Best Personal Accident Insurance in Singapore 2024

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Seedly's Product Comparison Page Listing Guidelines
For Personal Accident Insurance products to be listed on Seedly's Product Comparison Page, they have to fulfil the following criteria:

• Policies protected under the Policy Owners’ Protection (PPF) Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC)
• Includes most accidents and is not limited to a particular type

Best Personal Accident Insurance Plans in Singapore Review 2024

Here’s a list of comparison of the various Personal Accident (PA) Insurance Plans (Basic Plan) out in the market today:

• FWD Personal Accident Insurance
• Etiqa eProtect Safety
• AIA Solitaire Personal Accident
• Tokio Marine Personal Accident
• Sompo Personal Accident
• Prudential PRUpersonal Accident
• NTUC Income PA Assurance & NTUC Income PA Guard
• MSIG ProtectionPlus Personal Accident
• Manulife ReadyProtect
• India International Insurance Personal Accident
• Great Eastern Essential Protector
• AXA SmartPersonal Accident
• AVIVA Personal Accident Insurance
• AIG Sapphire Enhanced

FWD Personal Accident Insurance

• 5 plans
• Accidental Death & Disablement Payout: S$100,000 - S$1,000,000
• Traditional Chinese Medicine / Chiropractic Reimbursement: S$500 - S$1,500

Etiqa ePtotect Safety

• 3 Plans
• Accidental Death & Disability Payout: S$100,000 - S$500,000
• Traditional Chinese Medicine / Chiropractic Reimbursement: S$150 / per visit

AIA Solitaire Personal Accident

• 4 Plans
• Accidental Death & Disablement Payout: S$100,000 to S$750,000
• Traditional Chinese Medicine / Chiropractic Reimbursement: S$500 - S$1,250

Sompo Personal Accident

• 5 Plans
• Accidental Death & Disablement Payout: S$50,000 - S$500,000
• Traditional Chinese Medicine / Chiropractic Reimbursement: S$1,000 per accident

NTUC Income PA Assurance

• 4 Plans
• Accidental Death & Disablement payout: S$100,000 - S$1,000,000
• TCM / Chiropractor Reimbursement: S$500 - S$1,250

MSIG Protection Plus Personal Accident

• 3 Plans
• Accidental Death: S$100,000 - S$250,000
• Permanent Disablement: S$150,000 - S$375,000
• TCM + Accidental Dental + Mobility Aids: S$1,000 - S$5,000

Manulife ReadyProtect

• 5 Plans
• Accidental Death & Disablement payout: from S$50,000 - S$1,000,000
• TCM / Chiropractic Reimbursement: S$250 - S$1,500
• Covers 21 infectious diseases

What Is Personal Accident (PA) Insurance?

Imagine getting into a car accident, and just right before everything turns black, your whole life flashes in front of you. Thoughts like: “Am I able to afford the expenses?”, “What about my family?” , “How I am going to manage if I become disabled?” will start to flood your mind.

To manage the possibly harsh consequences, Personal Accident (PA) Insurance is an annual policy that provides you and your family the compensation you need in an unfortunate unpredictable event.  

Most insurers define ‘Personal Accident’ to be:

• Damage, Injury, Disability or even Accidental Death;
• Resulted only and directly from;
• An event that is Unexpected and Unintentional during the Period of Insurance;

Only when you have hit all 3 of the above points, will you be able to claim from the Insurance Company.

Those not classified as Personal Accident:

• Illness and Injury due to natural causes;
• Carelessness;
• could have been easily avoided

What does Personal Accident Insurance Cover?

PA Insurance covers you for potential injury and costs in the aftermath of only accidents; these can include:

• Death
• Total and Permanent Disability
• Temporary Disability
• Medical and Surgical Expenses (including Physiotherapy, and alternative treatments like Traditional Chinese Medicine, or Chiropractic clinics)
• Post-Accident Lifestyle Benefits
  - Loss of income
  - Mobility/Prosthetics Aids
  - Home Modifications
  - Services and Transportation
• Protection against infectious disease (e.g. HFMD, Zika, Dengue Fever, H1N1)
• Emergency Medical Overseas Evacuation and Repatriation
• Child Support Fund
• Terrorism Cover
• Others like Event Cancellations due to Haze, and more
  

Personal Accident Insurance vs Health Insurance/ Life Insurance

You may ask, “If I already have a life and/or health insurance, is it still necessary to get a Personal Accident Insurance?”

