Travel Insurance

Best Travel Insurance 2017

Travel insurance is superbly popular in Singapore. Given that there are 55 million passing through Changi Airport every year compared to 5.4mn people living in Singapore, that there is such a high interest in travel insurance is unsurprising. To help you pick the best travel insurance, we have prepared the below list with the best travel insurance offers in Singapore.

Table of Contents

Our Picks For the Best Cheap Travel Insurance in 2017

When shopping for travel insurance, there are multiple factors you need to consider. Insurers tend to price travel insurance according to the destination and duration of your trip, and often tier their products with different levels of benefits. We’ve collected hundreds of data on costs and benefits for hundreds of travel insurance products from over 20 insurers, and handpicked the best travel insurance deals in Singapore. These prices reflect all the discount promotions that insurers are providing.

this graph compares the price of major travel insurance policies in Singapore for a 1-week trip in the ASEAN region in order to help consumers compare and find the cheapest travel insurance for their trip

Cheapest Travel Insurance For Trips in ASEAN

Some people might be looking for ways to get their trips insured at the lowest possible price, even at the cost of lower coverage benefits. For those people, we found that the below travel insurance products represent the cheapest travel insurance policies that cover trips in ASEAN.

The lowest tier plans from Budget Direct, Etiqa, FWD and Allianz Global Assistance tend to be the cheapest travel insurance for trips in both ASEAN and Asia. For example, their policies cost only about S$18 to S$20 for a 1 week’s coverage in ASEAN. This is 30-40% lower than the industry average of S$28 for the most basic plans from all insurers. HL Assurance is also worth checking out, as its prices are similar to the other 4, and it also offers some great promotional gifts.

Budget Direct's Basic Plan tends to be the cheapest, though its benefits are also the lowest. FWD & Etiqa both offer comprehensive coverage of extreme activities like sports, while the other two companies don't. On the other hand, Allianz's Bronze plan provides much more in travel inconvenience and personal accident & medical benefits. For details on how their benefits and prices differ, please see below tables for our summary of the cheapest travel insurance policies in Singapore.

Promotion Codes

  • Allianz: 50% off for signing up for newsletter at our link
  • FWD: Besttravel for 25% off + additional 5% for completing a short survey
  • Budget Direct: TRAVEL20 for 20% off
  • Etiqa: 51% off
  • HL Assurance: 55% off single-trip policies and receive a complimentary wifi voucher with every single-trip policy purchased
  • HL Assurance: 35% off annual policies and receive a complimentary Rewards Lounge Card with every annual policy purchased

Cheapest Travel Insurance For Trips in Asia

For trips in Asia (outside of ASEAN) to locations like Taiwan, Korea or Japan, we found that HL Assurance, Budget Direct, Etiqa and FWD generally offered the most competitive prices. For example, their policies cost only about S$22 to S$24 for a 1 week’s coverage in Asia, compared to S$34 of average price for all basic plans in our sample. Similar to our discussion for policies in ASEAN, Budget Direct's Basic Plan tends to be the cheapest while also having the least amount of benefits. FWD & Etiqa both offer comprehensive coverage of extreme activities like sports. HL Assurance is worth calling out also for its higher claims per item, i.e. it provides more dollars for each item that is damaged or lost (or per 6 hours of trip delays) than the other three plans.

Promotion Codes

  • FWD: Besttravel for 25% off + additional 5% for completing a short survey
  • Budget Direct: TRAVEL20 for 20% off
  • Etiqa: 51% off
  • HL Assurance: 55% + overseas Wi-Fi Voucher (30% off + free VIP Airport lounge access for annual plans)

Cheapest Travel Insurance for Trips Out of Asia (Global)

If you are looking for travel insurance to cover your trips outside of Asia (i.e. Europe, America, Africa, etc.), you may want to check out either HL Assurance's Basic plan or AXA's Essential plan. While the aforementioned 4 plans are also competitive, HL Assurance and AXA are worth mentioning here because of their combination of affordability and generous benefits. HL Assurance and AXA's global travel insurance plans cost about S$32-$S33 for a week's coverage, compared to average cost of S$49 for their competition. HL Assurance tends to be somewhat cheaper than AXA, but AXA offers more in its coverage, especially if you care about sports injury or sports equipment coverage. Please see below tables for our summary of their benefits and prices.

