Personal Accident Plans

MSA Value

MySavings Account Value is an accident protection insurance plan designed exclusively for MySavings Account customers.

MSA Value

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!

Benefits

  • Up to S$69,000* insurance cover
  • Up to S$50 Bonus Interest# credited into your MySavings Account every year
  • Premium that does not increase with age
  • Rewards for saving more: the more you save into your MySavings Account, the higher your insurance coverage will be under the Family Benefit — up to 8 times your monthly MSA savings amount.
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*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.

Product Details

Here's a look at the coverage:

MSA Value
Benefits At a Glance
Choice of Plan
 Plan 1Plan 2
Accidental DeathS$45,000S$30,000
Accidental Total & Permanent Disablement
Lump Sum Benefit subject to the scale of permanent loss or disablement as specified in the Policy
Up to S$45,000Up to S$30,000
Family Benefit1
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 Interest2S$50 per yearS$25 per year

1.Applicable to Family Benefit only. MySavings Account must still be operative. MSA Value Insurance Policy terms apply.

2.DBS Terms and Conditions Governing MSA Value Bonus Interest apply.


You can choose from 2 plan types with affordable annual premiums. Premium starts from less than S$0.33 a day!

MSA ValuePlan 1Plan 2
MSA ValuePlan 1Plan 2
Annual Premium S$166.80S$117.60

The premium is inclusive of 7% GST.


MSA Value – Accident Protection Plan FAQs

1) What is MSA Value?

  • MSA Value is a personal accident insurance specially arranged by the insurer for MySavings Account(MSA) customers of POSB Bank. For just S$13.90 a month, you can enjoy up to a maximum of S$69,000 insurance protection against personal accident.
  • In addition, you will receive from POSB a bonus interest of $25 or $50 (depending on the plan) in your MSA every year, provided that on the date of crediting of the bonus interest:
    • the MSA Value Insurance Policy is in force and there are no unpaid premiums outstanding;
    • there has been no claim on the MSA Value Insurance Policy since the last anniversary date;
    • the nominated MySavings Account has not been closed, suspended or frozen, and is in the opinion of the Bank, in good standing; and
    • there has been no change in the nominated MySavings Account.

2) Who is eligible to apply for MSA Value?

  • MySavings Account customers (including foreigners) who are aged 16 years and below 61 years old and residing in Singapore are eligible. The MySavings Account can be either a personal or joint account in your name.
  • Please note that the cover under MSA Value will terminate if you live or intend to live outside of Singapore for more than 6 consecutive months.

3) Is there any occupation not covered by MSA Value?

  • Yes, there are certain occupations that this Policy does not cover, such as
    • military personnel,
    • law enforcement officer,
    • fire fighter,
    • civil defence officer,
    • security guard/officer;
    • professional sportsperson;
    • off-shore occupations such as ship crew, diver, oil-rigger and fisherman; shipyard worker;
    • air crew, or working on board aircraft;
    • construction workers, or demolition workers, or quarry workers;
    • workers engaged in maintenance, cleaning, roofing or repair activities involving scaffolding or gondolas or climbing necessitating the use of guides or ropes;
    • in any occupation dealing with explosives, poisonous or hazardous gases or substances.

    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?

  • It refers to the percentage of the Sum Insured that is payable against each disablement suffered by the Insured Person as follows:

    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 kind100%
    2. Total and Permanent Loss of Sight in both Eyes100%
    3. Total and Permanent Loss of two or more Limbs100%
    4. Total and Permanent Loss of Sight in one Eye and one Limb100%
    5. Total and Permanent Loss of Speech100%
    6. Total and Permanent Loss of Hearing in both Ears100%
    7. Total and Permanent Loss of Sight in one Eye50%
    8. Total and Permanent Loss of one Limb50%
    9. Total and Permanent Loss of Hearing in one Ear25%

5) Does this Policy cover me for illnesses?

  • No, this is a Personal Accident policy. The benefits payable are subject to the occurrence of an Accident during the period of insurance

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?

  • If you have purchased MSA Value Plan 1, the Policy will pay a Family Benefit of at least S$4,500 or up to S$24,000, based on 8 times of your MSA monthly savings amount. If your monthly savings amount is $50, you will receive S$4,500 since 8 times of your monthly savings amount (or S$400) is less than S$4,500.

7) Are there any other situations where benefits will not be payable?

  • Yes, they are stated as General Exceptions in the Policy. The following is a list of some exceptions:
    • Air travel except as a passenger in a fully licensed passenger carrying aircraft
    • Injury caused by Insured Person under the influence of alcohol or any drugs
    • Hazardous sport or activity including parachuting, racing (other than on foot or swimming), mountaineering or scuba diving
    • Suicide, self-injury or wilful exposure to peril
    • Pregnancy or childbirth
    • War, acts of terrorism; ionising radiations or radioactive contamination

    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?

  • POSB will credit bonus interest of S$50 or S$25 (depending on the plan) to your MySavings Account each year, provided that on the date of crediting of the bonus interest:
    • the MSA Value Insurance Policy is in force and there are no unpaid premiums outstanding;
    • there has been no claim on the MSA Value Insurance Policy since the last anniversary date;
    • the nominated MySavings Account has not been closed, suspended or frozen, and is in the opinion of the Bank, in good standing; and
    • there has been no change in the nominated MySavings Account.

9) When will I receive my bonus interest?

  • The bonus interest will be credited to your MSA within 60 days from your MSA Value policy anniversary date, provided your MySavings Account is still operative on that date. If you have more than one MSA, you are not allowed to change your MySavings Account for the above-mentioned crediting of interest. Please refer to the Terms and Conditions Governing the MSA Value Bonus Interest for further information.

10) Will the premium increase as I grow older?

  • The premium is not age-related and does not increase as you grow older.

11) Must I inform the insurer to renew the Policy every year?

  • No, so long you pay the premium and observe the terms and conditions of your Policy, it will be renewed automatically on the anniversary date.

12) Can the Policy be cancelled?

  • Yes, either you or the insurer can cancel the Policy by giving the other party 30 days’ notice in writing. If you cancel the policy, you will receive a pro-rated refund of premium paid from the date of cancellation provided no claim has arisen and the amount refundable is more than S$10.

13) Under what circumstances will the Policy terminate?

  • The Policy will terminate upon, amongst others:
    • non payment of premium by the due date
    • cancellation of the Policy either by You or the insurer
    • you attain 70th birthday or when
    • you residing or intending to reside out of Singapore for more than 6 months
    • 100% of the Sum Insured in the aggregate for any and all claims is paid
    • whichever first occurs.

14) Does this Policy have any cash or surrender value?

  • No, this Policy has no cash or surrender value.

15) How do I make a claim?

  • Please notify the insurer in writing of any event giving rise or likely to give rise to a claim under the Policy as soon as possible but in any case within 30 days of the happening of such event. You will need to complete a claim form and provide at your expense information, evidence or supporting document e.g. death certificate or medical reports which the insurer may require to assess your claim.

16) What if I have more questions about this insurance?

  • Please contact MSIG Customer Centre at 6827 7607 (Mon – Fri, 8.45am – 5.30pm) or email your questions to banca_d@sg.msig-asia.com

Important Note

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.

Terms & Conditions Governing Purchase of Insurance Products from MSIG Insurance via the POSB website

Disclaimers

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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