Early Closure on 30 Aug 2024
30 Aug 2024
Our office will close early on 30 Aug 2024 (Friday) at 4.30 pm as part of our Eat With Your Family initiative.
We will resume normal operations on the next working day between 8.45 am to 5.30 pm.
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MSIG Asia collaborates with Serenity Health Partners to redefine health insurance in the region
05 Sep 2024
MSIG Asia (“MSIG”) is pleased to announce a new regional partnership with Serenity Health Partners (“Serenity”), founded by respected industry veterans Jonathan James and Derek Goldberg. The collaboration aims to redefine the health insurance landscape by bridging the gap between local health insurance products and International Private Medical Insurance (IPMI), offering a unique blend of comprehensive yet affordable coverage.
To demonstrate its commitment, MSIG has invested in Serenity as a major shareholder. This investment highlights MSIG’s confidence in Serenity’s vision and reinforces its dedication to the long-term success and innovation of the partnership.
The healthcare segment is a top growth initiative in MSIG’s long-term strategy for the Asia region. To set the pace, this partnership will launch in Singapore, followed by expansions into emerging markets, Indonesia and Vietnam in the following year. Pending necessary approvals from the regulator, MSIG Singapore will appoint Serenity as its underwriting agent for a targeted segment of health business in Singapore.
Insights into the health insurance industry in Asia
The health insurance industry currently faces a critical disparity: local products often provide limited coverage and service quality at lower costs, while IPMI offers extensive international benefits and coverage at a higher price.
To bridge this gap, Serenity has introduced Regional Private Medical Insurance (RPMI), a brand-new segment designed to merge the benefits of both local and global insurance strategies. RPMI features tailored domestic plans with cost-effective benefits, an optimised medical network, and premium service capabilities, providing solutions that meet the unique needs of each core market across Southeast Asia initially.
What sets RPMI apart is the enhancement of domestic plan services, network coverage, benefits, and limits across an extensive regional footprint of local licenses, integrated with regionally harmonised value-added services and technology. Supported by Serenity’s deep understanding of regulatory and cultural nuances, as well as regional expertise and economies of scale from its partners, the Serenity value proposition enables strategic optimisation across all locations. Additionally, Serenity leverages advanced insure-tech to enhance policy management, onboarding, online app usage, and claims data analytics, improving accessibility, efficiency, and responsiveness for members and partners.
This initiative comes at a time when markets in Asia are poised for growth, driven by increasing health awareness and a burgeoning middle class. Singapore shows a rising demand for flexible insurance plans encompassing various healthcare needs, including outpatient care, wellness initiatives, mental health coverage, and alternative treatments. Indonesia's market is bolstered by growing outbound medical tourism, while Vietnam's growth is driven by escalating medical costs, ongoing healthcare reforms, and heightened health awareness among the population.
Serenity: Committed to advancing stability and integrity in health insurance
Serenity is committed to guiding its clients towards holistic health, combining stability, adaptability and passion to achieve balance and overall well-being. This mission drives the company’s three core principles:
- Making insurance accessible: To tackle the challenge of rising medical costs, Serenity is committed to offering customers predictable rates. By applying advanced expertise in product design, underwriting, and claims management, the team implements robust cost containment strategies to maintain stable pricing and support overall stability in health insurance. This approach contributes to the sustainable development of society by ensuring that essential health coverage remains accessible and affordable.
- Transparency and accountability: At Serenity, transparency and trust are prioritised through clear policy language and dependable claims payments. The company’s commitment to integrity fosters a positive experience for both partners and customers.
- Integrity and professional responsibility: The Serenity team upholds the highest legal and compliance standards in protecting individuals and maintaining market integrity across Asia’s health insurance sector.
The strategic partnership highlights MSIG’s dedication to advancing insurance solutions for its clients throughout the region. It also underscores the mutual commitment of both MSIG and Serenity to accelerate growth amidst the evolving insurance landscape.
SERENITYplus: Redefining health coverage for tomorrow
To mark the launch of the partnership in Singapore, Serenity introduces SERENITYplus, a health insurance product which combines local and international coverage features into a unique hybrid solution for corporate groups. This balanced approach offers comprehensive medical benefits while prioritising cost containment, providing a cost-effective alternative to traditional IPMI plans.
With SERENITYplus, members receive exceptional healthcare services, backed by an extensive network of healthcare providers and an expert management team. Tailored specifically for the Asia market and aligned with Singapore standards, the plan maintains a competitive and efficient corporate benefits package, ensuring both high-quality care and peace of mind.
Quotes
“We are excited to join forces with Serenity,” says Clemens Philippi, CEO of MSIG Asia. “This partnership aligns with our mission to offer innovative and accessible insurance solutions, bridging gaps in coverage and delivering exceptional value to our clients. Together, we are poised to redefine the health insurance experience and set new industry standards.”
“Partnering with MSIG represents a significant milestone for Serenity. Our shared vision of providing comprehensive yet affordable coverage will make a meaningful difference in the lives of our customers. We look forward to leveraging our combined expertise to drive positive change in the insurance industry,” adds Co-founder of Serenity, Jonathan James.
Derek Goldberg, Co-founder of Serenity, explains: “Our goal when defining the new RPMI segment is to seamlessly bridge the divide between local and international insurance solutions, creating a model that truly meets the diverse needs of the Asian market. By integrating deep local expertise with regional scale and advanced intuitive technology, we are setting a new standard for private medical insurance in the region.”
Mack Eng, CEO of MSIG Singapore highlights: “Health insurance is integral to our suite of comprehensive solutions. We look forward to this new collaboration with Serenity, and extend our value proposition as we continue to provide a diverse range of competitive benefits and high-quality digital health services to our valued customers.”
For more information and media enquiries, please contact:
Faith Wong
Vice President, Brand, Communications & Sustainability
MSIG Asia Pte. Ltd.
