The pandemic has brought about a renewed focus on mental health, with more and more individuals seeking professional help.
According to Swiss Re Institute, a whole bunch of surveys conducted between 2020 and 2022 found that more than 84% of consumers in Asia are open to private mental health insurance. And guess what? Singapore seems to be ahead of the curve in this area, according to Sharon Yiu, Senior Solutions Innovation Manager of L&H Partnerships & Proposition Innovation at Swiss Re.
In this article, we take a look at ten such mental health insurance policies in Singapore for individuals, women and expectant mothers in particular, as well and companies. Just to be clear, the information in this article is up-to-date as of February 2023.
Policies for individuals
| Policy | Coverage | Exclusions | Premium |
| Medishield Life | Covers: Inpatient mental health treatment only Coverage: $160 per day Claim limits: Up to 60 days per policy year | – Drug addiction – Alcoholism – Social overstayers – Outpatient treatment | Ranges from $146.36 to $2,074.21 per year depending on age. More details here. Premiums can be paid with MediSave, and a range of subsidies are available. |
| AIA Beyond Critical Care (Critical illness term insurance plan) | Covers: – Major Depressive Disorder – Schizophrenia – Bipolar Disorder – Obsessive Compulsive Disorder – Tourette Syndrome (up to 21 years old) Coverage: An additional 20% of policyholder’s coverage amount until they reach 75 years old Claim limits: Up to 5 claims (maximum of S$50,000 per claim) and a total of up to S$150,000 for all claims | Conditions apart from the five stated | From S$3,411 per year for a 30-year-old non-smoking male with sum assured of S$100,000 to age 85. More details here. |
| Income Star Secure Pro with Early Life Accelerator rider (Whole life insurance plan) | Covers: – Major Depressive Disorder – Schizophrenia – Bipolar Disorder – Obsessive Compulsive Disorder – Tourette Syndrome (up to 21 years old) Coverage: 30% of sum assured | Conditions apart from the five stated | There is no minimum premium payment, but a minimum sum assured of $20,000 applies. More details here. |
| Great Eastern GREAT CareShield (CareShield Life supplement) | Covers: Mental health conditions that cause the inability to perform any daily activity such as feeding oneself Coverage: Lump sum initial payout of S$4,500 for long-term disability. Monthly payout varies. | – Deliberate acts that endanger one’s life – Drug addiction – Alcoholism – War – Pre-existing conditions | From $579 per year for a 30-year-old non-smoking male, with a 20% premium discount throughout coverage. Premiums can be paid with MediSave. More details here. |
| Great Eastern Pay Assure (Income replacement insurance plan) | Covers: Mental illness that causes one to be unable to work in their current job Coverage: Up to 75% of one’s average monthly salary/month | – Deliberate acts that endanger one’s life – Drug addiction – Alcoholism – War – Pre-existing conditions | Depends on one’s income, among other factors |
Policies for women and expectant mothers
| Policy | Coverage | Exclusions | Premium |
| Income Lady 360 (Term insurance plan) | Covers: Major depressive disorder or anxiety disorder due to traumatic life events Coverage: 5% of sum assured | Men Conditions apart from the two stated | From $41.50 per month for a 25-year-old non-smoking female with a sum assured of $25,000 and a premium term till 64 years old. More details here. |
| PRUMum (4-year plan) | Covers: Postpartum depression diagnosis and psychological consultations. Coverage: Payout for Psychological Consultations is up to S$200. The Insured can receive up to 5% sum assured with Post-partum Depression diagnosis. | Anyone who is not an expectant mother Conditions apart from the two stated | From $390 for a 30-year-old mother with singleton pregnancy and $5,000 sum assured. More details here. |
| Manulife ReadyMummy (3-year plan) | Covers: – Major depressive disorder – Generalised anxiety disorder Coverage: 10% of sum insured for psychotherapy treatment | Anyone who is not an expectant mother Conditions apart from the two stated | From $399 for a 30-year-old mother with singleton pregnancy and $5,000 sum assured. More details here. |
Policies for organisations
| Policy | Coverage | Exclusions | Premium |
| Chubb Work from Home | Covers: Stress disorders caused or contributed by working from home arrangements Coverage: $500 per employee for mental health or counselling expenses | Conditions that aren’t stress disorders caused or contributed by working from home arrangements | $38/employee per year. More details here. |
| Mercer x Singlife Mental Wellness Plan | Covers: Employee mental health conditions, cost of approved medications, and access to a panel of mental health professionals | Companies without a medical plan insured with Singlife do not have access to this plan | More details here. |
Limitations of mental health insurance policies
Mental healthcare in Singapore can be expensive, and if you have the means to do so, it never hurts to protect your mental health with an insurance policy. And for those looking for comprehensive coverage, many of the policies we’ve mentioned are part of broader health plans.
But let’s be real – mental health insurance policies in Singapore aren’t perfect. They often only cover a limited number of conditions, which can leave people with milder symptoms out in the cold. And when it comes to employers, the options are few and far between. So, what can organisations do to support employees who may not be covered by insurance policies?
Intellect – an end-to-end solution for employers
Mental health isn’t black or white – it’s more like a continuum. Whether someone is struggling with bereavement or dealing with the pressures of a new role, their emotions are valid. That’s where Intellect comes in. It’s the only solution in the market that offers a complete spectrum of mental healthcare, catering to everything from mild to severe conditions.
But here’s the really exciting part. With Intellect, HR teams can take a proactive approach to supporting employee wellbeing. We provide access to a network of local coaches, counselors, and psychologists across more than 20 countries, both online and in-person. And with our 24/7 helpline and EAP concierge, we’re just a phone call away. It’s like putting a personal mental health support system at your employees’ fingertips.
Learn more about Intellect for businesses here.
