Is a personal accident insurance plan really necessary? We checked out how NTUC Income’s personal accident insurance plan can offer protection for your family and finances. Also… look out for the Klook giveaway!
Most of us know the importance of having life insurance plans – but what about personal accident insurance plans? It’s easy to dismiss it as a mere extension of your existing life plans, but – depending on your insurance provider – having a personal accident plan on top of the insurance you already have may offer a wider range of protection for your family as well as your finances.
So, we took a closer look at how NTUC Income’s personal insurance plan – PA Secure – protects you, your family, and your finances. Plus, we’re giving away a $200 Klook gift card – read on to find out how to win!
Accidents happen, and then there’s infectious diseases…
Let’s face it – there’s always the possibility of accidents happening no matter how careful we are. This is especially true when you have fearless toddlers and adventurous kids at home. You can childproof every corner of the house or keep an extra watchful eye on them when they’re playing outdoors, but there’s always the risk of an unexpected accident.
Then there’s also the risk of catching infectious diseases. Besides Covid-19, dengue was recently reported to be on the rise due to the growing Aedes mosquito population. Parents will also need to watch out for Hand, Foot, and Mouth Disease (HFMD) which commonly affects preschool-going children, especially since kids are now allowed back in school. Though most people can recover from these diseases, there’s always the possibility of it worsening to the point where hospitalisation is required.
How a personal accident insurance plan like PA Secure can protect your family
As its name suggests, a personal accident insurance plan is designed to protect you and your loved ones against injuries resulting from accidents. It protects you from the financial stress of having to deal with medical bills which are incurred for the treatment of your injuries. A plan like NTUC Income’s PA Secure also covers accidental death and permanent disability resulting from an accident, giving a lump sum payment of up to $200,0001.
On top of that, PA Secure also offers coverage against seven common infectious diseases, including dengue fever, chicken pox, and HFMD. Should you or your child fall sick from any of the covered diseases and require hospitalisation, you can claim medical expenses up to $3,0001 and daily hospital income of $1501 per day for up to 50 days.
But aren’t these already covered by existing personal or corporate medical insurance?
Is your general impression that any medical expenses are fully covered by your existing medical insurance plan? And if that’s not enough, the corporate insurance offered by employers should be able to provide the required coverage, right?
While it’s true that medical insurance plan does offer quite a wide range of coverage, it may not cover outpatient medical expenses incurred due to accidents. Relying solely on corporate insurance could be insufficient as you would probably need to top up for a wider coverage and higher benefits payout.
As such, parents may wish to consider getting a personal accident insurance plan for themselves and their children to ensure their family receives more holistic protection against any unforeseen incidents. A personal accident insurance plan doesn’t cost much either – with PA Secure, you can get your whole family protected from just $1952! This includes yourself, your spouse, as well as an unlimited number of dependent children3.
That’s not all – PA Secure protects you financially as well
Imagine this: You planned a staycation for the whole fam, yet due to Murphy’s law, your child caught HFMD and had to stay home for at least a week or two. Unfortunately, you’ve prepaid for the hotel and theme park tickets, and there’s no way to get a refund. And since your child is on medical leave, there goes the childcare fees too.
Here’s where PA Secure can help protect your finances. It comes with two optional lifestyle benefits: Child and Student Care Expenses and Event and Staycay Expenses. The Child and Student Care Expenses benefit4 reimburses you up to $500 when your insured child is on certified medical leave due to an infectious disease or requires hospitalisation due to an injury or from contracting an infectious disease. The Event and Staycay Expenses benefit5 allows up to $500 reimbursement for the non-refundable event or staycation expenses in the event if your insured child gets hospitalised due to an accident or from contracting an infectious disease. You can opt in for these lifestyle benefits at just an additional $18 per year for each insured person per optional benefit.
Prevention is better than cure
You never know when accidents may occur, so it’s always best to stay prepared. Having a personal accident insurance plan can help protect you and your loved ones from the unexpected. Beyond that, it also gives you added peace of mind, allowing you to spend more quality time with those who matter most.
NTUC Income’s PA Secure Important Notes and T&Cs
- This benefit limit is applicable under Plan 3.
- The premium rate is applicable for Plan 1 (Family) with yearly payment arrangement.
- Dependent child(ren) means your child(ren) who are also the insured person(s):
– Under 18 years of age; or
– Under 25 years of age; unmarried and not on full-time employment; and are primarily dependent upon you for maintenance and support. For example, full-time students or national servicemen.
- The child and student care expenses optional benefit covers the insured child if he/she is unable to attend childcare or student care due to him/her:
– being required to stay as an inpatient in the hospital for 4 days or more due to an injury or from contracting an infectious disease; or
– being confined at home for 5 days or more under written medical advice by a medical practitioner due to an infectious disease.
- The event and staycation expenses that we will reimburse is the non-refundable deposit or ticket fees incurred by the insured person. We will not pay for claims that are less than $50.
Please refer to the policy contract for the full list of infectious diseases and terms, conditions, and exclusions of the coverage here.
This article is for general information and should not be relied as financial advice. All opinion and information in this article are solely those of HoneyKids Asia. HoneyKids Asia is responsible for the accuracy and completeness of all information and intellectual property used in this article. NTUC Income is not responsible to any party for this article. You should seek advice from a qualified advisor if in doubt. Buying insurance that are not suitable for you may impact your ability to finance your future insurance needs. Precise terms, conditions and exclusions of this plan are found here.
Protected up to specified limits by SDIC.
Information is correct as of 7 February 2022
Klook gift card giveaway!
Thinking of going on a staycation with the family? Or perhaps your kids have always wanted to try glamping on the East Coast? Now’s your chance to make those plans a reality. We’ve got a $200 Klook gift card up for grabs, and all you need to do is answer a simple question in the form below!
Update: The giveaway is now closed. Thanks for participating! We’ll inform the winners ASAP.
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