D: +65 9365 3656
Carole Chow
AVP, Brand & Communications
MSIG Insurance (Singapore) Pte. Ltd.
D: +65 6012 1258
About MSIG Asia
MSIG, one of Asia's leading general insurance brands, is a member of the MS&AD Insurance Group Holdings Inc. and a wholly owned subsidiary of Mitsui Sumitomo Insurance Co. Ltd., boasting a robust credit rating of A+ Stable. With over 40,000 employees and presence in 48 countries and regions globally, the Group is amongst the world’s top non-life insurance groups based on gross revenue. Within Asia, MSIG is represented in all ASEAN markets as well as in Australia, New Zealand, Hong Kong, China, Korea, India and Taiwan. It is the top non-life regional insurance provider in ASEAN based on gross written premiums. MSIG’s expansive network also includes MS First Capital, headquartered in Singapore, and the Asia Pacific operations of MS Amlin. MS First Capital specialises in Corporate, Marine Hull, and unconventional risks, while MS Amlin delivers specialised insurance solutions in Property & Casualty, Marine & Aviation, and Reinsurance sectors.
About Serenity Health Partners
Serenity is a regional health solutions provider dedicated to enhancing the health, well-being, and peace of mind of its customers. Founded with the mission of transforming the health insurance landscape, the company emphasises making insurance accessible through affordable price points, advanced product design, and effective cost containment. Serenity prioritises transparency and accountability, ensuring clear policy language and reliable claims payments for a positive customer experience. With a focus on compliance, transparency and ethical conduct, Serenity upholds the highest standards in the health insurance sector across Asia.
MSIG rolls out new health policy, covering Parkinson’s and Alzheimer’s among other critical illnesses
20 Sep 2024
To address existing protection gap1 in the market, MSIG Insurance has introduced CriticalCare Plus, a new health policy covering five major critical illnesses (CIs) including cancer, heart attack, stroke, Parkinson’s disease and Alzheimer’s disease.
Designed for customers aged between 18 and 60 years old, CriticalCare Plus safeguards individuals and families from the financial burden associated with chronic illnesses. Policyholders will receive accelerated payouts for proactive heart care and early-stage cancer treatments, and a lump sum payout on the first diagnosis of a critical illness.
“Critical illness can strike at any age and leaves individuals financially vulnerable during a health crisis. With rising medical inflation and the increasing prevalence of chronic diseases, we have developed a no-frills product to encourage consumers to be proactive in building their critical illness coverage while they are healthy and premiums are lower,” said Jeremy Lian, Senior Vice President of Technical Services, MSIG Singapore.
“For young adults, accumulating critical illness coverage at affordable premiums will also better prepare them for the future and protect them from rise in the general cost of healthcare,” he added.
While Singaporeans have employer and national health plans to pay for medical costs, these are often insufficient to fully address long-term needs of critical illnesses.
Expenses associated with treatments and caretaking can be a drain on savings and prohibitive. A report found that the average healthcare cost in Singapore has increased by 10.3% from 2023 to 2024.2 In another study, a patient afflicted with dementia is estimated to incur $1.6 million in expenses if the individual survives for 10 years.3 Without CI plans to mitigate medical inflation, ongoing treatments for critical illness may be beyond the means of average Singaporeans.
CriticalCare Plus with its accelerated payouts pays over and above employer and national health plans and provides the much needed additional funds for treatment and recovery.
About CriticalCare Plus:
- The product is available in four plan types with maximum payout of $100,000 for major illnesses such as cancer, heart attack, stroke, Parkinson’s disease and Alzheimer’s disease/severe dementia.
- Accelerated payout at 50% of sum insured upon diagnosis of early-stage cancer such as carcinoma-in-situ, early prostate cancer and early thyroid cancer.
- Accelerated payout at 10% of sum insured for Angioplasty and other invasive treatment for coronary artery.
- Automatic renewal of policy after the payout of early-stage and proactive heart care benefits.
- Premium starts at 20 cents per day* for $30,000 coverage, with monthly and annual payment options available.
CriticalCare Plus can be purchased online with minimum documentation and easy payment methods. New customers will enjoy a 25% discount on their premiums if they apply during the promotion period up until 26 September 2024.
For more information, visit msig.com.sg/criticalcare-plus.
* Based on Primary plan, male/female, age 29, non-smoker.
For more information and media enquiries, please contact:
Carole Chow
AVP, Brand & Communications
MSIG Insurance (Singapore) Pte. Ltd.
D: +65 6012 1258
About MSIG Insurance
A leading general insurer with a local presence of over 100 years, MSIG Singapore offers an extensive range of insurance solutions for commercial and personal risk protection, enabling the security and safety of individuals and businesses. MSIG Singapore holds an A+/Stable financial rating by Standard & Poor's.
A testament to its growing strength and influence, MSIG Singapore has garnered numerous awards for delivering digitally innovative and customer-centric solutions. In 2024, MSIG was honoured with the ‘Best General Insurer for Singapore’ award by InsuranceAsia News. This prestigious recognition highlights its unwavering commitment to excellence and customer satisfaction.
MSIG is a subsidiary of Mitsui Sumitomo Insurance Co., Ltd, and a member of the MS&AD Insurance Group – one of the largest general insurance groups in the world with presence in 50 countries and regions globally, 18 of which are in Asia Pacific including all ASEAN markets as well as in Australia, New Zealand, China, Hong Kong, Taiwan, South Korea and India. Headquartered in Japan, MS&AD is amongst the top non-life insurance groups in the world based on gross revenue.
CriticalCare Plus
Get extra 5% discount when you buy online.
Provides you with financial stability with up to $100,000 payout in the event of a critical illness diagnosis.
Features & benefits
- Full payout for a covered Critical Illness under Basic Benefit
Receive up to $100,000 for major illnesses like cancer, heart attack, stroke, Parkinson’s Disease and Alzheimer’s Disease or severe dementia. - Early-Stage care
Receive 50% of total sum insured when diagnosed with Early-Stage Cancer such as carcinoma-in-situ, early prostate cancer, early thyroid cancer and more. - Proactive heart care
Get 10% payout for Angioplasty & other invasive treatments for Coronary Artery.
