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Great Eastern pledges S$1m to customers affected by Covid-19

INSURER Great Eastern (GE) on Friday said it will roll out a S$1 million support package to help customers affected by the Covid-19 outbreak, and contribute S$200,000 to The Courage Fund, which is administered by the National Council of Social Service and Community Chest.

From Feb 14 till end 2020, GE customers and/or their immediate family members who are hospitalised due to the novel coronavirus will receive a cash benefit of S$200 per day of hospitalisation, up to a maximum of 60 days.

Immediate family members are defined as a person's spouse and children aged 18 and below, according to GE. In the event that death occurs, a lump sum of S$20,000 (see amendment note) will be paid out. 

This Covid-19 support package is on top of insurance coverage GE offers customers through their existing policies. 

As for its travel insurance customers, GE is offering a full premium refund for those who purchase policies from Feb 6 to June 30, 2020, should they decide to cancel their plans. 

The company added that it will also provide monetary support for its financial representatives and their families, if they are affected by Covid-19. 

Separately, GE's donation to The Courage Fund will support patients, healthcare workers and members of the community affected by the virus outbreak in Singapore.

The Courage Fund was first set up in 2003 to raise funds for Sars victims and healthcare workers.

GE's donation comes after other companies have similarly announced initiatives to help businesses and individuals tide over this period of uncertainty. 

On Thursday, CapitaLand noted that its philanthropic arm, CapitaLand Hope Foundation, has pledged S$300,000 to The Courage Fund

As the virus continues to rattle the region, 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. 

As at 2.23pm on Friday, Great Eastern shares were trading at S$21.82, up S$0.05 or 0.2 per cent. 

Amendment note: An earlier version of this story incorrectly stated that a lump sum of S$200,000 will be paid out in the event of death. The lump sum payment is in fact S$20,000 and the article above has been revised to reflect this.