Prudential Singapore has set up a S$1.5 million (US$1.07 m) PRUcare package to provide support to about one million customers and the community at large that are affected by Coronavirus Disease 2019 (COVID-19).
Relief for SMEs
Prudential has introduced a care package to ensure employees of small and medium-sized enterprises (SMEs) covered by its Group Insurance continue to receive medical coverage should their employers run into cashflow difficulties.
It will provide its existing SME customers the option to defer their premium payments for up to 3 months to better manage their cash flow and to ensure that there is no disruption to employees’ coverage so they can continue receiving the medical and hospitalisation care they need. The deferment option will be available to SMEs up till end-June 2020 with the potential to be extended depending on severity of the COVID-19 situation.
Mr Goh Theng Kiat, Prudential Singapore’s Chief Customer Officer, said the life insurer has taken into account COVID-19’s far-reaching impact on businesses and their employees.
“SMEs are an important pillar of our economy and unfortunately, many have been hard hit by the current situation. Many people depend on their employer’s medical and hospitalisation plan to cover their medical expenses. We hope to provide some financial relief by letting the SMEs postpone their premium payment to tide them over this difficult period and ensure their employees and their families continue to receive medical coverage,” said Mr Goh.
Read also: Novel Coronavirus: Insurance coverage and measures by insurance industry
Financial assistance for the individuals
Prudential will provide its customers and their immediate family members who are served with Quarantine Orders (QO) a one-time $500 cash benefit.
Individual customers and their immediate family members who are hospitalised for COVID-19 will receive a $200 daily hospitalisation allowance, for up to three months of hospitalisation.
These benefits are applicable to COVID-19 cases that emerge during the period of 23 January to 30 June 2020.
Customers who are affected should inform their Financial Consultants or call the Prudential Customer Service hotline 1800 3330333 so that support can be provided swiftly.
These benefits are also made available to:
- Employees of Prudential's corporate and SME customers
- Prudential’s 1,200 employees
- Prudential's 5,000 financial consultants
In addition, Prudential will be extending these benefits to the immediate family members of the above three groups.
Additionally, Prudential has pledged $100,000 to The Courage Fund which is facilitated by the National Council of Social Service and the Community Chest. The Fund is set up to support vulnerable individuals and groups such as patients, healthcare workers and members of the community affected by serious infectious diseases.
Other insurers who have stepped up:
Singapore:Great Eastern pledges S$1 million to help customers affected by COVID-19
AIA Singapore offers free COVID-19 coverage, death benefit of S$25,000
Malaysia:AXA AFFIN introduces complimentary 2019-nCoV Hospital Assistance Program, up to MYR10,000 lump sum will be paid out
Manulife Singapore commits S$1 million to provide additional COVID-19 coverage