Why choose MSIG?
Plan Highlights
Automatic renewal
Get continued protection with automatic renewal, even after the Accelerated Benefits payout for Early Stage Cancer and Angioplasty & Other Invasive Treatment for Coronary Artery.
Affordable and flexible premiums
Premiums start from less than 20 cents per day^ with monthly and annual payment options.
Immediate policy issuance
No medical examination required. Fast and straight-through online application process with just 3 simple health declarations.
^Based on Primary plan, male/female, age 29, non-smoker
Simple to Buy
Purchase this critical illness plan online from the comfort of your home.
Claims Made Easy
Submit your insurance claims online for quicker and simpler claims settlement.
| Benefit Description | Primary | Silver | Gold | Platinum |
|---|---|---|---|---|
1. Major Cancer
|
$30,000 |
$50,000 |
$75,000 |
$100,000 |
| Benefit Description | Primary | Silver | Gold | Platinum |
|---|---|---|---|---|
1. Early Stage Cancer
|
50% of Sum Insured |
50% of Sum Insured |
50% of Sum Insured |
50% of Sum Insured |
2. Special benefit
|
10% of Sum Insured |
10% of Sum Insured |
10% of Sum Insured |
10% of Sum Insured |
| No. | Questions & Answers |
|---|---|
| 1 |
Who can enroll for this insurance? Adult aged between 18 years and 60 years old and residing in Singapore can enrol for this insurance. Coverage will continue until insured reaches 65 years old at the end of the policy year. |
| 2 |
What is CriticalCare Plus insurance? It is a critical illness policy providing a lump sum payment for critical illnesses such as major cancer, heart attack, stroke, Parkinson’s Disease or Alzheimer’s Disease/Severe Dementia, as well as an advanced payment in the event of early-stage cancer and angioplasty & other invasive treatment for coronary artery, as defined in the policy. |
| 3 |
If I made a claim for Accelerated Benefit, can I submit another claim under Basic Benefit in the future? Yes, if you’ve previously claimed for Early-Stage Cancer or Angioplasty & Other Invasive Treatment for Coronary Artery, you claim under Basic Benefit later. The policy will stop once we pay out 100% of the sum insured. |
| 4 |
After I have made a claim for an Early-Stage Cancer, can I submit a claim for another Early Stage Cancer diagnosis? The Early-Stage Cancer benefit is a one-time accelerated payment, after which this Accelerated Benefit terminates. However, the policy remains active, covering subsequence covered critical illness claims within the remaining sum insured. The same applies to the Special Benefit. |
| 5 |
Will I be required to continue with premium payment after a claim under Accelerated Benefit? Yes, your policy remains active after a claim under the Accelerated Benefit. Premium payments are still required and will change when you reach the next age band. |
| 6 |
Do I need to renew my Policy every year? Your policy is automatically renewed every year using the credit card details provided at the time of payment. If your credit card information changes, please notify MSIG immediately. |
| 7 |
Is the CriticalCare Plus insurance premium guaranteed? The premium is not guaranteed. |
| 8 |
What is waiting period? The waiting period is a specified duration from the start or reinstatement of your policy. During this time, claims for critical illnesses first diagnosed within ninety (90) days are not admissible. |
| 9 |
What is survival period? The survival period is the duration for which an insured must survive before a claim can be made. This duration is at least 7 days from the time of diagnosis. |
| 10 |
What is Free Look Period? The free look period is a 14-business day duration from the policy receipt date, allowing you to cancel and receive a full premium refund if you choose not to keep the policy. |
Global Study
Overseas Student Travel Insurance
Get extra 5% discount when you buy online.
Designed for students going on to higher institutions abroad. Covers accidents, illness, study interruptions, and even holiday travels, with 1-month to 12-month cover options.
Features & benefits
- Medical Expenses
Global Study covers your hospitalisation fees up to $50,000 following an illness so you can focus on recovering quickly. - Trauma Counselling
We extend cover for out-of-hospital claims for psychological support related to traumatic events. - Leisure Travel Cover
With Global Study, we safeguard your leisure trips and reimburse for cancellation or non-refundable travel expenses should you be hospitalised from an injury.
Why choose MSIG?
Global Study insurance plan highlights
Loss of Personal Belongings at Overseas Residence
The plan insures against loss of or damage to personal belongings due to theft, fire or natural disaster.
Sponsor Protection
Should your sponsor passes away or suffers permanent total disability due to an accident, Global Study pays for your tuition fees up to $30,000.
Transport allowance for Follow-up Medical Appointments
Claim up to $100 to help defray transport expenses for follow-up medical appointment after your hospitalisation.
Emergency medical evacuation and repatriation
In the event of health emergencies, we will arrange and pay for necessary evacuation and repatriation to facilitate your safe return for treatment.
Overseas Medical Expenses due to COVID-19
Global Study plans come with 5 COVID-19 benefits including up to $50,000 for inpatient medical expenses related to COVID-19 treatment.
Simple to Buy
Getting overseas study insurance has never been easier! Buy online and receive your e-policy instantly.
24/7 Helpline
Our travel emergency hotline & live chat ensures there is always someone to connect you to medical care and evacuation, no matter which time zone you are in.
