When it’s finally time to enter adulthood and allocate payments to the various items, one of the most difficult things to accommodate in the budget is insurance. This is because consumers don’t necessarily want to face the possibility of calamity. Also, consumers are not easily persuaded to cover an event that might not even take place. For many, the need for insurance only takes place when they experience loss or even near-loss. DBS Bank Insurance products provide customers with the peace of mind that their assets are protected. In this review, we focus specifically on car, home, and travel insurance. The life products and endowments form part of the Financial Planning product range.
About DBS Bank
This is a bank that not only offers customers an incredible range of products, it also happens to be one of the banks instrumental in the upliftment of Singapore as a nation. For 20 years after gaining independence from Malaysia, Singapore worked hard to rebuild its infrastructure. Government shared its plans for modernization with citizens and businesses, and together they all sacrificed and worked hard to build it up. Today, Singapore is known as one of the most prosperous nations in the world. DBS Bank also boasts a full review.
What to Look For In A Good Insurance Product
There are a number of agencies across the world who specialize in insurance products. Some of these agencies take pride in the products they have to offer, and others are more concerned with maximized profits, whether at the expense of customers or not. In order to distinguish between the various providers, customers are encouraged to do a bit of homework first before signing a contract.
Phone the Claims Line to Find Out if Consultants are Easily Accessible
This may seem simple, however, it is an effective hack. Trying to get hold of consultants in the event of a claim is one of the top reasons customers are unhappy with their insurers. It is also important as many companies no longer have a call center, they only deal with online queries. This could prove problematic for those who don’t have access to technology in the event of a claim. Telephonic and electronic options should both be available.
Check Their Payout To Claim Ratios
It’s not enough to see how much companies have paid out, as the figure will depend on the size of their book. Rather, customers should see what their rate of payouts is. This will allow them to more accurately determine whether the company tries to find a reason not to pay out a claim. For instance, a company with 100 customers that have 90 payouts have a better ratio than a company that has 1,000 customers with 500 payouts. Even though they have more payouts, their percentage is far lower.
Do They Ask Pertinent Questions Before Drawing Up the Contract?
Probably one of the most important aspects of signing up for insurance with any company is whether they ask the right questions before they allow the inception of the policy. This means they do due diligence before accepting the client, which means the cover is adjusted to suit the customer’s situation. Those who prefer to ask the questions when a claim is lodged may refuse payment of the claim due to pre-existing conditions.
DBS Bank Insurance Product Offerings
Overseas Study Insurance
Customers who wish to study overseas should be covered for any unexpected event. This insurance provides comprehensive cover for those who study abroad.
- The insurance provides customers with cover with up to 19 benefits. These include personal accident and travel-related cover.
- Furthermore, customers have access to alternative hotel accommodation cover if the overseas residence is damaged by fire or natural disaster.
- The cover also includes overseas daily hospital benefits of S$200 per day for hospitalization due to illness or injury.
- Finally, customers also enjoy reimbursement of course fees, unused travel fare and accommodation expenses if studies are interrupted. This is due to illness or injury resulting in hospitalization for more than one month.
Those who require finance for their studies should consider some of the loan options available at DBS Bank.
Car insurance options at least offer customers more than one option, although the same cannot be said for the car loans. Customers have access to quotes from MSIG and Income.
- Customers can ask for a quotation under DriveShield, the product available to DBS customers.
- The cover includes accident repairs at the insurer’s authorized workshops. Those who have a premier plan can have the repairs done at their preferred workshops.
- Furthermore, this cover includes a Loan Protection Benefit that covers the outstanding debt of the car for up to S$200,000 on the Premier plan.
- Customers enjoy a daily transport allowance of up to S$50 for up to 10 days. This is if the repairs exceed 3 days and are available on the premier plan.
- The policy carries an excess of S$500 or otherwise specified. It applies for each and every accident claim.
- Also, customers enjoy unlimited windscreen cover with an excess of S$100.
- Finally, other cover includes Personal Accident up to S$100,000, Medical Expenses for driver and each passenger of up to S$1,000. Also, a towing service after each accident up to S$500, and damage to third party property of up to S$5,000,000.
- The policy is under the Drivo product range.
- Under the general policy, the repairs take place at a workshop of the insurer’s choosing. The premier plan allows accidents repaired at a preferred workshop.
- Customers enjoy a daily transport allowance of up to S$50 for up to 7 days. The benefit is available from the first day of repair, however, this is an optional cover.
- The policy carries an excess of S$600 or otherwise specified.
- Furthermore, there is unlimited windscreen cover, however, an excess of S$100 applies.
- The plan carries personal accident benefits of up to S$50,000 and also medical expenses for driver and each passenger up to S$1,000.
- Finally, there is a towing service following each accident of S$500 and damage to third party cover up to S$5,000,000.
Customers who require finance for their vehicles should have a look at what DBS Bank has to offer.
This is a suitable travel cover option for those who wish to have coverage for accidents, medical expenses, and more. Furthermore, selected plans also cover adventure activities.
- Customers enjoy immediate protection under premiums starting from S$17.25.
- Some of the adventurous activities include bungee jumping, skiing, scuba diving, and more.
- There are an emergency medical evacuation and overseas medical expenses up to S$1,000,000.
- Finally, customers enjoy up to S$8,000 for baggage lost.
BBM Travel Insurance
This travel insurance is designed for customers who wish to travel to Batam, Bintan, or Malaysia.
- The premiums on these plans start from as little as S$10 a trip.
- Furthermore, customers can cover themselves, their family, or up to 5 travel companions.
- Finally, customers enjoy an easy application process and instant approval.
ManuProtect Decreasing Mortgage Insurance
This insurance cover type decreases as the mortgage loan decreases. This ensures that the cover is only in place for the amount needed, which ensures that customers have more affordable premiums.
- Customers can apply for this cover on an outstanding mortgage and a new mortgage.
- Furthermore, customers can protect their home upon death or diagnosis of a terminal illness.
- The policy terms and interest rates are very flexible
- Also, the premiums are fixed for the duration of the policy term.
- The policy allows extended protection for loved ones as a joint application is possible.
- The Lite plan includes a simple underwriting process.
- Finally, there is a supplementary cover that can be applied for such as Total and Permanent Disability, Critical Illness, and Payor Premium Waiver.
This policy type allows customers to cover their home contents. This provides cover for furniture, valuables, renovations, and personal liability against things out of the customer’s control. These include fires, burglaries, and floods.
- Customers enjoy up to S$320,000 coverage against loss of or damage to home contents and renovations.
- Furthermore, it also covers reimbursements of up to S$32,000 for alternative accommodation or loss of rent.
- The plan provides up to S$1,000,000 worldwide personal liability cover for the entire household.
- Finally, there is a 25% premium refund if there is no claim.
There are a few products listed here, including:
- Regular Protection Plans
- Health Plans
- Personal Accident Plans
- Wallet & Card
Critical Reviews Rating DBS Bank Insurance – 10 of 10
When it’s time to plan for the unexpected, the product should meet the needs of the consumer. Also, consumers should have a few options to go with as not all plans are alike. This ensures that all their needs are met and that customers can enjoy the full benefit of their cover.
This range of products is far more comprehensive than any we’ve reviewed thus far and manages to redeem DBS Bank in our eyes again after the shocking rating on the Car Loans Review. These products match small, medium, and large needs and customers have peace of mind that they’re in good hands. Whether they’re at home, on the road, or traveling, there is a product to match every need. We’re happy to provide DBS Bank with a perfect score.