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Important Information

Life Insurance updates on addressing the challenges of COVID-19

Dear Clients,

The COVID-19 outbreak has made this a challenging time for businesses, households and Singaporeans. Our partners have introduced several industry-led measures aimed at mitigating the challenges presented by COVID-19. We are happy to share some positive updates from Prudential and HSBC Life.

  1. Updates for Prudential Policies
    1. Extension of grace period to pay premiums
      To support those who are financially impacted by the COVID-19 situation, all members of the Life Insurance Association have agreed to extend the grace period to pay premiums due by up to six months or 180 days.This extended grace period will apply to all policies with premiums due between 1 April to 30 September 2020 (both dates inclusive). Throughout the 6-months grace period, you will continue to receive coverage from your plans.There is no need for you to make an application. The extended grace period of 180 days will automatically be triggered by Prudential if premiums are not paid during the qualifying period – 1 April to 30 September 2020 (both dates inclusive).
    2. Changes in PRUShield Coverage for COVID-19
      On 24 March 2020, the Ministry of Health (MOH) announced that they will no longer offer subsidised rates for Singapore residents and long-term pass holders who leave Singapore on and from March 27 onwards. This is applicable for those who are admitted as suspected COVID-19 patients within 14 days of returning.In addition to the above, Singapore residents and long-term pass holders will not be able to claim from MediShield Life or Integrated Shield Plans (including foreigner shield plans) for treatments relating to COVID-19, at both public and private hospitals.
    3. Prudential commits $1.5 million to help SMEs and individuals affected by COVID-19
      To provide support to close to one million customers and the community at large that are affected by COVID-19, Prudential has set up a $1.5 million PRUcare package to benefit various groups during this challenging period.

    The PRUcare package includes the following:

    1. Individual customers and their immediate family members¹ served with quarantine orders² get a one-time $500 cash benefit each
    2. Individual customers and their immediate family members¹ hospitalised for COVID-19 receive $200 daily hospitalisation allowance up to 3 months
    3. SME customers get a premium payment deferment for 3 months
    4. $100,000 pledged to Courage Fund
    5. Care Kits for more than 1,000 vulnerable seniors, taxi and private hire drivers

    Customers who are affected are asked to inform their Relationship Manager or to call the Prudential Customer Service hotline 1800-333-0333. For more information, please visit this link .

  2. Updates for HSBC Life Policies
     
    Extension of grace period for premium payment for Universal Life Policy (Jade RP) holders
    Customer can apply to defer premium payments up to 6 months, for any premium due between 1 April to 30 September 2020. No interest will be charged during the period of deferment, but policy fees will continue to be deducted from the cash value.  If the cash value is insufficient to sustain the policy fees during the deferred period, the policy will not lapse.  Customer is encouraged to pay outstanding premiums at the end of the extended grace period.

    1. How can you apply?
      You can call the hotline at +65 6225 6111; or send an email to e-surance@hsbc.com.sg;  or visit the Customer Service Centre at 9 Battery Rd, #12-01, MYP Centre, Singapore 049910. No application form nor proof of financial hardship is required. Customer to indicate the intended policy numbers only.
    2. How will you know that the application is successful?
      You will receive a letter of confirmation within 7 working days.
    3. By when should I apply?
      You should apply before 30 days past the premium due date.  For example, if the premium due date is 1 May 2020, you must apply before 30 May 2020.
    4. What happens if I claim on the policy or surrenders the policy during the extended grace period?
      If you make a claim, including the COVID-19 benefit, or surrender the policy during the extended grace period, the outstanding amount will be deducted from the proceeds if any.

For more information, visit the the HSBC Life public website at  https://www.insurance.hsbc.com.sg/.

Footnotes:

¹ Customers and their immediate family members who are Singapore residents with NRIC/FIN. Immediate family members refers to the customer’s spouse, parents and children

² A Quarantine Order is a directive issued to individuals in Singapore under the Infectious Diseases Act and thus hase legal force with severe penalties for non-compliance. For more information, pls click on this link –https://www.moh.gov.sg/covid-19/faqs