DBS yesterday announced it has partnered with Chubb Insurance Singapore Limited (Chubb) to offer 30 days of free insurance coverage against COVID-19.
Set to launch on 24 February 2020, the COVID-19 Hospital Cash policy will be available to all of the bank’s five million customers in Singapore.
DBS and POSB customers aged 18 and above can apply as the main policyholder. They can then include their family members to be insured, even if they are not DBS or POSB customers.
If diagnosed with COVID-19 while under coverage, they can claim S$100 per day of hospitalisation, and a S$1,000 lump sum upon admission to the intensive care unit (ICU).
The policy also covers customers worldwide if they have to travel abroad during this period.
Said Shee Tse Koon, DBS Singapore Country Head, “Alongside the public health measures announced by the Singapore Government, we hope this coverage – which will be available to almost all Singapore residents – will help to further cushion affected patients’ healthcare expenses during a difficult period.”
Customers can apply for the COVID-19 Hospital Cash policy online or at any DBS or POSB bank branch islandwide from 24 February to 15 March.
Free coverage automatically expires after 30 days, after which customers can purchase extended coverage if needed.
COVID-19 Coverage From Other Insurers
Besides DBS and Chubb, other insurers in Singapore have also been stepping up on COVID-19 coverage.
AIA Singapore is giving its existing 1.4 million policyholders free COVID-19 coverage, lasting until end 2020 or 30 days after the DORSCON level drops back to Green.
They can receive a S$1,000 lump sum if hospitalised, and S$25,000 upon death.
Great Eastern and Manulife have each set up S$1 million support funds for customers who are affected.
Great Eastern policyholders and their immediate family members will receive S$200 per day of hospitalisation in Singapore for up to 60 days if diagnosed with COVID-19, with a death benefit of S$20,000.
Manulife provides a one-time payout of S$1,500 upon diagnosis, and an additional S$2,000 if the insured person is hospitalised for at least five days.
It also covers a S$30,000 payout on top of any existing death benefit should the patient pass away due to the coronavirus.
NTUC Income has rolled out various benefits for three groups of existing policyholders.
Its Income Personal Accident policyholders, and employees under the corporate Group Employee Benefits policy, will receive S$100 per day of hospitalisation for up to 30 days.
Low-income families under NTUC Income’s Family Micro-Insurance Scheme (IFMIS) get S$200 per day of hospitalisation for up to 30 days.
NTUC Income’s death benefits are S$10,000 for Income Personal Accident policyholders, S$20,000 for Group Employee Benefits policyholders, and S$5,000 for IFMIS policyholders.
Featured Image Credit: DBS Bank