Compare the Best Employee Benefits Insurance in Singapore
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What is Employee Benefits Insurance?
Employee benefits insurance in Singapore is a crucial type of coverage designed to enhance the well-being and satisfaction of employees, making a company more attractive as a workplace.
This insurance typically includes health benefits, life insurance, disability coverage, and sometimes even retirement benefits, depending on the policy.
Offering such benefits not only supports the physical and mental health of employees but also serves as an incentive for talent retention and recruitment.
By investing in employee benefits insurance, businesses in Singapore can ensure a healthier, more motivated workforce, which can significantly contribute to the organisation’s overall productivity and success.
Customise your employee benefits insurance
Hospitalisation & Surgical
Covers the costs associated with hospital stays and surgical procedures, ensuring employees can receive necessary medical care without financial burden.
Outpatient GP
Provides coverage for general practitioner visits, allowing employees to seek medical advice and treatment for everyday health issues.
Outpatient Specialist
Covers consultations with specialist doctors, which is crucial for receiving expert care for specific medical conditions
Group Term Life Insurance
Offers a lump sum payment to the beneficiaries of the employee in the event of their death, providing financial security for their loved ones.
Group Critical Illness Insurance
Provides a lump sum payment if an employee is diagnosed with a critical illness, helping to alleviate the financial strain during a challenging time.
Group Maternity Insurance
Supports expecting mothers with coverage for pregnancy-related healthcare, making the journey to parenthood more comfortable and secure.
Group Dental Insurance
Covers routine and emergency dental treatments, encouraging employees to maintain their oral health without worrying about the cost.
Group Personal Accident Insurance
Offers financial compensation in the event of accidents that lead to injuries, disability, or death, safeguarding employees and their families against unforeseen events.
Group Hospital Cash
Provides a daily cash benefit for each day an employee is hospitalised, helping to cover incidental expenses that may arise.
Group Disability Insurance
Offers financial support in the event an employee becomes disabled and unable to work, ensuring they continue to meet their living expenses.
International Medical Insurance
Extends health coverage internationally, providing vital protection for employees who travel for business or pleasure.
Wellness Programs
Focuses on preventative care through mental and physical health programs and regular check-ups, promoting overall well-being and reducing long-term healthcare costs.
Why Employee Benefits Insurance?
Attract and Retain Top Talent
Offering comprehensive employee benefits insurance is a significant draw for potential employees and can be a decisive factor in an employee's decision to join or stay with a company. By providing a robust benefits package, you position your company as a desirable employer that cares about the health and welfare of its staff.
Enhance Employee Productivity
Employees with access to good health and wellness programs tend to have lower absenteeism rates and are more productive. Employee benefits insurance that covers a wide range of health services, from preventive to critical care, ensures that your team stays healthy, focused, and more engaged in their work.
Mitigate Financial Risks
Employee benefits insurance helps mitigate the financial impact of health-related absences and issues. It ensures that the costs associated with health care do not become a burden to either the employees or the company, maintaining financial stability and employee satisfaction.
Foster a Supportive Workplace Culture
Implementing employee benefits program demonstrates a commitment to employee welfare, contributing to a positive workplace culture. When employees feel valued and supported, it fosters a sense of loyalty and enhances the overall workplace atmosphere, making it a nurturing environment for all.
Enhance Company Reputation
A company known for providing comprehensive employee benefits are often seen as ethical and responsible. This enhances your company's reputation not just among potential hires but also within the industry and with customers, leading to increased business opportunities and partnerships.
Lower Returns
The cash value component grows at a conservative rate, which might be lower than returns from other investment options, potentially leading to missed opportunities.
Who should get employee benefits insurance?
High-Risk Industries
Businesses operating in high-risk industries such as construction, manufacturing, and engineering would greatly benefit from employee benefits insurance. These sectors often face a higher incidence of workplace injuries and health issues, making comprehensive insurance crucial for protecting employees and managing liability.
Technology and Start-Up Companies
Start-ups and technology companies often employ young, dynamic professionals who value benefits as part of their compensation package. A robust employee benefits program can help these businesses attract innovative talent and compete with larger firms in the tech industry that typically offer generous benefits.
