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Malaysian lender Maybank and its insurance unit Etiqa Singapore have launched a complimentary Coronavirus Disease 2019 (COVID-19) and dengue fever special insurance cover for its Singapore clients.
Maybank and Etiqa Singapore customers can access the new offering, with a 30-day coverage period, without having to pay any fee.
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By GlobalDataDengue fever has been included due to the rising cases in Singapore in recent times.
The new cover offers a lump sum S$3,000 ($2146.6) in diagnosis benefit, if the customer is diagnosed with either COVID-19 or dengue fever.
On being diagnosed with both the diseases within the 30-day period, Etiqa will provide customers a lump sum payout of S$3,000 ($2146.6) each.
Each eligible customer can get a total maximum payable amount of S$6,000 ($4293.3).
Customers planning to get an extended cover after the 30-day period have to buy an enhanced personal accident policy from Etiqa.
Etiqa Singapore CEO Sue Chi Kong said: “We believe this special COVID-19 and dengue fever cover, in addition to the Financial Assistance Benefit we rolled out earlier for our eligible life customers, will provide adequate protection and assurance to our people.
“In the unfortunate event in which they catch either or both virus and/or disease, their financial impact can be minimised so they can maintain their normal lifestyles as much as possible.”
Customers can enrol online between 26 February and 20 March.
Coronavirus updates
According to data gathered till 24 February, the death toll from the novel coronavirus outbreak has reached almost 2,700. Over 80,000 positive cases have been reported globally so far.
Earlier this month, China’s southern province of Hainan launched the first specially-designed insurance cover for businesses affected by the coronavirus outbreak.
According to a Reuters report, the scheme has reserved CNY200m ($28.7m) to cover payouts.
The scheme will reportedly offer cover for production losses, wages paid to employees in quarantine, and fees incurred due to business suspension.
As a result of the outbreak, Hong Kong’s Insurance Authority closed its office for five days.
