Free Covid-19 relief insurance coverage for DBS/POSB users & family members, application starts on Feb. 24
Free 30-day insurance coverage.
DBS Bank announced on Feb. 17 that its five million DBS customers in Singapore will be able to enjoy free insurance coverage related to Covid-19, known as the Covid-19 Hospital Cash policy.
Free 30-day insurance coverage for Covid-19
The Covid-19 Hospital Cash policy is a 30-day free cover that provides a daily cash benefit for hospital confinement and a lump sum payout for ICU confinement, in relation to Covid-19.
It will launch on Feb. 24 and provides worldwide coverage for policyholders who must travel during this period.
Those who are diagnosed with Covid-19 while being covered by the Covid-19 Hospital Cash policy will receive S$100 per day of hospitalisation and a lump sum of S$1,000 upon admission to the ICU.
This is a partnership with Chubb Insurance Singapore Limited (Chubb) and they are in talks to expand similar coverage policies for its regional customers as well.
According to DBS Singapore country head, Shee Tse Koon, the bank “wanted to further enhance the community support measures for our customers and the public in Singapore” and “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”.
How to apply
DBS/POSB users can sign up for Covid-19 Hospital Cash policy from Feb. 24 to Mar. 15.
If they are Singapore residents aged 18 and above, they can apply as the main policyholder and include their immediate family members as additional insured persons.
There is no age limit, though the policy can only insure those who are one month and above, and family members do not have to be DBS/POSB customers.
To sign up, the applicant and his/her family members will need to declare that he/she/they:
- Have not been to China in the last 14 days from the date of application
- Do not currently have flu-like symptoms
You can sign up online or at any DBS/POSB bank branch island-wide.
The 30-day free cover commences on the date of application and will expire automatically.
You can read the FAQ here.
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