Employee Benefits Insurance is one of those essential benefits you will want to ensure your Singapore employees have. It protects your company in the event of an employee’s sudden illness, accident, or death. Several companies are opting for this kind of insurance because it can save their business from expensive medical bills and help them cut down on employee turnover. In this article, we will discuss employee benefits insurance in Singapore.
1. Personal Accident Insurance
Personal accident insurance is an exciting way to protect your family and peace of mind. It provides financial support for you and your loved ones if you suffer a personal injury or a fatal accident. The best part about this type of insurance is that it can be purchased online and is relatively affordable.
2. Basic Medical Insurance
Medical insurance is another form of employee benefit insurance in Singapore that can help you get the care you need when you need it most. This insurance covers hospitalization expenses, doctor visits, medical treatments, and more. It also helps pay for medical bills incurred due to work-related accidents or other causes such as sickness or injury.
3. Group Term Life Insurance
Group Term Life Insurance is an insurance policy that covers you for a specific period. It is usually taken out by employers and offered to their employees. Your employer will ask you to buy this insurance if you are an employee. You will pay a premium and be covered for the term of the policy, which may be as short as one year or as long as ten years.
4. Group Critical Illness Insurance
Group Critical Illness Insurance is another benefit of the insurance policy available to Singaporean employees. It provides coverage when you are diagnosed with a critical illness and need treatment abroad in Singapore or overseas. The amount paid out in such cases will depend on how sick you are at the diagnosis, but it can be up to 10 times the amount paid out under standard group term life insurance policies.
5. Group Hospital and Surgical Insurance
Group hospital and surgical insurance cover treatment expenses for major medical and surgical procedures that are not pre-existing or connected to your regular employment. This includes medical expenses incurred from injuries caused in the course of employment and those that occur outside of work hours. It also covers your medical expenses if you are injured on duty or from an accident while traveling with the company.
6. Travel Insurance
Travel insurance is a form of insurance that protects against unforeseen circumstances such as illness, accident, or loss of luggage. If you are traveling for business, you should consider purchasing travel insurance as it will cover you during your trip. Employers usually purchase travel insurance to protect their employees while traveling with them.
Wrapping Up
Regarding employee benefits insurance in Singapore, it seems the sky’s the limit. That’s because so many companies are available, and all of them will be able to provide you with something a little different. When you look at what is out there, you might realize that some of them aren’t all that great. Other times, you’ll see that the choice can be overwhelming. Still, it only takes one company to come through for you for all of this to be worth it. You’ll want to make sure that you take your time to pick the right one.
