Are you planning on travelling abroad in the near future?
While travel can be exciting and rewarding, it has its fair share of risks.
From lost luggage to medical emergencies, unexpected events can quickly derail your trip and leave you with a hefty bill. That’s where travel insurance comes in.
If you’re a Singaporean traveller, you’re in luck.
In this article, I’ll explore the best annual travel insurance plans available in Singapore that offer comprehensive coverage at affordable prices.
Whether you’re a frequent traveller or planning a long-term trip, there is an insurance plan that can meet your needs.
So, let’s dive in and find the perfect annual travel insurance plan to protect you on your next adventure.
Why Annual Travel Insurance?
Annual travel insurance is cost-effective for frequent travellers, especially in Singapore.
Instead of purchasing a new travel insurance policy for each trip, you can buy an annual policy that covers you for multiple trips throughout the year.
This is a great option for those who travel frequently for work or leisure. Not only does it save you time and hassle, but it can also save you money in the long run.
In comparison, purchasing multiple single-trip plans can be more expensive and time-consuming, especially if you travel frequently.
With an annual policy, you can have peace of mind knowing that you’re covered for all your trips throughout the year without worrying about purchasing a new policy for each trip.
Prefer single-trip plans instead?
Click here to find our picks for the best single-trip travel insurance in Singapore.
Comparing the Best Annual Travel Insurance in Singapore
These are the best annual travel insurance plans in Singapore that will be compared throughout this article.
- AIG Travel Guard Direct
- AIA Around the World Plus (II)
- Allianz Travel Bronze
- FWD Travel Insurance
- MSIG TravelEasy
- NTUC Income Travel Insurance
- Singlife Travel Insurance
- Etiqa TIQ Travel Insurance (with Covid-19 cover)
Cheapest Annual Travel Insurance – MSIG TravelEasy Standard
The basis for this comparison will be on the coverage for a single 25-year-old individual travelling to Thailand for a year and the lowest-tiered plan across all insurers (except for AIG).
| Travel Insurance Plan | Total Premium |
|
AIG Travel Guard Direct Enhanced (Basic & Standard is not available for annual trips) |
$462.00 |
| AIA Around the World Plus (II) Classic | $250 |
| Allianz Travel Bronze | $319.80 |
| FWD Travel Insurance Premium | $275.50 |
| MSIG TravelEasy Standard | $231.20 |
| NTUC Income Travel Insurance Classic | $312.30 |
| Singlife Travel Insurance Lite | $232.00 |
| Etiqa TIQ Travel Insurance Entry (with Covid-19 cover) | $262.00 |
If you’re going on an annual trip, you are likely to incur a lot of expenses during your trips.
Whether it’s for your accommodation or flight, it may end up in hefty amounts.
Thus, you may be looking for the cheapest travel insurance out there when it comes to annual trips.
The cheapest travel insurance for annual trips would have to be MSIG TravelEasy Standard since it offers the cheapest premium at $231.20 for a whole year.
That amounts to about $19.20 a month, which is pretty affordable.
Take a look at some of MSIG TravelEasy Standard’s notable benefits:
- Personal Accident & Death: $50,000
- Medical Expenses: $250,000
- Emergency Evacuation & Repatriation: $250,000
Not too shabby for paying $19.20 a month.
So if you’re merely looking for the cheapest travel insurance for your annual trip, get MSIG TravelEasy Standard.
Best Annual Travel Insurance with Highest Overseas Medical Expenses Coverage – Singlife Travel Insurance Prestige
This comparison will be based on coverage for a single 25-year-old individual travelling to Thailand for a year and the highest-tiered plan across all insurers (except AIG).
| Travel Insurance Plan | Total Premium | Overseas Medical Expenses Coverage |
| AIG Travel Guard Direct Supreme | $554.00 | $250,000 |
| AIA Around the World Plus (II) Premier | $460.50 | $2,000,000 |
| Allianz Travel Platinum | $570.60 | $1,000,000 |
| FWD Travel Insurance First | $407.45 | $1,000,000 |
| MSIG TravelEasy Premier | $447.20 | $1,000,000 |
| NTUC Income Travel Insurance Preferred | $495.90 | $1,000,000 |
| Singlife Travel Insurance Prestige | $460.00 | Unlimited |
| Etiqa TIQ Travel Insurance Luxury (with Covid-19 cover) | $369.00 | $1,000,000 |
Overseas medical expenses coverage is one of the most critical factors for travel insurance – more so for annual trips since you’ll be away from your home country for much longer.
