Yahoo Finance Insurance coverage now available for Gig economy workers
MSIG introduces Freelancer CashPlus to provide insurance coverage for the increasing protection needs of gig workers
MSIG’s latest online product, Freelancer CashPlus, aims to provide daily cash for underserved gig workers who are unable to work due to hospitalisation or prolonged medical leave
The insurance coverage policy offers two plan types and starts from as low as S$6.89 for a weekly basic plan
Customer experience is further elevated with instant approval of cover and FAST claims payment
In the wake of a rising gig economy, MSIG Insurance (MSIG) 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.
A leading general insurer with a local presence of over 100 years, MSIG Singapore offers an extensive range of insurance solutions for commercial and personal risk protection, enabling the security and safety of individuals and businesses. MSIG Singapore holds an A+/Stable financial rating by Standard & Poor’s.
According to the Ministry of Manpower (MOM), the number of freelancers stood at 211,000 in 2019 which made up 8.8% of the total resident workforce. This number is likely to trend up as more people go through a career change or seek alternative sources of income through contract or short-term work assignments.
According to MOM, more of them – 19,600 last year, up from 14,800 – felt forced to turn to freelancing as their main job because they could not find work as an employee. But this is lower than the figures in the preceding two years. More people also took on freelance work as a side job, on top of a main job.
Understanding the unique needs of this underserved segment, Freelancer CashPlus aims to simplify insurance coverage for gig workers with flexible options, affordable premiums and hassle-free policy issuance.
Insurance coverage from as low as S$6.89 for a weekly basic plan
Given the variability in gig work, MSIG has weighed up the potential concerns that customers may have over an annual policy commitment. With MSIG’s 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.
MSIG offers a simple purchase experience for this product which is only available through its 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.
Mr. 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.”
Together with You @ MSIG
As part of MSIG’s commitment to help Singaporeans tide through this difficult period, Freelancer CashPlus will also expand insurance coverage for hospitalisation and outpatient leave due to COVID-19. This comes on top of other COVID-19 support measures which MSIG has rolled out:
Sponsorship of 5,000 care packages for healthcare workers in a joint community effort led by MediaCorp
Extension of grace period for premium payment for individual and SME customers, subject to assessment
Availability of 6-month or 12-month interest-free instalment plan for motor insurance policyholders
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.
MSIG will make the donation on behalf of its customers to AWWA, a social service organisation that provides special needs support, and assistance to low income families and vulnerable seniors. The donation will be channelled to AWWA’s 50th anniversary fundraising efforts this December.
Online Product Promotion
Promotion Period: 1 to 25 December 2020
Product(s) / Plan Type | Promotion (Discount / Gift) |
Freelancer CashPlus | 10% off |
CancerCare Plus | 20% off |
Enhanced HomePlus | 20% off |
MaidPlus | 20% off + additional medical checkup for Classic & Premier Plans |
ProtectionPlus | 30% off |
TravelEasy (Single Trip) | 40% off |
MSIG Singapore is a subsidiary of Mitsui Sumitomo Insurance Co., Ltd, and a member of the MS&AD Insurance Group – one of the largest general insurance groups in the world with presence in 46 countries and regions globally, 18 of which are in Asia Pacific including all ASEAN markets as well as in Australia, New Zealand, China, Hong Kong, Taiwan, Korea and India. Headquartered in Japan, MS&AD is ranked 5th* among non-life insurance groups in the world based on gross revenue.
The post Insurance coverage now available for Gig economy workers appeared first on iCompareLoan Resources.