Cheapest Travel Insurance Summary

Price & Benefits (S$)Budget Direct BasicEtiqa BasicFWD PremiumAllianz Global Assistance BronzeHL Assurance BasicAXA Essential Basic Average
1wk Asean1814.5720.251722.528.0528.34
1 wk ASEAN Value Ratio0.
1wk Asia22.517.4321.7523.524.7528.0534.44
1wk Asia Value Ratio0.
1wk Global31.2827.0631.535.532.433.0749.74
1wk Global Value Ratio0.
Personal Accident & Death50,000200,000200,00035,000200,000525,000159,545
Emergency Medical/Evacuation/Repatriation50,0001,000,000 Unlimited 500,000 Unlimited Unlimited 538,462
Trip Cancellation - 5,0007,50010,0005,0006,0005,545
Trip Delays - 3003001,5001,0001,000950
Baggage Loss Damage5002,0003,0007,0003,0005,0003,409
Baggage Delay4002002001,4001,0001,000877

Best Value Travel Insurance in Singapore

For those people looking for the best combination of price and benefit in travel insurance, we recommend Allianz Global Assistance's Silver plan, Aviva's Travel Plus plan or AXA's Comprehensive Plan. To be the best value, one needs to combine great prices with great benefits. For a week's trip in ASEAN, for example, these three plans' price range from S$30 to S$39, compared to the average cost of S$37 for the whole industry. By combining at or below prices with above average benefits, they provide value than most other travel insurance policies in the market.

Allianz's Silver plan tends work best for people who care most about travel inconvenience coverage, Aviva's Travel Plus for those who care most about medical coverage and AXA's Comprehensive plan for those who care most about sports coverage and/or personal accident benefits. In terms of price, Allianz's plan tends to be cheaper than Aviva's Travel Plus plan by about 10-20%, while AXA's price sits between Allianz's and Aviva's.

NTUC Income's travel insurance is also worth highlighting here: while NTUC Income's plans are priced fairly given the level of coverage provided, they are actually the only ones in Singapore that cover pre-existing medical conditions. This is an incredibly valuable feature that is hard to quantify but is a necessity for travellers that require such protection.

Best Value Travel Insurance Summary

Price & Benfit (S$)Allianz Global Assistance SilverAviva Travel PlusAXA Comprehensive Industry Average
1wk ASEAN2535.6739.2638.06
1wk ASEAN Value Ratio2.211.781.61
1wk Asia33.544.9839.2646.86
1wk Asia Value Ratio2.031.751.981
1wk Global41.567.646.363.71
1wk Global Value Ratio2.241.592.291
Personal Accident & Death80,000100,0001,050,000260,048
Emergency Medical/Evacuation/Repatriation Unlimited 2,000,000 Unlimited 686,667
Trip Cancellation15,00015,00012,00010,185
Trip Delays1,5001,0002,0001,463
Baggage Loss Damage12,0005,00010,0005,282
Baggage Delay1,4001,0002,0001,076

Travel Insurance with the Best Coverage Benefit

If you are relatively insensitive to prices and are looking for maximum coverage, we think Allianz Global Assistance’s Gold Travel Plan, Aviva's Travel Prestige Plan and AXA's Comprehensive Plan are the best travel insurance for you in Singapore. They are priced competitively to other premium plans in the market, and provide leading benefits for travel inconvenience, medical or personal accident claims, respectively.

To compare the three plans, we recommend Allianz for those who care most about travel inconvenience benefits, Aviva for those who care most about medical benefits and AXA for those who care most about sports or personal accident benefits. As a point of reference, about 40% of travel insurance claims are related to personal accident & medical reasons, while the other 60% is related to travel inconvenience.