Because of this, you’re more prone to face some unexpected circumstances that may just land you in the hospital.
This means it certainly can’t hurt to have the highest coverage for any overseas medical expenses you may incur if you are hospitalised.
Looking at the table above, it’s clear that Singlife Travel Insurance Prestige is the best annual travel insurance in this category as it’s the only one offering unlimited coverage for overseas medical expenses!
The best part about its premium is that it is not the most expensive among the insurers!
Seems like a pretty good deal if you ask me.
So, if you’re a frequent traveller looking for the highest overseas medical expenses coverage – you should go for Singlife Travel Insurance Prestige.
Best Annual Travel Insurance for Those with Pre-Existing Conditions going – Etiqa TIQ Travel Insurance Pre-Ex (with Covid-19 cover)
In Singapore, there are currently 2 travel insurance plans that offer coverage for pre-existing medical conditions, such as:
- MSIG TravelEasy Pre-Ex
- Etiqa TIQ Travel Insurance Pre-Ex
Since MSIG TravelEasy Pre-Ex doesn’t offer coverage for annual trips, the only option you’re left with is Etiqa TIQ Travel Insurance Pre-Ex (with Covid-19 cover).
Thus, here’s a breakdown of the plan’s key coverage and benefits.
They offer 3 tiers of coverage to cater to travellers with different budgets
- Entry
- Savvy
- Luxury
This comparison will be based on a single trip coverage for a single 25-year-old individual travelling to Thailand for a year.
| – | Pre-Ex Entry | Pre-Ex Savvy | Pre-Ex Luxury |
| Premium | $262.00 | $369.00 | $429.00 |
| Overseas Medical Expenses | $200,000 | $500,000 | $1,000,000 |
| Overseas Medical Expenses for Pre-Existing Conditions | $75,000 | $125,000 | $150,000 |
| Emergency medical evacuation and repatriation | $200,000 | $400,000 | $500,000 |
| Emergency medical evacuation and repatriation for Pre-Existing Conditions | $150,000 | $200,000 | $250,000 |
| Accidental death and TPD | $150,000 | $300,000 | $500,000 |
| Overseas Hospital Income | $5,000 ($200 per 24 hrs) | $10,000 ($200 per 24 hrs) | $20,000 ($200 per 24 hours) |
| Overseas Hospital Income for Pre-existing conditions | $5,000 ($200 per 24 hrs) | $10,000 ($200 per 24 hrs) | $20,000 ($200 per 24 hours) |
Besides the fact that COVID-19 coverage is not available for Etiqa’s TIQ Pre-Ex plans, it seems pretty comprehensive for most travellers going on annual trips with pre-existing medical conditions.
Their premiums can also be pricier, but it’s a price to pay to be safer than sorry!
Best Annual Travel Insurance with Highest Benefit for Loss or Damage of Baggage and Personal Belongings – AIG Travel Guard Direct Supreme
This comparison will be based on coverage for a single 25-year-old individual travelling to Thailand for a year and the highest-tiered plan across all insurers.
| Travel Insurance Plan | Total Premium | Benefit for Loss or damage of baggage and personal belongings |
| AIG Travel Guard Direct Supreme | $554.00 | $10,000 |
| AIA Around the World Plus (II) Premier | $460.50 | $8,000 |
| Allianz Travel Platinum | $570.60 | $7,000 |
| FWD Travel Insurance First | $407.45 | $7,500 |
| MSIG TravelEasy Premier | $447.20 | $3,000 |
| NTUC Income Travel Insurance Preferred | $495.90 | $8,000 |
| Singlife Travel Insurance Prestige | $460.00 | $8,000 |
| Etiqa TIQ Travel Insurance Luxury (with Covid-19 cover) | $369.00 | $4,000 |
This is one of the common travel inconveniences that any traveller can face, especially when you need your essentials to carry out your itinerary as planned.