Claims Made Easy
Save time by submitting your overseas study insurance claim online! We keep our process as simple as possible to bring your claim to a fair settlement.
| BENEFITS SUMMARY | Standard Plan | Classic Plan | Premier Plan |
|---|---|---|---|
| Individual | |||
| Sum Insured | |||
|
SECTION 7
Medical & travel assistance services |
Available | Available | Available |
|
SECTION 8
Emergency medical evacuation and repatriation |
|||
|
8.1 Emergency medical evacuation 8.2 Sending you home after a medical emergency evacuation 8.3 Sending home your mortal remains |
$1,000,000 |
$1,000,000 |
$1,000,000 |
|
SECTION 9
Hospital visit by a relative |
$5,000 | $7,500 | $10,000 |
|
SECTION 10
Compassionate visit by a relative |
$5,000 | $7,500 | $10,000 |
|
SECTION 11
Child guard |
$5,000 | $7,500 | $10,000 |
|
SECTION 12
Study interruptions (per lifetime)* |
$10,000 | $12,500 | $15,000 |
|
SECTION 13
Sponsor protection (per lifetime)* |
$15,000 | $20,000 | $30,000 |
| BENEFITS SUMMARY | Standard Plan | Classic Plan | Premier Plan |
|---|---|---|---|
| Individual | |||
| Sum Insured | |||
|
SECTION 14
Loss of baggage on common air carrierSub-limit: |
$1,000 |
$2,000 |
$3,000 |
|
SECTION 15
Damage of prescriptive lenses |
$50 |
$100 |
$150 |
|
SECTION 16
Loss of travel document |
$500 |
$500 |
$500 |
|
SECTION 17
Delayed baggage |
|||
|
While overseas |
Max. $500 |
Max. $750 |
Max. $1,000 |
|
While in Singapore |
Max. $50 |
Max. $75 |
Max. $100 |
|
SECTION 18
Delayed departure |
|||
|
While overseas |
Max. $500 |
Max. $1,000 |
Max. $1,500 |
|
While in Singapore |
Max. $50 |
Max. $50 |
Max. $100 |
|
SECTION 19
Leisure travel cancellation or disruption |
$100 |
$200 |
$300 |
|
SECTION 20
Entertainment ticket cancellation |
$100 |
$200 |
$300 |
| BENEFITS SUMMARY | Standard Plan | Classic Plan | Premier Plan |
|---|---|---|---|
| Individual | |||
| Sum Insured | |||
|
SECTION 21
Personal liability |
$300,000 |
$500,000 |
$750,000 |
| BENEFITS SUMMARY | Standard Plan | Classic Plan | Premier Plan |
|---|---|---|---|
| Individual | |||
| Sum Insured | |||
|
SECTION 22
Loss of personal belongings at overseas residence (per policy)Sub-limit: |
$2,000 |
$3,000 |
$5,000 |
|
SECTION 23
Alternative accommodation (per policy)Sub-limit: |
$2,000 |
$3,000 |
$4,000 |
|
SECTION 24
Adventurous activities cover |
Not covered |
Covered |
Covered |
|
SECTION 25
Trauma counselling |
$500 |
$1,000 |
$2,000 |
| BENEFITS SUMMARY | Standard Plan | Classic Plan | Premier Plan |
|---|---|---|---|
| Individual | |||
| Sum Insured | |||
|
SECTION 26
Terrorism cover |
$150,000 |
$200,000 |
$250,000 |
|
SECTION 27
Passive war extension |
Covered |
Covered |
Covered |
| Benefits | Standard Plan | Classic Plan | Premier Plan |
|---|---|---|---|
| Individual | |||
| Limit of Benefits | |||
Section 28Overseas medical expenses due to COVID-19 |
Not covered |
$25,000 |
$50,000 |
Section 29Overseas hospitalisation daily benefit due to COVID-19 |
Not covered |
$1,000 |
$2,000 |
Section 30Emergency medical evacuation and repatriation due to COVID-19 |
|||
|
30.1 Emergency medical evacuation 30.2 Sending you home after a medical emergency evacuation 30.3 Sending home your mortal remains |
$1,000,000 |
$1,000,000 |
$1,000,000 |
Section 31Hospital visit by a relative due to COVID-19Sub-limit: |
Not covered | $7,500 $400 per day |
$10,000 $500 per day |
Section 32Compassionate visit by a relative due to
|
Not covered | $7,500 $400 per day |
$10,000 $500 per day |
* This benefit is applicable for insured student only and does not apply for insured spouse or insured child.
| No. | Questions & Answers | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |
Who is Global Study Insurance suited for? Global Study Insurance is designed to cover students who are planning to travel overseas for educational purposes. The insured student should either be: a) registered and studying in an overseas educational institution as a part-time or full-time student, or b) participating in a student exchange program, industrial attachment or internship with an overseas establishment as arranged or required by their educational institution. Additionally, accompanying spouse and up to 5 children of the insured student can also be covered under one policy. |
||||||||||||
| 2 |
What are the eligibility criteria for Global Study Insurance? 1. Insured person(s) must be a Singaporean or Singapore permanent resident, and normally residing in Singapore at the start of the period of insurance. 2. At the start of the period of insurance and at each renewal, insured person(s) must be:
a) For insured student: aged 12 years to 59 years b) For insured spouse: aged 18 years to 59 years c) For insured child: aged one month to below 18 years, and 18 to 25 years if unmarried and unemployed during the period of insurance. Up to five of the insured student’s children may be insured if they are travelling with the insured student. |
||||||||||||
| 3 |
Who can apply the Global Study Insurance for the student? Student below 18 years old Parent can apply for the policy as policyholder with their child as the insured student. Student above 18 years old The student can apply for the policy under their own name as the policyholder and insured person. Premium payment can be made by the student or parent |
||||||||||||
| 4 |
Does Global Study Insurance cover COVID-19? Yes. Global Study Insurance provides the following COVID-19 benefits:
|
||||||||||||
| 5 |
Can I extend the period of insurance if the duration of my overseas study is extended? Yes, the 1-, 3- and 6-month policies can be extended at 1 month block basis. The annual plans can only be renewed on 12 months’ basis and you can cancel and request for a refund when you no longer require the cover, provided there are no claims in the policy. Please contact us at least 2 weeks prior to the policy expiry date for assistance. |
||||||||||||
| 6 |
Is the policy renewable? Only the 12-month policy is renewable. We will send you the renewal invitation to the Policy mailing address about 6 weeks before the Policy expiry date. |
||||||||||||
| 7 |
Are leisure activities such as skiing, snorkelling and bungee jumping covered? Yes, such leisure adventurous activities are covered under the Classic and Premier Plan only, provided they are conducted by a licensed operator and the insured person follows all safety and health instructions, guidelines or regulations. Please refer to the policy for details. |
||||||||||||
| 8 |
What are the key exclusions? Global Study Insurance does not cover for:
For complete general exclusions, please refer to the policy wordings. |
||||||||||||
| 9 |
Am I covered for leisure trips during my overseas study? Yes. The insurance covers multiple leisure trips within and outside the country of study, undertaken by the insured person before, during and after study, except in Singapore, and within the period of insurance. Leisure trips are covered so long as the round trip (departure from and return to Singapore) comprises travel to the country of study. Examples of covered leisure trips:
Example of non-covered leisure trip:
The leisure trip to Thailand is not covered as the round trip from Singapore to Thailand and back to Singapore does not comprise of travel to the country of study. Please refer to next FAQ on trips back to Singapore. |
||||||||||||
| 10 |
Am I covered if I travel back to Singapore for term breaks and return to the country of study? Yes. All homebound trips are covered and will end three hours after your return to Singapore so long as the trips are within the period of insurance. Cover will be reactivated when you leave Singapore for your country of study. |
||||||||||||
| 11 |
Can I cancel the policy? You may cancel the policy at any time by giving seven (7) days' written notice of cancellation to us and provided no claim is made under the policy.
