Personal Accident Plans
MySavings Account Value is an accident protection insurance plan designed exclusively for MySavings Account customers.
As a MySavings Account customer, you can enjoy better value with MSA Value, an accident protection insurance plan, underwritten by MSIG Insurance,that gives you up to S$69,000 insurance coverage, plus a saving boost of up to S$50 Bonus Interest credited into your MySavings Account yearly!
*Applicable to Plan 1
# To receive the bonus interest, the MSA Value Insurance Policy must remain in force and the premiums are paid when due. DBS Bank will credit the bonus interest to your MySavings Account within 60 days from your Policy's anniversary date. The bonus interest will be forfeited if you change or close your MySavings Account before the bonus interest is credited. DBS terms and conditions governing MSA Value Bonus Interest applies.
†Applicable to Family Benefit only. MySavings Account must still be operative. MSA Value Insurance Policy terms apply.
Here's a look at the coverage:
Benefits At a Glance
|Choice of Plan|
|Plan 1||Plan 2|
|Accidental Total & Permanent Disablement|
Lump Sum Benefit subject to the scale of permanent loss or disablement as specified in the Policy
|Up to S$45,000||Up to S$30,000|
Lump sum payment in the event of Accidental Death or Total & Permanent Disablement
|Up to S$24,000;|
min of S$4,500
(Based on 8 times of monthly savings amount)
|Up to S$18,000; |
min of S$3,000
(Based on 6 times of monthly savings amount)
|Bonus Interest2||S$50 per year||S$25 per year|
1.Applicable to Family Benefit only. MySavings Account must still be operative. MSA Value Insurance Policy terms apply.
You can choose from 2 plan types with affordable annual premiums. Premium starts from less than S$0.33 a day!
|MSA Value||Plan 1||Plan 2|
|MSA Value||Plan 1||Plan 2|
The premium is inclusive of 7% GST.
1) What is MSA Value?
2) Who is eligible to apply for MSA Value?
3) Is there any occupation not covered by MSA Value?
However, Insured Persons holding such occupations will be covered if he/she is off-duty at the time of the Injury ie. the Injury does not arise in the course of the employment or any activity related to the Insured Person’s employment. You are advised to read the Policy for the full list and further information on the exceptions.
4) What does the scale of permanent loss or disablement mean?
|Total and Permanent Disablement Permanent loss or disablement as specified below that is certified by a Physician:||A percentage of the Sum Insured payable is shown below against each Result:|
|1. Total and permanent disablement from engaging in or attending to employment or occupations of any and every kind||100%|
|2. Total and Permanent Loss of Sight in both Eyes||100%|
|3. Total and Permanent Loss of two or more Limbs||100%|
|4. Total and Permanent Loss of Sight in one Eye and one Limb||100%|
|5. Total and Permanent Loss of Speech||100%|
|6. Total and Permanent Loss of Hearing in both Ears||100%|
|7. Total and Permanent Loss of Sight in one Eye||50%|
|8. Total and Permanent Loss of one Limb||50%|
|9. Total and Permanent Loss of Hearing in one Ear||25%|
5) Does this Policy cover me for illnesses?
6) In the event of a claim, how much will I get from the payment of the Family Benefit if my MySavings Account monthly savings is S$50?
7) Are there any other situations where benefits will not be payable?
You are advised to read the Policy for the full list and further information on the exceptions
8) Do I enjoy my S$50 or S$25 bonus interest every year?
9) When will I receive my bonus interest?
10) Will the premium increase as I grow older?
11) Must I inform the insurer to renew the Policy every year?
12) Can the Policy be cancelled?
13) Under what circumstances will the Policy terminate?
whichever first occurs.
14) Does this Policy have any cash or surrender value?
15) How do I make a claim?
16) What if I have more questions about this insurance?
MSA Value is underwritten by MSIG Insurance (Singapore) Pte. Ltd. This FAQ is for general information only. Full details of the terms, conditions and exceptions of this insurance are provided in the Policy which is available on www.posb.com.sg and which will also be sent to you upon acceptance of your application by MSIG Insurance (Singapore) Pte. Ltd. You are advised to read the Policy wordings before making a decision to sign up for MSA Value.
Although the information contained herein has been taken from sources (which may include the insurer) that are believed to be accurate, no warranty or representation is made as to its correctness, completeness or accuracy by POSB and its related companies. POSB and its related companies accept no liability whatsoever for any direct, indirect or consequential loss arising from or in connection with any use or reliance of this document which does not have any regard to the particular needs of any person.
The benefits payable are subject to the occurrence of an Accident. You should consider carefully if you are intending to switch personal accident policies, as this might be detrimental to your current and/or future needs. Information correct as at March 2010.
Please refer to the policy wordings for the full details of the terms, conditions and exclusions of this insurance.
MSA Value is underwritten by MSIG Insurance (Singapore) Pte. Ltd. ("MSIG Insurance") and distributed by DBS Bank Ltd ("DBS"). It is not an obligation of, deposit in or guaranteed by DBS. This is not a contract of insurance. Full details of the terms, conditions and exclusions of the insurance are provided in the policy wordings and will be sent to you upon acceptance of your application by MSIG Insurance. All the benefits of MSA Value are payable upon the occurrence of an Accident. You should consider carefully if you are intending to switch accident & health policies, as this might be detrimental to your current and/or future needs. You may wish to seek advice from a financial adviser before making a commitment to purchase this policy. In the event that you choose not to seek advice, you should carefully consider whether the policy is suitable for you.
You have a free look period of 14 business days from the date you receive the Policy. If you decide to cancel the Policy within these 14 days, please inform MSIG Insurance in writing and they will cancel the Policy from its start date and refund in full premium paid provided no claim has arisen.
This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (“SDIC”). For more information on the scheme, please visit the General Insurance Association or SDIC websites.
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