FWD Singapore unveils COVID-19 insurance product

Plan to double death benefit payout if insured is considered a critical frontliner

FWD Singapore unveils COVID-19 insurance product

Insurance News

By Gabriel Olano

FWD Singapore has launched an insurance plan that will provide financial support for all Singapore residents who test positive for COVID-19.

It is available to Singapore residents between the ages of 18 and 65, with a valid NRIC or FIN number, according to a news release by FWD. Upon completing a brief online questionnaire, the insured will receive the following coverage in case they test positive for COVID-19:

  • Daily cash allowance of SG$100 for up to 14 days, if insured is admitted into ICU.
  • Post-hospitalisation cash benefit of SG$800 upon discharge from hospital.
  • Death benefit of S$50,000.

The plan, priced at SG$28, automatically doubles the death benefit to SG$100,000 if the insured is considered a critical frontliner. These are workers in the health & social services, food, transportation, and storage sectors.

The COVID-19 insurance plan will be available for purchase directly via the FWD website and through several partners, including CXA Group, Mercer Singapore and ValueChampion. More partners will be added in the coming weeks to make the plan accessible to a wider pool of customers in Singapore, FWD said.

“As our city stands united against the COVID-19 pandemic, we want to provide reassurance that should Singaporeans test positive for the virus and require hospital treatment, this plan will give them the protection and financial resources they need,” said Khor Kee Eng, CEO of FWD Singapore. “In particular, we recognise that our critical frontliners may be at a higher risk of contracting COVID-19 so we’ve included a feature that doubles the death benefit for this group of individuals.”

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