Business

Manulife commits $1m for extra coronavirus protection benefits

SINGAPORE (THE BUSINESS TIMES) – Manulife Singapore has committed $1 million via a coronavirus outbreak (Covid-19) support fund to provide additional protection coverage to its customers in the Republic at no added cost.

The insurer has also committed $100,000 to The Courage Fund, which is administered by the National Council of Social Service and Community Chest.

Manulife's additional coverage is effective from Monday until June 1 and includes diagnosis benefits and additional death benefit.

Customers diagnosed with Covid-19 in Singapore will receive a one-time immediate $1,500 cash benefit. If the customer is hospitalised for five days or more, an additional $2,000 cash benefit would be payable.

If a death occurs as a result of the Covid-19 diagnosis, an additional lump sum of $30,000 would be paid out on top of the death benefit from the customer's existing policy.

Great Eastern on Friday said it would implement a $1 million support package to help customers affected by the Covid-19 outbreak. It also said it would contribute $200,000 to The Courage Fund.

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