SINGAPORE – Insurance providers NTUC Income, AIA Singapore and Manulife Singapore on Monday (Feb 17) announced free benefits for policyholders who are diagnosed with the coronavirus.
This comes on the heels of Great Eastern’s announcement last Friday (14 Feb) of a $1 million support package for customers affected by the Covid-19 outbreak.
Manulife Singapore has likewise set up a $1 million support fund.
From Feb 17 till June 1 this year, an individual policyholder or life insured customer of Manulife Singapore is eligible for a $1,500 payout upon a coronavirus diagnosis.
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.
Upon death due to the coronavirus, an additional benefit of $30,000 is payable, on top of any death benefit from an existing policy.
For policies issued or renewed from Feb 17, the new benefits will not be payable if diagnosis of the coronavirus occurs within 14 days from the date of issuance or renewal.
Manulife Singapore has also donated $100,000 to The Courage Fund, which provides relief to healthcare workers.
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 this year.
For individuals hospitalised due to the coronavirus, there is a lump sum of $,1000, with an additional $25,000 payable upon death due to the disease.
AIA’s coverage will benefit policyholders until Dec 31, 2020, or 30 days after the Disease Outbreak Response System Condition (DORSCON) level is officially lowered to green – whichever is earlier.
NTUC Income meanwhile rolled out Covid-19 benefits for three groups of policyholders: Income Personal Accident (PA) policyholders, Group Employee Benefits policyholders and policyholders under the Income Family Micro-Insurance Scheme (IFMIS).
Persons 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 per 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 this year.
For employees of organisations covered by NTUC Income’s Group Employee Benefits policies, a cash payout of $100 per day for up to 30 days of hospitalisation is available, 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, 2020, after which there is an option to renew them for three months at a ‘low premium’, the cost of which depends on the employer’s group policy.
IFMIS covers families whose child is studying in a local primary school and is a recipient of the Ministry of Education’s Financial Assistance Scheme, and also covers families whose child is enrolled in NTUC First Campus’ My First Skool and have a gross household income that does not exceed $4,500 a month, or a monthly per capita income that is not more than $1,125.
Individuals under IFMIS do not pay a premium and are currently 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, persons under IFMIS who are diagnosed with the coronavirus are also eligible to receive a cash payout of $200 per day of hospitalisation for up to 30 days, which will last until Aug 31, 2020.
As to why the daily payout is higher for individuals under IFMIS compared to other policyholders, NTUC Income’s chief executive Andrew Yeo said: “Families from low-income backgrounds are often the hardest hit when a parent or guardian of young children becomes seriously ill, suffers a permanent disability or dies. As Covid-19 can lead to hospitalisation and loss of income for these families for a prolonged duration, our intention is to be able to support and help them tide over this difficult period financially should the need arise.”
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