As many insurance companies might tell you, Personal Accident insurances are meant to complement your health insurance.

Though it may seem like just another Insurance Plan, the word ‘Accident’ from its name sets it apart from others.

Health Insurance covers most hospitalisation treatments whether they are from accidents or illnesses. Life Insurance, on the other hand, is a lump-sum payout when the insured loses his or her life.

Furthermore, PA Insurance is generally cheaper than life and health insurance.

Why Buy Personal Accident Insurance?

The unpredictable nature of accidents highlights the importance of it, for it can happen anytime and anywhere. Some of which, cannot be claimed by Health Insurance or Life Insurance due to the scope of injury.

Hence, this makes Personal Accident Insurance important, for it covers every nook and cranny of accidents e.g. broken bones or disability payouts, especially for those clumsy or Suay ones (Choy Touch Wood!).

Though you can’t control the accidents that happen to you, you can try to prepare for the aftermath. As a form of financial safety net, we advise everyone to get it, for it is better to be safe than sorry.

Do I need a Personal Accident Plan? How much Personal Accident Insurance should I have?

1. Understanding Your Level of Activity Risk

Job: Your occupation could be riskier than others if you require more manual labour, more traveling, or usage of tools.

Leisure: Perhaps you're an adrenaline junkie who loves dabbling in the occasionally dangerous and unexpected activities. However, do note that certain sports and activities like diving and bungee jumping are excluded from PA coverage.

Disposition: I suppose some of us are just clumsier than others.

2. Understanding Your Dependants

Personal Accident plans can help slightly buffer some financial strain that might result from accidents. Hence, this might be extra important to those with young children, or elderly parents.

A PA insurance can be extremely beneficial to you if you or your family member:

1.       Is a Senior Citizen

2.       Has children

3.       Is the Sole provider for the family

4.       Has a job/lifestyle that poses risks

5.       Plays adventurous/contact sport

6.       Rides a Motorcycle or PMD

7.       is Undergoing Reservist Training in National Service (NS)

Not only does PA cover your children when an accident befalls them, but some personal accident insurances also give provide child support fund in the event of you demise when you are insured.

* However, depending on each Insurance company, some high-risk occupations, sports and activities are excluded.

Which Personal Accident Insurance Plan Is Suitable For Me?

So, how much coverage and how much should I pay? To determine which plan is suitable, you can consider the following areas:

1. Your level of risk based on your occupation/ activity level

2. Individual or Group Personal Accident Insurance Plan?– Yourself and/or your spouse and family

Overall, we have compared and reviewed the Best Personal Accident Plans based on your profile:

• Best Personal Accident Insurance Plan for Cheapest Premium:
  AVIVA Personal Insurance (Lite) - Great for those who just started work or still studying
• Best Personal Accident Insurance Plan for Most Value for Money:
  FWD Insurance – Basic plan with larger coverage for lifestyle benefits after accident
• Best Family-Friendly Personal Accident Insurance Plan:
  MSIG Protection Plus Silver – Great coverage for those with large families
• Best Elderly-Friendly Personal Accident Insurance Plan:
  Tokio Marine TM365 Personal Accident Insurance Plan A – Great for those who needs to look after their elderly parents
• Best and Most Extension Coverage Personal Accident Insurance:
  Prudential PRUPersonal Accident

How to choose Personal Accident Insurance?

Check out our article(s) which will help you to pick out the best Personal Accident Insurance Plan: The Best Personal Accident Plans For Working Professionals.

You can also read Real User Reviews on a variety of Personal Accident Insurance plans and see what our community feels about them.

If you're still unsure, why not ask our community of experts and experienced members at Seedly Community?