Best Coverage Travel Insurance Summary

Price & Benefit (S$)AXA ComprehensiveAllianz Global Assistance GoldAviva Travel Prestige Premium Average
1wk ASEAN39.2636.547.3749.69
1wk ASEAN Value Ratio1.602.922.121.19
1wk Asia39.264959.7559.7
1wk Asia Value Ratio1.982.672.081.24
1wk Global46.359.589.878.58
1wk Global Value Ratio2.293.001.891.28
Personal Accident & Death1,050,000100,000500,000415,909
Medical730,700 Unlimited Unlimited 1,021,535
Emergency Medical/Evacuation/Repatriation Unlimited Unlimited Unlimited 833,333
Trip Cancellation12,00025,00020,00015,591
Trip Delays2,0001,5002,0002,100
Baggage Loss Damage10,00015,0008,0007,614
Baggage Delay2,0001,4002,0001,345

Travel Insurance for Pre-Existing Medical Conditions

NTUC Income's travel insurance is very unique in that it is the only travel insurance that covers pre-existing medical conditions. Although the value of such a feature is hard to quantify, it's undoubtedly a must have for certain travellers that require such protection. Besides this, NTUC Income's policies are generally priced right around the industry average with benefits that also hug the industry standard, especially when it comes to travel inconvenience benefits for cancellations or delays.

Cost & BenefitsClassic Plan (S$)Basic Plan Industry Average (S$)Deluxe Plan (S$)Mid-Tier Plan Industry Average (S$)Preferred Plan (S$)Premium Plan Industry Average (S$)
1 wk ASEAN24.7027.9135.7537.8351.3548.70
1 wk Asia30.5533.9142.2545.2563.7058.49
1 wk Global48.1049.2457.8561.1281.2577.48
Personal Accident & Death50,000159,545125,000210,333200,000415,909
Emergency Medical/Evacuation/Repatriation500,000538,462Unlimited1,083,333UnlimitedUnlimited
Trip Cancellation5,0005,54510,00010,06715,00015,591
Trip Delays1,0009501,5001,4532,0002,100
Baggage Loss Damage3,0003,4095,0005,2008,0007,614
Baggage Delay1,0008771,2001,0672,0001,345

Best Annual Travel Insurance Plans

If you are a frequent traveler, you may want to consider getting an annual travel insurance. This particular type can insure your trips all year around, as long as your destination is within your insurance’s coverage. On average, insuring trips in Asia costs about S$300 per year and insuring trips outside of Asia (i.e. Global) cost about S$400 per year. Given that 1-week coverage usually costs about S$40 to $70 depending on the region, we recommend getting an annual insurance for people who travel more than 5-6 times per year.

Cheapest Annual Travel Insurance: Budget Direct Basic Plan

If you are looking for an annual travel insurance plan at the lowest price possible, then we highly recommend Budget Direct's basic plan. Though its benefits are very minimal, their prices are essentially unbeatable: for an annual plan for trips in ASEAN & Asia, its annual plan only costs about S$110, while an annual plan for global trips costs about S$140. This reflects about 60% discount to the industry average.

Best Value Annual Travel Insurance Plan: Allianz Global Assistance Silver, Wise Traveller Secure, HL Assurance

We think Allianz Global Assistance Silver plan, HL Assurance and Wise Traveller Secure Plan offer some of the best annual plans you can get if you travel quite frequently. For an annual coverage in ASEAN, Allianz's silver plan only costs about S$187 compared to the industry average of S$280. Asian and global coverage are also competitive at S$187 and S$252, compared to S$300 and S$400 of industry average, respectively. Where Allianz Global Assistance's Silver plan really outshines its competitors is its travel inconvenience coverage. Travel inconvenience accounts for roughly 60% of travel insurance claims, and Allianz's Silver plan provides about S$30,000 of coverage benefit in this area, significantly greater than the industry average of S$18,000. Its personal accident and medical benefits are also competitive at S$1.08 million.

