DBS extends enrolment period for COVID-19 insurance cover

Company cites strong uptake of the product, which registered over 52,000 sign-ups in a day

DBS extends enrolment period for COVID-19 insurance cover

Insurance News

By Gabriel Olano

DBS has extended the enrolment period for its free COVID-19 Hospital Cash insurance policy until March 31, after strong uptake of over 52,000 sign-ups in a day.

The policy, underwritten by Chubb, was launched on February 24 and the sign-up period was supposed to end on March 15. It is a 30-day free cover that provides a daily cash benefit for hospital confinement and a lump sum pay-out for ICU confinement, in relation to COVID-19.

Policyholders who are diagnosed with COVID-19 will receive SG$100 per day of hospitalisation and a lump sum of SG$1,000 in case of admission to the ICU. It is open to all DBS/POSB customers of legal age who are Singapore residents. Immediate family members can be included as additional insured persons.

This, the bank said in a statement, will give its customers who have yet to sign up for themselves or their family members, more time to do so.

“We would like to encourage all of our customers to apply for the free 30-day policy, which will provide them additional cash coverage that is on top of any existing policies they may already have,” said Shee Tse Koon, DBS Singapore country head. “Alongside our collaboration with Chubb, we also worked with our regional life bancassurance partner Manulife to offer support in relation to Covid-19 for our customers who are also their existing policyholders. Through these two partnerships, we are able to provide our customers the most comprehensive Covid-19 relief insurance coverage currently available in Singapore.”

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