Singapore has already estabilished as a financial hub in the Asian market and is poised to be a far larger market in future. It has a strong financial market for insurance companies. many of the world famous insurance companies already serving to the insurance need of the Singapore citizen. The growth of the financial market in Singapore has congruently developed the insurance industry in the country.
The Monetary Authority of Singapore, Insurance Supervision Division has been acting as the regulatory authority in the insurance business in the country.
Singapore Health Insurance:
Singapore has world class medical and hospital facilities. The Various types of health related insurance policies that are available are :
Critical Illness Insurance : It protects the customer from critical illness or surgery by providing them the financial assistance. All the major diseases are covered in the scheme.
Disability Income Insurance : It gives financial assistance to the customer by paying a fixed amount each month against the disability.
Hospital Cash Insurance : It gives financial assistance for small medical treatments.
Medical Expense Insurance :It pays for medical expenses incurred due to some illness.
Singapore Travel insurance
Travel insurance protects from all the risks and uncertainity associated with travel. Singapore Life Insurance
In Singapore you can find both term life and whole life insurance schemes in which you have to pay a certain amount of premium for your protection against risks. There are also universal and variable life insurance schemes available in Singapore.
Singapore Car Insurance
In Singapore you can’t drive without some form of car insurance. There are 3 types of car insurance policy available in Singapore.
1. Third Party Only
2. Third Party, Fire, and Theft
3. Comprehensive Coverage
Singapore Life Insurance:
Life insurance is a dominant industry in Singapore. The citizens of Singapore opt for a particular life insurance policy after going through all the salient facilities provided by the concerned insurance provider. It is generally expected that the company will insure its customers against possible financial loss, clearance of outstanding and no remittal debts, payment of taxes and other settlement costs as well as other miscellaneous expenses like academic funds and charitable contributions. Of course, the primary function of any life insurance policy is to ensure that the customer is fully covered in case of any medical exigencies and thus can avail the best of medical facilities.
There are many life insurance companies operating in here providing a diverse range of policies . The major life insurance companies are — HSBC, American International Assurance, AXA, NTUC, Great Eastern.
Life insurance protects the customer’s family from financial loss upon the death of the customer. A certain amount of premium have to be submitted by the customer to the company for the life insurance policy. The premium is determined based on the health, age, gender, and the type of policy.
There are 2 broad categories of life insurance products in Singapore :
Term Life Insurance in Singapore : It is valid only for a certain time period, or term and is considered as a temporary insurance. A term life insurance fulfills the main and basic idea behind life insurance that if you die prematurely, there will be a sum of money available to take care of your family.
Endowment Life Insurance :It has both the features of a term life insurance and a long-term savings account.
Permanent Life Insurance : It is for the lifetime of the insured, the payout is assured at the end of the policy and the policy accrues cash value that can be utilized for retirement needs.
Whole Life Insurance: It has a fixed premium and fixed death benefit. As long as you pay your premiums your life is secured.
Investment-Linked Life Insurance :It offers life insurance protection as well as investment opportunity to the policy owner.
Top Insurance Companies in Singapore are :
Pacific Prime Insurance Brokers Company
Allianz Insurance Company of Singapore Private Limited
Ace Insurance Limited
Mitsui Sumitomo Insurance (Singapore) Private Limited
China Life Insurance (Overseas) Company Limited
Great Eastern Life Assurance Private Limited
Manulife (Singapore) Private Limited
Royal and Sun Alliance Insurance (Singapore) Limited
SHC Capital Limited
Shenton Insurance Private Limited
Singapore Aviation and General Insurance Company Private Limited
Last Updated on : 26th August 2013