Things You Should Know When Buying a Maid Insurance Plan in Singapore

In a country like Singapore, maid insurance is an important insurance policy that is compulsory for every foreign domestic helper employer. As the helper works in the employer’s residential area, the employer needs to buy the insurance. The maid insurance covers the business-linked troubles and medical consideration demands continued by the aide.

The insurance is usually meant for protecting the helper and the family members with some amount of compensation in such a situation. In contrast, the helper may have a permanent disability or an accident, or death. That lump sum is made payable to the beneficiaries on behalf of the helper.

Thus, before employing any maid for household activities, you should understand the significance and the points to keep in mind while buying the maid insurance plan. But before that, you should know about various reasons for hiring a maid and some terms related to having a maid.

Reasons for having a maid

In Singapore, the culture and lifestyle need little effort and time from your schedule to get acquainted. Thus, hiring a Singapore maid will help you get things more organised and simple to understand. You can also focus on your work, not even losing any energy in housework. Some employers used to hire the maid by themselves, which saves them from various difficulties. Unless, some employers give this responsibility to agencies for handling all the hassles and details regarding the insurance, work permits, and bonds.

According to the Ministry of Manpower, it is compulsory to have medical insurance for domestic helpers. If you have already hired a maid, she should cover under the insurance policy specifically for them. For this, you can also contact some agencies, a general direct insurer and leading provider of general insurances, which also provide the best maid insurance in Singapore for getting all the necessary details required for the insurance.

Now let’s have a look at the things you should know when buying a maid insurance plan in Singapore:

Is maid insurance compulsory? What is its importance?

According to government policies, insurance is essential and compulsory as car insurance. Every employer should buy the maid insurance to provide safety assurance to their maid from any mishap or accident while being on duty. It is crucial to cover the benefits that the family members will get under any uncertain incident that happened to the maid. Though in Singapore, the average percentage is about one in five households. Thus every employer needs to buy maid insurance.

What are the mandatory requirements in the maid insurance plan?

The insurance policy included in the maid insurance includes the following mentioned mandatory requirements and some minimum coverage-

  1. Personal accident coverage with a minimum amount of at least $40,000 will be later increased to $60,000.
  2. Medical Insurance coverage with a minimum amount of $15,000 covers hospitalisation and daycare surgery in Singapore.
  3. Medical Insurance, including critical illness insurance, provides the maid’s compensating amount during such a situation. An insurance coverage service provider company, provides critical illness insurance service apart from Singapore’s other insurance. Critical illness insurance covers some severe health issues cancer, stroke, heart attack, heart bypass surgery. Such insurance coverage shows how important is critical illness insurance for the maid and the belongings.
  4. A security bond of a minimum amount of $5,000 that only the insurer can guarantee the bond.

Thus, these are the necessary insurance coverage required for the employers to buy for their maids.

Is only coverage enough?

In most cases, many employers assume that the coverage is enough for the maid, but it is not valid. Many insurers offer some extra benefits that are of the top priority for the maid. Those requirements are mentioned as-

  1. Compensation of wages
  2. Liability of Third Party
  3. Outpatient related expenses
  4. Replacement expenses
  5. Belongings claim

As per the other benefits, these requirements are also necessary apart from the employer’s coverage to buy for their maid to compensate for the financial expenses. Thus, as an employer, if you think the coverage is not enough, then you can have all these benefits additionally. Some maid insurance policies also allow you to increase the medical coverage provided to the maid. Even some offer the benefits of various medical facilities with the coverage plans as well. Thus, as an employer, look for the correct coverage plans.

Where can you buy a maid insurance policy?

If you are going to purchase a maid insurance plan for the first time, you should visit the right platform. You can buy such policies by visiting the insurance agency and banks, and other financial firms. Thus is the easiest way to purchase a maid insurance policy. Choose the agency that can suit your requirements. You can also visit online to search for a plan. Here you can filter and compare the various plans to choose the one. Pick any one of the agencies from the online and hire them. For better results, you can hire a financial expert who knows this field.

How to select the best policy for maid insurance?

It is not easy to choose the best policy for maid insurance as some provide the highest coverage irrespective of the cost. Whereas some provide the policies that medical benefits but excludes other benefits.

To determine the best policy for maid insurance, many Singapore organizations work with many insurance markets to compare the various policies of maid insurance given by the insurers in Singapore.

Unless to select the best one, you can also look for various platforms that give information and meaningful facts about the different coverage and policies where you can compare and analyze and after that decide. You can read from online websites about the best maid insurance policies to clear out all the concepts or use handy materials to get the correct data.

Overview

Thus, one should keep in mind the mentioned points while buying the policies for maid insurance and make sure you have selected the right maid insurance policy that gives your maid the advantage and relieves the hassles related to the policies once.

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About the Author: David Curry