How to Compare Maid Insurance Policies?

When you seek maid insurance plans, you found the dozens of maid insurance policies that suit your budget and your foreign worker’s needs. When you are looking for a new domestic helper for your home, it may create some future risks. So, to minimise all the risks, it is suggested to purchase domestic helper insurance plans. While choosing this, you should take your time to consider the needs of your domestic helper. There are various factors that you should consider while purchasing this plan. To learn about those factors, continue this till the end.

How can a person find the best maid insurance?

There are several options available to find the best maid insurance, which creates confusion. Most people are looking for lower-cost policies that fulfill the Ministry of Manpower’s requirements and your maid. Buy the policies that provide the highest coverage at an ideal cost. Learn a detailed analysis of the maid insurance plans available in the market. Choose a policy that suits your lifestyle.

Choose a policy that covers all in one protection and give the best future health condition support. You should provide a workplace for your maid that is safe and secure for them. Some policies don’t contain the outpatient expenses facility. Before signing any policy, take your time, read it carefully, and understand the things which come under this policy. But is critical illness insurance necessary for you? Well, yes, it is mandatory when you are in Singapore.

How to compare the policies to get the best one?

To compare the policies, you should review a policy according to the below-discussed points:

• Compare according to the cost:

The most important factor for comparing policy is cost. The maid insurance policy is separated into three tiers. By considering these three tiers, you can choose the plan according to your budget. If you talk about the best coverage, then you should go for the mid-tier and Top-tier maid insurance policy than the basic tier. When you talk about the basic tier, then it costs S$289.30 to you.

This is the best option for those who have a limited budget and less amount of protection. If you are a beginner and purchase this plan for the first time, this could be a great start for you. Simultaneously, if we talk about the mid-tier plans, it offers greater coverage than the basic tier. This costs around S$325.21 to you. This could be a happy medium for you if you have an affordable budget.

But when you talk about the top-tier maid insurance plans, it is the king of all other plans. Consumers who desire the most comprehensive, premium plans with extensive coverage should go for this. By purchasing these plans, you can receive a huge amount of coverage with high payouts. It also provides some additional coverage facilities that include third-party liability and coverage from theft etc.

• Compare according to the coverage:

This is the second factor that you should consider while comparing the policy. Different policies cover different payouts against different circumstances. You should measure a policy regarding outpatient expenses, liability, and protection from lawsuits, etc. It will be best if you find out what kind of protection you need. By this, you can make the process easy and affordable.

Purchase the plans that offer medical coverage and liability coverage. As an employer, it’s your responsibility to pay all the expenses regarding your maid’s medical expenses. As per the Ministry of Manpower, a maid insurance policy should cover the minimum coverage of S$60,000 for personal accident expenses and S$60,000 for hospitalisation expenses.

Some insurance companies also include some additional medical coverage. Some plans include the expenses of critical illness, while some plans include the coverage from hospital recuperation etc. If your maid is suffering from various medical trouble, choose the policy covering maximum medical expenses.

At the same time, if you are very concerned about your family and assets, you should go for the policies that protect against theft and lawsuits. You can buy third-party coverage for accidental damage and theft etc. It may cost some additional charge from you but no doubt it offers maximum safety. The liability coverage covers the legal and other forms of non-medical payouts. It also offers coverage in case if you hire a temporary helper if your maid is hospitalized.

• Compare according to additional protection:

Various insurance companies offer optional coverage from additional accidents. You can customize your policy by choosing the coverage according to your needs by discussing it with the insurer. For this, you have to learn about add-ons policies. The insurers may suggest these policies as an option to buy. You can buy up to S$30,000 additional coverage. For this, you can discuss with the financial experts.

They will suggest to you the options that could be the best option for you. There is one more important add-on which you should purchase. For this, you have to spend almost S$5,000. By purchasing this, you ensure the government that you will pay an amount if you break any law during the employment. By considering these three factors, you can compare the policies and choose the best one.

• Compare & filters the choice if you are buying through online

If you are looking to purchase a maid insurance policy online, then you can compare this policy through the maid’s nationality and the coverage period. You can filter the coverage as per your need and budget. Customise the add-on options to your maid. You can also make a comparison based on the coverage score and specific benefits. Compare the plans according to the insurance market’s coverage score. After filtering all the things and deciding the best option, you can press the buy now button. To get ideal coverage, you have to define the things which are necessary to make a choice. Understand your maid’s requirements and buy the right insurance for them.

Conclusion

As an employer, it’s your responsibility to think about your domestic helper and their family’s well-being. Choosing a policy that suits your needs is the best decision of yours. When you have this policy, you can save a lot of money from personal/professional accidents.