7 Best Personal Accident Insurance in Singapore (2020)

What is Personal Accident Insurance?

Personal Accident Insurance, we all heard of it, but what is it really?

Well, accidents happen. While precautions can be taken, we can never really know when or where an accident will strike. It can range from a momentary lapse in judgment to a reckless PMD driver.

There are just certain things that are beyond our control. What we can do is be prepared for it, and one of the best ways is to consider buying personal accident insurance.

 

What should you consider before getting Personal Accident Insurance?

Many of us know personal accident insurance as a general insurance plan that provides a lump sum payout in the event of an accident. This means that should an errant driver hit you as you are crossing the road, your personal accident plan will pay out for your medical expenses.

However, did you know, personal accident coverage can go beyond that? Some personal accident insurance provides benefits such as protection for infectious diseases and extreme sports (recreational purpose).

 

Who Should Buy Personal Accident Insurance?

You should consider getting a personal accident insurance policy if you belong to any of the 3 main groups below:

  • Working in a “high-risk” job
  • Engage in extreme sports for recreational purposes
  • Commute regularly on motorbike/ scooters, etc

The premium payable differs by your occupation. They are usually grouped by Class 1 to Class 4 (with Class 1 being the least and Class 4 being the most dangerous). You can see an example by NTUC Income here – however, do note that this may differ across insurers.

For example, a teacher (Class 1 Occupation) would pay a lower premium compared to a construction worker (Class 4 Occupation). This is to account for the difference in risk profile.

If you are seeking coverage for extreme sports for recreational purposes, do ensure the particular activity you have in mind is included in the coverage as the definition of extreme sports may differ across insurers.

 

7 best Personal Accident insurance in Singapore (2020)

Here at PolicyPal, we’ve shortlisted the top 7 personal accident insurance in Singapore. Do note that each policy works best for different types of people and there’s no one-size-fits-all policy.  

 

Personal Accident Insurance

Type of Occupations allowed

Starting Annual Premium*

Highlights

FWD Personal Accident Insurance

All

From $120 per year

Widest coverage of infectious diseases

Income PA Assurance

All

From S$198 per year

Comprehensive Coverage

AIA Solitaire PA (II)

All

From S$220 per year

Best for class 2 Occupation 

Sompo PA Star

Class 1,2,3

From $144.45 per year

Customizable

AXA SmartPersonal Accident

Class 1,2,3

From $94.16 per year

Great for adventure seekers

TM365 Personal Accident Insurance

Class 1,2,3

From $90.95 per year

Renewal till age 85

AVIVA Personal Accident Insurance

Class 1,2

From $85.50 per year

Affordability 

 

*Starting Annual Premium is based on the basic plan for a middle-aged individual in a class one occupation.

 

FWD Personal Accident Insurance

FWD Personal Accident Insurance provides for medical expense coverage locally and overseas. It also covers medical expenses for the maximum number of infectious diseases including Coronavirus (COVID-19) and dengue.

FWD Personal Accident Insurance is a great option for value-seeking consumers. FWD’s lower coverage plans are some of the most affordable in the market for risky occupations. 

Tiers Available: 5 tiers 

Cost: From S$120 per year

Accidental Death: Up to S$1,000,000

Permanent Disablement: Up to S$1,000,000

Medical Expenses: Up to S$15,000

Temporary Total Disablement (weekly income): Up to S$500 per week (104 weeks)

Daily Hospitalisation Income: Up to S$500 per day  (365 days)

Emergency Medical Evacuation: Covered (Unlimited)

Motorcycling: No

Extreme Sports: Yes

Infectious Disease: COVID-19 + 23 infectious diseases

 

Income PA Assurance

Income PA Assurance provides an affordable option for those who are looking for comprehensive personal accident insurance. It provides up to S1,000,000 for accidental death and 1.5X of the sum assured in the event of permanent disablement.

The child support fund of up to S$35,000 and premium discount for children make Income PA Assurance highly suited for families looking for comprehensive personal accident coverage. 

Tiers Available: 4 tiers 

Cost: From S$198 per year

Accidental Death: Up to S$1,000,000

Permanent Disablement: Up to S$1,500,000

Medical Expenses: Up to S$20,000

Temporary Total Disablement (weekly income): Up to S$500 per week (104 weeks)

Daily Hospitalisation Income: Up to S$400 per day  (365 days)

Emergency Medical Evacuation: Covered up to S$50,000

Motorcycling: Yes

Extreme Sports: No

Infectious Disease: Optional Add-on – COVID-19 + 21 infectious diseases

 

AIA Solitaire PA (II)

With up to S$2.5 million payouts for TPD and permanent disablement, AIA Solitaire PA (II) offers one of the highest coverage amounts in this aspect. It provides coverage no matter how small your bills are, and also allows for multiple claims, providing you with much-needed assurance.

AIA is one of the few insurers that places the same premium rate for Class 1 and Class 2 occupation groups. This is ideal for an individual in the Class 2 occupation group as you will be able to get better value for the personal accident insurance. 

Tiers Available: 4 tiers 

Cost: From S$220 per year

Accidental Death: Up to S$750,000

Permanent Disablement: Up to S$2,250,000

Medical Expenses: Up to S5,000

Temporary Total Disablement (weekly income): Available as an Add-on

Daily Hospitalisation Income: Available as an Add-on

Emergency Medical Evacuation: Available as an Add-on

Motorcycling: No

Extreme Sports: No

Infectious Disease: No

 

Sompo PA Star

Sompo PA Star comes with 3 pre-packaged tiers of coverage, with an additional two upgrades should you choose to increase your coverage. It provides great flexibility for you to choose and customize the required coverage based on your needs. 

