OCBC travel insurance at a glance: Is it worth it?
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PUBLISHED ONFebruary 22, 2022 6:29 AMByClara Lim
OCBC travel insurance is a top choice for Singaporeans who are risk-averse and prefer to insure themselves with longstanding brands – it is provided by Great Eastern, the insurance arm of OCBC.
OCBC also sells travel insurance called OCBC Explorer, and likewise we’ll be looking at the coverage and price to see if it’s a good buy.
In the past, like several other banks, OCBC provided free travel insurance as a perk of selected credit cards like the OCBC 365 credit card. It’s not be the case anymore but quite honestly, you’re not missing out on much. With an overseas medical expenses claim capped at $500, the coverage was shockingly low anyway. It’s the insurance equivalent of some D-list Instagram influencer’s wardrobe.
Most kiasu Singaporeans would probably rather pay a little to get much better coverage. You’re better off with OCBC’s regular travel insurance plans. We’ll take a look at these in the next section.
OCBC travel insurance at a glance
OCBC travel insurance is sold under the OCBC Explorer brand, but as mentioned, it’s provided by Great Eastern Insurance Singapore.
There are 3 tiers to choose from: Starter, Essential and Ultimate. Here’s a look at how they stack up:
| Travel insurance plan | Starter | Essential | Ultimate |
| Price | $66.80 | $64.35 | $96.75 |
| Promotion | 35per cent off for Essential & Ultimate single trip plans | ||
| Overseas medical expenses | $300,000 | $500,000 | $700,000 |
| Overseas medical expenses due to Covid-19 | N.A | $25,000 | $150,000 |
| Overseas quarantine allowance due to Covid-19 | N.A | N.A | N.A |
| Emergency medical evacuation | $1,000,000 | $1,000,000 | $1,000,000 |
| Emergency medical evacuation due to Covid-19 | N.A | $25,000 | $150,000 |
| Personal accident (death & TPD) | $150,000 | $300,000 | $500,000 |
| Travel delay ($100 every 6 hours) | $1,000 (overseas only) | $2,000 (overseas only) | $3,000 (overseas only) |
| Trip cancellation | $5,000 | $10,000 | $15,000 |
| Trip cancellation due to Covid-19 | N.A | $3,000 | $5,000 |
| Baggage delay ($200 every 6 hours) | $1,000 | $1,600 | $2,000 |
| Baggage loss/damage | $3,000 | $5,000 | $7,500 |
| Adventure activities covered? | No | No | Yes |
*Price based on seven-day trip to South Korea
OCBC travel insurance promotion
At such high prices, it’s no wonder that OCBC runs near-constant promotions to keep its premiums competitive. Usually you can get around 50 per cent off single trip plans.
The current OCBC travel insurance promotion gives you 35 per cent off Essential and Ultimate single trip plans.
You can keep track of the latest OCBC travel insurance promotions here.
After discount, a week’s coverage in South Korea, one of the Singapore’s VTL-approved countries, would cost about $64 – pretty average on the price range.
However, if you’re just planning a trip to Malaysia or something, you might want to shop elsewhere for cheaper options. That’s because most other insurers consider Asean a separate region from Asia and charge less for travel insurance to those countries. OCBC, however, has no cheaper tier for Asean.
ALSO READ: OCBC 360 account review: How good is it for earning interest?
What does OCBC travel insurance cover?
OCBC travel insurance has decent coverage… if you plan to stay stationary the entire trip. They are very strict with the excluded activities for Starter and Essential plans.
To get any kind of coverage for activities like scuba diving, skiing, trekking, etc. you have to pay more than double for the most expensive Ultimate plan. No thanks! It’s not worth it as most modern insurers cover adventure activities with their basic plans – no upgrade needed.
| Outdoor activity | Covered by OCBC? |
| Hot air balloon | Not stated |
| Scuba diving | Ultimate plan only (up to 30m) |
| Skiing and other ice/snow sports | Ultimate plan only |
| Hiking or trekking | Ultimate plan only (up to 3,000m) |
| Mountaineering or outdoor rock climbing | Ultimate plan only (up to 3,000m) |
| Marathons and other competitions | Not stated |
| Jet skiing | Ultimate plan only |
| White water rafting | Ultimate plan only (up to Grade 4) |
| Skydiving | Ultimate plan only |
| Paragliding, hang gliding or parachuting | Ultimate plan only |
| Bungee jumping | Ultimate plan only |
If you’re not planning to take part in anything remotely risky, you’ll be fine with the Starter plan. Its coverage is comparable to that of standard travel insurance plans. However, given that the Essential plan is cheaper than the Starter plan after the 35 per cent discount that currently applies, it only makes sense that you opt for the Essential tier.
The Essential tier also offers more where Covid-19 benefits are concerned. While the OCBC travel insurance plans do offer some coverage, they are far from the best in the market. We’ve put together a list of comprehensive travel insurance plans that include Covid-19 benefits here.
OCBC travel insurance claim procedure
For those who bought travel insurance through OCBC, most of the after-sales support is through Great Eastern.
Great Eastern hotline: +65 6248 2211
Great Eastern travel insurance claims: Download and print the Great Eastern travel insurance claim form and mail it with supporting documents to Great Eastern General Insurance Limited, 1 Pickering Street, #01-01 Great Eastern Centre, Singapore 048659 (Attention: Claims Department)
Conclusion: should you get OCBC travel insurance?
The OCBC’s regular paid travel insurance, I’d say it’s worth your money only if you’re visiting an expensive Asian country and are just planning to shop, eat and chill. This is definitely one to avoid if you’re into outdoor activities. It’s silly that you need to pay such a high price for coverage. In terms of taking Covid-19 benefits into account, OCBC’s plans are mediocre at best.
To me, the worst thing about buying OCBC travel insurance is that the claims process is so last century. I just cannot believe that you have to go through snail mail to make a claim!
I guess that comes with the territory when you’re dealing with such an established player. If you’re going on holiday with the older generation, your parents may insist you stick to this known brand rather than buy travel insurance “ABC Insurance Pte Ltd”.
Looking to buy OCBC travel insurance? Compare all Singapore travel insurance policies by price and coverage first.
This article was first published in MoneySmart.