HL Assurance also sells annual policies for each tier of travel insurance that may be worth a look for travellers seeking a good deal on VIP treatment. For each of HL Assurance's three plans (Basic, Enhanced and Superior), buying this annual policy will get you 1 free VIP lounge access at the airport - which is worth an estimated value of S$55 at Changi Airport. These plans tend to maintain among the cheapest prices on the market for many kinds of trips without excessively cutting back on coverage and features.

Another great choice for high-value, affordable annual travel insurance plans is the Wise Traveller Secure Plan, which costs the same (S$188) regardless of if you're traveling within ASEAN, within Asia, or globally. The Wise Traveller Secure Plan is a particularly good choice for global travellers, as most global annual policies tend to be significantly more expensive than their ASEAN or Asia-regional counterparts. At the price point of S$188 for global annual policies, this plan is more than 30% cheaper than the industry average even among budget travel insurance plans. So if you like the coverage provided by the Allianz Silver plan but would prefer not to pay more just for farther-flung destinations, you can find great prices and solid coverage with Wise Traveller.

Promotion Codes

  • Allianz: 50% off for signing up for newsletter
  • FWD: Besttravel for 25% off + additional 5% for completing a short survey
  • Budget Direct: TRAVEL20 for 20% off
  • Etiqa: 51% off
  • HL Assurance: 35% off annual policies and receive a complimentary Rewards Lounge Card with every annual policy purchased

Best Annual Travel Insurance Summary

Price & Benefit (S$)Budget Direct BasicAllianz Global Assistance SilverWise Traveller Secure Industry Average
Annual ASEAN108.8187.85188255.74
Annual ASEAN Value Ratio0.182.061.111
Annual Asia108.8187.85188269.25
Annual Asia Value Ratio0.192.171.171
Annual Global137.6252.85188352.95
Annual Global Value Ratio0.22.111.531
Personal Accident & Death50,00080,000210,000260,048
Emergency Medical/Evacuation/Repatriation50,000 Unlimited Unlimited686,667
Trip Cancellation - 15,00010,50010,185
Trip Delays - 1,5001,0001,463
Baggage Loss Damage50012,0005,0005,282
Baggage Delay4001,4001,0001,076


To arrive at a list of best travel insurance products in Singapore, we collected data on hundreds of insurance product offerings by more than 20 insurers in the country. Please see below table for the full list of companies. Data we collected span all benefit coverages from personal accident, medical, emergency repatriation, trip cancellation, lost or damaged baggage, trip/baggage delays to sports coverage. We also collected pricing information for each product by destination country and by duration of coverage (1-week, 2-week and annual).

In order to arrive at the best list, we look at multiple factors. First, we consider the amount of money one is entitled to when certain events occur (i.e. medical and inconvenience). Then, we create a ratio of benefits to cost of insurance to measure how good of a value each product offers. This measure is a proxy for how much an insured person can get for what he pays. Note that we weigh each benefit area in terms of frequency of claims: travel inconvenience is given a weighting of 60% while personal accident and medical benefit is given a weighting of 40%. According to some studies, about 20% of all flights globally are either canceled or delayed, and could be especially worse for a tropical region like SE Asia with frequent hurricanes.

Below is a visual illustration of how different travel insurance product ranks in this ratio we created. This particular example assumes 1-week trip within ASEAN region. However, this can vary for other regions and for longer trips, especially if you purchase an annual package.

A graph comparing value of travel insurance in Singapore from all major insurers in the country, assuming a 1-week trip in ASEAN region
Comparison of Travel Insurance in Singapore by Value


If you want to purchase a travel insurance to cover your trip, but do not want to spend extra budget for doing so, there are ways of getting free travel insurance coverage. For example, there are travel credit cards that provide free travel insurance coverage to the cardholders. These packages are also quite decent, on the high end of the market. For interested readers, we have prepared a list with detailed analysis of cards with complimentary travel insurance.

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