Further Singapore insurers mount response to COVID-19

Further Singapore insurers mount response to COVID-19 | Insurance Business Asia

Further Singapore insurers mount response to COVID-19

While the daily tally of people infected by the novel coronavirus (COVID-19) has been slowing down in Asia, it doesn’t mean that efforts to support those that are affected by the disease must stop. As a result, even more insurers in Singapore are offering financial benefits for their customers in their times of need. 

Prudential Singapore has set aside SG$1.5 million to help not only individual customers, but also small and medium enterprises (SMEs) during this challenging period. Individual customers and their immediate family members served with quarantine orders will receive a SG$500 cash benefit each. Meanwhile, those hospitalised for COVID-19 will receive a SG$200 daily hospitalisation allowance for up to 90 days. As for SME commercial clients, Prudential will give them the option to defer their premium payments for up to three months, to help better manage cashflow and to ensure that there is no disruption to employees’ coverage.

Prudential also pledged SG$100,000 to The Courage Fund, which is facilitated by the National Council of Social Service and the Community Chest. Prudential employees will also pack care kits, which contain sanitizers and healthy food, for the elderly as well as taxi and private hire drivers. 

Due to the exposure of private hire drivers to a large number of people, they are quite vulnerable to the spread of diseases. In response, ride-hailing and deliver operator Grab is working with its long-time partner Chubb to provide a complimentary benefit for all Grab drivers and delivery-partners under the group prolonged medical leave insurance policy.

This benefit gives a lump sum pay-out of SG$1,000 for Grab driver-partners who have volunteered to provide the GrabCare service or SG$500 for all other driver and delivery-partner in the event they are diagnosed with COVID-19. These are on top of a host of other non-insurance income protection initiatives announced earlier by Grab.

AIA Singapore, meanwhile, has announced that all its customers, employees, and tied representatives will receive a hospitalisation income benefit of SG$1,000 and a death benefit of SG$25,000. The additional coverage will last until December 31 or 30 days after the Disease Outbreak Response System Condition (DORSCON) level is lowered to green, whichever is earlier.

NTUC Income has announced that employees of organisations insured by its Group Employee Benefits policies will be offered a cash pay-out of SG$100 per day of hospitalisation in Singapore due to COVID-19, for up to 30 days, and a pay-out of SG$20,000 in the unfortunate event of death due to the viral infection. The benefits are available for free until May 31, and afterwards will be renewable for three months for a minimal premium. For policyholders of its personal accident insurance, Income will provide SG$100 per day of hospitalisation in Singapore due to COVID-19, for up to 30 days. There will also be a one-time pay-out of SG$10,000 in the event of death.

Income has also extended a cash benefit of SG$200 per day of hospitalisation (up to 30 days) to members of the Income Family Micro-Insurance Scheme (IFMIS). The programme provides insurance protection, at no premium, to almost 29,000 individuals coming from low-income households.

In addition, Manulife Singapore has announced a SG$1 million commitment to support its customers by enhancing their insurance protection. Customers diagnosed with COVID-19 in Singapore will receive a cash benefit of SG$1,500. If the customer is hospitalised for five days or more, they will receive an additional SG$2,000. In case of death due to COVID-19, an additional lump sum of SG$30,000 will be paid out on top of the death benefit from the customer’s existing policy.