Insurer FWD provides zero excess for the mandatory security bond in its base plan.
FWD, Singapore’s only fully direct and online life and general insurer, has launched its latest product, Maid Insurance. The policy covers outpatient medical expenses related to personal accident and illnesses, with the latter being the first of its kind in Singapore. According to FWD, it is also the only insurer that provides zero excess for the mandatory security bond in its base plan, which fully covers employers should the unforeseen happen.
Recent market research conducted by FWD showed that 68 percent of employers in Singapore bought their current foreign domestic worker insurance through a maid agency. However, 70 percent said they would buy it online from an insurer’s website in the future.
Abhishek Bhatia, CEO of FWD said, “With technology, we’ve made it possible for customers to buy online with a few clicks, and at a highly competitive price without the hassle of cumbersome paper forms or dealing with long queues at a maid agency.”
FWD’s Maid Insurance is offered across three plans with varying coverage and different riders available to enhance the policy where necessary. Key benefits of this product are:
- A full premium refund if the policy is cancelled within the first three months.
- Cover of the mandatory security bond in the base plan without any excess.
- All-round coverage across hospitalisation, accidental death and disability up to S$50,000.
- Outpatient medical cover related to illnesses.
- Protection of the home against theft by a foreign domestic worker, fire and burglary.
FWD’s Maid Insurance is available on www.fwd.com.sg with premiums starting at S$188. Employers can enjoy a special 10-percent launch discount by keying in the promo code FWDHELPER. This offer is valid until June 13, 2017.