Income's Domestic Helper Insurance plans are unique in that they offer the same medical and liability coverage across all 3 tiers of plans. Because of this feature, the value of Income's more expensive plans doesn't bode well for consumers. Those who are willing to pay extra to get comprehensive coverage may not find what they are looking for with Income's top plans. However, those who are searching for a budget plan with high third-party liability coverage may find that Income's basic plan can be a potentially good fit.
|Summary of Income Domestic Helper Insurance|
|Plan 2 offers the highest third-party liability coverage for basic plans but doesn't offer waiver of counter indemnity|
|Plan 3 is a plain-vanilla plan with an average cost and value|
|Plan 4 has the highest price among top-tier plans but offers courier service for work permit and insurance renewal|
|Equal medical and liability coverage across all plans|
|Promotion: Receive up to S$80 worth of CapitaVouchers w/ purchase of new 26-month policy|
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Income Domestic Helper Insurance: What You Need to Know
Income's Domestic Helper insurance comes in three policies available for 26 or 14-month periods: Plan 2, Plan 3, and Plan 4. You can also purchase a $2,000 or S$7,000 Philippines Embassy Performance Bond separately. Among the 3 options, Plan 2 could be a good value for budget shoppers who are looking for high liability coverage provided they are fine with submitting a S$5,000 MOM deposit in full (or if they're not required to). However, Plans 3 and 4 exhibit less value per dollar of premium, with Plan 4 being one of the lowest value plans on the market.
Unlike other FDW insurance policies on the market, Income's Domestic Helper Insurance structures its policy a little bit differently: all of its plans offer the same scope and amounts of coverage despite their price differential. Plan 2 is Income's basic plan with a below average cost of S$216.16 for the 26-month policy. Plan 3 is around the market average for mid-tier plans with a cost of S$329.58 (waiver of indemnity included). Plan 4 is 22% higher than the market average with a cost of S$439.83 (waiver of indemnity included). These differences in price stem from two factors.
Unlike Plan 3 or 4, Plan 2 doesn't include the letter of guarantee for the S$5,000 MOM bond, and thus doesn't have the option of adding the waiver of counter indemnity to its premium. Secondly, Plan 4 provides a courier service that handles the MOM administration fees and the paperwork regarding your maid's work permit and insurance renewal. According to the insurer's website, administration fees and renewal of insurance or work permit cost S$30 each for a total of S$60, which may not justify the S$110 jump in price from Plan 3 to Plan 4. Additionally, Plan 4 is not available if you are signing up through a maid agency.
To explain Income's policies in more detail, their coverage amounts are higher compared to the market average of basic-tier plans, similar to the average for mid-tier plans, and below average for top-tier plans. Out of the three plans, Plan 2 is the best option due to the above average coverage for third-party liability (highest basic plan amount on the market with S$25,000 of coverage) and for medical expenses (S$2,000). If you don't require the MOM waiver of counter indemnity (i.e. you are hiring a Malaysian maid) and you want a budget plan that maximizes third-party liability coverage, this may be a good fit. On the other hand, Plan 3 does not stand out as it is average in both price and the coverage amounts offered, while Plan 4 has one of the lowest values for a top-tier plan. If you are in the market for a premium plan, you can probably find better value policies with either FWD or Insured United that are cheaper and more comprehensive in coverage.
Income Domestic Helper Insurance Coverage & Benefits
Making sure you are purchasing a FDW isurance policy that is worth every penny can be a challenge with so many different plans on the market. To help you decide if Income's coverage is the right fit, we've summarized Income's Domestic Helper Insurance's cost and benefits and how it compares to the market average in the table below. We have also prepared a guide to some of the best maid insurance policies in Singapore to help you find the best policy for your circumstances.
|Benefits & Features||Plan 2||Basic Tier Avg||Plan 3||Mid-tier Avg||Plan 4||Top-Tier Avg|
|26-month Premium w/o waiver of counter indemnity||S$250.16||S$243.15||S$260.10||S$277.98||S$269.58||S$313.23|
|14-month Premium (w/o waiver of counter indemnity)||S$136.33||S$164.14||S$167.36||S$195.29||S$277.61||S$228.67|
|Value Ratio (Benefits/S$Premium)||1.15||.96||1.11||1.02||1.08||1.01|
|Personal Accident Outpatient||S$2,000||S$1,236.11||S$2,000||S$2,176.47||S$2,000||S$2,807.69|
|Liability to 3rd Parties||S$25,000||S$8,642.86||S$25,000||S$14,230.77||S$25,000||S$20,888.89|