SINGAPORE: Singapore insurers will offer enhanced coverage to help customers amid the COVID-19 outbreak.
DBS said in a press release on Monday (Feb 17) it has partnered with Chubb Insurance to offer all its 5 million customers in Singapore complimentary insurance coverage in relation to COVID-19.
The policy, called COVID-19 Hospital Cash policy, is a 30-day free cover that provides a daily cash benefit for hospital confinement and a lump sum payout for Intensive Care Unit (ICU) confinement.
Those who are diagnosed with COVID-19 while being covered by the policy will receive S$100 per day of hospitalisation and a lump sum of S$1,000 upon admission to the ICU, DBS said.
The policy, which will be launched on Feb 24, also provides worldwide coverage for policyholders who must travel during this period.
After the 30-day free cover, customers may choose to purchase additional coverage DBS added. This policy provides daily cash payouts for COVID-19-related hospitalisation stays and other sicknesses and accidental injuries.
All its customers who are Singapore residents aged 18 and above can apply for the policy as the main policyholder and include their immediate family members as additional insured persons.
NTUC Income also announced on Monday that it is extending COVID-19 protection at no additional premium to its customers insured with its Personal Accident plans that cover infectious diseases.
The COVID-19 benefits will also be extended to two Income PA plans – PA Assurance with Infectious Disease cover and Personal Accident Infectious Disease policy – for six months.
The extended benefits will include a cash payout of S$100 per day of hospitalisation in Singapore due to COVID-19, for up to 30 days. There will also be a one-time payout of S$10,000 if the insured person were to die due to COVID-19.
This payout will be in addition to other benefits that the insured person may have according to their plan.
NTUC Income’s initiative will also cover employees of organisations that are insured by its group employee benefits policies, it said.
These employees will get a cash payout of S$100 per day of hospitalisation in Singapore due to COVID-19, for up to 30 days, and a payout of S$20,000 if they die from the coronavirus.
This additional coverage will be given at no additional premium for three months, from now until May 31, NTUC Income said.
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AIA said in a press release on Monday that it would provide free additional coverage to all its existing 1.4 million eligible customers, employees and tied representatives. It added that new customers whose policies are issued between Feb 17 to Jul 31 will also automatically benefit from the coverage.
The additional coverage will be effective until Dec 31 or 30 days after the Disease Outbreak Response System Condition’ (DORSCON) level has officially stepped down to green – whichever is earlier, AIA said.
The coverage includes hospitalisation income benefit of S$1,000 in a lump-sum payment, and a death benefit of S$25,000.
Manulife said in a separate release on Monday that it has committed S$1 million to “provide additional COVID-19 protection benefits” for its customers at no additional charge.
Customers who are diagnosed with COVID-19 in Singapore will receive a one-time immediate cash benefit of S$1,500 and if they are hospitalised for five days or more due to the disease, they will get an additional cash benefit of S$2,000.
If they die as a result of COVID-19, an additional lump sum of S$30,000 will be paid out on top of the death benefit from their existing policy.
Earlier this month Great Eastern and HSBC Life also introduced support measures amid the coronavirus threat.
Great Eastern on Friday said it would provide a S$1 million support package to help customers affected by the COVID-19 situation. It also said it would contribute S$200,000 to The Courage Fund to provide financial assistance to those affected by the outbreak in Singapore.
On Feb 11, HSBC Life Singapore said that it would extend its additional COVID-19 benefits to its life insurance customers and their immediate family members in Singapore.
The complimentary benefits, which started on Feb 7, include a hospital cash benefit of S$200 per day for up to 45 days, paid upon diagnosis of COVID-19.
It also includes a diagnosis benefit of S$1,000 if a customer or the customer’s family member is diagnosed with the coronavirus by a registered medical practitioner, as well as a death benefit of S$10,000 should a customer or family member die as a result of COVID-19.