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Best Personal Accident Insurance Plans

Not only are accidents unpredictable, they can be expensive too. Your emergency savings could be wiped out if you are hospitalised and left unable to work due to a major accident.

Be prepared for such scenarios so that you can protect yourself against uncertainties and ensure you have the necessary finances as you recover.

One way to reduce the financial risks of accidents is by getting personal accident insurance. Which plan suits you best?

What is a personal accident plan?

A personal accident plan is an insurance plan designed to provide coverage against injuries, disabilities, and death caused by accidents.

READ MORE: Should I get a personal accident insurance?

What does Personal Accident Cover?

Every policy offers different coverage, but these are the three main categories these plans cover:

  1. Accidental death benefits
  2. Permanent or temporary disability caused by accidents
  3. Medical expenses and hospitalisation benefits as a result of accidents

Today, many personal accident plans also cover some non-accident medical expenses incurred from infectious diseases such as dengue and Covid-19. Some providers also have additional overseas riders to cover you if you contract an illness outside of Singapore.

Personal accident plan vs other insurance plans

A common misconception is that you can use a personal accident plan to replace your health or life insurance coverages. All these insurance plans cover separate issues.

Personal Accident insuranceHospitalisation insuranceLife insurance
Covers expenses incurred as a result of personal accidents.Reimburse your health-related medical expenses (accident or not).
Pays out a benefit upon death or total permanent disability.
A lump-sum benefit in the case of accidental death
A lump-sum benefit in the event of death or disability (accident or not).
Covers expenses related to accident-induced disability
Daily hospitalisation pay-outs only if it is caused by an accident.

Includes medical and follow-up expenses related to accidents only.

Covers most hospitalisation/medical expenses (accident or not).

READ MORE: Do I need a personal accident plan if I already have life insurance?

Comparing personal accident plans

Plan NameAnnual Premium Payable
(GST inclusive)
Main Benefits and CoverageThings to note
SingLife with Aviva Personal Accident LiteS$90Accident death/ Disablement: S$100,000

Medical Expenses for accidental injury: S$3,000

TCM/Chiropractic therapy: S$500 (S$50 per day)

Hospital allowance as a result of an accident (up to 365 days): S$50 per day

Hospital allowance in ICU as a result of an accident (up to 30 days): S$100 per day

Medical expenses for injury include food poisoning, dengue or Zika.

Free child cover up to 30% of sum insured.

Cheapest PA plan in the market.

It does not cover high-risk sports, hazardous occupations and aerial or underwater activities more than 40 metres in depth.

MSIG Protection Plus SilverS$123.05Accident death: S$100,000

Permanent and Total Disablement: S$150,000

Permanent and Partial Disablement: Up to S$100,000

Hospitalisation Cash Benefit: S$50 per day (Max S$2,500)

Worldwide Medical Expenses (includes TCM, Accidental Dental, Mobility Aid): S$1,000

Up to 3 children covered for free when you and your spouse enrol at the same time.

Bereavement grant of S$3,000.

AXA Personal Accident GoldS$467.27Accident death/ Permanent Disablement: S$350,000

Medical Expenses without hospitalisation (per accident): S$5,000

Medical Expenses with hospitalisation(per accident): S$10,000

TCM / Physiotherapy / Chiropractic Treatment (per year): S$350

An additional 50% payout should death occur overseas or on public transport.

Double coverage for medical expenses if you are hospitalised for at least 48 hours.

Your child enjoys 20% of your cover and additional cover for Hand, Foot, and Mouth Disease.

Liberty PACare Plus ExecutiveS342.40Accidental Death / Permanent Disablement: S$300,000

Medical Expenses: S$5,000

Daily Hospital Cash (max period of 90 days per accident): S$200 per day

ICU Daily Hospital Cash(max period of 90 days per accident): S$400 per day

TCM and Chiropractor Treatment (per accident): S$500

Medical expenses coverage doubles when insured is travelling on public transport.

If both parents take up the policy together together, the child is covered for 30% of the parents’ sum insured.

If only one parent takes up the policy,the child is covered for 10% of parent’s sum insured.

Income Personal Accident Assurance Plan 4S$1,900Accident death/ Disablement: S$1,000,000

Permanent disability (per policy year): S$1,500,000

Medical Expenses: S$20,000

TCM/Chiropractic treatments (per accident): S$1,250

Daily Hospital Income (per day, up to 104 weeks in a row): S$400

Weekly cash (per week; up to 104 weeks in a row): S$500

It offers a million-dollar coverage.

But the plan does not offer liability coverage. This means that you won’t be covered for legal liabilities if a third party was involved in the accident.

FWD Personal Accident PlanS$90Accident Death/Disability: S$100,000

Permanent total and partial disability (per policy year): S$100,000

Medical Expenses: S$2000

Mobility Aids/ Prosthetics: S$500

Home modifications: S$10,000

Funeral grant for accidental death: S$5,000

Provides coverage up to age 75. Its home modification installation, mobility aids/prosthetics, and physiotherapy coverage makes this plan suitable for seniors.

But the plan does not offer daily hospital income and weekly income benefit from temporary disability.

Tokio Marine TM 365 Plan AS$90.95Accidental Death/Disability: S$50,000

Medical expenses: S$2,000

Daily hospital income: S$50 per day

Mobility Aids/Prosthetics: S$1,500

Home and Vehicle Modifications: S$3,000

Tokio Marine’s TM 365 Plan A provides coverage up to age 85. The weekly income and daily recuperation income can be beneficial for seniors who are still working.

Rates above are based on a non-manual occupation in a non-hazardous environment. The premium will depend on the individual’s medical conditions. The respective providers will provide a quote.

Recommended plans for each demographic group

Plan NameSuitable for
SingLife with Aviva Personal Accident Lite

MSIG Protection Plus Silver

Average office worker looking for the cheapest plan with sufficient coverage
AXA Personal Accident Gold

Liberty PACare Plus Executive

People looking for fullest coverage
Income Personal Accident Assurance Plan 4
Individuals with high-risk or hazardous jobs
FWD Personal Accident Plan

Tokio Marine TM 365 Plan A

Seniors looking for affordable and sufficient coverage

Conclusion

The perfect insurance plan does not exist. Everyone’s financial situation and medical conditions are different.

Make sure the personal accident plan does not replace your life or hospitalisation insurance. It should complement them instead, and be another layer of financial safety net to protect you and your loved ones from sudden financial hardship.

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