They're extending insurance coverage to ease worries
Two insurance firms are offering financial support for employees in Singapore during the coronavirus outbreak.
All employees will automatically benefit from the additional insurance coverage as part of efforts to protect individuals against the ongoing threat.
The benefit will cover employees while Singapore is on heightened alert at DORSCON ‘orange’.
At ‘orange’ alert, the city-state is taking extra precautions as the disease is thought to ‘spread easily but it has not spread widely’ and is being contained, according to the Ministry of Health.
The ministry said there are currently no plans to raise the alert to ‘red’ – or national disaster response mode.
READ MORE: Coronavirus: Singapore's healthcare workers forced to cancel holiday plans
AIA Singapore
AIA Singapore yesterday announced that all employees and customers will automatically benefit from COVID-19 coverage for free.
The additional coverage will be valid till December 31, 2020, or 30 days after the DORSCON level has officially stepped down to ‘green’ – whichever is earlier.
AIA’s COVID-19 coverage includes:
- Hospitalisation income benefit: If hospitalisation is required due to COVID-19, employees get $1,000 lump-sum payment
- Death policy: If death results, there’ll be a $25,000 payout
“The well-being of our customers, employees and tied representatives are important to AIA Singapore,” said Patrick Teow, chief executive officer at AIA Singapore.
“We are committed to journeying with them, protecting them through good and bad times as well as ensuring they have peace of mind when they most need it.”
China Life Insurance Singapore
China Life Insurance will be giving financial support to employees and customers in Singapore up to August 31, 2020.
The coverage could also end 30 days after the DORCON level is reduced to ‘green’ or when the total amount of financial payments reaches $620,000 – whichever is earliest.
Their coverage includes:
- Diagnosis policy: If an employee is diagnosed with COVID-19 by a registered medical practitioner, they’re eligible for an $8,000 lump-sum payment
- Death policy: A lump sum payment of $80,000
“Our employees, which comprises various nationalities, are the heartbeat of the company and it is essential that we provide this financial support for them as well,” said Lin Xiangyang, chief executive at China Life Insurance Singapore.
“As a company, we have also taken the precautionary measures to take their daily temperature, provide masks if they are unwell, and communicate the hygiene practices to adopt as advised by the Ministry of Health.”