I mean, what if you’re planning to make a vlog to document your long trip? You would probably pack your camera and laptop for taking pictures and editing.
And what if you brought along your brand new luxury bag or jewellery overseas to dress up throughout this trip?
And, of course, your travel documents and passport should also be with you.
What happens if the airport loses your baggage and all those personal belongings? What will you do then?
Thus, it is essential to choose an annual travel insurance plan that covers you well for these situations, such as AIG Travel Guard Direct Supreme, which offers up to $10,000 for the loss or damage of your baggage and personal belongings.
Although it is the 2nd most expensive premium at $554, paying slightly more for higher protection should be the least of your worries when it comes to your essentials.
Especially if you carry luxury items or personal electronics such as your phone/laptop.
Remember that all travel insurance plans also impose benefit limits for certain items, such as your laptop or mobile phone.
In the case of AIG Travel Guard, the item limits for a laptop computer, jewellery, and all other items are $1,000, $1,000, and $500, respectively, which applies to all AIG Travel Guard tiers.
So if you’re travelling on an annual trip and wish to be covered in case you lose your important belongings at the airport, AIG Travel Guard Direct Supreme is the travel insurance you should go for.
Best Annual Travel Insurance for Active Travellers – Etiqa TIQ Travel Insurance Luxury (with Covid-19 cover)
This comparison will be based on coverage for a single 25-year-old individual travelling to Thailand for a week and the highest-tiered plan across all insurers.
| Travel Insurance Plan | Total Premium | Personal Accident Benefit |
| AIG Travel Guard Direct Supreme | $554.00 | $300,000 |
| AIA Around the World Plus (II) Premier | $460.50 | $500,000 |
| Allianz Travel Platinum | $570.60 | $200,000 |
| FWD Travel Insurance First | $407.45 | $400,000 |
| MSIG TravelEasy Premier | $447.20 | $400,000 |
| NTUC Income Travel Insurance Preferred | $495.90 | $500,000 |
| Singlife Travel Insurance Prestige | $460.00 | $500,000 |
| Etiqa TIQ Travel Insurance Luxury (with Covid-19 cover) | $369.00 | $500,000 |
This one goes out to all those adrenaline seekers who love the outdoors and need a travel insurance plan to protect them should an accident happen.
In these cases, personal accident benefits should appeal to you most.
We can see that there are 5 insurers who offer the highest personal accident benefit of $500,000.
But there’s one that stands out the most: Etiqa TIQ Travel Insurance Luxury (with Covid-19 cover).
And for 2 main reasons – it has the cheapest premium of just $369 and covers an extensive list of leisure and recreational type of holiday outdoor activities that most insurers don’t even cover!
Here is what’s covered in the TIQ plan:
- Hot air balloon
- Scuba diving
- Skiing and other ice/snow sports
- Hiking or trekking
- Marathons and other competitions (excluding ultramarathons, biathlons, and triathlons)
- Sky diving
- Paragliding, hang gliding, parachuting
- Bungee jumping
We told you, it’s an extensive list!
And if you’re an active traveller going for many adventures on your long trip, there’s bound to be an activity listed above that you would most likely partake in on your travel.
So to our adventure junkies and outdoorsy people, Etiqa TIQ Travel Insurance Luxury (with Covid-19 cover) is your annual travel insurance.
