What is this Standard Chartered Insurance about?
This right here is a personal accident insurance protection plan offered by Standard Chartered Bank underwritten by MSIG Insurance. It is a comprehensive policy that offers protection to not just you as an individual but to your family as well, should you want to purchase a family plan.
What does it cover?
Of course like any other personal accident insurance plan, this one covers accidental death and permanent disablement. But since those are not the only outcomes of an accident, the policy will also cover temporary disability and medical expenses. This will come in handy when you have less severe injuries that still require you to be treated at a hospital or medical facility.
Apart from that, with this policy you will have coverage for double indemnity, in the case that your demise occurs while using public transportation, so your family or loved ones will be able to claim double the pay-out for accidental death. Your loved ones will also have access to a bereavement benefit for selected diseases as determined by the insurer.
What about premiums?
This premier policy, comes with affordable premiums and a range of plans to choose from so that you can budget accordingly. On top of that the premiums are calculated on an annual basis, which means you will only have to worry about it for a short while. There are several ways for you to make your premium payments, including online banking and direct debit.
Is there a Renewal bonus?
Yes there is! For every year that no claims are made, and you have renewed the policy there will be a 5% increase in the sum assured. This sum will continue to increase to a maximum of 50% over the original sum.
Who can apply for this policy?
Since this is a policy that will cater to both individuals and families, you will need to pay attention to the age requirements of the plan. Anyone over the age of 18 can pick up the policy whenever you please, both individual or couple.
However, you might want to keep in mind that for a family plan, the children under the protection need to be under the age of 21 (or extended to 23 years old if in full time formal education). The maximum entry age for this policy if 65 years old.