MSIG Insurance has introduced Freelancer CashPlus, an insurance plan that dispenses daily cash benefits to help gig workers safeguard against income loss during a prolonged illness or injury.
The number of freelancers stood at 211,000 in 2019 which made up 8.8% of the total resident workforce, according to the Ministry of Manpower. This number is likely to increase as more people go through a career change or seek alternative sources of income through contract or short-term work assignments.
Understanding the unique needs of this underserved segment, Freelancer CashPlus aims to simplify insurance for gig workers with flexible options, affordable premiums and hassle-free policy issuance.
Given the variability in gig work, the insurer has weighed up the potential concerns that customers may have over an annual policy commitment. With Freelancer CashPlus, a gig worker can stay protected with weekly premiums from as low as S$6.89 for a basic plan.
With two plan types to choose from, policyholders can expect to receive daily income benefit of S$120 per day for up to S$7,200 under the higher tiered Elite plan, in the event they are on hospitalisation or medical leave for a prolonged period.
The product is available for purchase only through website.
Approval of cover is instant and there is no medical examination required. Making a claim is just as hassle-free through MSIG’s website, and policyholders will enjoy fast claims payment, credited to their bank account once their claim is approved.
Steven Leong, Senior Vice-President, Consumer and Digital Distribution, MSIG Singapore said, “Amidst the changing norms and emergence of digital platforms, a sizable number of workers have turned towards self-employment or flexible short-term model of work. While full-time employees might benefit from paid sick leave and hospitalisation leave, gig workers have no income to fall back on should they fall ill for a prolonged period. These are real challenges that gig workers face, which we hope to bridge through Freelancer CashPlus.”
Expand coverage for COVID-19
As part of MSIG’s commitment to help customers tide through this difficult period, Freelancer CashPlus will also expand cover for hospitalisation and outpatient leave due to COVID-19. This comes on top of other COVID-19 support measures which MSIG has rolled out:
1. Sponsorship of 5,000 care packages for healthcare workers in a joint community effort led by MediaCorp
2. Extension of grace period for premium payment for individual and SME customers, subject to assessment
3. Availability of 6-month or 12-month interest-free instalment plan for motor insurance policyholders
4. Premium refund for cancellation of single-trip or annual travel insurance purchased before cut-off dates
Giving back this Christmas
MSIG will donate S$2 for every participating personal insurance plan that is purchased online by its customers between 1 to 25 December 2020. There will be special discounts offered, ranging from 10% off Freelancer CashPlus, to 40% off TravelEasy single trip plans.
“COVID-19 has created unprecedented hardships for many, particularly for the vulnerable amongst us. With the festive season approaching, we want to encourage our customers to join us in doing good for the community. They can do so easily by purchasing our products online and a portion of the sales proceeds will automatically go towards charity giving, and support more local programmes to help the needy,” Mr Leong added.
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