Is it better for me to make my insurance payments on a monthly or yearly basis?

Is it better for me to make my insurance payments on a monthly or yearly basis?Provided that you have the means to cover the initial expense, annual payments te...

Nov 04,2024 | Brenda

Is it better for me to make my insurance payments on a monthly or yearly basis?

Provided that you have the means to cover the initial expense, annual payments tend to be more economical over an extended period. Nevertheless, if maintaining a tight control over your cash flow is imperative, opting for monthly payments grants the necessary versatility to stabilize your finances without sacrificing the scope of coverage.

What kind of insurance provides reimbursement?

A rider that guarantees the return of premiums ensures you receive a full refund upon expiration of your policy term. In the event of policy cancellation prior to term completion, this rider further permits the recovery of a portion of the premiums you have paid.

Is it possible to receive a reimbursement for the housekeeper's insurance?

In the event that you terminate your GREAT Maid Protect insurance plan prior to the expiration of the coverage period, you will be eligible for a proportional reimbursement of your premiums, contingent upon the absence of any claims filed against the policy. Should the cancellation occur before the inception date of the coverage, we will issue a refund for the premium paid, minus an administrative fee of S$25.

What steps should I follow to file an insurance claim?

I am submitting a request for compensation under my insurance policy, numbered [Your Policy Number], stemming from the damage incurred to my goods during [specify the cause: transit, theft, fire, etc.], which took place on [Date of the Event]. According to the stipulations outlined in my policy, I have the right to seek reimbursement for the losses sustained to my belongings. domestic helper insurance hong kong

Ways to terminate assistance-related insurance coverage?

A: Both you and HL Assurance have the option to terminate the policy by notifying the other in writing, allowing a 14-day notice period. In the event of your cancellation, you will be eligible for a partial reimbursement of the maid insurance premium, covering the remaining period of the policy. The refund amount will vary based on the timing of your cancellation.

What is the amount of the charge for the levy?

* The monthly levy for hiring the initial foreign domestic worker (FDW), excluding any concessions, amounts to $300. For any additional FDW(s) hired, without concessions, the monthly levy increases to $450.

What constitutes compensation for a household assistant?

A household employee is eligible for a termination allowance amounting to one month's wage, provided that they have been continuously employed by the same employer for a period of four years.

What does insurance for household assistants entail?

Household Helper Insurance safeguards your domestic assistant from unforeseen financial burdens. Securing insurance for your domestic assistant is not merely a legal requirement, but it could also alleviate substantial additional expenses in the event of an urgent situation.

What is the maximum age requirement for acquiring insurance for a household assistant?

The age range for the foreign domestic helper who is covered by insurance must fall between 18 and 60 years old, with this requirement commencing from the date when the domestic helper's insurance policy becomes effective.

What are the latest regulations pertaining to household helpers in Hong Kong?

The existing monthly allowance ceiling (MAW) for foreign domestic helpers (FDHs) stands at HK$4,990, a rate that has taken effect from September 28th, 2024. This updated MAW is pertinent to all FDH employment contracts that are executed on or subsequent to September 28th, 2024. Date: September 27, 2024.