SINGAPORE (THE BUSINESS TIMES) - Life insurer Prudential Singapore on Wednesday (Feb 19) introduced a $1.5 million relief package for small and medium-sized enterprises (SMEs) and individuals affected by the coronavirus outbreak (Covid-19).
Employees at SMEs covered by Prudential's group insurance will continue to receive medical coverage should the firms run into cash flow difficulties.
Existing SME customers of Prudential can also defer their premium payments for up to three months. This option will be available till the end of June, although it might be extended depending on the severity of the Covid-19 situation, Prudential said.
The postponement of premium payments is meant to help the companies better manage their cash flow and ensure that there is no disruption to the staff's coverage so they can still receive the medical and hospitalisation care they need.
Meanwhile, for individuals, Prudential will provide a one-time cash benefit of $500 to its customers and their immediate family members who are served with quarantine orders for the virus.
Individual customers and their immediate family members who are admitted to hospitals in Singapore for Covid-19 will also receive a daily allowance of $200, for up to three months of hospitalisation.
These benefits for individuals are applicable to Covid-19 cases that emerge during the period of Jan 23 to June 30.
They are also available to employees of Prudential's corporate and SME customers, Prudential's 1,200 employees, the insurance company's 5,000 financial consultants, and these individuals' immediate family members.
Mr Goh Theng Kiat, chief customer officer at Prudential Singapore, said: "We recognise that there may be some customers who are worried about the loss of income during this period, and we want to provide them with financial support."
Customers who are affected should inform their financial consultants or call the Prudential customer service hotline 1800-333-0333.
Besides Prudential, other banks and insurers have likewise beefed up efforts to soften the blow from the outbreak.
DBS on Monday said it is partnering Chubb Singapore to provide its five million Singapore customers with free insurance coverage relating to Covid-19. Earlier, DBS, OCBC, UOB, HSBC and Standard Chartered announced relief assistance to their business customers, especially to help SMEs with their cash flow during the crisis.
Manulife, AIA, NTUC Income, Gojek, Gigacover, Etiqa Insurance and Great Eastern have also rolled out similar measures.