Insurers offer customers coverage for COVID-19
The coverage includes a lump sum payment in case of hospitalisation.
To protect against COVID-19, a number of insurers have stepped in to offer free additional coverage for its customers. HSBC Life Singapore has extended additional Novel Coronavirus Complimentary Special Benefits to its life insurance customers as well as their immediate family in Singapore. These benefits which started February 7, 2020 would cover its customers and family members for one year. New customers who have purchased life insurance policies from February 7 to April 30, 2020, would also enjoy the same benefits for a year.
There are several key elements in the coverage including a hospital cash benefit of S$200 per day (up to 45 days) and a diagnosis benefit when a customer or family member is diagnosed with COVID-19. In that event, a lump-sum payment of S$1,000 would be provided. In the event that the customer or family member passes away from COVID-19, HSBC Life would provide a lump-sum payment of S$10,000.
AIA Singapore is also offering free COVID-19 coverage to its customers, employees as well as tied representatives. New customers whose policies are issued between February 17 to 31 July, 2020 will also automatically benefit from this coverage. This coverage will last till December 31, 2020 or 30 days after the Disease Outbreak Response System Condition (DORSCON) level has stepped down to green. The coverage includes a hospitalisation income benefit of a lump-sum payment of S$1,000. Also, if the customer passes away from COVID-19, the coverage amount is S$25,000.
According to a recent news report, other insurers like DBS, NTUC Income, Great Eastern and Manulife are offering similar coverage to its customers.
(** PHOTO CREDIT: Unsplash/Ani Kolleshi)