personal accident, accidental death or permanent disability |
S$100,000 to S$200,000 (Standard), S$200,000 to S$500,000 (Enhanced PreX) |
Income travel insurance offers good coverage in areas such as overseas medical expenses (up to S$350,000), travel delay (up to S$2,000), baggage loss (up to S$8,000), and personal accident, accidental death and permanent disability (TPD) (up to S$500,000). On top of this, it also covers COVID-19.
That said, the premiums are not the best in the market. Moreover, it doesn’t have miscellaneous benefits such as extreme sports coverage, and you might have also noticed that the coverage for overseas medical expenses and emergency evacuation are combined, which is made worse by the fact that the Standard plan only allows you to claim up to S$350,000, depending on your tier, with moderate increases to coverage for the annual plan.
Also, this travel insurance stands out because it has a pre-existing condition plan (Income Enhanced PreX). If you have a pre-existing medical condition, getting protection when you travel is a no-brainer. Income’s Enhanced PreX plan covers medical expenses of up to S$1,000,000 for pre-existing conditions such as asthma, stroke, hypertension, and diabetes.
Also read: Travel Insurance 101: Does My Policy Cover Damaged Baggage and Contents?
|
Premiums |
S$278.75 to S$428.44 (ASEAN), S$345 to S$651.25 (Asia), S$464.80 to S$875 (worldwide excluding US, Canada, and Cuba), S$579.60 to S$1,050 (worldwide excluding Cuba) |
|
Overseas medical coverage |
S$300,000 to S$1,000,000 |
|
Emergency evacuation |
S$1,000,000 |
|
COVID-19 cover |
Yes |
|
Pre-existing cover |
Yes (optional add-on) |
|
Trip cancellation coverage |
S$5,000 to S$15,000 |
|
Rental vehicle excess cover |
S$1,000 to S$1,500 (Premier and Platinum plans only) |
|
Travel delay (up to S$100 for every six hours) |
S$1,200 to S$2,000 |
|
Baggage loss/theft or damage to personal belongings (S$500 per article and S$1,000 per laptop) |
S$3,000 to S$8,000 |
|
Personal accident, accidental death or permanent disability |
S$150,000 to S$500,000 |
DBS TravellerShield Plus offers high coverage for overseas medical expenses, baggage loss, and travel delay, and thus can be ideal for travellers who want coverage in these areas. It also provides coverage for extreme sports, which is great for sports enthusiasts. Though, note that extreme sports coverage isn’t included in the “Classic” plan, which is the basic tier.
While the Classic plan is competitively priced against other competitors with similar range of coverage, the mid-tier “Premier” and top-tier ”Premium” plans are pricey, and may not fit well for those on a budget or want good value for their money. In fact, you can get similar coverage at lower rates from other insurers.
