Great Eastern has rolled out an insurance plan for self-employed, freelance and gig economy workers in a tie-up with telehealth start-up Doctor Anywhere.
Great Comprehensive Care is an annual renewable plan that offers hospitalisation income, personal accident coverage and outpatient care in a single policy. It aims to address the concerns of gig economy workers, many of whom will find it difficult to regain their pre-pandemic income even as most activities resume in the second phase of Singapore’s reopening, said the insurer yesterday.
“Without the support of employee benefits or corporate insurance coverage, the situation is even more challenging if these individuals are hospitalised due to an injury or illness and their daily income is curtailed,” said Great Eastern.
There are two plan types – basic and deluxe – with premiums from 73 cents a day, or about $22 a month.
The basic plan provides a daily hospital cash benefit of $100 for up to 365 days, and an additional payout of $100 a day on admission to an intensive care unit (ICU), for up to 30 days. There is also a sum assured of $100,000 for accidental death or total and permanent disability, or $10,000 in the event of death due to Covid-19. The basic plan’s outpatient healthcare coverage provides for six Doctor Anywhere video consultations.
Mr Ryan Cheong, managing director of Great Eastern’s digital for business division, said the insurer wants to provide more affordable protection for the self-employed, gig economy workers, and employees of small and medium-sized enterprises who may not have sufficient corporate insurance or benefits.
Doctor Anywhere founder and chief executive Lim Wai Mun said: “The pandemic situation has highlighted the need for flexibility in outpatient medical services.”
No underwriting is required for the new policy, and applications can be made on the Great Eastern website. The plan is also on Doctor Anywhere’s health and wellness platform.
Singtel also unveiled a new insurance savings plans on its Dash e-wallet app yesterday.
A Dash EasyEarn plan can be started with a minimum initial premium of $2,000, up to a maximum of $20,000. Other benefits include up to 2 per cent a year returns for the first policy year. There is no lock-in period and no penalties for withdrawals.
User can do top-ups – of at least $500 each time – and withdraw funds. Interest is earned only if the minimum policy amount of $2,000 is maintained.
The capital-guaranteed Dash EasyEarn comes with a coverage of 105 per cent of the account value in the event of the policyholder’s death. The plan is underwritten by Etiqa Insurance.