Businesses Looking to Attract & Retain Talent
Organisations across all sectors aiming to attract and retain top talent can leverage employee benefits insurance as a key tool in their HR strategy. This type of insurance serves as an incentive for potential hires and can be a deciding factor for employees considering their career options, helping to reduce turnover and build a loyal workforce.
Best Employee Benefits Insurance Plans in Singapore
singlife employee benefits insurance
Singlife's MyBenefits Plus offers a tailored group insurance solution, ideal for SMEs, ensuring that your team's health and well-being are comprehensively protected.
Here's why you should consider MyBenefits Plus for your employees:
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Guaranteed Acceptance: Employees are immediately covered upon enrolment without the need for a medical examination, for sums assured up to S$150,000. This feature provides ease of access to insurance coverage, fostering a sense of security within your workforce.
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Flexible Premiums: The plan is designed with portfolio pricing, meaning premiums are calculated across the entire group rather than individual claims, preventing premium increases after claims. This stability in costs helps in financial planning and maintaining affordability.
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Comprehensive Coverage: Coverage includes death and total & permanent disability from any cause, with the first S$200,000 paid in a lump sum. Additionally, the plan covers accidental injuries with similar lump-sum payments for dismemberment and permanent disabilities.
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Medical and Major Medical Benefits: The plan offers a Basic Medical rider covering hospitalisation and surgeries without a surgical schedule fee limit, and a Major Medical rider for costs exceeding the basic plan limits. It also includes outpatient benefits for general practitioner and specialist consultations, alongside diagnostic tests and physiotherapy.
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Group Dental and Critical Illness Coverage: The dental plan covers a range of services from basic consultations to complex procedures like root canal treatment and orthodontics. A critical illness rider, covering 37 conditions, ensures additional security by providing lump-sum payments upon diagnosis.
NTUC Income employee benefits insurance
NTUC Income's Employees FlexCare stands out as a comprehensive and flexible insurance plan, specifically designed for SMEs to safeguard their most valuable assets — their employees.
Here's why Employees FlexCare should be your go-to choice:
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24-Hour Worldwide Coverage: Employees enjoy peace of mind with 24-hour protection anywhere in the world, a critical benefit for those who travel or work overseas.
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Customisable Plans: The versatility of Employees FlexCare allows for tailor-made solutions that align with both your budgetary constraints and the specific needs of your employees. Whether your team is large or small, this plan adapts seamlessly.
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Group Hospital and Surgical Benefits: It covers all eligible medical expenses arising from hospitalisation, surgeries, or accidents. This benefit acts like a safety net, ensuring that medical costs do not disrupt the financial well-being of your employees or their families.
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Group Term Life and Personal Accident: The plan includes coverage for death and total permanent disability, providing a lump sum to the employee or their beneficiaries. This fundamental protection supports your team’s family in times of utmost need.
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Cashless Medical Services: Employees can access a wide network of general practitioners and specialists without the upfront financial burden, courtesy of Income's panel clinics.
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Portfolio Underwriting: Premium rates are managed at the portfolio level, ensuring that individual claims do not directly impact your premiums, which is particularly advantageous for keeping costs predictable and manageable.
tokio marine employee benefits insurance
Tokio Marine recognises the immense value of your workforce and offers robust employee benefits that cater to their diverse needs. Here's a breakdown of the key offerings from Tokio Marine's Employee Benefits program:
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TM Well Being Group: This segment focuses on providing extended medical coverage, ensuring that your employees' health is prioritised. This plan is not just an insurance policy; it's a commitment to maintaining the health and productivity of your workforce, which is essential for your business’s growth and stability.
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Group Personal Accident: Accidents can happen anytime and anywhere. Tokio Marine’s Group Personal Accident insurance protects your employees against such risks, offering peace of mind with coverage for accidents both in the workplace and beyond. This coverage is particularly important for creating a safe work environment.
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Group Term Life: Life is unpredictable, but Tokio Marine’s Group Term Life insurance provides a safety net for your employees, covering natural and accidental causes of death. This benefit ensures that the families of your employees are taken care of, securing their financial future in the event of an unforeseen tragedy.
