Domestic Maid Insurance
Today, every fifth Singaporean household has a maid accompanying children to school, taking care of the elderly and keeping homes clean. Employers need to purchase medical and personal insurance for the helper before arriving in Singapore. Medical insurance with a coverage of at least $15,000 per year for inpatient care and day surgery during the helper’s stay in Singapore. The personal accident insurance purchased for the helper must have a sum assured of at least $60,000 per year, to cover any sudden, unforeseen, and unexpected incidents resulting in permanent disability or death.
To better protect the domestic workers in Singapore, all employers are required to take up a security bond for their helper. An embassy bond is a contract between the employer and the embassy to ensure that the helper gets proper and fair treatment while working in Singapore. An employer of the Philippines or Indonesia’s maid will need to deposit $5,000 to $7,000 in security bonds to MOM before the helper arrives in Singapore.
Building a home requires a lot of time, energy and money. Homeowners insurance (also known as home insurance) protects your home and assets against losses caused by fire, theft, and accidental damage, including vandalism, lightning and explosions. Virtually all mortgage companies require borrowers to have insurance coverage for the full or fair value of a property (usually the purchase price) and won’t make a loan or finance a residential real estate transaction without proof of it.
Safeguard yourself and your family against accidents with personal accident insurance.
Personal accident insurance plans offer protection for accidental death, disability, injuries or infectious diseases. It also provides financial support for medical expenses due to accidents. Buying personal accident insurance should be planned according to your own needs, personal circumstances and family income.
Annual Travel Insurance
International travelling is increasing in demand and annual travel insurance protects you from risks and threats during travel such as loss of passport and personal belongings cover, and loss of checked-in baggage. Having these risks covered ensures an additional layer of protection against financial loss.