Journey insurance coverage evaluate: Is MSIG journey insurance coverage price it?, Life-style Information

MSIG journey insurance coverage is without doubt one of the hottest manufacturers in Singapore and is second solely to NTUC (spectacular!). That’s most likely as a result of MSIG was once the supplier of DBS journey insurance coverage.

DBS may need since modified their supplier to Chubb, however that doesn’t imply that MSIG journey insurance coverage isn’t strong. Let’s take a look at whether or not MSIG TravelEasy is price your cash.

MSIG journey insurance coverage at a look

Right here’s a fast take a look at the three tiers of MSIG TravelEasy insurance coverage, the Covid-19 extension in addition to the TravelEasy Pre-Ex plans:

Journey insurance coverage plan Normal Elite Premier
Value for one week (Asean) $57 $76.50 $107
Value for one week (Asia) $70.50 $94.50 $132.50
Value for one week (worldwide) $102.50 $127 $175
Promotion 40per cent off single journey plans until 30 April 2022
Medical bills (abroad) $250,000 $500,000 $1,000,000
Emergency medical evacuation $1,000,000 $1,000,000 $1,000,000
Private accident (loss of life & TPD) $150,000 $200,000 $500,000
Journey delay ($100 each six hours) $500 $1,000 $1,500
Journey cancellation $5,000 $10,000 $15,000
Baggage delay $150 each 6 hours as much as $600 $250 each 6 hours as much as $1,000 $375 each 6 hours as much as $1,500
Baggage loss/harm $3,000 $5,000 $7,500
Journey actions lined? No Sure Sure

Right here’s a abstract of the Covid-19 extension that applies to single journey insurance policies:

Covid-19 advantages Normal Elite Premier
Abroad medical bills  $65,000 $130,000 $200,000
Emergency medical evacuation $65,000 $130,000 $200,000
Abroad quarantine allowance N.A. N.A. N.A.
Journey cancellation $1,000 $2,000 $3,000
Journey postponement $1,000 $2,000 $3,000

And listed below are the TravelEasy PreX journey insurance coverage plans, which cowl pre-existing medical situations:

Annual journey insurance coverage plan Pre-Ex Normal Pre-Ex Elite Pre-Ex Premier
Value for Asean $70.50 $90 $120.50
Value for Asia $85 $107 $148
Value for worldwide $115 $147.50 $192.50
Promotion No promotion at the moment
Abroad medical bills attributable to pre-existing situation $75,000 $100,000 $150,000
All different medical bills (abroad) $250,000 $500,000 $1,000,000
Emergency medical evacuation attributable to pre-existing situation $100,000 $150,000 $200,000
All different emergency medical evacuation $1,000,000 $1,000,000 $1,000,000
Private accident (loss of life & TPD) $150,000 $200,000 $500,000
Journey delay ($100 each six hours) $500 $1,000 $1,500
Journey cancellation $5,000 $10,000 $15,000
Can declare for delay or cancellation attributable to pre-existing situation? No No No
Baggage delay $150 each six hours as much as $600 $200 each six hours as much as $1,000 $250 each six hours as much as $1,500
Baggage loss/harm $3,000 $5,000 $7,500
Journey actions lined? Sure

MSIG journey insurance coverage promotions

Although the listed costs of MSIG journey insurance coverage plans appear fairly hefty at first look, there’s virtually at all times a promotion to maintain their costs aggressive, like the present 40 per cent low cost off single journey plans.

Which means in the event you get an MSIG TravelEasy Normal plan for per week in Asean, it’d solely set you again $34.20. That’s fairly a steal.

To see what’s on, simply click on or faucet on the “Promotions” tab on the MSIG journey insurance coverage web page.

So long as the 40 per cent promotion is on, I’d say it’s price it to purchase journey insurance coverage from MSIG. The value is absolutely aggressive in opposition to the likes of NTUC Revenue, Aviva and FWD.

ALSO READ: What to look out for when shopping for journey insurance coverage in Singapore (2022)

What does MSIG journey insurance coverage cowl?

General, MSIG’s journey insurance coverage protection is fairly satisfactory. The Normal plan has a barely low protection restrict for emergency evacuation, and the payout for luggage delays is decrease than customary, however these aren’t dealbreakers.