Contact us at [email protected] should you require any assistance or spot any inaccuracies.

Frequently Asked Questions

What does a personal accident plan cover?

A personal accident plan offers different types of coverages with the most common being:

• Accidental Death Benefit which ensures that a payout will be given in the event of death
• Permanent and Partial Disability that ensures compensation in the event of an accident leading to disability
• Income Benefit are payouts that policyholders receive due to inability to work because of injury
• Medical Expenses Coverage which helps alleviate a policyholder's medical bills which is usually subjected to a cap
• Daily Hospital Benefit which is a payout if a policyholder is hospitalized and it can be received even if a policyholder is unemployed

Who should take up personal accident insurance?

People who stand to benefit the most from Personal Accident Insurance are people who are those who are prone to accidents or those who are always in a position where accidents are more likely to happen. This could mean the elderly, children, motorcycle raiders, NSFs, people in high-risk professions or those whose lifestyle involves a lot of physical activities.

What is personal accident insurance?

Personal Accident Insurance acts as a safety net that offers you protection in the event of an accident and also what might happen after such as disability and death. It is one of the 3 key insurance policies that you will need in your lifetime and it complements a medical and hospitalization insurance.

Do I need personal accident insurance?

Yes, it is generally recommended to get a personal accident insurance even if you have life an health insurance due to the gaps in coverage it fills such as being able to claim insurance for disabilities that are not Total Permanent Disability (TPD). Medical reimbursement for Personal Accident insurance is flexible too as it requires n medical underwriting and it even provides coverage for Reservist training and certain illnesses.

How to choose the best personal accident plan?

There are multiple things you need to look at when you are applying for a personal accident plan. The main thing to look at is are the Accidental Death Payouts, the Medical Expense Reimbursement per Year and the Annual Costs (or Premium). Some insurance plans offer higher or lower Payouts and Reimbursement for how much it is priced this is due to the additional bonus benefits that a particular plan offers to its policyholder. THe bonus benefits are something worth looking at too because it might prove to be something that is well-suited to your lifestyle and habits.

Is personal accident insurance tax deductible?

Individual personal accident insurance is not tax-deductible in Singapore

Is personal accident insurance mandatory?

Personal accident insurance is not mandatory in Singapore it is however generally recommended that you sign up for one as accidents are typically unforeseen in nature and it helps to ensure you're covered.

Does personal accident insurance cover heart attack?

No, heart attack is not considered an accidental death or injury and hence it is not covered under personal accident insurance.

Are personal accident plans worth it?

Personal accident insurance plans are generally worth it due to the peace of mind it offers you. The premiums for personal accident insurance plans are generally affordable compared to other plans so it serves as a great complement to your other insurance plans.

What is not covered in personal accident?

There are a list of things not covered under personal accident insurance and it includes injuries arising from intoxication of drugs or alcohol, adventure sports or hazardous activity, war, self-inflicted harm, childbirth and pregnancy.

What is an example of accidental injury?

An accidental injury is the physical damage or hurt due to an accident. An example of such is a work accident where you fall off a ladder or you slip and fall due to the floor being wet.

Is personal accident cover the same as personal injury cover?

Personal accident cover and personal injury cover are the same thing.

What is the difference between accident insurance and disability insurance?

Personal accident insurance and disability insurance differs in the type of coverage it provides. Disability insurance covers for Total and Permanent Disability (TPD) while accident coverage only covers non-TPD which happens as a result of an accident. Disability insurance also covers costs for tests such as MRI or X-ray which might not be covered under health or disability insurance but is covered under personal accident insurance as these test are required following an accident.

How do I claim accidental insurance?

To claim your personal accident insurance you need to:

• Ensure that you make the claim as soon as possible (before 30 days after date of incident
• Fill in a claims form
• Prepare all necessary documents that includes, medical bills, medical documents, police reports and medical certificate

Once claims has been submitted it would take typically around 10 business days for the claims to be processed and settled

Can we buy multiple accident insurance policies?

For personal accident policies, you can purchase and claim across multiple insurers.. However, there can be a limit set on how much you can claim.