China Life Insurance Singapore provides customers and employees financial support against Novel Coronavirus

| 11 Feb 2020

China Life Insurance Singapore will be giving financial support of up to $88,600 to customers and employees in Singapore against the incumbent worrying threat of Novel Coronavirus ("2019-nCoV") to 31 August 2020.

Information on China Life Insurance Singapore Financial Support:

 For both new and existing policyholder:   Financial Support 

1) Upon Diagnosis and Quarantine
If the life insured is diagnosed with 2019-nCoV by a registered Medical Practitioner and placed under quarantine.

A lump sum payment of $800

2) Upon Hospitalisation
If the life insured is diagnosed with 2019-nCoV by a registered Medical Practitioner and is warded in a hospital.

$130 per day, up to 60 days of inpatient hospitalisation

3) Upon Death
In the unfortunate event that the life insured passes away due to 2019-nCoV.

A lump sum payment of $80,000

 

Financial support is capped at $88,600 per life insured regardless of the number of insurance policies with the same life insured.

 

 For employees:   Financial Support 

1) Upon Diagnosis
If an employee is diagnosed with 2019-nCoV by a registered Medical Practitioner.

A lump sum payment of $8,000 

2) Upon Death
In the unfortunate event that an employee passes away due to 2019-nCoV.

A lump sum payment of $80,000 

 

This financial support campaign will end: (i) 30 days after the Singapore government announces that the coronavirus outbreak ceases to be a health threat; (ii) by 31 August 2020; or (iii) when the total amount of financial support payments disbursed under both schemes reaches $620,000, whichever is earliest.

 

Mr Lin Xiangyang, China Life Insurance Singapore Chief Executive said, “In this challenging time amidst the virus outbreak shrouded with uncertainties, it is critical that we as a life insurer do our part to serve the community by providing financial support to those affected by the coronavirus outbreak in Singapore. The World Health Organization has declared 2019-nCoV as a global health emergency. As at 7 February, it has claimed 636 lives and infected over 30,000 people within and outside China.

"We are doing what we need to do to take care of our customers, of which over 90% are Singapore residents, as they have placed their trust to insure with us. Our employees which comprise various nationalities are the heartbeat of the company and it is essential that we provide this financial support for them as well."

Established in 2015, China Life Insurance (Singapore) Pte. Ltd. is a licensed life insurer which is regulated by the Monetary Authority of Singapore. As part of China Life Insurance (Group) Company ("China Life") which is the largest financial insurance corporation in China, it is backed by the Group’s financial strength and established heritage. China Life is a Fortune Global 500 company, ranked 51 in 2019, for 17 consecutive years. It is an influential global brand with a brand value of over RMB 353.9 billion.

Find out what the insurance industry and other insurance companies are doing in response to the Novel Coronavirus: Insurance coverage and measures by insurance industry

(Pictures courtesy of China LIfe Insurance Singapore)

 

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