What should you gaze at when you are looking for Maid Insurance?
Maid insurance is a blistering topic in Singapore. Around 250,000 maids who are also known as FDW (foreign domestic workers) reside in Singapore. You can go through the assorted list of some best maid insurances in Singapore. The comparison of cost is done based on price and level of coverage. Your maid caters a crucial role in running your household smoothly. Therefore, the maid insurance is necessary to keep her well-protected from any accidents and illnesses. However, getting a maid insurance policy that proffers the best coverage without being an economic burden is not easy.
Many of the foreign domestic workers play a significant role in the family, serving to care for elderly parents and operating household smoothly. This is why an assortment of a list of some best maid insurance policy is there that will look after your maid’s well being without making a hole in your pocket. Some of the maid agencies do consist of maid insurance in their packages. So you must enquire whether they comprise of the maid agency fees and prices.
Based on the coverage, the policy of maid insurance varies. As per the Basic Maid Insurance Plans, the basic insurance plans are reasonably priced to purchase, and hence proffer less significant protection and coverage. Costing at around $290, these plans are the best fit for the money. With a fundamental insurance plan, you may get the wage repayment and a few thousand dollars, required for the liability coverage.
Mid-tier maid insurance policies from reputed companies like the MoneyIQ Insurance are for those who want to save some money but are searching for better coverage. A mid-tier maid insurance plan outlays around S$325 which provides you with the best coverage for every dollar that you pay. There are some of the best coverage maid insurance plans for those who want the maximum possible cover, for their domestic helper, against any accident or risk. The insurance plan costs around $360, and last for about 26 subsequent months. They are well-planned plans for those who do not have a reliable maid in service and want to insure themselves against any harm done by the maid.
Now, the question arises as in is it really necessary to have the maid insurance done. It has become mandatory for every employer to purchase medical insurance and personal accident insurance for their maid. The Ministry of Manpower (MOM) requires employers to endow with at least medical coverage of S$15,000 per year for patient care and day surgery and personal accident coverage of S$60,000 will cover unforeseen and unanticipated incidents resulting in undeviating disability or death. FDW (foreign domestic workers) insurance in Singapore is usually offered in combination with a security bond of $5,000.
In Singapore, many of the households are not conscious of the various types of FDW (foreign domestic workers) insurance policies; due to the ease, they rely on the arrangement provided by the maid agency. You need to have a fair idea of maid insurance. Choosing the best policy for you ensures the coverage you procure would be the ideal coverage for your maid. Now, the question arises about how one could get good coverage and the cheapest maid insurance plan. If you want to narrow down the budget then you can go for the Insurance market’s Maid plan with an opportunity to get a discount.
A huge value plan with good protection with all promotions included in the mid-tier plan stands out with a price of $204.40 (for 26 months). With low coverage amount, reliable companies like the Hong Leong Insurance proffers some distinguished benefits are as follows: Accidental medical expenses of about $3,000, personal accident coverage and death coverage of $70,000, expenses of the surgeries and hospital at around $15,000 per annum, Liability of the third party which would be a claim for $10,000, a special grant of $2,000, domestic helper’s liability coverage at around $7,500, per day Daily Wages Compensation at around $30 with a coverage score of 7.7/10.
The maid insurance plan provides well-balanced coverage and gives the best value for your money. It provides coverage against unpredicted expenses like hiring or renewing the maid’s work permit. The insurance also provides medical insurance protection and also the accident cover. The company will issue a security bond on behalf of the client to the Ministry of Manpower. For coverage of 26-month, the plan would costs around $238.29 that is 20% below the standard market rate for basic level policies.
The supplementary benefits offered by this policy include the coverage for your maid’s belongings, accountability coverage and up to $3,000 of coverage in case your maid troubles you or your family. There are some other unique benefits as well which includes the full premium refund in case an employer withdraws a helper’s contract within the first 3 months. The insurer provides medical reporting for illness-related expenses beyond accidents and hospitalization. Overall, FDW insurance is a nice option for people who are hiring maid services for the first time. The insurance scheme includes a balanced medical and non-medical coverage within a financial budget.
