Singapore, 13 March, 2017 – FWD, Singapore’s only fully direct and online life and general insurer, has today announced the launch of 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. FWD 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 shows that 68% of employers in Singapore bought their current foreign domestic worker insurance through a maid agency. However, 70% said they would buy it online from an insurer’s website in the future.
Abhishek Bhatia, Chief Executive Officer of FWD said, “We have listened to the needs of employers in Singapore and created a product that helps employers cope with outpatient medical expenses of their foreign domestic workers. No other insurer offers this benefit currently.”
He added, “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 $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 $188. Employers can enjoy a special 10% launch discount by keying in the promo code FWDHELPER. This offer is valid until 13 June 2017.