In the wake of a rising gig economy, MSIG Insurance (MSIG) has introduced Freelancer CashPlus, an insurance plan that dispenses daily cash benefits to help gig workers safeguard against income loss during a prolonged illness or injury.

A leading general insurer with a local presence of over 100 years, MSIG Singapore offers an extensive range of insurance solutions for commercial and personal risk protection, enabling the security and safety of individuals and businesses. MSIG Singapore holds an A+/Stable financial rating by Standard & Poor’s.

According to the Ministry of Manpower (MOM), the number of freelancers stood at 211,000 in 2019 which made up 8.8% of the total resident workforce. This number is likely to trend up as more people go through a career change or seek alternative sources of income through contract or short-term work assignments.

According to MOM, more of them – 19,600 last year, up from 14,800 – felt forced to turn to freelancing as their main job because they could not find work as an employee. But this is lower than the figures in the preceding two years. More people also took on freelance work as a side job, on top of a main job.

Understanding the unique needs of this underserved segment, Freelancer CashPlus aims to simplify insurance coverage for gig workers with flexible options, affordable premiums and hassle-free policy issuance.

Mr. Steven Leong, Senior Vice-President, Consumer and Digital Distribution, MSIG Singapore said, “Amidst the changing norms and emergence of digital platforms, a sizable number of workers have turned towards self-employment or flexible short-term model of work. While full-time employees might benefit from paid sick leave and hospitalisation leave, gig workers have no income to fall back on should they fall ill for a prolonged period. These are real challenges that gig workers face, which we hope to bridge through Freelancer CashPlus.”

Giving back this Christmas

MSIG will donate S$2 for every participating personal insurance plan that is purchased online by its customers between 1 to 25 December 2020. There will be special discounts offered, ranging from 10% off Freelancer CashPlus, to 40% off TravelEasy single trip plans.

“COVID-19 has created unprecedented hardships for many, particularly for the vulnerable amongst us. With the festive season approaching, we want to encourage our customers to join us in doing good for the community. They can do so easily by purchasing our products online and a portion of the sales proceeds will automatically go towards charity giving, and support more local programmes to help the needy,” Mr Leong added.

MSIG will make the donation on behalf of its customers to AWWA, a social service organisation that provides special needs support, and assistance to low income families and vulnerable seniors. The donation will be channelled to AWWA’s 50th anniversary fundraising efforts this December.

Original Source: Yahoo Finance