Best Annual Travel Insurance with Highest COVID-19 Coverage – Allianz Travel Platinum
This comparison will be based on coverage for a single 25-year-old individual travelling to Thailand for a year and the highest-tiered plan across all insurers.
| Travel Insurance Plan | Total Premium | Overseas Medical Expenses Due to COVID-19 | Emergency Medical Evacuation due to COVID-19 | Overseas Quarantine Allowance due to COVID-19 | Trip Cancellation & Postponement due to COVID-19 | Trip Interruption due to COVID-19 | Repatriation due to COVID-19 |
| AIG Travel Guard Direct Supreme | $554.00 | $250,000 | $7,500 | $1,400 | $7,500 | $2,000 | Included with Emergency Medical Evacuation of $250,000 |
| AIA Around the World Plus (II) Premier | $460.50 | $150,000 | $15,000 | $1,400 | $4,000 | $7,500 | $150,000 |
| Allianz Travel Platinum | $570.60 | $1,000,000 | Unlimited | $2,000 | $15,000 | $15,000 | Unlimited |
| FWD Travel Insurance First | $407.45 | $200,000 | N.A | $1,400 | $5,000 | N.A | N.A |
| MSIG TravelEasy Premier | $447.20 | $250,000 | $1,000,000 | $1,400 | $6,500 | $3,000 | Included with Emergency Medical Evacuation of $1,000,000 |
| NTUC Income Travel Insurance Preferred | $495.90 | $150,000 | $150,000 | N.A | N.A | N.A | Included with Emergency Medical Evacuation of $150,000 |
| Singlife Travel Insurance Prestige | $460.00 | $200,000 | Unlimited | $2,000 | $2,000 | $2,000 | Unlimited |
| Etiqa TIQ Travel Insurance Luxury (with Covid-19 cover) | $369.00 | $300,000 | $500,000 | $1,500 | $6,500 | $5,000 | Included with Emergency Medical Evacuation of $500,000 |
These days, COVID-19 coverage has become a norm in travel insurance since the pandemic. What this means is that you will be able to claim from your travel insurance if you get COVID-19 while travelling.
From the table above, you can see that there are many factors that are covered in case you contract the virus.
Which of these is actually important for you to consider when it comes to choosing coverage?
Well, it is likely that everyone in Singapore by now has gotten their vaccinations before they are allowed to travel overseas.
But that’s not to say you may not be infected by the virus, especially if that country you’re travelling to still has high infection rates.
So, if you get infected there, you may incur a huge bill when you seek medical treatment, as it depends on the country’s current COVID-19 measures and protocol.
Thus, you should be looking out for the overseas medical expenses benefit from each insurer.
In this case, Allianz Travel Platinum wins for the highest coverage for overseas medical expenses at a whopping $1,000,000!
Plus, if you need to be medically evacuated and repatriated, Allianz offers unlimited coverage for both cases!
Even though those factors are not as important (since you most likely only need them once) – but it’s good to have!
Of course, that’s not saying that the overseas medical expenses benefits are all you should look at.
You should also look at the trip cancellation and postponement component because these are important for you to check if the coverage is “sufficient” to cover the cancellation cost of your air tickets, long-term accommodation, and itinerary should you contact the virus before you fly.
If you’re concerned about this aspect, Allianz Travel Platinum is still your go-to travel insurance plan because they offer the highest coverage of $15,000!
However, their premiums are the most expensive compared to other plans, standing at $570.
That might deter you a little, but you must not forget that you may have a higher likelihood of contracting the virus more than once because you’re making multiple trips a year and possibly staying in the country for a longer period of time.
Thus, a $1,000,000 overseas medical expenses benefit can be very useful in those situations.
Not to mention unlimited coverage for emergency medical evacuation and repatriation.
So, if you’re looking for an annual travel insurance plan with the highest COVID-19 coverage – you should definitely pick Allianz Travel Platinum.
Most Value Annual Travel Insurance – Etiqa TIQ Travel Insurance Entry (with Covid-19 cover)
The basis for this comparison will be on the coverage for a single 25-year-old individual travelling to Thailand for a week and the lowest-tiered plan across all insurers.
