COVID-19:Measures and updates announced by insurers against the coronavirus this week

| 28 Feb 2020

We take a look at the measures and updates announced by insurers this week, including those that have been brought to our attention.

If you would like to find out more about measures announced by insurers in the region, we’ve kept an updated list here: Novel Coronavirus: Insurance coverage and measures by insurance industry

It’s our effort since the early days of the Coronavirus to shine the spotlight on how the industry has stepped up to respond to society’s needs in time of uncertainty.

Did we miss your company’s measures and do you know of something that’s not on the list? Drop us a note at Connect@AsiaAdvisersNetwork.com 

Here’s this week’s wrap:

Singapore: Prudential receives 66 claims on its PRUcare package against COVID-19

In a response to queries by The Straits Times, Prudential said that as of 24 Feb, it has received 66 claims for the one-time $500 cash benefit for customers as part of its measures rolled out for customers who had been served quarantine orders.

Out of the 66 submissions, four were for the $200 daily hospitalisation allowance provided to Prudential's customers and their family members who are warded for the coronavirus. Here’s more info on the PRUcare package.

 

Singapore: AXA commits S$500,000 care package for customers affected by COVID-19, double protection for customers who are frontline healthcare workers

AXA Insurance has committed a S$500,000 care package that will benefit its individual Life and General Insurance customers who are affected by COVID-19.

Benefits for AXA Individual Life and General Insurance customers and doubled protection for frontline customers

Existing and new AXA individual Life and General Insurance customers who are hospitalised due to COVID-19 will receive a cash benefit of S$200 per day of hospitalisation up to a maximum of 90 days. In the unfortunate event of death due to COVID-19, a S$20,000 lump sum will be paid out.

AXA is also offering double the protection to its individual Life and General Insurance customers who are frontline healthcare workers in recognition and appreciation of their role in the fight against COVID-19 and their selflessness in continuing to put patients' needs first in the face of the virus.

In the event of hospitalisation due to COVID-19, they will receive a cash benefit of S$400 per day of hospitalisation up to a maximum of 90 days and a S$40,000 lump sum in the unfortunate event of death due to COVID-19.

These benefits are applicable to COVID-19 cases that are diagnosed from 1 February until 30 September 2020 or when the DORSCON level moves to Green, whichever is earlier.

For its travel insurance customers, AXA has been offering a full premium refund for those who decide to cancel their travel plans and request to cancel their AXA travel policy.

In addition, AXA recognises that the current climate has left customers looking to protect their family against unforeseen circumstances. In response, AXA is offering a 20% discount on the regular premium for AXA Term Protector and AXA Term Protector Prime policies that are attached with the Advance Total and Permanent Disability (TPD) Pay-out Rider and/or Advance Critical Illness (CI) Payout Rider.

Responding to the Singapore Red Cross’ appeal for more blood donors due to a shortage linked to the COVID-19 outbreak which has impacted the number of donors visiting blood banks, AXA is rallying its network of employees, tied representatives and customers to donate blood from 3 March to 8 March 2020. AXA will donate S$30 to The Courage Fund for every employee, tied representative or customer, who donates blood during this period, up to a maximum of S$50,000.

In addition, AXA is also donating 100 care packs which will be delivered to their recipients by the company’s employees and tied representatives. These packs will be given to cancer patients, survivors and their families who are beneficiaries of its corporate responsibility partner Singapore Cancer Society, and vulnerable seniors identified by the SG Cares Volunteer Centres at Woodlands and Toa Payoh, operated by Care Corner Singapore. Each care pack includes a thermometer, face masks, hand sanitiser, hand wash and vitamin C tablets.
 

Read also: From Coronavirus Epidemic to Market Panic - Sun Life Asset Management

 

Singapore: Chubb x Grab - Complimentary Driver Care benefit for all Grab driver - and delivery-partners under the Group Prolonged Medical Leave insurance policy

Chubb announced its collaboration with its long-term partner Grab, through its insurance arm GrabInsure, to provide a complimentary Driver Care benefit for all Grab driver- and delivery-partners under the Group Prolonged Medical Leave insurance policy.

