I bought the MSIG ProtectionPlus Gold plan on 21 July 2019 under a 1 year renewable term policy. I do not plan to renew it and would not recommend this Personal Accident (PA) plan as there was absolutely no response from any MSIG agent for my claim in December 2019.
I ended up having to claim my accident under my company policy instead. The only two things I am grateful for is that I signed up for the Gold instead of the Platinum plan (which saved me some money on the premium) and that I made a claim in my first year only to find out how unresponsive MSIG is about claims. This made me realise I should not renew the policy.
For people looking to buy a PA plan, note that there are usually two components:
1. Medical Reimbursement (MR) - Covers milder accidents that do not hospitalise you.
This portion covers up to $3,000 to $5,000 depending on the policy and can be used for outpatient claims such as medication, scans (X-Ray, MRI) and follow up outpatient treatments (e.g. Physiotherapy / Chiropractic).
2. Accidental Death/Dismemberment (ADD) - Covers more serious accidents as the name suggests.
This portion covers up to $100k to $1 mil depending on the policy and charges a much lower premium. Cheapest ones on the market for men are the SAF Group Personal Accident insurance plan ($6-7 per month) and covers $600,000 in case of ADD.
I would say it is optional to get the MR component, but good to get the ADD component (can be bought for a low cost as a standalone plan).
For companies that offer very affordable PA plans (e.g. MSIG Protection Plus), take the offer with a pinch of salt because they it may imply that they would not be as likely to payout a claim.
Therefore, if you wish to have a really comprehensive PA plan where you can sleep soundly knowing your claim will be processed and reimbursed, go for slightly more expensive plans with a better and proven track record. I have heard that Aviva, GreatEastern and AIA usually pay out quite proactively with good responsiveness.
However, these plans would be more expensive than MSIG for the same coverage (at least $400 per year), so really consider if you need a PA plan that covers medical reimbursement.
My take is that generally, if you lead a relatively safe lifestyle and do not regularly commute on motorcycles/electric scooters, participate in extreme sports, work in a risky job, it is not worth paying over $400 a year for a PA plan when your company's group insurance policy would cover most claims anyway.
Fuss-free and straightforward, probably because it is very straightforward to not look at a claim and reject it.
No response received from any Agent since the date I filed the claim - 20 Jan 20.