Tokio Marine Singapore
Tokio Marine Holdings Inc. is a Japanese multi-national insurance company. It was founded in 1879 in Tokyo, where it remains headquartered today. Tokio Marine is present in 46 countries and regions worldwide, and is listed on the Tokyo Stock Exchange (TYO) where it's part of the Nikkei 225 and TOPIX stock market indices.
What you should know about Tokio Marine Insurance
Tokio Marine Insurance Plans
Tokio Marine Life Insurance
Tokio Marine offers a myriad of life insurance policies that can be customised according to your needs. There are 4 types of Tokio Marine life insurance to choose from:
TM Term Assure II
TM Term Assure II is Tokio Marine’s basic and budget-friendly term life insurance policy. It covers death, TPD (total and permanent disability) and terminal illness; you can add on riders to protect against critical illness and other contingencies. However, note that there is no savings or investment component. This flexible plan allows you to get covered for the term of your choice – 5 years, 10 years, or from 11 years up to age 85 for level and convertible plan – with the option to convert to a whole life insurance or endowment plan later on.
If you’re looking for a more savings-oriented product and insurance coverage is less of an issue, TM FlexiAssurance is an investment-linked whole life insurance policy. Premiums start from S$125 a month, and a portion of this goes to insurance coverage while another part goes into investments. As this is a whole life policy, it’s possible to get cash value out it if you decide you no longer need insurance protection, such as during retirement.
Also a Tokio Marine whole life insurance policy, TM FlexiCover is similar to FlexiAssurance. Premiums start from S$125 a month, and it covers you for death while maximising potential investment returns. You can adjust your premiums and customise your protection/investment mix as your priorities change. Also, Tokio Marine offers a Quit Smoking Discount where smokers get to reduce their premiums when they quit.
Direct – TM Basic Term
The TM Basic Term insurance policy is a DPI (Direct Purchase Insurance) plan which Singaporeans can purchase directly without the help of an insurance agent. It boasts a simpler structure – lump sum payout in the event of death, TPD or terminal illness – with coverage term options of 5 years (renewable), 20 years, or up to age 65. There is also an option to boost your coverage with a critical illness rider. There is no savings or investment component.
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Tokio Marine Term Life Insurance
If you are looking for a protection-focused life insurance policy, meaning one that pays out a large lump sum in the event of your death, terminal illness or TPD (or critical illness if you get a rider), then Tokio Marine’s term life insurance is more suitable.
Tokio Marine term life premiums are generally much cheaper than that of the whole life plans. For example, TM Term Assure II premiums start from $26.75 a month for a 30-year-old male (non-smoker), whereas the whole life plans start from $125 a month.
With TM Term Assure II, you will not get any savings- or investment-related benefit. It would be more for protecting your dependents against financial loss in the event that you can’t provide for them. However, you can opt to convert this plan into a whole life or endowment plan later on in life if you decide you no longer need the coverage.
What types of insurance does Tokio Marine offer?
Tokio Marine offers 12 categories of general and life insurance products, ranging from whole and Term life, health, home, personal accident, car, travel, savings insurance, and investment-linked insurance. Here’s an overview of some Tokio Marine offerings.
Types of Insurance offered by Tokio Marine
There are 4 whole life and term life insurance plans at Tokio Marine Singapore. The flagship term life insurance plan is called Tokio Marine Term Assure II, while the signature whole life insurance policy is TM FlexiAssurance.
Critical Illness and Disability Insurance
Tokio Marine offers 4 different types of critical illness insurance plans in Singapore, ranging from cancer-focused policies to more comprehensive policies that cover multiple illnesses. Tokio Marine also has a disability insurance plan which offers a monthly payout if you are afflicted with disability.
Tokio Marine's TM Flexi-Home Enhance is a home insurance policy suitable for HDB flats and private properties of all types. It covers damages to your building, renovation and home contents, plus bonus coverage for personal accident and liabilities.
Personal Accident Insurance
Tokio Marine offers various personal accident (PA) insurance policies, which pay out lump sums if you get accidentally injured or killed. There is also a TM Protect MosBite plan which covers mosquito-borne illnesses such as dengue, zika and malaria.
