According to the Ministry of Manpower (MOM), it is compulsory to buy a maid insurance in Singapore. Most of the families often take the help of maid agency to get insurance. This insurance policy is the least talked about policy even by agents. So the ordinary people do not know about it and go as per suggested. Maid insurance Singapore gives you protection against all the unexpected expenses. If you are keeping a maid at work, you should know all the basic coverage of the insurance:
- You get a minimum sum assured of 40,000 dollars for personal accident. However, the minimum sum assured has increased to 60,000 dollars from 2017 onwards.
- Fifteen thousand dollars coverage is offered for medical insurance protection. This coverage includes the expense of hospitalisation and day surgery in Singapore.
- A guarantee of 5000 dollars is given for security bond by the insurer who has provided you with the policy.
These are the minimum coverage and are offered by every insurance policy but are not enough in every case. Many insurance companies offer additional benefits like Repatriation expense, wage compensation, theft, and many other expenses. If these additional expenses do not insure you, you will have to compensate for every financial loss. The employer will have to bear the costs incurred from an unexpected condition.
Some insurance policy allows you to increase the amount of coverage available for your maid. If you feel the minimum coverage set as per MOM is not sufficient, you can go for a plan with a higher premium. For that, you need to keep the following things in mind.
Nine tips for buying insurance
It is not easy to buy a maid insurance policy that will be perfect for you. It would help if you secured all the possible unexpected circumstances by purchasing critical illness insurance Singapore. It would help if you keep the following tips in mind:
- Outpatient expenses- Check if your insurance policy covers outpatient cost as most of them do not offer any assistance. However, many insurance companies are offering it as a result of intense competition. Everyone wants to survive in this business race by offering extra added services. Outpatient expense is one of them.
- Cancellation refund- Make sure the insurance company provide a full refund of the premium paid by you. It is an essential criterion that the insurance company should offer. It is tough to find a good maid, and in the process, you have to cancel many maid contracts. So look for a policy where there is no threat of losing money. However, there is a limited time provided by the company only up to which you can cancel.
- Security bond- The insurance company can also provide you with security bond coverage. The insurance policy comes with a variety of option and services, and you can choose between the appropriate one. Here the insurance company sell security bond to MOM. But if the bond is forfeited or surrendered, the company is obliged to pay to MOM.
- Wage coverage- When buying a policy, make sure the maid insurance Singapore cover’s all the wages related to your maid. The wages can include hospitalisation and any other unforeseen circumstance. You will get benefit if the company gives you this advantage. However, hospitalisation is an extreme situation look for other related wages too.
- Home cover- Theft at home by the maidservants are widespread. Once at least in your life, you must have experienced things got stolen by your maid. So it is essential to secure your household items from theft along with fire and burglary. It is always better to ensure your home of such circumstances because of the busy life. So choose a policy where you get insured of the household contents.
- Maid replacement expense- There is always uncertainty when you keep a maid for household help. Your domestic helper may get permanently disabled or may even die. In the case, you will have to replace your maid. So search for a policy that secures the agency payment for maid replacement.
- Maid’s liability- It is always possible that you will have to bear expense or loss caused by your maid. You can avoid the cost of the injury caused by your maid to a third party or his/her property. You can buy a policy that secures you against such losses so that you stay safe and secured.
- Affordable premium- Look for critical illness insurance Singapore that is inexpensive and in your budget. There is also a policy which does not demand a high premium. You can also cut your expense by eliminating intermediaries by applying online. Connecting to the company directly also benefits you to pay premium lower than others.
- Maid’s belonging coverage- The insurance company provides a special grant to cover the funeral expense. The expense you have to deliver at your maid’s funeral to their family member can also be insured. Look for a policy that offers such benefits.
In addition to these mentioned above, you can also add more benefits that you feel is important for you. Also, if you want to cut any service from your policy pack, you can remove it. For example, according to you, the maid policy does not require maid’s liability benefit you can remove it.
The employer must get an insurance policy, but this does not mean you buy the first policy you see right away. You should always compare between different types of policy option and choose wisely. Do not compare only the premium amount to see the benefits as well. Look for the user reviews mentioned in the site and their performance.
Choosing a maid insurance policy which is best for you cannot be easy, but keeping the above points in mind can help you a lot. Do not go for the words people say to check for yourself also. Always go for a higher benefit insurance policy to secure yourself from all the possible losses. It is essential so that you can have your peace of mind.