All You Should Know About Personal Accident Insurance

14 min read
All You Should Know About Personal Accident Insurance

Accidents may occur when you do not expect them. Whether accidents are large or small, they can cause financial and emotional hardship for you and your family, from minor mishaps to unanticipated injuries. That is why having comprehensive personal accident insurance coverage can give financial respite from expensive medical expenditures, allowing you to focus on your recovery.

A personal accident insurance plan can protect you and your loved ones against unforeseen financial demands in the event of an accident. It also protects you against food poisoning, different infectious illnesses, and global terrorism.

 

Get to Know Various Personal Accident Insurance Plans Offered in Singapore

Here are some popular personal accident insurance coverage plans you will come across in Singapore.

All You Should Know About Personal Accident Insurance

  1. Complimentary Personal Accident Protect II 

With this Complimentary Personal Accident Protect II, you can have 24/7 global coverage. When an accident occurs, you will get monetary rewards every step of the way and hospitalization in the event of an accident. Receive SGD100 for each 24-hour hospitalization stay, up to a maximum of 5 days.

In the case of accidental death or permanent complete disablement, your family will be eligible for a lump sum of up to S$50,000 as you recover through the Family Assistance Benefit. On the contrary, if it is death because of an accident, you will get the Compassionate Assistance Benefit, which offers your estate a payment of S$50,000.

Additional coverage is available even if you already have personal accident insurance plans.

Your free coverage under Complimentary Personal Accident Protect II begins immediately after you submit your application and automatically expires after three consecutive months. You are not required to seek cancellation. There are no hidden fees. There is no payment necessary.

You can make a claim on Complimentary Personal Accident Protect II even if you have other accident insurance plans.

Since accidents are beyond your control, you need assistance when they occur. DBS helps you by offering Complimentary Personal Accident Protect II in collaboration with Chubb Insurance to alleviate the financial strain of unforeseen occurrences in every manner they can.

You can sign up before April 30, 2023, to get three months of free personal accident coverage worth up to SGD 50,000.

To become eligible, the applicant should satisfy some eligibility requirements at the time of application. For instance, he or she should be:

  • a DBS/POSB customer
  • a Singapore Resident aged between 18 and 70 years old (both ages inclusive); and
  • not receive coverage under any Complimentary Personal Accident Protect II policy

All You Should Know About Personal Accident Insurance

  1. MultiGen Protect

The MultiGen Protect Coverage plan is tailored to suit all family members. Receive personal accident insurance tailored to each family member, from the youngest to the oldest. Instant security in a single internet application. In one simple online application, you may get instant protection for the entire family. When you protect additional family members, you save more money. Protect additional family members to take advantage of larger discounts (up to 20% off).

There are a Classic Plan and Premier Plan that offers coverage for adults, seniors, and children.

 

Significant features

  • Accidental death benefit for Classic Plan SGD 60,000 and Premier Plan SGD 80,000
  • Accidental Permanent Disability benefit, wherein the payment is made in a lump sum pursuant to the compensation scale
  • Reimbursement for Accidental Medical Expenses
  • Treatment of medical expenditures for an accidental injury by a doctor (including Alternative Medical Physician expenses incurred) up to SGD1,500 for each unintentional injury
  • Cash hospital benefit (Daily) For Classic Plan SGD150 per day up to 60 days per accidental injury and for Premier Plan SGD200 per day up to 60 days per accidental injury

All You Should Know About Personal Accident Insurance

 

  1. Easy Protect
  • Cash Compensation for Recovery

If you are temporarily handicapped as a result of an accident, you can receive up to 52 weeks of Recovery Cash Benefit. Accidental Medical Expenditures Reimbursement (Including Traditional Chinese Medicine Treatment) Reimbursement of medical expenses up to S$3,000 per accident.

 

  • Daily Special Hospital Cash Benefit

If you are hospitalized for Dengue Fever/Dengue Hemorrhagic Fever, Food Poisoning, or Hand, Foot, and Mouth Disease, you can get up to 60 days of daily benefits (HFMD).

 

  • Bonus with No Claims

If you remain claim-free for 12 months, you will get a 15% return on your premiums (excluding GST).

  • When life’s unexpected events occur, be prepared with Easy Protect, a low-cost personal accident insurance plan offered by Chubb Insurance Singapore Limited.

All You Should Know About Personal Accident Insurance

How is personal accident insurance beneficial?

Personal accident insurance is for people who wish to be protected in the event of an accident. An insurance firm provides free personal accident protection for two months of hospitalization due to an accident. You will receive complimentary international coverage, which will assist you and your family in the event of an emergency.

Self-employed persons or contract employees, for example, cannot afford long-term unemployment due to accidents, and a lone owner or partner in charge of the firm cannot afford long-term absence from work owing to disability or disease. It will result in the full collapse of not just their current revenue but also their future income.

Paying large hospital expenses will be an added stress in such a case. If the insured individual is in an accident, personal accident insurance will cover hospital care up to the amount covered.

 

What Are the Benefits of Having Personal Accident Insurance?

Personal accident insurance is for people who want to be safeguarded in the event of an accident. An insurance firm provides free personal accident protection for two months of hospitalization due to an accident. You will receive complimentary international coverage, which will assist you and your family in the event of an emergency.

Self-employed persons or contract employees; for instance, cannot afford long-term unemployment due to accidents, and a lone owner or partner in charge of the firm cannot afford long-term absence from work owing to disability or disease.

It will result in the full collapse of not just their present revenue but also their future income.

Paying large hospital expenses will be an added stress in such a case. If the insured individual is in an accident, personal accident insurance will cover hospital care up to the amount covered.

 

During such unforeseen events, complimentary personal accident safeguards will cover your hospital expenditures for two months. Personal accident insurance in Singapore can be claimed after 30 days, and the compensation is given without any delay following the verification procedure.

All You Should Know About Personal Accident Insurance

What Is the Purpose of Having Personal Accident Insurance Coverage?

Because of the rising frequency of incidents caused by traffic and poor driving, individuals must get personal accident coverage to protect their financial situation. Hospital costs are expensive, and it is tough for anybody to pay unexpected medical fees. You may avoid such a predicament if you have enough insurance coverage for yourself and your family.

Personal accident insurance is available from several firms in Singapore. You may search online for the greatest plans and compare them to discover the best one for you. To file a claim, contact the call centre and provide all necessary documentation. The documentation should be current. You can also apply online after 30 days of having an accident formally with the filled claim form and supporting documents such as:

 

  • Medical certificates and other supporting certificates
  • Proof needed by the insurance company
  • Accident statements from the police, any carriers, or other authorities
  • Accident documentary evidence
  • Police investigation report.

Once you have filed your claim, you will be assigned a claim number. You will receive an acknowledgement message and SMS notice to your registered email address. Following a successful claim submission, you will be reviewed by a claim handler. You will be contacted if any more information is required.

The claim evaluation process will begin in 5 to 7 business days, and your claim will be completed. You will be compensated within the following 5 to 7 business days.

It is critical that you protect your family’s future by having personal accident insurance coverage.

 

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