HSBC Life employee benefits insurance
HSBC Life Benefits+ is designed as a customisable, flexible employee benefits plan that caters to the diverse needs of your workforce while helping your company maintain control over costs.
Here's what makes HSBC Life Benefits+ an excellent choice for your organisation:
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Customisable Coverage: You can tailor the coverage options to suit the specific needs of different employee groups based on age, job function, and more. This flexibility allows you to provide meaningful benefits that resonate with everyone in your organisation.
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Cost Control: HSBC implements cost containment measures to identify and manage cost drivers effectively. This proactive approach helps your company optimise the value of the benefits provided while keeping expenses predictable and manageable.
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Comprehensive Support: A dedicated HSBC Life Ambassador is available to assist with onboarding and to provide ongoing support. This includes facilitating access to professional development and financial advice, which can enhance employee satisfaction and engagement.
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Digital Integration: The one-stop digital portal and mobile app streamline the management of group health insurance, making it easier for your employees to access their benefits information, file claims, and utilise wellness services.
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Mental and Physical Health Focus: The plan emphasises holistic health with services designed to safeguard not only the physical health but also the mental well-being of your employees. This includes access to mental wellness programs, health screenings, and chronic disease management.
chubb employee benefits insurance
Chubb offers a suite of Accident & Health insurance options designed to enhance employer benefit offerings and fulfil a moral obligation to employees. Here’s an overview of Chubb’s key employee benefits:
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Hospital Indemnity Insurance: This coverage provides a crucial component of an employer's benefits package, offering financial protection against the costs associated with hospital stays. It's tailored to meet the specific needs of employees, ensuring they can focus on recovery without the burden of financial stress.
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Voluntary Accident Insurance: For employees involved in accidents, this insurance offers additional coverage. This is particularly valuable for those in higher-risk occupations or for anyone seeking extra peace of mind against unexpected events.
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Critical Illness Insurance: This policy pays a cash benefit upon the diagnosis of a defined illness or specific disease, helping to cover out-of-pocket medical expenses that go beyond what traditional health insurance would pay. This can alleviate the financial pressure during a critical time.
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GAP Supplement Insurance: Chubb's GAP coverage supplements an employer’s major medical plan. It provides benefits by reimbursing covered out-of-pocket expenses, reducing the financial impact on employees during health crises.
AIA employee benefits insurance
AIA is a global leader in providing comprehensive employee benefits, backed by over 50 years of experience in the industry.
Here’s a closer look at the innovative solutions offered by AIA:
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Diverse and Flexible Solutions: AIA caters to businesses of all sizes, from SMEs to large MNCs, with plans that are customisable to meet the specific needs of different workforces. This flexibility allows for the creation of highly effective employee benefits packages that can evolve with your company.
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Comprehensive Medical Plans: The AIA Premier International Medical plan is designed for global talent, offering substantial annual limits and covering a wide range of medical needs, ensuring that your employees receive the best possible care, no matter where they are in the world.
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Support for Mental and Physical Health: AIA’s approach goes beyond just addressing claims. They focus on prevention through a variety of health and wellness programs that engage employees and promote a healthy lifestyle. This includes the highly regarded AIA Vitality program, which encourages healthier living through gamification and incentives.
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Extensive Support Network: AIA provides access to a wide network of healthcare providers, ensuring that your employees have options when it comes to their health. This is supplemented by innovative tools like the AIA eBenefits platform, which allows for easy management of claims and benefits.
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Dedicated Employee Support: AIA ensures that support is available 24/7, with a hotline for immediate assistance. This commitment to support reflects their focus on client satisfaction and service excellence, as evidenced by their numerous awards in customer service.
Great Eastern Employee Benefits insurance
Great Eastern Life is recognised for its robust employee benefits package, particularly catering to small and medium enterprises (SMEs) through its Great Employee Benefits Plus (GEB+) package.
Here are the key features and benefits:
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Comprehensive Coverage Options: GEB+ provides essential insurance coverage including Group Term Life Assurance and Group Hospitalisation and Surgical with Major Medical Benefits. These basic plans ensure that employees are protected against major financial burdens due to illness or accidents.
