Coronavirus: Prudential receives more than 60 claims for $500 cash benefit

British life insurer Prudential's logo is seen on their building in Britain on March 17, 2019. The benefit is applicable to Covid-19 cases that occur between Jan 23 and June 30 and it extends to the customers' family members. PHOTO: REUTERS

SINGAPORE - Insurer Prudential is processing 66 submissions as of Monday (Feb 24) for the one-time $500 cash benefit the firm has rolled out for customers here who had been served quarantine orders amid the coronavirus outbreak.

Four of the 66 submissions include requests for the $200 daily hospitalisation allowance provided to Prudential's customers and their family members who are warded for Covid-19, the insurer said on Tuesday in response to queries by The Straits Times.

The benefit is applicable to Covid-19 cases that occur between Jan 23 and June 30 and it extends to the customers' family members, which include their spouses, parents and children, Prudential added.

Insurers had been offering relief for customers who had been affected by the virus outbreak in China.

AXA Insurance announced on Wednesday (Feb 26) a $500,000 package that aims to help its life and general insurance customers, with front-line healthcare workers getting twice that of others.

AXA customers who are in jobs such as doctors, nurses and radiographers, among others, will receive $400 per day for up to 90 days if they are warded because of the Covid-19, the insurer said.

Their beneficiaries will also get a lump sum of $40,000 in the event of death from the virus, AXA added.

The benefits are applicable to Covid-19 cases that are diagnosed between Feb 1 and Sept 30, or when the Dorscon level moves to green, whichever is earlier, AXA said, referring to the national disaster alert response level on the coronavirus situation.

A green level means the disease is severe but does not spread easily from person to person or it is mild.

A spokesman for Tokio Marine Life Insurance said the firm has not received any claim submissions for the $5,000 that the insurer is giving out to its life insurance policyholders who had contracted the virus, limited to the first 50 claimants.

DBS Bank, South-east Asia's largest bank, is discussing with Chubb Insurance to introduce complimentary insurance coverage for regional markets that the bank is operating in.

DBS has worked with Chubb to launch on Monday the Covid-19 Hospital Cash policy, a 30-day free cover that entitles holders here to receive $100 per day for up to 14 days if they are hospitalised, and a lump sum payout of $1,000 if they have to stay in the intensive care unit because of the virus.

The policy, which is open to DBS' five million customers, expires automatically, but policyholders can choose to extend their coverage by paying at least $0.68 a day, according to the DBS website.

The Ministry of Health said earlier this month that the Government is paying for hospital bills incurred by coronavirus patients in public hospitals, but this coverage does not extend to outpatient treatment.

All patients suspected of being infected with the virus must be admitted to hospitals for isolation and management to prevent community transmission, the ministry added.

"The Government will pay the hospital bill in full for such admissions in public hospitals, which are required for public health reasons," it said.

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