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These three popular maid insurance plans fully fulfil MOM’s requirements, but which one suits your needs?
Maid insurance plans are a mandatory requirement for anyone seeking to employ a foreign domestic worker here in Singapore. As with other insurance plans, there are many different choices out there, with varying premiums and features.
To help you choose, we compare three popular maid insurance plans and discuss their benefits, sums assured and scope of coverage.
- What these maid insurance plans have in common
- Comparison #1: Maximum sums assured for hospitalisation and surgery, personal accident and third-party liability
- Comparison #2: Employer benefits
- Comparison #3: Premiums and add-ons
- Conclusion
FWD Maid Insurance vs MSIG MaidPlus vs TIQ ePROTECT maid
Maid insurance plan | Key features |
FWD Maid Insurance | Hospitalisation and surgery benefit: Up to S$25,000/year Personal accident: S$60,000 Third-party liability: Up to S$5,000 COVID-19 cover: Yes Security bond: Yes (Letter of Guarantee) Wage compensation (during hospitalisation): Up to S$30/day for max 30 days Alternative helper compensation: Up to S$20/day for max 30 days Re-hiring expenses: Up to S$500 Cancellation refund: 100% within 3 months |
MSIG MaidPlus | Hospitalisation and surgery benefit: Up to S$50,000/year Personal accident: S$60,000 Third-party liability: Up to S$20,000 COVID-19 cover: Yes Security bond: Yes (Letter of Guarantee) Wage compensation (during hospitalisation): S$30/day for up to 60 days Alternative helper compensation: S$50/day for up to 60 days Re-hiring expenses: Up to S$750 Termination expense (medically unfit for work): Up to S$600 |
TIQ ePROTECT maid | Hospitalisation and surgery benefit: S$15,000/year Personal accident: Up to S$70,000 Third-party liability: Up to S$10,000 COVID-19 cover: Yes Security bond: Yes (Letter of Guarantee) Wage compensation (during hospitalisation): Up to S$30/day for max 30 days Alternative helper compensation: Up to S$20/day for max 30 days Termination/re-hiring expenses: Up to S$350 |
What these maid insurance plans have in common
#1: MOM-approved coverage for your domestic helper
All three insurance plans meet or exceed Ministry of Manpower (MOM) guidelines on medical coverage and security, including hospitalisation and healthcare benefits, coverage for COVID-19 treatment and recovery, as well as coverage for the mandatory security bond.
At a minimum, all three plans provide S$15,000 (or more) worth of coverage for hospital and surgical expenses, which exceeds MOM’s requirement of at least S$10,000 for the same. In addition, these plans also provide other benefits for healthcare, such as dental care and outpatient medical expenses.
And as for security bond, these three plans issue a Letter of Guarantee on your behalf, saving you from having to put up the S$5,000 bond in cash.
#2: Provides personal accident cover, repatriation and more
Another way the three plans are similar is that they all provide personal accident cover (though the sum assured varies), along with third-party party liability, which works together to provide protection should your maid suffer an accident while in your employ, or inadvertently cause or bring about injury to another party or damage to their property.
Also included are repatriation benefits that cover the costs of sending your maid’s remains back home, as well as a minor lump-sum benefit meant for funeral costs.
#3: Three tiers of coverage and benefits
Each of these plans are available in three tiers, with coverage and benefits (and premiums) that increase from tier to tier.
The highest tiers come with the largest sums assured and more perks, but may not automatically be the best fit. It is best to choose a plan and tier based on your individual circumstances and needs.
How these maid insurance plans differ
Comparison #1: Maximum sums assured for hospitalisation and surgery, personal accident and third-party liability
Policy | Hospitalisation and surgery (per year) | Personal accident | Third-party liability |
FWD Maid Insurance | S$15,000, S$20,000 or S$25,000 | S$60,000 | S$3,000, S$4,000 or S$5,000 |
MSIG MaidPlus | S$15,000, S$30,000 or S$50,000 | S$60,000 | S$5,000, S$10,000 or S$20,000 |
TIQ ePROTECT maid | S$15,000 | S$60,000, S$65,000, S$70,000 | S$5,000, S$7,500, S$10,000 |
All three plans provide at least S$15,000 worth of cover each year for hospitalisation and surgery, which, as mentioned above, satisfies MOM’s COVID-19 requirement. However, both FWD and MSIG allow the option to choose a larger sum assured in this claim category, going up to S$25,000/year and S$50,000/year respectively.
Personal accident benefits are fixed at S$60,000 for both FWD and MSIG, while TIQ offers up to S$70,000 sum assured.
For maids expected to work in sensitive environments (say, around elderly persons in frail health), it might be worth spending a little more for higher third-party liability cover. In this category, FWD has the lowest cover of up to S$5,000. TIQ offers a slightly higher sum assured of up to S$10,000, while MSIG goes up to as high as S$20,000.
