Foreign Worker Bond

Here’s some key features of our product:

Hassle-free application where financial assessment / guarantors underwriting are not required
Purchase for up to 20 workers per registered company / per submission
Immediate issuance of Foreign Worker’s Security Bond policy

A quick overview of our plan’s coverage


Benefits	Coverage
Premiums (GST is exempted)	14 months SGD 95.00 26 months SGD 115.00
Payment Frequency	One-time payment
Bond Period	14 or 26 months depending on the In-Principal Approval issued.
Refund Premium	No refund or cancellation midway during the bond period.
Guarantee Sum per Foreign Worker	Per worker SGD5,000.00 Max limit per insured SGD100,000.00
Information required for submission	• UEN Number • FIN (Foreign Identification Number) and CPF submission number as stated in in-principal Approval or MOM Renewal notice • Bond Period – no back-dating is allowed

Looking for insurance to provide your foreign worker employees a 24-hour coverage against death and accidents? Learn more about our WorkMedic.

Who requires Foreign Worker Security Bond?

You will need to buy a security bond for each non-Malaysian worker you employ.

If your company is registered under the below activities, you will not be able to proceed with the application online. Please click on “Send us an enquiry” for us to provide you with a quotation.

• 301xx – Building and repairing of ships and boats
• 4329x – Other construction installation
• 41001 – General contractors (building construction including major upgrading works)
• 41009 – Building construction N.E.C

Important notes

Footnotes

This is for general information only and does not constitute an offer, recommendation, solicitation or advice to buy or sell any product(s). You can find the usual terms, conditions and exclusions of this plan in the policy contract. All our products are developed to benefit our customers but not all may be suitable for your specific needs. If you are unsure if this plan is suitable for you, we strongly encourage you to speak to a qualified insurance advisor. Otherwise, you may end up buying a plan that does not meet your expectations or needs. As a result, you may not be able to afford the premiums or get the insurance protection you want.

Information is correct as at 6 November 2024.