China Life Insurance Singapore to provide up to $88,600 of individual support against coronavirus

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China Life Insurance Singapore to provide up to $88,600 of individual support against coronavirus
China Life Insurance (Singapore) has announced it will be giving financial support of up to $88,600 to customers and employees in Singapore against the incumbent threat of Novel Coronavirus.
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 the coronavirus as a global health emergency. As of 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."
He went on: "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."
Lin 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."
China Life Insurance Singapore is offering the following financial support of up to $88,600 per person:
Financial support for new and existing policyholders:
1) Upon diagnosis and quarantine
If the life insured is diagnosed with 2019-nCoV by a registered Medical Practitioner and placed under quarantine.
2) Upon hospitalisation
If the life insured is diagnosed with 2019-nCoV by a registered Medical Practitioner and is warded in a hospital.
A lump sum payment of $800
$130 per day, up to 60 days of inpatient hospitalisation
3) Upon death
In the unfortunate event that the life insured passes away due to 2019-nCoV.
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.
Financial support for employees:
1) Upon diagnosis
If an employee is diagnosed with the coronavirus by a registered medical practitioner.
2) Upon death
In the event that an employee passes away due to the coronavirus.
A lump sum payment of $8,000
A lump sum payment of $80,000

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."
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Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.