SINGAPORE (THE BUSINESS TIMES) – Manulife Singapore has committed $1 million via a coronavirus outbreak (Covid-19) support fund to provide additional protection coverage to its customers in the Republic at no added cost.
The insurer has also committed $100,000 to The Courage Fund, which is administered by the National Council of Social Service and Community Chest.
Manulife’s additional coverage is effective from Monday until June 1 and includes diagnosis benefits and additional death benefit.
Customers diagnosed with Covid-19 in Singapore will receive a one-time immediate $1,500 cash benefit. If the customer is hospitalised for five days or more, an additional $2,000 cash benefit would be payable.
If a death occurs as a result of the Covid-19 diagnosis, an additional lump sum of $30,000 would be paid out on top of the death benefit from the customer’s existing policy.
Great Eastern on Friday said it would implement a $1 million support package to help customers affected by the Covid-19 outbreak. It also said it would contribute $200,000 to The Courage Fund.
The move comes as other companies in Singapore announce initiatives to help businesses and individuals tide over the period of uncertainty. CapitaLand said on Thursday that its philanthropic arm has pledged $300,000 to The Courage Fund.
Meanwhile, Singapore banks have also stepped in with some relief measures. These include loan restructurings, principal moratorium and extensions of tenors for loans and trade finance bills.