DBS has partnered with Chubb Insurance Singapore Limited (Chubb) to complimentary insurance coverage in relation to COVID-19 to all its five million customers in Singapore.
Both parties are also in discussions to introduce similar coverage policies for customers in the regional markets that DBS operates in, the bank said in a press statement on February 17.
Under the COVID-19 Hospital Cash policy, which is launching on February 24, those who are diagnosed with COVID-19 will receive SGD100 per day of hospitalisation and a lump sum of SGD1,000 upon admission to the ICU.
The policy will be available for sign-ups until Sunday, March 15.
DBS/POSB customers who are Singapore Residents aged 18 and above can apply for the COVID-19 Hospital Cash policy as the main policyholder, and include their immediate family members1 as additional insured persons. There is no age limit, though the policy can only insure those who are one month and above.
Family members do not have to be DBS/POSB customers.
“Alongside the public health measures announced by the Singapore Government, we hope this coverage – which will be available to almost all Singapore residents – will help to further cushion affected patients’ healthcare expenses during a difficult period," said Shee Tse Koon, DBS Singapore Country Head.
Scott Simpson, Country President of Chubb in Singapore, added, “Chubb recognises the importance of aiding customers during this critical period. In view of the evolving coronavirus situation, we want to provide DBS customers with appropriate protection, peace of mind and confidence to carry out their daily activities, knowing that in the event of the unfortunate, they are protected.”
The COVID-19 Hospital Cash policy will be available for customers to sign up online, or at any DBS/POSB bank branch island-wide.