The Ultimate Guide: Free COVID-19 Coronavirus Insurance Coverage
FREE COVID-19 Coronavirus Relief Insurance Coverage
The Singapore Government will be footing the public hospital bills incurred by COVID-19 Coronavirus patients which is why Singapore is one of the most effective countries in containing the virus.
Through COVID-19 Coronavirus, we see Singapore unite as one to try and win this “war” together.
This is the same for some of the insurance companies and financial institutes.
On February 11, the General Insurance Association of Singapore (GIA) and Life Insurance Association (LIA) announced that policyholders with Integrated Shield Plans (IPs) and riders from insurers will get to enjoy coverage for hospitalisation expenses related to COVID-19.
On top of that, insurance companies and banks are stepping up to provide their policyholders with free benefits should they be diagnosed with the virus.
Free/ Complimentary Insurance Coverage and Benefits By Insurers
| AIA | AXA | China Taiping | China Life | DBS/POSB (in partnership with Chubb) | Etiqa and Maybank | Great Eastern | HSBC Life | Manulife | NTUC Income | Prudential | Tokio Marine | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Diagnosis benefit | - | - | $1,000 | $800 | - | - | - | $1,000 | $1,500 | - | - | $5,000 |
| Hospitalisation Income Benefit | $1,000 (Lump sum) | $200 per day (up to 90 days) $400 per day (frontline healthcare worker) | $100 per day (up to 30 days) | $130 per day (up to 60 days) | $100 per day (up to 14 days) | $100 per day (up to 10 days) | $200 per day (up to 60 days) | $200 per day (up to 45 days) | $2,000 lump sum (if hospitalised for 5 days and more) | $100 per day (up to 30 days) | $200 per day (up to 3 Months) | - |
| ICU Payout Benefit | - | - | - | - | $1000 | $200 per day (up to 5 days) | - | - | - | - | - | - |
| Payout placed under quarantine order | - | - | - | - | - | - | - | - | - | - | $500 | - |
| Death benefit | $25,000 | $20,000 $40,000 (frontline healthcare workers) | $10,000 | $80,000 | - | $50,000 | $20,000 | $10,000 | $30,000 | $10,000 | - | - |
| Recovery benefit | - | - | $1,000 | - | - | - | - | - | - | - | - | - |
| Who Is Eligible? | Individual Life and General Insurance policyholders | Individual Life and General Insurance policyholders | Policyholders of life insurance | Policyholders | Account holders (sign up from 24 February 2020 to 15 March 2020) | Life protection and insurance savings plans policyholder | Great Eastern policyholders or immediate family member of policyholder | Policyholders and family members of policyholder (sign up from 7 February 2020 to 30 April 2020) | All policyholders of Manulife | Policyholders of Income’s Personal Accident (PA) plans with infectious disease cover and Personal Accident Infectious Disease policy | Policyholders, their immediate family member | Policyholders, excluding group and PA |
| Launch date | 17 February 2020 | 1 February 2020 | 14 February 2020 | 10 February 2020 | 24 February 2020 | 18 February 2020 | 14 February 2020 | 11 February 2020 | 17 February 2020 | 17 February 2020 | 19 February 2020 | 31 January 2020 |
| Validity | 31 December 2020 or 30 days after DORSCON changes to green (whichever is earlier) | 30/09/2020 or when the DORSCON level moves to Green (whichever is earlier) | 29 May 2020 | 31 August 2020 or till 30 days after DORSCON green or when total payout reaches $620,000 (whichever is earlier) | 30 Days upon application | - | 31 December 2020 or when total payout reaches $1,000,000 (whichever is earlier) | 1 year upon application | 1 June 2020 | 31 August 2020 | 30 June 2020 | 30 April 2020 or first 50 claims (whichever is earlier) |
Free Insurance Coverage and Benefits For Gojek and Grab Drivers
| Gigacover (In partnership With Gojek) | Chubb (In partnership with Grab) |
|
|---|---|---|
| Diagnosis benefit | $400.00 | $500 $1,000 (If under GrabCare Service) |
| Hospitalisation Income Benefit | $6,500.00 | $500 - $1,000 Rental Free Claim up to 85% of average earnings |
| Payout placed under quarantine order | $1,000.00 | $500 - $1,000 Rental Free Claim up to 85% of average earnings |
| Payout if under stay-home notice (SHN) and leave of absence (LOA) | $560.00 | - |
| Who Is Eligible? | Policyholders which includes Gojek drivers | Grab drivers and GrabFood Delivery Partners |
| Launch date | 21 February 2020 | 6 February 2020 |
| Validity | 31 March 2020 | 19 March 2020 |
All You Need To Know About Complimentary COVID-19 Insurance Coverage
More information on the list of providers that provides free COVID-19 Coronavirus insurance coverage. Do note that for some of the policies, you are required to sign up for it.
