These renewable insurance standalones cost very little in defraying very large medical bills.
So you’ve used the excess time during the circuit breaker to review your finances, do the math and possibly figured out that your coverage has got gaps. With whole life, term and Integrated Shield plans being the mainstays, the gaps could come in the form of critical illness or personal accident insurance.
But today, let’s talk about personal accident insurance, or the lack thereof, because I learned this the hard way when my daughter had to visit a physiotherapist due to an injury sustained at a dance training.
It had never occurred to me to get personal accident coverage for her until then. I ended up paying a couple hundred dollars out of pocket – which amount to the same (or even slightly more) as the price of an annual premium. After all, they’re very affordable and they cover most of the unfortunate scenarios that tend to affect our best-laid plans.
In case you are also looking out for protection against infectious diseases, something that has taken on a life of its own recently, personal accident insurance plans have increasingly turned hybrid by including COVID-19 coverage.
Let’s look at what a personal accident plan really entails before we compare the best plans out there.
What does a personal accident plan cover?
Simply put, a personal accident insurance policy is a type of general insurance that provides benefits in the case of accidental death, disability and injury. The benefits usually cover all phases of suffering an accident, from evacuation to hospitalisation and treatment, rehabilitation and recovery. In case of a fatality, personal accident plans also provide a death benefit.
It can be a tad confusing to gauge its benefits because a personal accident plan tends to overlap with other types of insurance, such as life plans, MediShield/hospitalisation plans, and travel insurance even. Ultimately, a great personal accident insurance plan, depending on the type and level of coverage, could provide you a lot higher assurance than a regular health or life insurance might.
When shopping for a personal accident insurance plan, make sure that the basics are covered. These include accidental death and disability, inpatient and outpatient coverage (several good plans include physiotherapy and Traditional Chinese Medicine aka TCM treatments) as well as a per diem benefit for hospital stays.
Who should take up personal accident insurance?
It could be your go-to plan if you want higher protection against unforeseen accidents in general. It could also be for all of you who are self-employed, regularly engage in outdoor activities and sports, or simply require higher payout for your family in case of accidental death.
Here’s our roundup of the best personal accident insurance plans.
|Plan name||Price (SGD)||Main Benefit: |
Infectious diseases coverage
|Optional Riders||Other info|
|FWD Personal Accident and Infectious Disease Coverage X Singsaver||$98||COVID-19 + 23 infectious diseases |
$1,000 for COVID-19/ Infectious Diseases related medical expenses in Singapore
$50,000 for death due to COVID-19 / Infectious Diseases
|$100,000 for accidental death and TPD|
$2,000 for accident-related medical expenses (local)
$50/day hospital cash
|None||Only plan with $50,000 death coverage from COVID-19 payout|
No occupational loading for hazardous jobs
|Aviva Personal Accident (Lite)||$171||None||$100,000 for Accidental death and TPD|
$3,000 for accident-related medical expenses (local)
$50/day hospital cash (up to 30 days)
|Up to $200/week for weekly temporary disablement benefit|
Up to $2,000 for mobility aid and ambulance service reimbursement
|Value for money personal accident-only plan on the market overall|
Free child cover
|NTUC Income PA Assurance||$198||21 infectious diseases covered||$100,000 for Accidental death |
$150,000 for permanent disability
$100/day hospital cash (up to 365 days)
|Upgrade to include infectious disease coverage||Coverage for COVID-19 is only up to 31 August 2020|
Occupational loading for hazardous jobs
|AXA SmartPA Protect+ (Silver)||$158||Only Hand, Foot, Mouth Disease for children|
Complimentary COVID-19 coverage
|$150,000 for accidental death |
$225,000 for TPD
|$2,000 for fractures|
$50 daily hospital cash
$1,000 home recuperation
$10,000 emergency medical evacuation
|Higher limits for inpatient medical treatment at $4,000|
$15,000 third degree burns payout
|Sompo PA Star (Deluxe)||$192.60||17 infectious diseases covered (excluding COVID-19) for medical expenses only||$100,000 each for accidental death and TPD|
Double indemnity accidental death payout of $100,000
$100/day hospital cash (up to 365 days)
|‘ID booster’ for hospital allowance due to infectious disease|
$25,000 Education fund payout
$25,000 parents’ cover for up to 4 parents (including in-laws)
|Marriage cash gift of $100 |
Newborn cash gift of $100 (per baby, up to 2)
Family/parental allowance of $1,000 per month for 12 months in event of accidental death
1. FWD Personal Accident and Infectious Disease Coverage
Like I mentioned earlier, infectious diseases (namely COVID-19) have taken on a life of its own recently, and insurance protection against these threats are increasingly being merged into personal accident plans. One model example is the cutting edge FWD Personal Accident and Infectious Disease Coverage, launched exclusively by SingSaver and FWD Singapore.