However the necessary factor to notice is that the most affordable Normal plan is restricted in protection in the event you’re planning something greater than a standard sedate metropolis getaway. It doesn’t cowl most out of doors actions, even fundamental ones like snowboarding and scuba diving.

So that you may wish to go for an Elite (and even Premier) plan for higher and wider protection. These greater tier plans cowl an entire slew of out of doors actions, together with the frequent ones listed right here:

Out of doors exercise Coated by MSIG?
Sizzling air balloon Elite & Premier solely
Scuba diving Elite & Premier solely (as much as 30m)
Snowboarding and different ice/snow sports activities Elite & Premier solely
Mountaineering or trekking Elite & Premier solely (as much as 3,000m)
Mountaineering or out of doors mountaineering Elite & Premier solely (as much as 3,000m)
Marathons or different competitions Elite & Premier solely (marathon as much as 42.195km)
Jet snowboarding Elite & Premier solely
White water rafting Elite & Premier solely (as much as Grade 3)
Skydiving Elite & Premier solely
Paragliding, hold gliding or parachuting Elite & Premier solely
Bungee leaping Elite & Premier solely

The Elite & Premier plans additionally cowl loss of wedding-related objects (so it’s good for marriage ceremony photoshoots or vacation spot weddings) and leisure/sports activities tickets (so get this in the event you plan to go to a pageant or watch a serious soccer match).

Nevertheless, one other downside of MSIG’s journey insurance coverage insurance policies is the restricted protection of its Covid-19 extension. It’s payout of $65,000 for abroad medical charges attributable to Covid-19 falls wanting different insurance policies which provide $100,000 and upwards in claims. It additionally received’t do very a lot for you within the occasion of journey inconveniences attributable to the pandemic.

MSIG journey insurance coverage declare process

Emergency hotline: Name the MSIG emergency help hotline at +65 6323 8288

Cellphone claims: For non-emergency however pressing declare requests, name MSIG’s Claims Hotline at +65 6827 7660. A claims officer will likely be in contact with you to deal with your case.

On-line claims: Submit your declare and supporting paperwork by way of the net kind (linked on  MSIG’s journey insurance coverage claims web page). Or you’ll be able to obtain it and electronic mail MSIG at [email protected]

Onerous copy claims: You possibly can submit your declare in individual or mail it to MSIG, 4 Shenton Method, #21-01 SGX Centre 2, Singapore 068807.

Issues to notice: Discuss with MSIG’s journey insurance coverage claims web page for directions and a helpful guidelines of required paperwork earlier than you make a declare. There’s additionally a chatbot with whom you’ll be able to test in your eligibility for sure claims.

MSIG prides itself on claims expertise, with personalised, responsive claims specialists attending to your requests. They usually settle easy claims inside two to 3 weeks. Count on some delays throughout peak journey durations like faculty holidays.

Conclusion: must you purchase MSIG journey insurance coverage?

If you happen to simply take a look at its most cost-effective Normal plan, MSIG journey insurance coverage is extraordinarily reasonably priced after the beneficiant promotional reductions.

The extent of assist and readability MSIG supplies can also be reassuring. Phrases & situations are clearly acknowledged on the location, not hidden away in some distant PDF, and the claims course of seems to be nice. Principally, it appears to be like like MSIG is aware of their stuff.

Nevertheless, the downside is that MSIG has made the Normal plan very restricted compared to the Elite and Premier plans. When you examine their protection, you’ll positively really feel tempted to improve. It’s a bit like how price range airways compel you so as to add a bundle on to your basic-ass air ticket. One other factor to take note of is that their Covid-19 extension shouldn’t be essentially the most complete in its protection. 

Nevertheless, in the event you’re vaccinated and within the pink of well being and are shopping for from MSIG, it’s worthwhile to pay a bit extra for Elite in the event you’re collaborating in out of doors actions, a marriage shoot or catching some form of music or sports activities occasion abroad. As a bonus, you get greater protection limits too. 

ALSO READ: Journey insurance coverage: Promo codes for 2022 and seven extra methods to save lots of on it

This text was first printed in MoneySmart.

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