Insurance companies roll out free coronavirus cover for policyholders
More insurance companies have announced free additional coverage for policyholders in the event they or their eligible family members are hit by the Covid-19 outbreak.
Some of the complimentary coverage include payouts in the event of hospitalisation due to the coronavirus or death.
Some providers also offer diagnosis benefits, such as in the case of HSBC Insurance, where, should the eligible customer or family member be diagnosed with Covid-19 in Singapore by a registered medical practitioner, the insurer will provide a lump sum payment of $1,000.
Insurance companies that have offered Covid-19 protection include HSBC Insurance, Manulife, DBS Bank, NTUC Income, AIA and Great Eastern.
Prudential told The New Paper that its private health insurance plan already covers hospital admissions and pre- and post- hospitalisation medical costs related to Covid-19.
The announcements come on the heels of Great Eastern's decision last Friday to pledge a $1 million support package to help customers affected by Covid-19.
In press releases yesterday, Manulife, DBS, NTUC Income and AIA said they will offer eligible customers cash payouts in the event of hospitalisation or death due to the disease.
DBS announced it has partnered with Chubb Insurance Singapore to offer all its five million customers in Singapore complimentary insurance coverage in relation to Covid-19. Launching on Feb 24, its Covid-19 Hospital Cash policy is a 30-day free cover that provides a daily cash benefit for hospital confinement and a lump sum payout for intensive-care unit confinement. It also provides coverage for policyholders who must travel during this period.
Last Tuesday, HSBC Insurance sent out messages to its customers informing them that they will be protected by a set of complimentary special benefits that will cover them in the case of diagnosis, hospitalisation or death as a result of Covid-19.
NTUC Income added that its benefits will also be extended to employees of organisations insured by its group employee benefits policies, as well as lower-income families covered by the Income Family Micro- Insurance Scheme.