Credit Insurance
Safeguard your cash flow by protecting your business against the risk of default payments.
About Credit Insurance
Credit Insurance protects businesses from the risk of unpaid invoices, helping safeguard cash flow, enhance credit management, and support stable growth.
Key Benefits
Boost sales and expand your business confidently by safely extending credit to more customers.
Effective management of your working capital and access better financing terms from banks.
Gain early insights into customer risks to make informed credit decisions and reduce bad debt.
Protect your cash flow by getting paid even when customers default on their payment.
Protected up to specified limits by SDIC.
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What are the key employee medical insurance coverage?
Employers must purchase and ensure yearly maintenance of the minimum S$60,000 for employees’ inpatient coverage. This insurance covers non-work related medical expenses incurred due to hospitalisation and/or surgery during their contract period in Singapore. The covered expenses are:
- Pre-hospitalisation consultation, surgery consultation and diagnostic services (Within 3 months prior to admission)
- Warded in Government-restructured hospitals
- Intensive Care Unit
- Surgery related fees
- Post-surgery treatment (Within 3 months after discharge)
- Death benefit
- Coverage against Personal accident (death & permanent disability)
Does the medical insurance covers COVID-19?
Medical insurance covers hospitalisation expenses, and when the foreign worker is hospitalised due to COVID-19, except during the Stay-Home-Notice period.
What is the key difference between Foreign Worker Medical Insurance and Work Injury Compensation Insurance?
Foreign Worker Medical Insurance covers non-work related inpatient medical expenses that the worker incurs. In contrast, Work Injury Compensation Insurance covers the compensation of work-related diseases and injuries.
Can I enhance the coverage beyond the mandatory requirements?
China Taiping Singapore offers two plan options under the Foreign Worker Medical Insurance scheme. While both plans meet the mandatory coverage requirements, the key difference lies in the co-payment structure:
- Plan A: 25% co-payment by the employer and 75% by the insurer. Co-payment is applicable on claim amount after the first $15,000.
- Plan B: No co-payment required (full coverage by the insurer)
Employers can select the plan that best suits their budget and protection needs for their foreign workers.
What documents are needed to submit a claim?
To file a claim in Singapore, employers typically need to submit the completed claim form, original medical invoices, detailed hospital bills, discharge summary, and a copy of the worker’s Work Permit or S-Pass card. China Taiping Singapore may request additional documents depending on the case.