It will give full outpatient medical coverage for accidents and illnesses.
FWD has launched the first of its kind insurance product that would provide domestic helpers in Singapore with coverage for outpatient medical expenses related to personal accident and illnesses.
Market research conducted by FWD revealed that 68% of employers in Singapore bought their current foreign domestic worker insurance through a maid agency, but 70% said they would buy it online from an insurer’s website in the future.
Called Maid Insurance, the product is also the first in Singapore to provide zero excess for the mandatory security bond in its base plan, which fully covers employers in case of unforeseen events.
“With technology, we have 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 long queues at a maid agency,” said Abhishek Bhatia, FWD chief executive officer.
Maid Insurance is offered across three plans, with varying coverage and different riders available to enhance the policy where necessary. Key benefits include a full premium refund if the policy is cancelled with the first three months; cover of the mandatory security bond in the base plan without any excess; all-around coverage across hospitalisation, accidental death, and disability up to $50,000; outpatient medical cover related to illnesses; and protection of the home against theft by a foreign domestic worker, fire, and burglary.
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