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Optional Riders: The plan offers additional coverage options such as Group Living Assurance, various outpatient services, and Group Personal Accident insurance. These riders allow for greater customisation of the benefits package to meet diverse employee needs and circumstances.
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Flexibility and Affordability: GEB+ is designed with the flexibility to cater to varying budgets and needs, making it suitable for smaller companies. It requires a minimum of only 2 employees to begin coverage, which is ideal for startups and small businesses looking to provide competitive benefits.
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Cashless Medical Network: The plan includes a cashless facility at a wide network of General Practitioner and Specialist Clinics, enhancing the convenience for employees. It also offers a Letter of Guarantee for hospital admissions, simplifying the process during stressful times.
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Portfolio Pricing: Renewal premiums are based on the overall portfolio and not on an individual company’s claims experience, which can help in keeping the costs predictable and manageable year over year.
How to apply for a comparison session?
Step 1
Submit a request for a quote with Corporate Cover. Based on your request, we will match you with one of our MAS-licensed partners.
Step 2
Our partners will obtain quotations from the respective insurers and help you compare based on price, features, and suitability.
Step 3
Once you've found the perfect employee benefits insurance policy, feel free to purchase it from a friend, directly from the insurer, or from our partners!
Why are employee benefits important?
Employee benefits are important because they significantly contribute to the health, security, and overall happiness of employees.
Employers can enhance job satisfaction by offering a comprehensive benefits package, directly influencing productivity and workplace morale.
Benefits such as health insurance, retirement plans, and wellness programs not only support the physical and mental well-being of employees but also show that a company values its workforce.
This, in turn, helps in attracting and retaining skilled employees, reducing turnover rates, and building a more committed and motivated team.
Moreover, employee benefits are crucial for maintaining a competitive edge in the job market, helping businesses to stand out as employers of choice.
What employee benefits are legally required in Singapore?
In Singapore, specific types of employee benefits insurance are legally required for employers to provide. These include:
- Work Injury Compensation Insurance (WICA): This is mandatory for all manual workers and for non-manual workers earning up to $2,600 per month. It covers medical expenses, lost wages, and compensation for permanent disability or death resulting from work-related accidents or diseases.
- Foreign Worker Medical Insurance: Employers must procure medical insurance for their Work Permit and S-Pass holders, with a minimum coverage of $15,000 per year for inpatient care and day surgery during the worker’s stay in Singapore.
These insurances are designed to protect both employees and employers by ensuring that workers receive adequate medical treatment and compensation for work-related injuries and illnesses, without placing undue financial burden on either party.
How to design an employee benefits insurance program?
Designing an employee benefits insurance program involves a systematic approach tailored to meet the needs of your workforce and align with your business goals.
Here are essential steps to consider:
- Identify Employee Needs: Conduct surveys or hold focus groups to understand the types of benefits that are most important to your employees. This helps ensure that the program is relevant and valued.
- Set Clear Objectives: Define what your organisation aims to achieve with the benefits program, such as improving employee satisfaction, attracting talent, or enhancing retention.
- Understand Legal Requirements: Be aware of any legal obligations related to employee benefits in your area to ensure compliance. In Singapore, for instance, certain insurance coverages like Work Injury Compensation are mandatory for specific groups of employees.
- Determine the Budget: Establish how much your company can afford to spend on employee benefits, which will guide the scope and scale of the program.
- Select Appropriate Benefits: Choose benefits that align with employee needs and business goals. Typical benefits might include health insurance, dental care, life insurance, and retirement plans.
- Partner with Providers: Select reliable insurance providers or brokers to help structure the program. Comparing different offers can secure the best terms and coverage.
- Implement the Program: Roll out the benefits package to your workforce, ensuring to communicate all details clearly to ensure employees understand their benefits.
- Evaluate and Adjust: Regularly review the program’s effectiveness and make adjustments based on employee feedback and changing needs.
This structured approach ensures the employee benefits program is both effective and sustainable, supporting your employees’ well-being and your company’s operational goals.
How much does employee benefits insurance cost in Singapore?
