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Maid Insurance Plan

How To Choose The Best Maid Insurance Plan In Singapore

In this article, we are going to talk about how to choose the best maid insurance policy in Singapore. Also, we are going to discuss how to find the best maid insurance plan for the whole of Singapore.

How to find the best maid insurance plan in Singapore?

There are over a thousand insurance companies in Singapore because it is the world economy hub. This means that there are a lot of banks, businesses, and companies in Singapore. So that is why there are a lot of options from which you have to choose one which is suitable for you. This means that you will have to check the things it covers and also the total cost of the policy.

It is often exhausting to find the best policy for your Foreign Domestic Worker. That is also because the Ministry of Manpower (MOM) has set several things to include in the policy. Also, if a person is found without these things included in a policy, they will be fined or even jailed. This is a very good initiative and a good thing which the government of Singapore has kept. That is because the expenses are taken on by the employer for the wellbeing of their helper.

The maids are also called domestic helpers to give them a kind of respect. This policy gives a cover to those expenses, which are most of the time unseen by the employer. Many cases have happened in the past in Singapore, so they decided to do something for their welfare. You should take a policy that is in your budget but has to make sure of the terms and conditions.

You will also have to select the things from which you want to ensure your maid. It can be from medical expenses, repatriation expenses, third-party liability, etc. There is a lot of things which you need to consider while taking a policy.

How to choose maid insurance based on cost?

The maid insurance is separated into three tiers when it is classified based on cost division. These are particularly named as basic maid policy, mid-tier policy, and also top-tier maid policy.

  •  Basic maid insurance policy

This will cost around $289.30 to those people who take the loan. This is a good loan for those people who have to take the loan and not for extensive protection. The basic plans will give you less coverage and that too at a very low price. This can be used to cover only those expenses which are of great use, like medical and repatriation.

  •  Mid-tier insurance policy

These are for the cost-conscious people who want great coverage of expenses. The mid tire policy tends to give you the best coverage for the policy and also the value of each dollar. The typical or the mid-tier policy will cost a person something around $325.21. This policy will mainly cover medical, repatriation, third-party liability, and more expenses like this.

  •  Top-tier insurance policy

This is a policy which is for those customers who want to get the best coverage for their maids. The top-tier plans give you extra coverage along with the required coverage. These plans have a higher payout, and also the stake is high in taking them. This covers several risks, like medical expenses, repatriation, hospitalization, theft, etc. This will cost a person a little more than $400 on average to take this policy.

How to choose maid policy based on coverage?

These maid insurance policies differentiate each other by including different kinds of covers. Also, there are many policies in the market, and each of them covers some different kinds of expenses. The most common expenses that need to be covered are medical and liability coverage. If you think, then you can know about what kind of protection you need for your maid.

  •  Medical coverage

This is an important factor to consider when you are appointing a maid. This will help you to cover all the expenses which will occur due to the bad health of the maid. It is important to take this kind of cover and is mentioned by the MOM.

They will check which kind of policy you have taken and the coverage it gives. If it does not cover any health or medical-related expense, then they are refused a maid service. The maid will either be appointed to someone else or will be sent back to her home country. There are different kind of medical expenses which need to be covered while taking this loan. Mainly you will have to cover the expenses which will occur due to a disease which a maid has.

  •  Liability coverage

If your main concern is protecting your family and you are valuable, then this is a very good option. You can find different policies in the market which give these kinds of coverage to their maid. This can save the maid and also the employer from any kind of lawsuit or heave expense.

People take this coverage as they think that their maid might break something valuable or steal it. This will help the employer to do their work and the maid to continue with their work.

What is additional or optional protection?

If you have found a policy you like and it’s missing something, you can take a policy to add on.

  •  Types of policy add on

There is a health add-on called the HL assurance early stage critical illness insurance. This is a policy add-on that will cover you with the extra benefit of taking medical insurance. You can also add hospitalization coverage which will cover you for extra time and money.

  •  Waver of indemnity add on

One of the important addition that you need to consider is the waiver of the counter indemnity add-on. This will find you if you try to break any laws while you are employing a maid in your workplace. This is coverage that will go directly to the maid if you try to do anything wrong with her.