Car and Motorcycle Insurance
If you ride or drive, Tokio Marine offers 3 levels of motor insurance – comprehensive, third party only (TPO) or third party, fire and theft (TPFT) – to meet your needs.
If you intend to travel, Tokio Marine offers a single trip or an annual insurance plan for frequent flyers. It covers 39 common travel scenarios, including flight delays, loss of valuables, medical emergencies including epidemics like COVID-19.
Tokio Marine offers numerous saving plans for different types of needs – whether you are stashing an emergency fund for rainy days, saving for retirement, or for your child's education.
Tokio Marine offers a whole range of investment plans for wealth planning, along with legacy and wealth management plans for high net worth individuals.
How to apply for your Life Insurance plan
Applying for a Life Insurance plan through MoneySmart
Answer Some Questions
Don't have time to compare all the different life insurance plans in Singapore? Answer some questions and let our intelligent system find the best life insurance plan for you.
Speak To Our Insurance Specialists
After you submit your quiz, our expert insurance specialist team members may drop you a call to clarify your needs and explain your options to you. Seize this chance to ask our friendly colleagues the burning questions you may have about life insurance!
Apply And Purchase Your Life Insurance
Once you have spoken to our insurance specialists, considered your options, and planned your finances, you are ready to apply for your life insurance plan online through our portal.
Tokio Marine Life Insurance Claims
What are insurance claims? An insurance claim refers to the request for monetary reimbursement that the insurance plan's owner (aka you) have submitted to your insurance company. While most people hope NOT to have to make a claim, sometimes life happens and the financial payout can really help you and your family. To avoid a last-minute scramble, it’s important to familiarise yourself with the claims process beforehand.
How to Claim with Tokio Marine
Inform Tokio Marine
If you have a Tokio Marine insurance agent, call or drop him or her a text immediately to notify Tokio Marine of your illness diagnosis or death in the family. Alternatively, contact Tokio Marine’s life insurance hotline (+65 6592 6100) or visit their premises (Tokio Marine Centre, 20 McCallum Street #07-01, Singapore 069046) from Mondays to Fridays, 8.45am to 5.45pm.
You can submit most claims online and view detailed step-by-step guides on the Tokio Marine website. For life insurance claims, click on "Browse Life Insurance" followed by "Claims" and “Making Claims” on the navigation bar. You will then be able to select the relevant situation you are in and the claims that you intend to file for.
Once you have selected your claim category, you will immediately see a download link for the claim form that you will need to fill up. You will also find a link that will bring you to a step-by-step guide, including a list of supporting documents that you will need to prepare before you submit all the claim forms and documents to your Tokio Marine insurance agent or mail it back to the Tokio Marine Singapore office.
Frequently Asked Questions
What does Tokio Marine do?
- Tokio Marine is a Japanese multinational insurance company that is currently based in Tokyo. It was founded in 1879, making it the oldest insurer in Japan. Since then, its insurance business has expanded to 46 countries and regions worldwide, including Singapore. In Singapore, Tokio Marine provides an exhaustive range of life and general insurance products.
Is Tokio Marine good?
- Tokio Marine is a reputable Japanese insurance company with a storied history. In Singapore, as with all major insurance providers, Tokio Marine is regulated by Singapore's Monetary Authority of Singapore (MAS) and holds a Direct Insurer license here. It also is a member of MAS' Policy Owner's Protection (PPF) scheme – a programme meant to protect consumers in the event the insurance company goes out of business and exits the market.
How do I check my Tokio Marine policy?
- You can check your insurance policy online via Tokio Marine’s website by clicking on “Login” and “Policyholders Login Service”. You can log in using the SingPass app. Otherwise, call the Tokio Marine Singapore customer service hotline at +65 6592 6100 from Mondays to Fridays, 8.45am to 5.45pm.
How do I cancel my Tokio Marine insurance?
- To cancel your Tokio Marine insurance policy, you will have to call your Tokio Marine insurance agent or the Tokio Marine customer hotline at +65 6592 6100 to obtain a termination form. Fill the form up, and mail it back alongside any necessary supporting documents to the Tokio Marine Singapore customer service department at 20 McCallum Street #07-01, Tokio Marine Centre, Singapore 069046.