The cost of employee benefits insurance in Singapore can vary widely depending on several factors, including the size of the company, the types of coverage included, the level of benefits provided, and the demographic profile of the employees (such as age and health status).
Generally:
- Basic Packages: More basic insurance packages that include fundamental health coverage and statutory insurance requirements can be relatively affordable, with costs per employee ranging from a few hundred to over a thousand Singapore dollars annually.
- Comprehensive Packages: More comprehensive benefits packages that include extensive health insurance, dental, vision, life insurance, and wellness programs can cost significantly more. These might range from several hundred to a few thousand dollars per employee per year.
- Customisation and Additional Benefits: Adding custom benefits or higher coverage limits can increase the price, as can including dependents or offering international coverage.
Employers typically bear the cost of employee benefits insurance but might also require employee contributions, especially for optional or enhanced benefits.
It’s recommended for you to get quotes from several insurers or work with a broker like us to find the best rates and coverage options suitable for your specific needs and budget.
What are the common employee benefits insurance in Singapore?
Common employee benefits insurance in Singapore includes a variety of coverage options designed to protect employees and their families.
These typically contains:
- Health Insurance: This is the most fundamental benefit, covering medical, hospitalisation, and surgical expenses. It often includes outpatient care and can be extended to cover dependents.
- Dental Insurance: Offers coverage for routine dental treatments, such as check-ups, cleaning, fillings, and sometimes more complex dental procedures.
- Life Insurance: Provides a lump sum payment to beneficiaries in the event of the insured’s death, offering financial security for the employee’s family.
These benefits are designed to provide comprehensive protection for employees, improving their welfare and job satisfaction, while also helping employers attract and retain talent.
What is the cheapest and most affordable employee benefits insurance Singapore?
The cheapest and most affordable employee benefits insurance in Singapore can vary depending on the provider, the specific benefits included, and the scale of coverage.
Typically, more basic packages that cover essential health services and meet statutory requirements tend to be the most cost-effective.
To find the most affordable options, you should compare quotes from multiple insurance providers or use our services to tailor, find, and compare plans to fit your budget and needs.
Can I buy employee benefits insurance online?
Yes, you can buy employee benefits insurance online in Singapore through Corporate Cover.
Submit your requirements, our partners will get back to you with a quote, and you can make the purchase online.
What employee benefits insurers can your partners help me with?
Our partners can help you access a wide range of reputable employee benefits insurers, ensuring you find the best coverage options to meet your business needs.
Some of the insurers that our partners can broker for include:
- AIG
- Allianz
- Chubb
- ETIQA
- Liberty
- MSIG
- NTUC Income
- QBE
- Singlife
- Sompo
- Tokio Marine
These insurers offer a variety of plans covering everything from basic health insurance to comprehensive packages that include life, disability, dental, and critical illness coverages.
Working with our partners, you’ll have the flexibility to compare different offers and customise plans that cater specifically to your organisation’s and its employees’ needs.
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Why you should get your employee benefits insurance with Corporate Cover
Enhanced Employee Satisfaction and Productivity
With Corporate Cover, securing employee benefits insurance for your team not only fosters a supportive work environment but also enhances employee productivity.
When your team knows that their health and well-being are a priority, they are more motivated and focused at work.
This boost in morale and productivity can directly contribute to increased revenue for your company, as satisfied employees often perform better and foster a positive, energetic workplace.
Cost-Effective Insurance Solutions
Choosing Corporate Cover for your employee benefits insurance means accessing cost-effective solutions tailored to your specific needs.
Our partners negotiate with a wide range of insurers to provide you with the best rates possible, ensuring you get the most value for your investment.
Lowering insurance costs while maintaining comprehensive coverage allows you to allocate resources more efficiently, reducing overall operational costs and enhancing your financial health.
Ensure Compliance
Navigating the complex landscape of legal requirements in Singapore can be challenging.
Corporate Cover's partners ensures that your employee benefits program meets all local regulatory standards, protecting your business from potential legal issues and penalties.
Compliance not only safeguards your company but also reinforces your reputation as a reliable and ethical employer.
By ensuring adherence to regulations, you mitigate risks and create a trustworthy business environment for your employees and stakeholders.