One of the standards for recruiting a housemaid is that you need to purchase maid protection. In Singapore, it’s obligatory to purchase maid insurance, which is an insurance strategy that covers any work-related mishaps and clinical consideration charges supported by the partner.
The Ministry of Manpower in Singapore has few obligatory attributes that each maid should have in their insurance:
- Medical coverage of minimum $15000.
- Personal accident insurance coverage of a minimum of $60,000.
- A security bond of $5000.
The whole concept of maid insurance has been introduced to ensure the safety and of your housemaid and their family.
Here’s the way to pick the best one for your requirements.
What is the usual policy structure?
As a rule, most maid insurance coverage offers either a 14-or 26-month plan with choices to buy different additional items or various levels with changing value designs to look over.
Why 14 and 26 months rather than 12 and two years? The additional two months of inclusion (non-chargeable), as needed by the MOM. It guarantees your housemaid for an extra two months after the expiry of her work license, on the off chance that her bringing home isn’t quick.
Most plans will, as a rule, likewise offer a letter of assurance for the obligatory $5,000 security bond, as needed by the MOM.
Do the compulsory attributes satisfy all requisitions?
As it is necessary to satisfy the Ministry of Manpower’s essential prerequisites, most employers accept this inclusion is adequate.
On the off chance that you consider the accompanying additional items, which don’t cost altogether more, you can save your very own more significant amount of cash over the long haul, should a mishap come to pass for your housemaid.
On top of that, there are other key benefits that you can add with the basic coverage, such as:
- Housemaid personal belonging coverage- If any theft occurs to the belongings of your housemaid, this policy will cover those items.
- Replacement maid expenses- If your housemaid gets a permanent disability or dies due to any mishap, then the insurance organization will bear the expenses to hire another maid.
- Repatriation expenses- If your housemaid is for all time debilitated or in the event that she dies, she or her family will be given a repatriation pay-out which covers the outing back to their native country.
- Wage compensation- Furnishes you with a daily cash pay-out if your aide can’t work because of hospitalization.
- Third-party liability- Covers employer for third-party liability coming about because of your housemaid’s inadvertent carelessness.
- Theft- Covers all your belongings in case your housemaid does any act of theft.
When do you require buying the bond?
The circumstance of getting this security bond is significant if an employer needs to get the maid insurance without the office’s assistance. The security bond is generally shrouded by the backup plan for this situation, which replaces the S$5,000 you are needed to store with the Ministry of Manpower.
The bond is effective on the specific date of her appearance; in any case, her entrance into Singapore will be declined, and the employer would need to pay to send her home.
When do you get your security deposit refunded?
Crossing out of the work visa, given that none of the conditions of the bond has been broken; you get your deposit back once your maid has gotten back effectively.
On account of the maid’s inability to appear for the job or if she gets pregnant, the employer needs to demonstrate the maid knew about her commitments. The employers will likewise need to report such episodes when they initially find them. At that time, you can recuperate the $5,000 security deposit.
Critical Illness insurance:-
The question that is probably in your mind that should you buy critical illness insurance?
The choice is completely supplementary, and the decision is logical. However, the benefits should be known to everyone.
If your maid is diagnosed with specific critical illnesses, you will need a lump sum for the treatment. Critical illness insurance covers the whole cost of treatment, including the additional expenses like traveling expenses, expenses to buy health supplements, expenses if any mental counseling is required.
So, in a line, to avoid a great amount of expenditure to treat an illness, critical illness insurance becomes the saviour.
How to choose the best policy for your maid?
Getting the best maid insurance can be confounding, particularly for amateurs. Not exclusively are you managing an absolute more interesting living in your home from the start; the stakes are higher if small kids or old guardians are left in her consideration while you’re grinding away or abroad.
- Basic level plan: It gets suggested if you are economical and foregoes the additional inclusion given by more costly insurance plans. Most fundamental plans cost around $260 for a 26-month strategy, which works out to be about $10/month.
- Middle-level plan: Mid-level plans regularly offer the best incentive for cash since they offer more extensive inclusion at a reasonable rate. Normal expenses for a mid-level arrangement cost around $320 for a 26-month strategy, which works to be around $12.30/month. If the maid becomes sick, winds up in a clinic, and can’t work, you’ll be concealed for $30/day in wage pay. What’s more, her hospital expenses will likewise be dealt with by the insurance.
- Top-level plans: Top-level plans of maid insurance strategies, for the most part, have the most significant inclusion and higher pay-outs. Most top-level plans are evaluated around $360 for 26-month plans, which works out to be about $14.40/month. On the off chance that inclusion for robbery or theft is likewise a concern, search for a top-level insurance strategy with a decent and requisite pay-out.
Conclusion:-
At present, Covid-19 is also a concern. So, before buying the insurance, make sure that the policy has coverage for covid-19. If it is not included, then a policy that includes the coverage for covid-19 should be chosen.