This benefit gives a lump sum pay-out of S$1,000 for Grab driver-partners who have volunteered to provide the GrabCare service or S$500 for all other driver and delivery-partner in the event they are diagnosed with COVID-19. The benefit is automatically available to all Grab driver- and delivery-partners in Singapore, from today till 19 March 2020.

This joint initiative is to aid self-employed private-hire drivers and food delivery service providers affected by COVID-19, and comes in addition to the list of income protection measures which Grab had earlier announced.

 

Singapore: Income announced additional protection against COVID-19 coronavirus at no additional premium to over 550,000 individuals

Income announced on 17 Feb that close to 27,000 individuals insured by Income’s Personal Accident (PA) plans with infectious disease cover, and over 500,000 employees of organisations insured by its Group Employee Benefits policies, will automatically enjoy additional COVID-19 cover at no additional premium.

To further support lower-income households in Singapore, Income is also extending COVID-19 benefits to the Income Family Micro-Insurance Scheme (IFMIS).

Currently, IFMIS offers insurance protection, at no premium, to almost 29,000 eligible individuals, who are parents or guardians of a child or ward studying in a local primary school and a recipient of the Ministry of Education’s Financial Assistance Scheme. The Scheme also covers families whose child is enrolled in NTUC First Campus’ My First Skool and have a gross household income that does not exceed $4,500 a month, or a monthly per capita income that is not more than $1,125.

IFMIS offers COVID-19 benefits for six months

The IFMIS currently offers a pay-out of $5,000 if the insured person were to pass away or suffer a total and permanent disability. The Scheme now includes COVID-19 benefits until 31 August 2020, which provide the insured person a cash pay-out of $200 per day of hospitalization in Singapore due to COVID-19, for up to 30 days. The claim is payable upon the first day of diagnosis.

Income’s Group Employee Benefits policies now cover COVID-19 for greater peace of mind

Under the extended coverage, employees of organisations insured by Income’s Group Employee Benefits policies will be offered a cash pay-out of $100 per day of hospitalisation in Singapore due to COVID-19, for up to 30 days, and a pay-out of $20,000 in the unfortunate event of death due to the new coronavirus.

The COVID-19 benefits come at no additional premium to employers from now until 31 May 2020, and are renewable for three months at a low premium.

All Income employees, staff of its wholly-owned financial advisory firm, Infinitum Financial Advisory, and financial advisers, also stand to benefit from the extended coverage. Additionally, NTUC Enterprise and its social enterprises, which besides Income, also include FairPrice, Foodfare, Kopitiam, NTUC First Campus, NTUC LearningHub, NTUC Health, NTUC Link, Mercatus and MoneyOwl, will also be extended COVID-19 benefits under Income’s Group Employee Benefits policies.

Income PA plans cover COVID-19 for six months

The new COVID-19 benefits will also be extended to two Income PA plans - PA Assurance with Infectious Disease cover and Personal Accident Infectious Disease policy – for six months, starting today until 31 August 2020.

The extended coverage will provide insured persons with a cash pay-out of $100 per day of hospitalisation in Singapore due to COVID-19, for up to 30 days. There will also be a one-time pay-out of $10,000 if the insured person were to pass away due to COVID-19. This pay-out will be in addition to other benefits that the insured person may have according to his or her PA plan.

Since 20 Jan, Income has been offering full refunds for customers who wish to cancel their travel insurance as they change or cancel their travel plans due to the COVID-19 situation.
 

Read also: Is the MDRT annual meeting still on? Here's what you need to know.

 

Singapore: Cigna extends its medical outpatient coverage to include telehealth services

Cigna Corporation’s Singapore business is extending its medical outpatient coverage to include telehealth services for all members of Cigna Global Health Benefits corporate plan during the coronavirus outbreak with immediate effect until 1st June 2020.

Cigna medical plans already cover medically necessary claims related to infectious diseases and medical conditions per the policy terms and conditions. The additional telehealth services cover doctor’s consultation fees (via telephone or video) as well as the prescription drugs as per the benefit limits as long as it is medically necessary and is used for the diagnosis or treatment of a covered condition outlined in the outpatient benefits plan.
 

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