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Digital insurer FWD Singapore has launched an insurance plan that provides financial support for all Singapore residents who test positive for the novel coronavirus. The 100-day plan is priced at S$28 ($25).

“We want to provide reassurance that should Singaporeans test positive for the virus and require hospital treatment, this plan will give them the protection and financial resources they need. In particular, we recognise that our critical frontliners may be at a higher risk of contracting COVID-19 so we have included a feature that doubles the death benefit for this group of individuals,” said FWD Singapore CEO Khor Kee Eng.

The COVID-19 insurance plan is available to anyone between the ages of 18 and 65, currently residing in Singapore with a valid NRIC or FIN number. They can complete their application for the plan online without any lengthy health questionnaire and medical underwriting.

Upon successful application, the insured person will receive the following coverage in the event of a COVID-19 diagnosis:

  • Daily cash allowance of S$100 for up to 14 days, if he/she is admitted into ICU
  • Post-hospitalisation cash benefit of S$800 upon discharge from hospital
  • Death benefit of S$50,000 which automatically doubles to S$100,000 for critical frontline workers from health and social services, food services, transportation service and storage services

The COVID-19 insurance plan will also be available for purchase directly via the FWD website and through collaborations with a selected list of partners. This includes CXA Group, Mercer Singapore and ValueChampion.

FWD said it will add more partners in the coming weeks to make the plan accessible to a wider pool of customers in Singapore.

 



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