Guide
Best group insurance for SMEs in Singapore: 7 packages compared
· Last reviewed 29 October 2026
There is no single best group insurance for SMEs in Singapore. The best plan is the one that gives your team the cover it needs at the lowest price for that cover, and for the same team the dearest SME package costs nearly twice the cheapest. Which one is cheapest depends on your team's size and ages, so compare them for your own team: Bene's free calculator shows seven SME packages side by side, and Bene then gets exact quotes from up to 15 insurers.
What makes a group plan the best for an SME?
The best plan is the one that covers what your team needs at the lowest price for that cover. Four things decide it: how many people you insure, the hospital cover you want, whether you add GP, specialist or dental cover, and the ages of your staff.
Price is where the plans differ most. For the same team and cover, the dearest of the seven SME packages below costs nearly twice the cheapest, so comparing before you buy saves real money.
The seven SME packages side by side
These are the SME packages our calculator compares, listed A to Z, not ranked. The facts come from each package's published terms, in editions dated March 2025 to August 2026.
| Package | Smallest team | Oldest new joiner | Good to know |
|---|---|---|---|
| AIA: Flexi Vital Care Plus | 2 employees and 5 insured lives, dependants included | 69 (age last birthday) | Up to 50 lives. Every hospital plan is for a private hospital. |
| HSBC Life: Benefits+ Business | 1 employee to start, 2 at renewal | 75 for medical cover (age next birthday) | A one-person group pays 70% more for medical cover. Groups of 1 or 2 take new members only up to 50. |
| Income Insurance: Employees FlexCare | 2 employees on each plan type | 69 (age last birthday) | Separate hospital plans for Work Permit and S Pass holders sit in the same package. |
| Prudential: PRUTreasures Flexi II | 2 employees | 69 (age last birthday) | Up to 200 employees, at least half of them working in Singapore. |
| Raffles Health Insurance: Raffles Corporate Care Enhanced III | 1 employee to start, 2 to renew | 70 (age next birthday) | A one-person group pays 50% more for medical cover. Medical cover costs 5% less from 5 staff and 10% less from 10. |
| Singlife: MyBenefits Plus | 2 employees | 70 (age last birthday) | Foreign worker medical cover for S Pass and Work Permit holders sits on the same policy as local staff. |
| Tokio Marine: TM Deluxe | 2 employees | 70 (age next birthday) | Work Permit and S Pass holders are quoted separately. Members aged 71 to 75 keep only the term life death benefit. |
What all seven have in common
- Hospital and surgical cover is the core. Most plans add a major medical layer for big bills.
- GP, specialist and dental cover can be added to the hospital plan.
- Term life, critical illness and accident cover are available.
- Premiums are per person and rise with age, and they can change at renewal.
- Health declarations are needed mainly for large life and critical illness cover and for older joiners.
Which package fits which team
- Two to four staff: six of the seven packages take you. AIA's needs at least 5 insured lives, counting dependants.
- One employee: HSBC Life and Raffles Health Insurance can start a policy for one person, at 70% and 50% higher medical rates. Both need two employees at renewal.
- Staff in their 70s: HSBC Life's medical cover takes new members up to 75 (age next birthday) in groups of three or more. The other six take new members up to 69 or 70.
- More than 50 people: AIA's package stops at 50 lives, dependants included, and Prudential's at 200 employees. Teams over 200 get a customised quote.
- S Pass and Work Permit holders: each needs at least S$60,000 of yearly hospital cover by law. AIA, HSBC Life, Income, Prudential and Singlife have a foreign-worker hospital plan in the same package. Tokio Marine quotes these staff separately.
- Raffles Hospital users: Raffles Health Insurance's hospital Plan 2B has a 20% co-payment at private hospitals other than Raffles Hospital.
SourcesMinistry of Manpower (Singapore)Ministry of Manpower (Singapore)
What the seven cost for a 10-person team
For 10 employees on standard hospital and GP plans, the seven packages' published rates work out to about S$7,500 to S$17,800 a year for a typical office team, including GST. Hospital cover alone works out to about S$3,000 to S$8,100.
Which package is cheapest can change with your team's ages, size and cover, so the only useful comparison is one for your own team. Our calculator does that in a minute, for teams of 2 to 200.
What to check besides the price
We check each of these against your team on every quote.
- Pre-existing conditions: some plans exclude them for the first 12 months, and some exclude conditions such as cancer and kidney failure permanently. Moving 25 or more staff from an existing group policy can get the exclusion waived.
- Co-insurance: major medical usually pays 80% or 90% of the bill, and the member pays the rest.
- Ward and hospital: staying in a higher ward than the plan covers can cut the payout to 60% or 75% of the bill.
- Renewal: most of these packages price across the whole package, not on your own claims, so one large claim does not by itself set your premium. Premiums can still change at renewal.
Compare them free, then get exact quotes
Our calculator shows yearly price ranges for all seven packages side by side, for your team size and cover. It is an estimate from published rates, not a quote.
For exact prices, send us your team's ages and the cover you want. We get quotes from up to 15 insurers, aim to send them by the next working day, and tell you which plan fits. It costs you nothing: insurers pay our commission only when you buy through us.
Questions
What is the best group insurance for a small business in Singapore?
There is no single best plan. The best one gives your team the cover it needs at the lowest price for that cover, and for the same team the dearest SME package costs nearly twice the cheapest. Compare seven SME packages for your team in Bene's free calculator, then get exact quotes from up to 15 insurers.
Which group insurance plans accept one or two employees?
HSBC Life Benefits+ Business and Raffles Corporate Care Enhanced III can start with one employee, at higher medical rates, and need two at renewal. Income Employees FlexCare, Prudential PRUTreasures Flexi II, Singlife MyBenefits Plus and Tokio Marine TM Deluxe start at two employees. AIA Flexi Vital Care Plus needs at least 5 insured lives, counting dependants.
Which SME package is the cheapest?
It depends on your team. Price follows your staff's ages, the team size and the cover, so the cheapest package for one company may not be the cheapest for another. Our free calculator shows all seven side by side for your team, and an exact quote confirms the price.
Does Bene sell its own group insurance plan?
No. Bene is a free comparison and broking service, not an insurer. We compare insurers' SME packages and arrange the one you choose; the insurer issues the policy and pays claims. Insurers pay our commission only when you buy through us, so you pay just the premium.
Sources for this page
- Medical insurance for Work Permit holders (sector-specific rules)
Relevant section: Minimum coverage, co-payment, enhanced MI Stage 2, worker co-payment, submission in WP Online
Page updated 18 September 2026. Statutory requirement for the pass type; general information, not legal advice.
- Medical insurance requirements for S Pass holders
Relevant section: Minimum coverage, co-payment, enhanced MI Stage 2
Page updated 18 September 2026. Statutory requirement for the pass type; general information, not legal advice. Confirm current requirements on the official page.