Coronavirus outbreak

Prudential unveils $1.5m relief package for SMEs, individuals

Quarantined customers to get $500 cash; firms allowed to defer premium payments

Insurer Prudential Singapore introduced a $1.5 million relief package for small and medium-sized enterprises (SMEs) and individuals affected by the coronavirus outbreak yesterday.

Employees at SMEs covered by the firm's group insurance will continue to have medical coverage if the firms run into cash-flow difficulties.

Prudential's existing SME customers can also defer premium payments for up to three months. This option will be available until end-June, although it might be extended depending on the severity of the virus situation, Prudential said.

The postponement of premium payments should ensure there is no disruption to staff coverage.

Prudential will also provide a one-time cash benefit of $500 to its customers and their immediate family members who are served with quarantine orders. If admitted to hospitals in Singapore for Covid-19, they will also receive a daily allowance of $200 for up to three months of hospitalisation. The benefits for individuals are applicable to Covid-19 cases that emerge from Jan 23 to June 30.

They are also available to employees of Prudential's corporate and SME customers, Prudential's 1,200 employees, the insurance company's 5,000 financial consultants and these individuals' immediate family members.

Customers who are affected should inform their financial consultants or call the Prudential customer service hotline on 1800-333-0333.

Other banks and insurers have also beefed up efforts to soften the blow from the outbreak. DBS Bank is partnering Chubb Singapore to provide its five million Singapore customers with free insurance coverage relating to the coronavirus.

And DBS, OCBC Bank, United Overseas Bank, HSBC and Standard Chartered Bank have announced relief assistance to business customers, especially to help SMEs with cash flow during the crisis.

Manulife, AIA, NTUC Income, Gojek, Gigacover, Etiqa Insurance, and Great Eastern have also rolled out similar measures.

THE BUSINESS TIMES

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A version of this article appeared in the print edition of The Straits Times on February 20, 2020, with the headline Prudential unveils $1.5m relief package for SMEs, individuals. Subscribe