DBS offers customers free vaccine insurance in tie-up with Chubb

Covid-19 vaccinations being administered at a community club last week. DBS Bank's Covid-19 Vaccine Protect provides coverage in case of complications arising from the vaccination or from catching the virus. ST PHOTO: LIM YAOHUI
Covid-19 vaccinations being administered at a community club last week. DBS Bank's Covid-19 Vaccine Protect provides coverage in case of complications arising from the vaccination or from catching the virus. ST PHOTO: LIM YAOHUI

DBS Bank has partnered Chubb Insurance to offer free insurance for unexpected complications arising from the Covid-19 vaccine.

Covid-19 Vaccine Protect will extend $100 a day for up to 14 days of hospital confinement and a lump sum payout of $1,000 for intensive care unit confinement in case of complications from vaccinations or from catching the virus.

The policy on offer for DBS and POSB customers also includes a lump sum bereavement assist benefit of $10,000.

The 14-day vaccination cover starts on the date of each shot and applies only to shots taken by Dec 31. It is limited to two doses.

The Covid-19 coverage is valid for 30 days and commences on the date of application.

Customers who are Singapore residents aged 18 and above can apply for the vaccination cover online or at any DBS and POSB branch until April 30, as long as they have not been overseas in the past 14 days and do not show symptoms of infection.

They will also be entitled to medical services provided by Parkway Shenton, including tele-consultations, Covid-19 swab tests and health screenings, as part of a two-year DBS Parkway programme.

Applicants can also insure their partner and dependent children who are not DBS or POSB customers. However, family members cannot access benefits from the DBS Parkway programme.

Customers may be offered the option of buying a comprehensive plan to continue their coverage if they meet the eligibility requirements, said DBS yesterday.

The bank's 12,000 employees here will also be automatically covered by the Covid-19 vaccination insurance.

DBS and Chubb introduced a similar complimentary Covid-19 insurance policy in February last year. A million DBS customers and their family members signed up.

Mr Scott Simpson, country president of Chubb in Singapore, said: "With the additional insurance coverage from Chubb, we hope this removes some of the uncertainty around getting vaccinated.

"Together with DBS, we share the hope of helping Singapore bounce back better in a post-pandemic world."

DBS and Chubb are not the only ones with this vision in mind.

Insurers Prudential, Aviva and Great Eastern have been covering customers for side effects from vaccinations since January.

That same month, OCBC Bank said its staff in Singapore will have their medical consultation fees reimbursed if they develop side effects from the vaccine.

Chubb also partnered ride-hailing giant Grab in February last year to provide drivers and food delivery service providers with free insurance benefits against the virus.

THE BUSINESS TIMES

A version of this article appeared in the print edition of The Straits Times on March 26, 2021, with the headline 'DBS offers customers free vaccine insurance in tie-up with Chubb'. Subscribe