Reader: Ok, ok what’s the catch?
What? What catch?
Reader: Whenever I see the word “free” in an article headline I usually discover that the writer was not being completely truthful and that it was just to draw me in.
*gasps* Are you accusing me of writing a clickbait article? I’m offended.
Reader: Well, I’m sorry.
You should be. Ok, to be honest, even I expected a catch, but there isn’t one. It really is free.
Reader:
Free Insurance Coverage for COVID-19
On Monday (17 Feb), DBS Bank announced that it will be partnering with Chubb Insurance Singapore to offer all its 5 million DBS and POSB customers 30 days of free Covid-19 coverage.
As you know, Covid-19 is ravaging China and has spread all over the world. It has infected over 73,000 and claimed 1,873 lives at the time of writing.
Just yesterday, two more cases were confirmed here, bringing the total to 77 in Singapore.
In its announcement, DBS said that from next Monday until 15 March, customers aged 18 and above who sign up for the Covid-19 Hospital Cash policy will receive 30 days of free Covid-19 coverage.
Family members can be added by the main policyholder even if they are not bank customers, according to TODAYonline.
S$100 per day of hospitalisation and a lump sum of S$1,000
Yes, you read that right. If you’re signed up for this and are diagnosed with Covid-19, you will receive S$100 per day of hospitalisation and a lump sum of S$1,000 if you are admitted to the intensive care unit.
You will also receive worldwide coverage if you must travel during the period of coverage, DBS said.
Customers can apply at any DBS or POSB branch islandwide. Children must be at least one-month old to be covered.
And you can also extend your coverage beyond 30 days, but you’ll have to pay for that.
But why? Why would they do this?
In a world where some retailers hike up the prices of face masks during an epidemic to make a profit, it’s hard to believe that there organisations out there whose aims go beyond financial gain.
“On the back of the liquidity relief measures we introduced last week, we wanted to further enhance the community support measures for our customers and the public in Singapore,” said Mr Shee Tse Koon, DBS Singapore’s country head.
He added that DBS hoped that the coverage “will help to further cushion affected patients’ healthcare expenses during a difficult period”.
They truly are the good guys. And, surprisingly, they’re not the only ones.
Insurers offering free coverage too
AIA Singapore also said on Monday that they will provide their existing 1.4 million eligible policyholders with free Covid-19 coverage until the end of 2020, or 30 days after the Disease Outbreak Response System Condition (Dorscon) level is stepped down to Green, whichever is earlier.
Just like DBS customers, AIA policyholders will receive a lump sum of S$1,000 should they be hospitalised. Additionally, they will receive S$25,000 if the insured person dies from Covid-19.
Moreover, last week, the General Insurance Association of Singapore and Life Insurance Association Singapore said that their member companies’ Integrated Shield Plans (IPs) and IP riders will provide coverage for hospitalisation expenses related to Covid-19.
They added that many non-IP individual and group health insurance policies will also provide coverage for medical expenses related to Covid-19. Policyholders should check with their insurer, they said.
Popular insurer Great Eastern said on 14 Feb that it has set aside S$1 million to support its policyholders. This comes after it contributed S$200,000 to the Courage Fund facilitated by the National Council of Social Service and Community Chest.
If you’re a Great Eastern policyholder and you or your family members are diagnosed with Covid-19, you will receive S$200 per day of hospitalisation in Singapore for up to 60 days and a lump sum of S$20,000 if the insured person dies. The coverage applies until the end of the year.
Yes, it’s hard to believe, but the organisations we tend to view as acquisitive, such as banks and insurance companies, are actually the ones helping out during a crisis.
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Well done, guys.
And oh, BTW, as for the medical bills, the Government’s taking care of it.