Comparison #2: Employer benefits
Policy | Wage compensation (during hospitalisation) | Alternative helper compensation | Re-hiring, termination and cancellation |
FWD Maid Insurance | Up to S$30/day for max 30 days | Up to S$20/day for max 30 days | Re-hiring expenses: Up to S$500 Cancellation: 100% refund within 3 months |
MSIG MaidPlus | S$30/day for up to 60 days | S$50/day for up to 60 days | Re-hiring expenses: Up to S$750 Termination expenses: Up to S$600 Cancellation: Partial refund within 180 days |
TIQ ePROTECT maid | Up to S$30/day for max 30 days | Up to S$20/day for max 30 days | Termination/re-hiring expenses: Up to $350 Cancellation: Partial refund within 180 days |
In the course of her employment, your maid may encounter situations that result in interruption or cessation of her service to you. Should this happen, your maid insurance plan comes with employer benefits that you can tap on.
Should your maid be hospitalised and become unable to work, you can claim for wage compensation. Both FWD and TIQ offer compensation of up to S$30/day for a max of 30 days – or S$900 in total. Meanwhile, MSIG offers S$30/day for 30, 45 or 60 days, depending on the plan’s tier.
You will likely also need to employ an alternative helper until your maid is well enough to work again. This is where alternative helper compensation comes in. Once again, FWD and TIQ offer a basic level of coverage, up to S$20/day for max 30 days. MSIG shines in this category, offering S$50/day for up to 60 days, allowing you to source temporary help from a wider pool.
In the event you need to terminate your maid, re-hire a new one, or cancel your maid insurance plan, there are benefits to be claimed as well.
FWD pays a re-hiring benefit of S$500, and offers a 100% refund if you cancel your plan within 3 months. There’s no compensation for termination though.
MSIG offers up to S$750 for re-hiring, and S$600 in case of termination due to being declared medically unfit to continue work. If you need to cancel your plan, do so within the first 180 days and you are entitled to a partial refund of the remaining contract.
Meanwhile, TIQ offers $350 for termination and re-hiring, and a partial refund if you cancel within the first 180 days of the contract.
Comparison #3: Premiums and add-ons
Policy | Premiums* | Add-ons |
FWD Maid Insurance | from S$410.67 | Outpatient medical expenses Half-yearly medical examination Hospitalisation & surgery benefit top-up Daily hospital allowance Home contents cover |
MSIG MaidPlus | from S$270 | Waiver of counter indemnity for Maid Insurance Guarantee Bond Employer’s Liability up to $1mil |
TIQ ePROTECT maid | from S$263.40 | POLO letter of guarantee Security bond protector Additional hospital & surgical expenses Critical illness cover Home Cover Additional 3rd party liability |
*Note: For new maid from The Philippines, 26-mth contract
Of the three, TIQ’s plan is the cheapest, going from S$263.40.
FWD is priced higher than MSIG plans, but MSIG has higher sums assured for most claims categories.
However, FWD offers some useful add-ons, such as outpatient medical cover, and benefits for the mandatory half-yearly health checkup, although having to pay for them tamps down the attractiveness.
Conclusion: Which one should you choose?
MSIG’s MaidPlus plan offers the highest sum assured across almost every category, while its premiums are competitively priced. This makes the plan number one in terms of value for money.
MSIG Maid Insurance Promotion: Enjoy 25% off when you apply now and receive up to S$55 PayNow. Valid till 30 November 2024. T&Cs apply.
Also receive S$30 e-vouchers. Valid till 11 November 2024. T&Cs apply.
In contrast, TIQ’s ePROTECT maid is faithful to their marketing claims of it being the most affordable maid insurance plan in town. Despite the low premiums, it manages to fulfil MOM’s requirements, and even offers the highest sum assured for personal accident claims among the three plans. Get this plan if you’re looking for a budget-friendly yet fully qualified plan.
TIQ Maid Insurance Promotion: Use promo code TIQSINGSAVER to get 45% off. Valid till 30 November 2024. T&Cs apply.
As for FWD’s Maid Insurance, its premiums are relatively high when taking into account the low sums assured. However, there are useful add-ons that may potentially help you save money, such as the outpatient medical benefits, as well as the 6-monthly health check-up cover.
FWD Maid Insurance Promotion: Use promo code DOUBLE11 to get 25% discount on your plan. Valid till 11 November 2024. T&Cs apply. Also receive chances to win S$50,000 Cash! Valid till 22 December 2024. T&Cs apply.
COVID-19 coverage & repatriation expenses for your helper are available as an optional rider for S$55.
Protected up to specified limits by SDIC.
Note: This is only product information provided. You may wish to seek advice from a qualified adviser before buying the product. If you choose not to seek advice from a qualified adviser, you should consider whether the product is suitable for you. Buying an insurance product that are not suitable for you may impact your ability to finance your future healthcare needs.
If you decide that the policy is not suitable after purchasing the policy, you may terminate the policy in accordance with the free-look provision, if any, and the insurer may recover from you any expense incurred by the insurer in underwriting the policy.
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