|
||||||||||||
| 12 |
How do I make a claim? If you wish to file a claim on your insurance, you have to do so within 30 days of any event giving rise or likely to give rise to a claim. You can download the claim form or submit your claims here |
||||||||||||
| 13 |
If I have bought the new Global Study Insurance, can I add my spouse or children mid-way? Yes, for addition of spouse and/or child, please email us the following information:
|
||||||||||||
| 14 |
Can I delete my spouse and children from the policy cover mid-way, or change my plan after buying the new Global Study Insurance? If your policy is under 1-, 3- or 6-month cover, we will not allow deletion of any insured person. If your policy is 12 months’ cover (annual plan), we allow the deletion of insured spouse or insured children. We will refund based on the Cancellation short period rate, provided the policy has no claims. For all policies, we do not allow any change of plan type after the policy is issued. |
This page is for general information only. Full details of the terms, conditions and exclusions of this insurance are provided in the policy and will be sent to you upon acceptance of your application by MSIG Insurance (Singapore) Pte Ltd.
This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us here or visit GIA or SDIC.
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Promo ends on
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Promotion ends 8 Oct 2024. Buy now!
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Plus, enjoy complimentary access to MSIG's Emergency Home Assistance for added peace of mind. Get 24/7 support for home emergencies, including plumbing, electrical, locksmith, pest control, and air-conditioner repair services through our dedicated hotline.
Buy now and save 25% on Enhanced HomePlus, plus receive up to $40 in e-vouchers! Simply enter promo code 'MSIGMP24' at checkout to claim this offer.
Promotion Terms and Conditions.
Ask our chatbot, Mae, or email us for more information.
Foreign Worker Bond
A compulsory security bond for each non-Malaysian foreign worker you hire. It is a pledge to pay the government if you or your worker breaks the law, work permit conditions or security bond terms.
Features & benefits
Hassle free application* and processing of bond documents.
Competitive rates per worker, with options for 14 months or 26 months.
Can be purchased for up to 30 workers per registered company/ group of related companies.
* Financial assessment & guarantors underwriting are waived; each application will be subjected to a counter-indemnity clause.
| Benefits | Coverage |
|---|---|
Guarantee Sum Per Foreign worker |
Per worker Max limit per registered company/ group of related companies $150,000 |
Bond Period |
14 or 26 months depending on the In-Principal Approval issued |
Information required for submission |
- UEN number of Company |
Premium (GST is exempted) |
14 months - $80 |
Cancellation and Refund Premium |
No refund or cancellation midway during the bond period. |
| No. | Questions & Answers | |
|---|---|---|
1 |
What is a Foreign Worker Bond? A compulsory security bond for each non-Malaysian foreign worker you employ. A security bond is a binding pledge to pay the government if you or your worker breaks the law, work permit conditions or security bond conditions. |
|
2 |
What is the coverage and period? Guarantee Sum: $5,000 Per Foreign worker |
|
3 |
When to buy the Bond? Before your worker arrives in Singapore. Kindly take note on the earliest effective date allowed. |
|
4 |
What is the earliest effective date? The online submission must be at least three days before the Bond period commencement date (T+3). This is to allow MSIG Insurance Singapore to transmit the information to Ministry of Manpower. Example: |
|
5 |
What type of information is required for submission? - UEN number of Company |
|
6 |
When will the Bond be forfeited? Your security bond may be forfeited if any of these happens:
|
|
7 |
Is there a refund premium for cancellation? No refunds or cancellations are allowed during the bond period. |
|
This page is for general information only. Full details of the terms, conditions and exclusions of this insurance are provided in the policy and will be sent to you upon acceptance of your application by MSIG Insurance (Singapore) Pte. Ltd.
This policy is protected under the Policy Owners' Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage of your policy is automatic, and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact MSIG or visit GIA/LIA or SDIC.
Short and sweet: How mini breaks can bring you maximum joy
25 Sep 2024
3-minute read
Quick getaways and short-haul holidays can do wonders and create wonderful memories. Just a couple of days off in a different landscape to decompress, and you can restore your original zen self. There’s no need to go far: it could be an amped-up gig trip to catch your favourite band, a family holiday to celebrate grandma’s 80th, a weekend wedding in Bali or all of the above. Through all the choices, you can maximise your time with minimal cost.
