Do I need insurance if I have company insurance?
You also risk being underinsured or getting stuck in the future if you rely solely on your company insurance. For these reasons, it's prudent to start building your own portfolio of personal insurance that matches your specific needs and financial goals.
Is medical insurance compulsory for employees?
Nope, this is not a fantasy; such a cover exists! It is called Employee Group Health Insurance. And recently, this Group Health Insurance has been made mandatory for employees. Read ahead to know more on this topic.
Do I need another health insurance if I have company one?
It is thus highly advisable for everyone to have their own personal insurance coverage. However, it must be said that company insurance does offer certain benefits that can complement and fill up the gaps in one's personal coverage.
Can you claim company insurance and personal insurance?
Life insurance and related products (endowment, invest-linked, critical illness, personal accident) let you claim across multiple policies. However, you should note that there will be a total limit to the amount you can claim.
Can I claim 2 insurance policies Singapore?
No, you cannot raise the same claim with two different insurers. You need to claim with the first insurance company and if your medical expenses are more than the sum assured, then you can opt for reimbursement for the balance amount from the second insurance company.
Is medical insurance mandatory for employees in India?
Another indispensable tool in this fight is health insurance. In April 2020, the Indian government made it mandatory for all employers to provide mediclaim policy for employees in India.
Is it compulsory for employer to pay medical expenses?
Under the Employment Act, if an employee has worked for you for at least 3 months, then his or her employer must pay for the employee's medical consultation fee if: It results in at least 1 day of paid sick leave; and.
Is insurance mandatory in Singapore?
All travellers are strongly encouraged to purchase travel insurance before their trip. Those seeking entry into Singapore should be insured for at least S$30,000 for any COVID-19-related cost (based on COVID-19 bill sizes at private hospitals).
Is it compulsory to buy insurance for employees in Singapore?
You must have insurance for both local and foreign employees. Failure to provide adequate insurance is an offence carrying a fine of up to $10,000 or jail of up to 12 months, or both. For other employees, you have the flexibility to decide whether to buy insurance for them.