| Travel Insurance Plan | Total Premium | Overseas Medical Expenses | Accidental Death and TPD | Overseas Travel Delay ($100 for every 6 hours) | Trip Cancellation (death, illness, and natural disaster) | Baggage Delay ($200 every 6 hours) | Baggage Loss/Damage | Cost-to-Benefit Ratio |
| AIG Travel Guard Direct Basic | $554.00 | $50,000 | NA | $200 | $2,500 | NA | $3000 | 100.54 |
| AIA Around the World Plus (II) Classic | $460.50 | $200,000 | $150,000 | $1,000 | $5,000 | $1,000 | $3,000 | 781.76 |
| Allianz Travel Bronze | $570.60 | $200,000 | $50,000 | $500 | $5,000 | $500 | NA | 448.65 |
| FWD Travel Insurance Premium | $407.45 | $200,000 | $200,000 | $300 | $7,500 | $150 | $3,000 | 1008.59 |
| MSIG TravelEasy Standard | $447.20 | $250,000 | $150,000 | $500 | $5,000 | $600 | $3,000 | 914.80 |
| NTUC Income Travel Insurance Classic | $495.90 | $250,000 | $100,000 | $1,000 | $5,000 | $1,000 | $3,000 | 725.95 |
| Singlife Travel Insurance Lite | $460.00 | $250,000 | $50,000 | $500 | $5,000 | $500 | $3,000 | 769.57 |
| Etiqa TIQ Travel Insurance Entry (with Covid-19 cover) | $369.00 | $200,000 | $200,000 | $300 | $5,000 | $200 | $2,000 | 1104.34 |
When it comes to travelling, it is a common practice to source around for the best deals – and it shouldn’t be any different for travel insurance.
Plus, you’re already putting aside expenses for your long trip, why wouldn’t you want a travel insurance plan that will be a bang for your buck?
Thus, in terms of cost-to-benefit ratio, Etiqa TIQ Travel Insurance Entry (with Covid-19 cover) stands out as the best value option for annual trip travellers.
It is a worthy competitor even with it having the cheapest premium of $369! That’s about $30.75 a month for a year.
I mean, for just $30.75 a month, you get
- An affordable travel insurance to ease your travel worries
- A reasonably high extent of coverage for overseas medical coverage ($200,000!)
- $200,000 for Accidental death and TPD coverage (the highest amongst ALL plans, and comparable to higher priced plans like FWD!)
- Coverage for an extensive list of adventurous activities – which many plans don’t have!
So, you can see why Etiqa TIQ Travel Insurance Entry (with Covid-19 cover) is a great value plan for short-trip travellers.
They also have 2 other tiers for you to consider – Savvy and Luxury for those with a higher budget to spare.
But one thing’s for sure, they will remain a value-for-money travel insurance plan.
Frequently Asked Questions
What are the benefits of getting an annual travel insurance plan in Singapore?
Annual travel insurance plans offer a wide range of benefits to Singaporean travellers:
– Cost savings as compared to single-trip travel insurance plans.
– Convenience since you do not need to purchase travel insurance for each subsequent trip and are protected all year.
– Comprehensive coverage includes protection from medical emergencies and personal accidents, baggage loss/damage, missed flight or delayed luggage, and more.
How do I compare different annual travel insurance plans in Singapore?
To compare different annual travel insurance plans in Singapore, you should consider factors such as coverage, exclusions, deductibles, premiums, and benefits.
You can start by researching and comparing different insurance providers and their offerings, reading customer reviews and ratings, and seeking advice from insurance agents or brokers.
Can I purchase an annual travel insurance plan in Singapore if I have a pre-existing medical condition?
Yes, you can purchase an annual travel insurance plan in Singapore even if you have a pre-existing medical condition.
However, the terms and conditions of coverage for such a plan may vary depending on the insurance provider and your medical condition.
It is best to contact the insurer directly to get more information about what kind of coverage is available for your specific situation.
What is the average cost of an annual travel insurance plan in Singapore?
The average cost of an annual travel insurance plan in Singapore is $293.1. This is based on the lowest tier of all the annual insurance plans compared above.
Conclusion
In conclusion, annual travel insurance is a must-have for frequent travellers.
It provides peace of mind and protection against unexpected situations that could ruin your trip.
With so many options available in Singapore, it’s important to do your research and choose a policy that suits your needs and budget.
So, before your next adventure, make sure you have the best annual travel insurance in Singapore.
You’ll be able to confidently explore the world, knowing that you’re covered for any unforeseen circumstances.
Safe travels!
