With the outbreak of coronavirus, named Covid-19, many life and health insurers in Singapore have started taking steps to protect their customers.
AIA Singapore, Etiqa Insurance Singapore, DBS bank and Manulife Singapore have all started offering coverage to their clients, free of charge.
Manulife said it is going to set aside S$1m (£550,251, $717,994, €662,761) to fund additional coverage.
This includes a:
- Diagnosis benefit: a one-time S$1,500 cash upon diagnosis, and an extra S$2,000 if hospitalisation of five days or more is required.
- Death benefit: A lump sum of S$30,000 to be paid on top of the death benefit from the customer’s existing policy.
Customer protection
The other firms have taken similar measures.
DBS has partnered with Chubb Insurance Singapore to offer complimentary 30-day coverage to its five million customers, starting from 24 February.
It will also protect people who will travel during the period.
Etiqa said it will provide free coverage for hospitalisation and additional death benefit to its existing and new life insurance or life protection and insurance savings plans policyholders.
This include S$100 daily for up to 10 days to patients in stable conditions; and S$200 daily for up to five days for clients in the intensive care unit.
In the event of death, the life firm will pay a lumpsum of S$50,000.
Similarly, AIA is giving free additional coverage to its 1.4 million customers, employees and tied representatives.
Clients whose policies will be issued between 17 February and 31 July 2020 will also benefit from complementary protection.
AIA’s setup is similar to Etiqa; it provides a S$1,000 lumpsum in case of hospitalisation and S$25,000 in case of death.
Policyholders will be covered either until 31 December 2020, or 30 days after the virus level will be downgraded to green – whichever is earlier, the insurer said.
Global trend
In a similar move, many European and North American health insurers told International Adviser that their clients will be protected in case of infection.
Covid-19 was deemed a public health emergency of international concern at the end of January 2020 by the World Health Organisation.
This prompted the Hong Kong Insurance Authority to shut down its office to the public.
It has been closed since 3 February 2020.
