Finance
China Life Insurance Singapore Provides Customers and Employees Financial Support of up to $88,600 against Novel Coronavirus
China Life Insurance (Singapore) Pte. Ltd. (“China Life Insurance Singapore”) will be giving financial support of up to $88,6001 to customers and employees2 in Singapore against the incumbent worrying threat of Novel Coronavirus (“COVID-19”) to 31 August 20203 .
Mr Lin Xiangyang, China Life Insurance Singapore Chief Executive
Mr Lin Xiangyang, China Life Insurance Singapore Chief Executive said, “In this challenging time amid the virus outbreak shrouded with uncertainties, it is critical that we as a life insurer do our part to serve the community by providing financial support to those affected by the coronavirus outbreak in Singapore. The World Health Organization has declared COVID-19 as a global health emergency. As at 7 February, it has claimed 636 lives and infected over 30,000 people* within and outside China. We are doing what we need to do to take care of our customers, of which over 90% are Singapore residents, as they have placed their trust to insure with us. For this reason, we take this opportunity to thank them for their support since 2015, our establishment year in Singapore – this year being our 5th anniversary, by giving them the financial support of up to $88,600 during this period if any unforeseen event happens.”
He added, “Our employees which comprises various nationalities, are the heartbeat of the company and it is essential that we provide this financial support for them as well. As a company, we have also taken the precautionary measures to take their daily temperature, provide masks if they are unwell and communicating the hygiene practices to adopt as advised by the Ministry of Health to them. I believe our community act during this time of uncertainty will bring comfort and assurance to both our customers and employees, and help ease their financial burdens.”
Information on China Life Insurance Singapore Financial Support:
| For both new4 and existing policyholders: | Financial Support |
| 1) Upon Diagnosis and Quarantine If the life insured is diagnosed with COVID-19 by a registered medical practitioner and placed under quarantine. |
A lump sum payment of $800 |
| 2) Upon Hospitalisation If the life insured is diagnosed with COVID-19 by a registered medical practitioner and is warded in a hospital. |
$130 per day, up to 60 days of inpatient hospitalization |
| 3) Upon Death In the unfortunate event that the life insured passes away due to COVID-19. |
A lump sum payment of $80,000 |
Financial support is capped at $88,600 per life insured regardless of the number of insurance policies with the same life insured.
| For employees: | Financial Support |
| 1) Upon Diagnosis If an employee is diagnosed with COVID-19 by a registered medical practitioner. |
A lump sum payment of $8,000 |
| 2) Upon Death In the unfortunate event that an employee passes away due to COVID19. |
A lump sum payment of $80,000 |
*Source: “China coronavirus death toll hits 636, more than 30,000 infected”, https://www.channelnewsasia.com/news/wuhan-virusdeath-toll-china-12403344?cid=h3_referral_inarticlelinks_24082018_cna, 7 Feb 2020
Footnotes:
- The amount of $88,600 is based on payments being made in all 3 categories under the financial support scheme for policyholders, with the maximum inpatient hospitalisation period of 60 days assumed.
- If an employee is also the life insured of an insurance policy issued by the company, only the employee financial support scheme will apply.
- This financial support campaign will end: (i) 30 days after the day whereby the Singapore government announces that the Novel Coronavirus (“COVID-19”) outbreak has been reduced to DORSCON level – Green; (ii) by 31 August 2020; or (iii) when the total amount of financial support payments disbursed under both schemes reaches $620,000, whichever is earliest.
- No financial support shall be payable under this Scheme for policies issued on or after 10 February 2020 where, (i) the life insured is diagnosed with COVID-19 within 14 days after the policy issuance date or the policy effective date (whichever is the later); or (ii) the life insured shows signs and/or symptoms of any respiratory illnesses or diseases before applying for the policy.
About China Life Insurance (Singapore) Pte. Ltd.
Established in 2015, China Life Insurance (Singapore) Pte. Ltd. is a licensed life insurer which is regulated by the Monetary Authority of Singapore. As part of China Life Insurance (Group) Company (“China Life”) which is the largest financial insurance corporation in China, we are backed by its financial strength and established heritage. China Life is a Fortune Global 500 company, ranked 51 in 2019, for 17 consecutive years. It is an influential global brand with a brand value of over RMB 353.9 billion*.
