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China Taiping Insurance offers Covid-19 coverage for new, existing customers

THE Singapore arm of China Taiping Insurance has joined other insurers here in offering additional coverage for the Covid-19 outbreak, going a step further to offer a bonus of S$1,000 for insured customers upon their recovery from a Covid-19 infection.

On Tuesday, China Taiping Insurance (Singapore) (CTPIS) launched two new initiatives for new and existing customers: a Financial Aid Campaign for life insurance customers, and an enhanced Personal Accident plan.

The Financial Aid Campaign provides free additional benefits of a S$1,000 payout upon diagnosis of Covid-19 in Singapore, daily hospitalisation benefit of S$100/day for up to 30 days, a recovery bonus of S$1,000 and an additional S$10,000 death benefit payout on top of the insured person's death coverage under their existing policy.

New policies are to be submitted by May 29, and coverage extends until July 31.

Under the enhanced Personal Accident Safe plan, the new Covid-19 coverage provides a daily quarantine benefit of S$100/day for up to 14 days, medical expenses benefit of up to S$500 per policy year for one incident, and a S$10,000 death benefit payout.

Said Lance Tay, general manager for life insurance at China Taiping Insurance (Singapore): "We want to give all our existing and new life insurance customers additional peace of mind during this challenging time with our complimentary insurance coverage which provides financial aid upon diagnosis, hospitalisation and recovery from Covid-19.

"Our recovery bonus is unique to CTPIS, something that a Covid-19 patient can look forward to celebrating after winning the battle."

Other insurers who have beefed up their insurance coverage for the Covid-19 outbreak include Chubb Insurance Singapore in a partnership with DBS, as well as Manulife Singapore, AIA, NTUC Income, HSBC Life Singapore and Great Eastern.