1. Snack-size travel brings jumbo joy
With the rise of budget airlines and the promotion of secondary destinations in Asia Pacific, travellers have lots of opportunities to explore new destinations in the region and revisit old favourites. Pack light, move about freely. A short trip can be filled with fun and wonder.
Whether it’s the heritage site of Borobudur (a short drive from Yogyakarta) or the rolling tea hills of Sri Lanka (flight time of about 4 hours from Singapore), there are myriad experiences around the region that will satisfy your craving for new experiences.
2. Don’t lose out to jet lag
When you fly across time zones or spend long hours in the air, chances are you’ll experience some form of jet lag. Day feels like night, you might feel groggy and off-balance, and you might need to sleep it off for one or two days. It’s not an ideal way to spend your precious vacation time! With a holiday that’s closer to home, you can enjoy it as soon as you land, without worrying about recovery time.
3. Take your pick: Asia is your playground!
In our part of the world, the travel possibilities are endless.
Craving for Penang char kueh teow? Head over to its city of origin a short flight away, and fit in a weekend of sightseeing and fun in the sun. From art and culture in Ho Chi Minh to diving in Sipadan… from spotting K-idols in Busan to indigo dyeing in Kyoto… you don’t have to travel far to discover amazing experiences.
4. Fit in a gig trip, a group trip, a wedding or two
While longer haul travel needs more preparation and planning, there might be an unexpected short trip that materialises. Perhaps your favourite band announces a stopover concert in Bangkok. Or your grandma wishes to celebrate her birthday in KL. Or a friend decides on a Bali wedding. These must-do trips can pop up anytime. If they’re “just two days”, do you still need travel protection?
Absolutely!
After all, accidents and mishaps usually happen when we are complacent. Being less watchful and less careful could result in a slip that has grave consequences, so it makes perfect sense to be protected at all times.
5. Favourite destination: Value
No matter where you travel to, it’s extra enjoyable when you get great value. The good news is, MSIG TravelEasy® now has a Lite plan that gives you essential travel coverage at a very attractive price:
- Overseas Medical Expenses of up to $50,000 for charges incurred overseas from injury or illness
- Baggage Cover of up to $1,000 against accidental loss or damage overseas
- Travel Documents Cover of up to $500 for accidental loss, damage or theft overseas
Rest assured you’re well-protected even on short holidays. Happy travels!
5 Critical Facts to Know about Critical Illness
25 Oct 2024
4-minute read
Critical Illness Awareness Month has just ended, but our efforts to deepen our understanding of these illnesses continue. Yet, many Singaporeans still don't take critical illness seriously. A 2022 report by the Life Insurance Association (LIA) of Singapore revealed a staggering 74% critical illness protection gap among economically active individuals aged 20 to 69. Another study from 2023 found that over 68% of Gen Z respondents did not have any critical illness coverage at all!
What is critical illness?
Critical illness refers to serious, life-threatening conditions such as cancer, heart attack, stroke, or kidney failure that can lead to long-term medical treatment, recovery, and significant financial impact. In Singapore, cancer, heart disease and stroke are the top 3 critical illnesses, with Parkinson’s Disease and Alzheimer’s Disease or severe dementia rising in prominence.
If that’s the case, why is there a disregard for protection against such illnesses in Singapore? For the young, it's just not seen as a priority, especially for those who live healthy lifestyles with no family history of illness. Young adults would rather use their limited funds for immediate financial needs like food, travel, and housing.
These assumptions stem from misconceptions of the risks of critical illness and the financial costs of treating them. Here are 5 critical facts to debunk those myths and emphasise why getting comprehensive coverage early is so important:
1. Critical illness insurance is unique from other health insurance
Many people overlook critical insurance, assuming they're already covered by other health plans. However, different types of health insurance serve different purposes and can work together for comprehensive protection against various health risks.
Critical illness insurance provides a lump sum payout when diagnosed with one of these illnesses to help cover medical costs, income loss, or other financial needs during recovery. Cancer insurance focuses solely on cancer-related payouts. Hospital insurance is specific to hospital-related costs. Personal accident insurance only covers injuries from accidents.
Relying solely on company insurance for critical illness can be risky too. Coverage is often limited, and you may lose it if you change jobs or are unable to work due to illness, leaving you financially vulnerable at a critical time.
2. 49.68% of life insurance claims are for critical illness
For those who think they’ll never have to touch their critical illness plans, don’t be so sure. According to a 2024 study done by Smart Wealth, critical illnesses make up nearly half of all life insurance claims (49.68%), showing that these conditions are more common than most people think. What’s more, a significant number of claims are being made by people as young as 41!
3. Treating a critical illness can cost up to $200,000 a year
Dealing with a critical illness can really hit you hard financially, especially with rising costs due to inflation. Smart Wealth reports that the average critical illness claim is around $52,500, with treatment expenses for conditions like cancer possibly climbing to $200,000 a year.
4. 1 in 4 Singaporeans may develop cancer in their lifetime
Cancer is the leading cause of death in Singapore, and the numbers are staggering. 1 in 4 Singaporeans is expected to develop cancer in their lifetime, based on the Singapore Cancer Registry Annual Report in 2021. In Singapore, an average of 46 people were diagnosed with cancer daily from 2017 to 2021. Moreover, some cancers, such as ovarian cancer and pancreatic cancer, remain invisible, showing no symptoms or signs during screenings until it’s too late.
5. More young people are being diagnosed with critical illness
As unhealthy diets, stress, and sedentary lifestyles become more common, younger adults face higher risks. In fact, from 2010 to 2019, the incidence of stroke among individuals aged 15 to 29 increased from 3.8% to 5.7%. In addition, almost 5% of all diagnosed cancer cases are among those below age 30. Even dementia patients are getting younger, with 100 individuals as young as 40 diagnosed with young-onset dementia in Singapore every year.
