Insurers hand out coronavirus-related assistance funds

Insurers are handing out assistance funds for customers who contracted Covid-19 or to help their family members who have been served with quarantine orders.

Tokio Marine has disbursed $5,000 each to four of its life insurance policyholders who have contracted the coronavirus, the company said yesterday.

The initiative is part of the company's plan to help affected customers and their family members tide over the challenging times.

Tokio Marine was one of the first few insurers in Singapore to roll out assistance schemes aimed at alleviating the fallout from the coronavirus outbreak.

The insurer said on Jan 31 that its life insurance policyholders who had contracted the virus will receive a lump sum of $5,000 to tide them over the challenging period after they had been diagnosed by a local hospital.

The scheme, which ends on April 30, is limited to the first 50 submissions.

Prudential Singapore has paid out 307 one-time cash benefits of $500 to customers and their spouses, parents and children who had been served with quarantine orders.

It has also paid out 13 $200 daily hospitalisation allowances to individual customers and their immediate family members who are hospitalised for the coronavirus, the company said in response to media queries yesterday.

Etiqa has paid out one coronavirus-related claim for a life insurance policyholder, and two other coronavirus-related claims under a benefit that is part of a scheme to protect freelancers' earnings.

Aw Cheng Wei

A version of this article appeared in the print edition of The Straits Times on March 20, 2020, with the headline 'Insurers hand out coronavirus-related assistance funds'. Print Edition | Subscribe