The standard death and TPD payout of $100,000 may come across run of the mill, but you’d be hard-pressed to find one with a higher death coverage from COVID-19 of $50,000, for the going premium of $98/year. It’s the first plan to offer the widest coverage of infectious diseases compared to others; other than COVID-19, Dengue fever, Zika, SARS and Hand, Foot & Mouth Disease make up part of the 24 infectious diseases covered on the list.
There’s an up-to-$100 daily hospital income benefit for up to 365 days, for ICU victims. FWD Personal Accident and Infectious Disease Coverage is also perfect for workers in risky professions like construction and transport; there’s no occupational loading, meaning you don’t get ‘penalised’ with heftier premiums just because you derive satisfaction from laying bricks.
Read more about the plan’s comprehensive coverage here.
Annual premium: From $98
2. Aviva Personal Accident (Lite)
Assuming you take advantage of the 50% promo, Aviva’s Lite is one of the budget options for personal accident-only plans. It passes for a worthy entry-level choice (wouldn’t be surprised if a lot of sign-ups come from those in the army!), with some nice touches such as a free child cover (up to certain limits) and a high TCM benefit of up to $500. If you just want to get a basic personal accident plan without thinking too much about it, this is a good bet.
Its TCM coverage isn’t the only noteworthy component. Medical expenses for both in and outpatient treatment is relatively high at $3,000, when most others cover only up to $2,000.
Annual premium: From $171 (before 50% discount)
3. NTUC Income PA Assurance
If you’re looking for something more comprehensive with higher coverage for yourself and your family, NTUC’s Income PA is one to assure them with. It has all of the expected entry-level coverage, such as $100,000 in accidental death benefit and $2,000 in medical expenses. For a top-up of its $19 rider, you enjoy bumper protection against 21 infectious diseases (including COVID-19)—the closest to FWD’s list of 24.
The rider also includes a unique child support fund of $5,000, diagnostic procedures and tests (up to $1,000), physiotherapy (up to $1,000), ambulance fee, weekly cash allowance and more.
The comprehensiveness of the coverage, however, comes with a price—for new policyholders at least. Existing policyholders of NTUC Income PA would be glad to know they are eligible for free COVID-19 coverage until 31 August 2020.
Annual premium: From $198
4. AXA SmartPA Protect+ (Silver)
AXA understands that a good insurance plan is really all about going back to the basics, and then doing it well. The foundation coverages of accidental death and total permanent disability is higher than average at $150,000 and $225,000 respectively, and the medical expenses for in and outpatient treatments are split: although you get only $2,000 for outpatient ones, inpatient expenses coverage is double at $4,000.
AXA SmartPA also bundles COVID-19 benefits given this year’s spate of events. COVID-19 related cause of death pays out $20,000 and hospitalisation offers daily income of $200 a day (for up to 90 days). Both new and existing policyholders can enjoy free COVID-19 coverage till 30 September 2020, or when DORSCON reverts to green—whichever comes first.
Annual premium: From $158
5. Sompo PA Star
Sompo’s PA Star offers three pre-packaged tiers of coverage, with an option to add what they call ‘top-up units’ as well as optional riders when you need them. Taking the deluxe plan for instance (also for a better matched comparison with the other plans here), you would be looking at $100,000 in sum assured, and a double indemnity payout if two policyholders meet with an accidental death. The more standout coverages lie in the $3,000 in and outpatient medical expenses, the extra $200 per day in hospital cash for ICU cases, and a guardian angel payout of $1,000 for 12 months—something many other personal accident insurance lack.
Guardian angel refers to the child support fund that’s paid out if the policyholder is a deceased parent. The only other plan on this list with such a benefit is FWD Personal Accident and Infectious Disease Coverage, at a generous $100,000.
Speaking of children, an interesting feature is their goodwill cash payout of $100 for Marriage and Baby (and that’s per child!) So this one’s a pretty good option if you’re an engaged young couple.
Annual premium: From $192.60
Read These Next:
4 Reasons Why You Need Personal Accident Insurance If You’re Into Sports
5 Things That Can Void Your Personal Accident Insurance Claims
Infectious Diseases Insurance: Best Plans To Protect Yourself
Personal Accident vs Life & Medical Insurance: What You Need to Know
Personal Accident Insurance Claims: A Simple 4-Step Guide
By Ana Ow
Ana has been a travel writer for various news outlets since 2007 and has a passion for crossing things off her bucket list (tiger safari in India, checked; meeting with the Dalai Lama in Ladakh, checked; Northern Lights sighting in Norway, checked thrice). She loves collecting visits to UNESCO World Heritage Sites (preferably with her husband and two children) and is obsessed with Disney parks and cruises.