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Several insurance companies disclosed new products and coverage enhancements in recent days.
Life and health
Chubb Ltd. partnered with GrabInsure to expand its Group Prolonged Medical Leave insurance policy with a complimentary Driver Care benefit for all Grab driver and delivery partners.
The policy provides a lump sum payout of S$1,000 for Grab driver-partners who volunteered to provide services under the GrabCare program and a payout of S$500 for all other driver and delivery partners when they get diagnosed with COVID-19, the disease caused by the new coronavirus. The benefit will be automatically available to all Grab driver and delivery partners in Singapore for free until March 19.
GrabInsure is the insurance arm of Grab Holdings Inc.
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Chubb also launched its Group Critical Illness Insurance in Hong Kong, which provides varying levels of protection depending on the policyholders' needs.
The product has three pre-set plans with maximum limits of HK$100,000, HK$200,000 and HK$300,000 and has three coverage options, including a cancer-only coverage option.
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Etiqa Insurance Pte Ltd. and Maybank Singapore are offering a 30-day special insurance cover that provides a lump sum diagnosis benefit of S$3,000 for customers diagnosed with COVID-19 or dengue fever.
The 30-day cover is available to all eligible customers of Etiqa Insurance and Maybank Singapore at no cost, with an option to continue the coverage beyond the 30-day complimentary period through the purchase of Etiqa Insurance's personal accident policy.
Etiqa Insurance is the insurance arm of Maybank Singapore.
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Manulife (Singapore) Pte. Ltd. is offering a one-time immediate cash benefit of S$1,500 for customers with a confirmed diagnosis of COVID-19 and an additional cash benefit of S$2,000 if they are hospitalized for five days or more.
The company will also provide an additional lump sum payout of S$30,000 if the policyholder dies due to COVID-19, on top of the death benefit from the customer's existing policy. The benefits are available to Manulife's customers in Singapore until June 1 at no additional cost, as part of the company's establishment of a S$1 million COVID-19 support fund.
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Axa Insurance Singapore Pte. Ltd. is offering...