Insurers NTUC Income, AIA Singapore and Manulife Singapore, and DBS Bank, yesterday announced free benefits for policyholders who are diagnosed with the coronavirus.
This comes on the heels of Great Eastern’s announcement last Friday of a $1 million support package for customers affected by the outbreak.
Manulife Singapore has likewise set up a $1 million support fund.
An individual policyholder or life insured customer of Manulife Singapore is eligible for a $1,500 payout upon a coronavirus diagnosis until June.
An additional payout of $2,000 is available if the individual is hospitalised for a minimum of five days, bringing the total benefit to $3,500.
Death from the coronavirus brings an additional benefit of $30,000 on top of any death benefit from an existing policy.
The new benefits will not be payable if diagnosis of the coronavirus occurs within 14 days from the date of issuance or renewal for policies issued or renewed from yesterday.
AIA Singapore is also offering free Covid-19 benefits to eligible customers, employees and tied representatives whose life or health insurance policies are issued on or before July 31.
Individuals hospitalised due to the coronavirus can get a lump sum of $1,000, with an additional $25,000 payable upon death due to the disease.
AIA’s coverage will benefit policyholders until Dec 31, or 30 days after the Disease Outbreak Response System Condition level is officially lowered to “green” – whichever is earlier.
Income rolled out Covid-19 benefits for three groups of policyholders: Income Personal Accident policyholders, Group Employee Benefits policyholders and policyholders under the Income Family Micro-Insurance Scheme (IFMIS).
People insured under Income’s Personal Accident Assurance with Infectious Disease cover policy or Personal Accident Infectious Disease policy will receive a cash payout of $100 a day for each day of hospitalisation in Singapore due to the coronavirus, for up to 30 days, with a one-time payout of $10,000 upon death from the virus.
These are on top of existing benefits available under the relevant policies, and will last until Aug 31.
Employees covered by Income’s Group Employee Benefits policies will be eligible for a cash payout of $100 a day for up to 30 days of hospitalisation, while the payout in the event of death due to the coronavirus is $20,000.
These benefits are provided at no additional cost to employers until May 31, after which there is an option to renew them for three months at a “low premium”.
IFMIS covers low-income families, who do not pay a premium and are offered a payout of $5,000 in the event of death or total or permanent disability, including death due to the coronavirus.
Under the new measures, people under IFMIS who are diagnosed with the coronavirus are also eligible to receive a cash payout of $200 a day of hospitalisation for up to 30 days, which will last until Aug 31.
DBS has also announced complimentary insurance coverage for all five million of its customers, in collaboration with Chubb Insurance Singapore.
Save for mainland China and United States-sanctioned countries, coverage for the policy is worldwide.
The policy starts next Monday, and will enable customers to claim up to $100 per day of hospitalisation up to 14 days, and a lump sum of $1,000 upon admission to the intensive care unit.
Customers can extend the coverage beyond 30 days by paying a premium, and can apply online or at any DBS/POSB bank branch islandwide from next Monday to March 15.
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