AIA
- Who is eligible: Individual or Corporate Policyowner or life insured who have their policy being issued by 31 July 2020. Estimated to be up to 1.4 million existing customers.
- Length of coverage: Till 31 December 2020 or 30 days after DORSCON changes to green, whichever is earlier
- How much is this coverage: Lump sum payout of $1,000 if hospitalised, $25,000 if the policyholder dies as a direct result of COVID-19.
- You can find more information on AIA Special COVID-19 Coronavirus coverage on their website.
AXA
- Who is eligible: Individual Life and General Insurance policyholders
- Length of coverage: Till 30 September 2020 or when the DORSCON level moves to Green, whichever is earlier
- How much is this coverage: Hospitalisation payout of $200 per day for up to 90 days. This amount is increased to $400 per day for frontline healthcare workers. Lump-sum payout of $20,000 and $40,000 for frontline healthcare workers in the event of death.
- You can find more information on AXA COVID-19 Coronavirus Care Package coverage on their website.
China Taiping
- Who is eligible: New and existing Life Insurance policyholder
- Length of coverage: Till 29 May 2020
- How much is this coverage: Diagnosis benefit of $1,000, hospitalisation benefit of $100 per day for up to 30 days, $1,000 recovery bonus and $10,000 in the event of death.
- You can find more information on China Taiping Coverage against COVID-19 on their website.
China Life
- Who is eligible: New and existing Life Insurance policyholder who have their policy being issued before 10 February 2020
- Length of coverage: Till 31 August 2020 or 30 days after DORSON green or when total payout reaches $620,000, whichever is earlier
- How much is this coverage: Diagnosis benefit of $800, hospitalisation benefit of $130 per day for up to 60 days and $80,000 in the event of death.
- You can find more information on China Life “sharing our love” on their website.
DBS/POSB (In partnership with Chubb)
- Who is eligible: Account holders who signed up for it from 24 February 2020 to 15 March 2020.
- Length of coverage: 30 Days upon application
- How much is this coverage: Hospitalisation benefit of $100 per day for up to 14 days and $1,000 upon admission to ICU.
- You can find more information on DBS/POSB COVID-19 Relief Insurance Coverage on their website.
Etiqa
- Who is eligible: Life protection and insurance savings plans policyholder
- Length of coverage: None. Etiqa Singapore reserves the discretion to make amendments to the benefits and its validity at any time.
- How much is this coverage: Hospitalisation benefit of $100 per day for up to 10 days, $200 per day for up to 5 days upon admission to ICU and $50,000 in the event of death.
- You can find more information on Etiqa COVID-19 Financial Assistance Benefit on their website.
Great Eastern
- Who is eligible: Great Eastern policyholders or immediate family member of the policyholder
- Length of coverage: Till 31 December 2020 or when total payout reaches $1,000,000, whichever is earlier
- How much is this coverage: Hospitalisation benefit of $200 per day for up to 60 days and $20,000 in the event of death.
- You can find more information on Great Eastern Customer care Fund on their website.
HSBC Life
- Who is eligible: HSBC policyholders and family members of the policyholder who sign up from 7 February 2020 to 30 April 2020
- Length of coverage: 1 year upon application
- How much is this coverage: Diagnosis benefit of $1,000, hospitalisation benefit of $200 per day for up to 45 days and $10,000 in the event of death.
- You can find more information on HSBC complimentary special benefits for Novel Coronavirus on their website.
Manulife
- Who is eligible: All policyholders of Manulife
- Length of coverage: Till 1 June 2020
- How much is this coverage: Diagnosis benefit of $1,500, hospitalisation benefit of $2,000 if hospitalised for 5 days or more, and $30,000 in the event of death.
- You can find more information on Manulife COVID-19 Protection benefit on their website.
NTUC Income
- Who is eligible: Policyholders of Income’s Personal Accident (PA) plans with infectious disease cover and Personal Accident Infectious Disease policy
- Length of coverage: Till 31 August 2020
- How much is this coverage: Hospitalisation benefit of $100 per day for up to 30 days and $10,000 in the event of death.
- You can find more information on NTUC Income COVID-19 protection on their website.
Prudential
- Who is eligible: Policyholders of Prudential
- Length of coverage: Till 30 June 2020
- How much is this coverage: Hospitalisation benefit of $200 per day for up to 3 months and Quarantine Order benefit of $500
- You can find more information on Prudential PRUCare Package on their website.
Tokio Marine
- Who is eligible: Policyholders of Tokio Marine, excluding group and PA
- Length of coverage: Till 30 April 2020 or first 50 claims, whichever is earlier
- How much is this coverage: Diagnosis benefit of $5,000
- You can find more information on Tokio Marine Insurance Coverage of 2019 Novel Coronavirus on their website.
Advertisement
About Ming Feng
A stint in Bloomberg gifted me with a beer belly, which only grew larger when I moved on to become a Professional Trader. Now I turn caffeine into digestible finance-related content.
You can contribute your thoughts like Ming Feng here.
