China Life Insurance Singapore Honours Commitment on Complimentary Coverage against Novel Coronavirus ("Covid-19")
23 April 2020, Singapore – As one of the first few insurers in Singapore to provide financial support at no extra cost to customers against Covid-19 till 31 August 20201, China Life Insurance (Singapore) Pte. Ltd. ("China Life Insurance Singapore") has disbursed our first payout of over $5,000 and second payout of over $1,000 to our policyholders for being diagnosed with and hospitalised for Covid-19.
Mr Lin Xiangyang, China Life Insurance Singapore Chief Executive said, "During this financial challenging period, our complimentary financial support against Covid-19 is a benefit that our policyholders and employees can tap on if they are diagnosed with Covid-19 by a registered medical practitioner, which can help ease their financial burdens. We are also extending support to policyholders under our Premium Payment Deferment Support Programme. Under this programme, they may apply to defer premium payments for up to 180 days if they have policies with renewal or premium due dates between 1 April 2020 and 30 Sept 2020 if they meet the eligibility requirements. During this premium deferment period, our policyholders remain insured as well. These support measures are our acts of commitment to our policyholders which will bring comfort and peace of mind to them."
Information on China Life Insurance Singapore Financial Support:
|For both new2 and existing policyholders:||Financial Support|
1) Upon Diagnosis and Quarantine
A lump sum payment of $800
2) Upon Hospitalisation
$130 per day, up to 60 days of inpatient hospitalisation
3) Upon Death
A lump sum payment of $80,000
Financial support is capped at $88,6003 per life insured regardless of the number of insurance policies with the same life insured.
1. This financial support campaign will end: (i) 30 days after the day whereby the Singapore government announces that the Novel Coronavirus ("Covid-19") outbreak has been reduced to DORSCON level - Green; (ii) by 31 August 2020; or (iii) when the total amount of financial support payments disbursed under both schemes reaches $620,000, whichever is earliest.
2. No financial support shall be payable under this Scheme for policies issued on or after 10 February 2020 where, (i) the life insured is diagnosed with Covid-19 within 14 days after the policy issuance date or the policy effective date (whichever is the later); or (ii) the life insured shows signs and/or symptoms of any respiratory illnesses or diseases before applying for the policy.
3. The amount of $88,600 is based on payments being made in all 3 categories under the financial support scheme for policyholders, with the maximum inpatient hospitalisation period of 60 days assumed.
About China Life Insurance (Singapore) Pte. Ltd.
Established in 2015, China Life Insurance (Singapore) Pte. Ltd. is a licensed life insurer which is regulated by the Monetary Authority of Singapore. As part of China Life Insurance (Group) Company ("China Life") which is the largest financial insurance corporation in China, we are backed by its financial strength and established heritage. China Life is a Fortune Global 500 company, ranked 51 in 2019, for 17 consecutive years. It is an influential global brand with a brand value of over RMB 353.9 billion*.
Our parent company, China Life Insurance (Overseas) Company Limited ("China Life (Overseas)") is a wholly-owned subsidiary of China Life. It is a leading life insurance company in Hong Kong and Macau with an asset value of more than HKD340 billion (December 2018) and its premium income exceeded HKD49 billion in 2018. Its financial rating by Moody's was "A1" (insurance financial strength rating in September 2019) and by Standard & Poor's was "A" (long-term local currency issuer credit rating and insurer financial strength rating in December 2019). China Life (Overseas) has extended its footprint in Southeast Asia region in recent years, and established subsidiaries in Singapore and Indonesia in 2015 and 2018 respectively.
We are a socially responsible company committed to offering value-added financial solutions to customers to fulfill their protection, savings, retirement and legacy planning needs. We also believe in giving back to society through our corporate social responsibility activities to make a positive impact on the community and our customers. This resonates with the Belt and Road Initiative to increasingly engage our socio-business influence here.
*Source: Top 500 Most Valuable Chinese Brands 2019 by World Brand Lab
Ms Liu Meng
Head of Marketing (General Management Department )
China Life Insurance (Singapore) Pte. Ltd.