Take charge of your health with MSIG CriticalCare Plus
These facts are a wake-up call for anyone who thinks they don’t need critical illness insurance because they are young or healthy. Critical illness can strike at any age. To avoid the pitfalls of being underinsured, protect yourself with extensive critical illness coverage.
As we want to financially support more individuals from critical illness and close this protection gap, MSIG has rolled out its latest critical illness plan, CriticalCare Plus. The plan offers a payout of up to $100,000 for major illnesses, including 5 major illnesses. Should you discover cancer in its early stage, you will receive 50% of the total payout to help you start treatment sooner. Additionally, heart patients can receive a 10% payout for invasive coronary artery disease treatments.
To ensure there are no gaps in your healthcare protection, MSIG also offers comprehensive plans for hospitalisation, personal accident, and cancer.
Click here to view the latest deals. Policy terms and conditions apply.
HomeEasy
Covers HDB and private apartment owners and tenants. Get up to $200,000 for home contents and renovations, whether it’s a resale, BTO or new unit.
Features & benefits
Home Contents and Renovations Cover
Up to $200,000* coverage for renovations, movable household items, household contents and personal belongings.
Personal Cyber Protection
Up to $2,500 coverage for cyber incidents, including theft of funds and online shopping fraud.
Worldwide Personal Liability
Up to $1,000,000 in worldwide personal legal, property owner's and tenant's liability.
Energy Efficient Appliance Upgrade
Covers the extra replacement cost for aircons, fridges, clothes dryers, TVs, washers and dishwasher rated 4-ticks and above.
Alternative Accommodation/Loss of Rent
Covers costs of reasonable alternative accommodation or rent that is payable by or to you while your home is uninhabitable.
Utility Bill Relief and Conservancy Charges
Pays your monthly service and conservancy charges up to 3 months.
*Cover and limits based on Gold Plan
Why choose MSIG?
Simple to Buy
Purchase this home insurance plan online from the comfort of your home.
24/7 Helpline
We offer you round‑the‑clock support for home emergencies, telephone medical advice, private medical transportation, electrician and plumber referrals, locksmith assistance and more.
Claims Made Easy
Save time by submitting your property or liability insurance claim online! We keep our process as simple as possible to bring your claim to a fair settlement.
Select plans to compare
| Benefits Summary | Owner Occupied and Landlord | Tenant | ||
|---|---|---|---|---|
| Silver | Gold | Silver | Gold | |
| Limit of Benefits | Limit of Benefits | Limit of Benefits | Limit of Benefits | |
Section 1Home contents and renovations |
||||
|
Contents |
$30,000 | $80,000 | $30,000 | $80,000 |
|
Renovations |
$70,000 | $120,000 | Not covered | Not covered |
|
Additional benefits to Section 1 |
||||
|
Alternative accommodation or loss of rent |
Up to 10% of the sum insured under Section 1 | Up to 10% of the sum insured under Section 1 | Up to 10% of the sum insured under Section 1 | Up to 10% of the sum insured under Section 1 |
|
Removal of debris |
Up to 5% of the sum insured under Section 1 | Up to 5% of the sum insured under Section 1 | Up to 5% of the sum insured under Section 1 | Up to 5% of the sum insured under Section 1 |
|
Cost of temporary protection |
$1,500 | $1,500 | $1,500 | $1,500 |
|
Replacement of locks and keys |
$500 | $500 | $500 | $500 |
|
Loss of money |
$250 | $250 | $250 | $250 |
|
Cash allowance |
$300 | $300 | $300 | $300 |
|
Contents temporarily removed |
$500 per item up to 15% of the sum insured for Contents | $500 per item up to 15% of the sum insured for Contents | $500 per item up to 15% of the sum insured for Contents | $500 per item up to 15% of the sum insured for Contents |
|
Accidental breakage of fixed mirrors and glass |
$300 | $500 | $300 | $500 |
|
Utility bill relief and conservancy charges |
$300 | $300 | $300 | $300 |
|
Energy efficient appliance upgrade |
10% in addition | 10% in addition | 10% in addition | 10% in addition |
Section 2Worldwide personal liability |
||||
|
Personal legal liability |
$1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
|
Property owner’s liability / tenant’s liability |
$500,000 | $500,000 | $500,000 | $500,000 |
| $1,000,000 in the aggregate | $1,000,000 in the aggregate | $1,000,000 in the aggregate | $1,000,000 in the aggregate | |
Section 3Emergency home assist |
||||
| Covered | Covered | Covered | Covered | |
Section 4Personal cyber |
||||
|
Theft of fund |
$2,500 | $2,500 | $2,500 | $2,500 |
|
Online shopping |
$2,500 | $2,500 | $2,500 | $2,500 |
| $2,500 in the aggregate | $2,500 in the aggregate | $2,500 in the aggregate | $2,500 in the aggregate | |
Optional benefitsPlease refer to the policy schedule to see if the optional benefits are applicable |
||||
Section 5Family protection |
||||
|
Accidental death (worldwide) and |
||||
|
− Insured |
$50,000 $50,000 $10,000 each Aggregate of $100,000 for the period of insurance |
$50,000 $50,000 $10,000 each Aggregate of $100,000 for the period of insurance |
$50,000 $50,000 $10,000 each Aggregate of $100,000 for the period of insurance |
$50,000 $50,000 $10,000 each Aggregate of $100,000 for the period of insurance |
| Hospital cash benefit (per insured person) − Dengue fever |
$100 Minimum 3 days of hospitalisation |
$100 Minimum 3 days of hospitalisation |
$100 Minimum 3 days of hospitalisation |
$100 Minimum 3 days of hospitalisation |
Section 6 |
||||
Bicycle and mobility scooter |
$500 | $500 | $500 | $500 |
Section 7Worldwide cover for personal effects |
||||
| Accidental loss or damage for items worn or carried on you and members of your household | Sum insured up to $10,000, subject to $2,500 for any one article | Sum insured up to $10,000, subject to $2,500 for any one article | Sum insured up to $10,000, subject to $2,500 for any one article | Sum insured up to $10,000, subject to $2,500 for any one article |
| No. | Questions & Answers | |
|---|---|---|
| 1 |
Why do I need HomeEasy when my home is already insured under the HDB fire, MCST or an equivalent policy? The cover under your HDB fire, MCST or an equivalent policy usually relates to the building structure, permanent fixtures, and fittings. Your household contents, personal belongings, improvements, and additions to your home may not be covered under these policies. |
