Tokio Marine Life Insurance Singapore (TMLS) has announced that it will provide financial assistance to its policyholders following the coronavirus outbreak that has already claimed 565 lives.
$5,000 of financial assistance will be provided to policyholders with "in-force individual life policies" as a means to "tide over challenging times", according to a release.
It said that this would make Tokio Marine Life Insurance Singapore (TMLS) the city-state's first insurer to extend a helping hand to combat the crisis that has been deemed a "global health emergency" by the World Health Organization.
Life is filled with uncertainties and we may be caught off-guard especially during unexpected crises"
"Life is filled with uncertainties and we may be caught off-guard especially during unexpected crises," said TMLS CEOChristopher Teo.
To avail of the programme, a policyholder must submit proof of medical certification from Singapore hospitals indicating diagnosis.
It is limited to the first 50 submissions for financial assistance by 30 April.
The insurer also announced that for every sale through its tied agency channel from February 01 to April 30, it will make a SG$10 donation to the International Red Cross, which will be used to help fund medical supplies and food for beneficiaries in Wuhan, China, the epicentre of the virus outbreak.
Meanwhile, in Malaysia all life insurance and takaful operators will provide hospitalisation coverage and treatment costs to their policyholders and certificate holders that fall ill to the coronavirus.
The undertaking was announced in a joint statement today by the Life Insurance Association of Malaysia (LIAM) and Malaysian Takaful Association.
They said even though a majority of the medical policies/certificates carry an exclusion on communicable diseases requiring quarantine by law, players are responding to an immediate need of the nation by waiving the exclusion on quarantine by law in light of the increasing number of people who have been affected.
"Policyholders and certificate holders are advised to check with their respective insurance companies and takaful operators for the benefits and terms and conditions of their health insurance policy and takaful certificate," LIAM chief executive officer Mark O'Dell said.
Members of LIAM are AIA Bhd, Allianz Life Insurance Malaysia Bhd, AmMetLife Insurance Bhd, AXA AFFIN Life Insurance Bhd, Etiqa Life Insurance Bhd, Gibraltar BSN Life Bhd, Great Eastern Life Assurance (M) Bhd, Hannover Rueck SE, Malaysian Branch (reinsurer).
They also include Hong Leong Assurance Bhd, Manulife Insurance Bhd, Malaysian Life Reinsurance Group Bhd (reinsurer), MCIS Insurance Bhd, Prudential Assurance Malaysia Bhd, Sun Life Malaysia Assurance Bhd, Tokio Marine Life Insurance Malaysia Bhd, and Zurich Life Insurance Malaysia Bhd.