Announced earlier this year, the coverage was originally set to last until Dec 31 this year. The insurer said the initiative covers 2.6 million of its customers, employees and their dependents, as well as AIA insurance representatives.
AIA noted that about 500 customers who suffered from Covid-19 have received financial help for their medical bills. It said it is "doubling down" on its commitment to help ensure quality healthcare is accessible to all.
AIA Singapore's chief executive officer, Wong Sze Keed, said: "We have taken it upon ourselves to find new and timely ways to put our people - our employees, insurance representatives, customers and the wider Singapore community - first by providing them with peace of mind while living amid this uncertainty."
She added: "We will continue to honour this commitment in 2021, delivering on our promise of enabling healthier, longer, better lives."
AIA Singapore said that it has invested over $5 million in several community initiatives to support Singaporeans throughout 2020. These include efforts to make quality healthcare accessible to all, and creating employment opportunities in the financial sector.
Apart from the Covid-19 special coverage, other initiatives include medical tele-consultations for certain policyholders, and a free dengue defence cover product, which paid out claims to 447 policyholders.
The insurer also said it has invested $2 million to create 500 new jobs through the AIA Financial Career Scheme, which provides training and financial support to fresh graduates and mid-career switchers.
AIA Singapore has also raised more than $550,000 for two adopted charities - Children's Wishing Well and the VIVA Foundation for Children with Cancer.