|
| 2 |
What are the key features offered by HomeEasy? HomeEasy covers a wide range of benefits from fire, weather-related losses, or damage due to break-ins, personal legal liabilities, and many more. Unique features include our energy efficient appliance upgrade benefit, where we pay the additional cost to replace an appliance with a minimum 4-tick rated appliance, and personal cyber benefit, which covers the theft of funds and online shopping fraud, to name a few. |
|
| 3 |
Do I need to provide a detailed listing of the contents to be insured? No, you do not need to provide a detailed listing of the contents to be insured. However, there are specific limits on certain items. For example, valuables like jewellery, watches, and works of art are covered up to 30% of the total sum insured for contents, with each item covered up to 5% of the sum insured or $6,000, whichever is lower. It’s important to ensure that the selected plan covers the full value of your home contents and renovations at current prices to avoid any deductions for wear and tear or depreciation in case of a claim. |
|
| 4 |
Which property type is HomeEasy is suitable for? HomeEasy is specially designed for HDB and private apartment homeowners, landlords, and tenants. |
|
| 5 |
What are the period of insurance options available for HomeEasy? HomeEasy is available in 1-year, 3-year, and 5-year periods of insurance. Select the 5-year period of insurance to enjoy a 10% discount on the premium. |
|
| 6 |
What are the available plans for HomeEasy and how do I choose the right one? HomeEasy offers two plans, Silver and Gold. We recommend selecting the plan where the sum insured adequately covers the improvements and additions within your home, such as fixtures and fittings (including flooring, built-in wardrobes, and air-conditioners), made by you or any former owner. This ensures comprehensive protection for your home renovations and personal belongings. |
|
| 7 |
What is the Energy Efficient Appliance Upgrade benefit? The Energy Efficient Appliance Upgrade benefit covers the cost to replace a 3-tick or below rated appliance with a minimum 4-tick rated appliance if it is totally lost, destroyed, or cannot be repaired due to a covered loss. We will pay up to 10% more than the replacement value. This applies to appliances rated under the Mandatory Water Efficiency Labelling Scheme (WELS) or the Mandatory Energy Labelling Scheme (MELS). |
|
| 8 |
Does HomeEasy provide cover for personal legal liability including property owner's liability? HomeEasy provides worldwide personal legal liability protection for you and your household members, as well as legal liability as a property owner. |
|
| 9 |
How does HomeEasy cover me if I am tenant of a rented property? You will be covered for legal liability arising out of a negligent act for loss or damage to the contents, fixtures, and fittings where these do not belong to you but are under your responsibility, and the rented residential building while under your occupation. Normal wear and tear will not be covered. |
|
| 10 |
How does HomeEasy cover me if I am the landlord? If you are the landlord, HomeEasy covers you for any legal responsibility if someone gets hurt or if there is damage to someone else’s property because of a problem with the property that you have rented out. This does not include normal wear and tear. You also need to keep the property in good condition and fix any issues quickly to stay covered. |
|
| 11 |
What does the Personal Cyber benefit cover? The Personal Cyber benefit covers the theft of money arising from phishing or spoofing incidents, and loss of money from being tricked into buying goods online from a dishonest third party. |
|
| 12 |
Is the policy renewable? What are the available payment modes? The policy will automatically renew upon expiry. Premium is payable via credit card and recurring renewal premium will be charged to the same credit card provided. |
|
This page is for general information only. Full details of the terms, conditions and exclusions of this insurance are provided in the policy and will be sent to you upon acceptance of your application by MSIG Insurance (Singapore) Pte Ltd.
This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us here or visit GIA or SDIC.
| HomeEasy | Enhanced HomePlus | Home Insurance | |
|---|---|---|---|
Suitable for |
HDB and private apartment owners, landlords and tenants | All property types including landed properties owners, landlords and tenants | All property types including landed properties owners, landlords and tenants |
Coverage |
Insured perils only Choose from 2 plans with 3 optional benefits |
Insured perils only Choose from 3 plans with 2 optional benefits |
All risks cover Sum insured as proposed |
Home Contents |
Up to $80,000 | Up to $120,000 with option to increase sum insured* |
Sum imsured as proposed |
Renovations |
Up to $120,000 | Up to $150,000 with option to increase sum insured* |
As per sum insured under building section |
Energy efficient appliance upgrade |
10% in addition | Not Available | Not Available |
Emergency home assist |
Included | Included | Not included |
Personal cyber |
Covered | Not Covered | Not Covered |
Personal Legal LiabilityTenant liabilityProperty owner's liability |
$1,000,000 $500,000 $500,000 $1,000,000 in aggregate |
$1,000,000 $500,000 $1,000,000** $1,000,000 in aggregate |
$1,000,000 $500,000 $1,000,000** $1,000,000 in aggregate |
Building |
Not Available | Available as optional cover Sum insured as proposed |
Available as optional cover Sum insured as proposed |
Special possessions |
Not Available | Not Available | Available as optional cover Sum insured as proposed |
Family accidental death protection |
Available as optional cover | Covered | Not Available |
Bicycle and mobility scooter locked outside your home |
Available as optional cover | Not Available | Not Available |
Worldwide cover for personal effects |
Available as optional cover | Not Available | Not Available |
Coverage duration |
1 year, 3 year and 5 year | 1 year | 1 year |
* For Ultimate plan only
** Applicable when Building cover is purchase