This plan has an interesting feature where it provides a bonus allowance for marriage and newborn children, making it an attractive choice for engaged young couples.

Tiers Available: 3 tiers 

Cost: From $144.45 per year

Accidental Death: Up to S$500,000

Permanent Disablement: Up to S$500,000

Medical Expenses: Up to S$7,000

Temporary Total Disablement (weekly income): Up to S$650 per week (104 weeks)

Daily Hospitalisation Income: Up to S$300 per day  (365 days)

Emergency Medical Evacuation: S$50,000 (per Insured Person), S$100,000 (in the aggregate per policy)

Motorcycling: Yes

Extreme Sports: No

Infectious Disease: 17 Specified Infectious Diseases

 

AXA SmartPersonal Accident

The AXA SmartPersona is a personal accident plan that offers three tiers of coverage depending on the needs of the clients. It has one of the highest death coverage of up to $1 million, with an additional 50% payout if it happens overseas. 

AXA SmartPersonal Accident is great for those who are looking for coverage for leisure sports such as scuba diving, rock climbing, bungee jumping, sky diving and water sports.

Tiers Available: 3 tiers (Only the most basic for manual occupation)

Cost: From $94.16 per year

Accidental Death: Up to S$300,000

Permanent Disablement: Up to S$300,000

Medical Expenses: Up to S$6,000 

Temporary Total Disablement (weekly income): Available as an Add-on

Daily Hospitalisation Income: Available as an Add-on

Emergency Medical Evacuation: Covered

Motorcycling: Yes

Extreme Sports:  Includes scuba diving, rock climbing, bungee jumping, sky diving and water sports.

Infectious Disease: No

 

TM365 Personal Accident Insurance

Tokio Marine’s TM 365 Plan allows you to renew your plan until you turn 85, making it a good option for those who want coverage for a longer period of time.

With the home and vehicle modification and caregiver grant benefits, this plan is best suited for those approaching retirement. 

Tiers Available: 4 tiers 

Cost: From $90.95 per year

Accidental Death: Up to S$300,000

Permanent Disablement: Up to S$300,000

Medical Expenses: Up to S$8,000 

Temporary Total Disablement (weekly income): Up to S$300 per week (104 weeks)

Daily Hospitalisation Income: Up to S$200 per day  (365 days)

Emergency Medical Evacuation: Covered up to S$50,000

Motorcycling: Yes

Extreme Sports: No

Infectious Disease: No

 

AVIVA Personal Accident Insurance

AVIVA Personal Accident Insurance is one of the most affordable personal accident plans in the market. While it may not have as many benefits as similar plans in the market, it provides the necessary coverage required of a basic personal accident plan. Combined with the low price, it is a simple and effective personal accident insurance.

This plan is most suitable for white-collar workers who are simply looking for affordable basic personal accident coverage.

Tiers Available: 3 tiers 

Cost: From $85.50 per year

Accidental Death: Up to S$300,000

Permanent Disablement: Up to S$300,000

Medical Expenses: Up to S$5,000

Temporary Total Disablement (weekly income): Available as an Add-on

Daily Hospitalisation Income: Up to S$200 per day  (30 days)

Emergency Medical Evacuation: No

Motorcycling: No

Extreme Sports: No

Infectious Disease: No

 

Is personal accident insurance necessary?

While personal accident insurance benefits do have a noticeable overlap with other forms of insurance like life insurance (covers loss of income due to death or disablement) and health insurance (covers medical expenses), it is in effect a complement to them. 

For example, life insurance generally only covers death or total permanent disability, whereas personal accident insurance provides coverage for partial disablement and even common injuries.

It can also serve to replace your income loss during the recovery period with temporary disability benefits or hospital income benefits. 

For those who engage in high-risk jobs or activities, it is definitely recommended to get yourself covered. 

 

Arrange a free teleconsulting service with PolicyPal

Because personal accident insurance isn’t one-size-fits-all, we strongly recommend speaking to us before you commit to an insurance plan of any sort. Our professional advisers can assess your budget and needs holistically, and give you personalised recommendations.

PolicyPal offers all our members a free financial portfolio review. This review will help you better understand how to create a suitable financial plan for you and your family. We will analyse life insurance products from over 20 insurers and present you solutions that are tailor-made to address your concerns. 

Our advisers will be more than happy to help you understand any of these insurance policies: 

  • Health Insurance
  • Critical Illness Insurance
  • Endowment/Savings Insurance 
  • Personal Accident Insurance
  • Term/Whole Life Insurance

To get in touch, you can WhatsApp us at 87500688 and let us know your preferred date and time for the appointment. Alternatively, leave your details below and we will contact you to help you set up an appointment. 

If you would like to know more about a specific insurance product you can also let us know your preference. This is so that we can be better prepared during the appointment to present you with a comparison table if needed.

Submit your interest now!

The teleconsultation can be done through a Whatsapp phone call or video call. We would recommend using Zoom as it is a free video-conferencing app that you can download for clear audio and video consulting on your computer or your phone. 

 

Read More:
Ready to travel? You’ll need more than just travel insurance if you want to protect yourself from COVID-19.
Term Life Insurance vs Whole Life Insurance: Which Is Best for You?
Do you have enough life coverage at your current life stage?

 

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