FWD launches COVID-19 insurance plan to protect all Singapore residents against pandemic
The affordable plan, which can be purchased easily online, provides COVID-19 patients with daily cash allowance, post-hospitalisation payout and death benefit, which is automatically doubled for critical frontliners*
SINGAPORE, May 12, 2020 /PRNewswire/ -- Leading digital insurer FWD Singapore ("FWD") continues to support the fight against the COVID-19 pandemic with the launch of an affordable insurance plan that provides financial support for all Singapore residents who test positive for the virus.
The 100-day plan, which is priced at S$28, also includes a key feature that automatically doubles the payout – from S$50,000 to S$100,000 – for critical frontliners* should they pass away as a result of COVID-19.
FWD Singapore CEO Khor Kee Eng said, "As our city stands united against the COVID-19 pandemic, 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've included a feature that doubles the death benefit for this group of individuals."
APPLICATION PROCESS & BENEFITS AT A GLANCE
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. Upon successful application, which can be completed fully online without any lengthy health questionnaire and medical underwriting, the insured person will receive the following coverage, should he/she be diagnosed with COVID-19:
- 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 frontliners*
IMPROVED ACCESSIBILITY FOR CUSTOMERS
The COVID-19 insurance plan will also be available for purchase directly via the FWD website (www.fwd.com.sg) and through collaborations with a selected list of partners. This includes CXA Group, Mercer Singapore and ValueChampion. More partners will be added in the coming weeks to make the plan accessible to a wider pool of customers in Singapore.
Kee Eng added, "FWD is committed to leveraging digital technology and working with like-minded partners to change the way people feel about insurance in Singapore. Through these partnerships, we believe more people in Singapore will be able to benefit from this new insurance plan."
NEW COVID-19 PRODUCT ADDS TO FWD'S SUITE OF SOLUTIONS TARGETED AT PANDEMIC
The launch of this new COVID-19 insurance product bolsters the range of insurance solutions FWD rolled out in recent weeks to help customers cope with the financial impact of the virus.
Last month, FWD launched the FWD Personal Accident and Infectious Disease Coverage policy via an exclusive partnership with personal finance comparison site, SingSaver.
The plan covers policyholders against 20+ infectious diseases (such as COVID-19, dengue, and Zika), food poisoning as well as death and disability-related benefits like physiotherapy and home renovation. The policy is renewable at S$98 per year, with discounts available for couples and families, and benefits including worldwide medical expenses (hospitals and clinics) and unlimited worldwide medical evacuation in the event a policyholder contracts an infectious disease.
*Critical frontliners refer to anyone who works in the following areas:
- Health & Social Services
- Food Services
- Transportation Services
- Storage Services
FWD Group spans Hong Kong & Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia, offering life and medical insurance, general insurance, employee benefits, Shariah and Family Takaful products across a number of its markets.
FWD is focused on creating fresh customer experiences, with easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD aims to become a leading pan-Asian insurer that changes the way people feel about insurance.
Established in Asia in 2013, FWD started operations in Singapore in 2016 and is the insurance business of investment group, Pacific Century Group. For more information please visit www.fwd.com.sg
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