SINGAPORE (THE BUSINESS TIMES) - DBS announced that it has partnered Chubb Insurance to offer DBS/POSB customers free insurance for unexpected complications arising from the Covid-19 vaccine.
Launched on Thursday (March 25), Covid-19 Vaccine Protect will extend $100 per day for up to 14 days of hospital confinement and a lump sum payout of $1,000 for ICU (intensive care unit) confinement in case of either complications arising from vaccinations or contraction of the virus.
The policy also includes a lump sum bereavement assist benefit of $10,000 for both cases.
The 14-day vaccination cover commences on the date of each shot or before Dec 31, 2021, and is limited to two doses. Meanwhile, the Covid-19 coverage is valid for 30 days commencing on the date of application.
Customers who are Singapore residents aged 18 and above can apply for the vaccination insurance online or at any DBS/POSB bank branch islandwide from March 25 to April 30, as long as they have not travelled overseas in the last 14 days or displayed symptoms of the infection.
Upon signing up, they will also be entitled to medical services provided by Parkway Shenton, including teleconsultations, Covid-19 swab tests and health screenings, as part of a two-year DBS Parkway programme.
The applicants can also insure their partner and dependent children who are not DBS/POSB customers. However, the family members will not be able to access the benefits from the DBS Parkway programme.
The bank's 12,000 employees in Singapore will also be automatically covered by the Covid-19 vaccination insurance.
"We are grateful to be able to partner Chubb and Parkway Shenton, as part of our latest Covid-19 community support initiative, to support the national vaccination drive. This demonstrates a whole-of-country effort to provide additional peace of mind for our customers and employees who are receiving their vaccinations," said DBS Singapore country head Shee Tse Koon.
Last February, DBS and Chubb introduced a similar complimentary Covid-19 insurance policy, which saw a million DBS customers and their family members sign up.
Mr Scott Simpson, country president of Chubb in Singapore, added: "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.
Since January, insurers Prudential, Aviva and Great Eastern have also been covering its customers for side effects from Covid-19 vaccinations.
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.
In February, Chubb also partnered ride-hailing giant Grab to provide drivers and food delivery service providers with free insurance benefits against the coronavirus.