Prudential gives out nearly S$3.5 million in cash benefits and donations
as part of COVID-19 relief measures
Amount is more than double the S$1.5 million committed under its PRUcare package to help individuals, businesses and the community affected by the pandemic
Singapore, 7 September 2020 – As part of its COVID-19 relief measures, Prudential Singapore (“Prudential”) has given out about S$3.5 million in cash benefits and donations to more than 3,400 individuals and the community. This is more than double the S$1.5 million committed under its PRUcare package1 launched on 19 February at the onset of the COVID-19 pandemic.
Of the S$3.5 million, more than half was paid to almost 500 customers and their immediate family members2 hospitalised for COVID-19, while over 40 per cent was given as a one-time payment to over 2,900 individuals placed under quarantine orders3. The life insurer also pledged $210,000 to The Courage Fund and The Invictus Fund to support vulnerable individuals and groups affected by the coronavirus outbreak.
Prudential Singapore’s CEO, Mr Dennis Tan, said the prolonged COVID-19 outbreak has taken a toll on the Singapore economy, businesses and individuals on all fronts.
“The COVID-19 pandemic continues to create anxiety among Singaporeans. People are not only worried about their health, they are also concerned about their jobs and financial security. We are facing an unprecedented global crisis and to emerge stronger from this, we must come together and support one another in whatever ways that we can.
“Through Prudential’s PRUcare package, we hope to offer some financial relief and comfort to our customers and vulnerable groups in the community who have been financially and mentally impacted by COVID-19,” said Mr Tan.
Prudential’s PRUCare package
Prudential’s PRUcare package was launched on 19 February 2020 to provide support to various groups amid the COVID-19 outbreak:
Financial relief for individual customers and their immediate family members
- Individual customers and their immediate family members served with quarantine orders received S$500 cash benefit each for the period of 23 January to 30 June 2020;
- Individual customers and their immediate family members hospitalised for COVID-19 received S$200 daily hospitalisation allowance each for the period of 23 January to 30 June 2020;
Individuals who were covered under these PRUcare package measures included:
- $210,000 pledged to The Courage Fund and The Invictus Fund to provide support to vulnerable individuals and groups during this COVID-19 pandemic (please refer to Annex A on page 4 for more information).
- Pulse by Prudential users were entitled to daily hospitalisation allowanceUsers of Prudential’s digital health app, Pulse by Prudential4, would receive the daily hospitalisation allowance if they were hospitalised for COVID-19. Users who are Prudential customers would receive a S$200 daily allowance (for up to 3 months of hospitalisation) if they were hospitalised any time between 1 July and 31 July 2020. This includes employees of its corporate and SME customers who are also covered by its Group Insurance. For non-customers, they would get a S$100 daily allowance (for up to 3 months of hospitalisation) if they were hospitalised between the date of their Pulse app registration and 31 May 2020. Pulse was launched on 23 April 2020.
- FinTech employees were supported with cash benefits if placed on quarantine orders
FinTechs on the API Exchange (APIX5) platform affected by COVID-19 were also offered the same PRUcare package cash benefits. For FinTech employees who are policyholders of the complimentary PRUAffinity Personal Accident Plan offered by Prudential, they would receive S$500 cash benefit if they were served with quarantine orders between 6 April and 30 June 2020. If they were hospitalised for the same period, they would get a $200 daily hospitalisation allowance cash benefit6.
This is one of Prudential’s initiatives launched on 18 May 2020 to support the more than 1,100 Singapore-based FinTechs with additional measures including complimentary coverage against accidental death and injury, and hospitalisation income payout for dengue haemorrhagic fever.
Prudential continues to provide support to individuals, businesses and the community with COVID-19 measures ranging from deferment of premium payments for individuals and SMEs to virtual sessions to engage vulnerable seniors.
Quotes from beneficiaries of Prudential’s PRUcare package
- Prudential customer: Mr Kelvin Chua, in his 40s, Sales Manager
Mr Kelvin Chua, a Prudential customer for almost 10 years, was diagnosed with COVID-19 earlier this year. He was hospitalised for 14 days, while his wife and son were quarantined.
“As I have a PRUShield policy, I knew I had the necessary protection and coverage. I was more worried about my wife – who was 7 months pregnant with our second child – and my son, as they had to be placed on quarantine orders. I felt guilty and worried that they were at risk of being infected with COVID-19 because of me. It was a very stressful time for us, but I am glad I have recovered and our family is well. The hospitalisation allowance and cash benefits offered by Prudential was very much welcomed, and came in useful as we have a newborn now.”
- Prudential’s corporate customer: Mr Liew Eng Leng, 55, Managing Director, CJP International Pte Ltd
Mr Liew Eng Leng was hospitalised for COVID-19 for about a month in April 2020, while his wife and three children were served quarantine orders. All of them are not Prudential customers, but they benefitted from the PRUcare package as CJP International Pte Ltd is a corporate customer.
“Having to deal with COVID-19 was unexpected for us, and it was pretty tough for my wife and children who had to be quarantined at home. With my recovery, I’m glad we could put this episode behind us. And I was pleasantly surprised when I received the hospitalisation allowance and cash benefits from Prudential. It was definitely a bonus for us, and a good gesture on the part of the insurer during these challenging times.”
Supporting the SMEs
As part of the PRUcare package, employees of SMEs covered by Prudential’s Group Insurance continue to receive medical coverage should their employers run into cashflow difficulties. Existing SME customers have the option of deferring their premium payments for up to 3 months. The premium deferment scheme was introduced on 19 February 2020, and originally made available till end June 2020. During this period, we have enabled a number of SMEs to postpone their premium payments. Recognising the prolonged impact of the pandemic, Prudential extended this premium deferment scheme for another 6 months till 31 December 2020.
Supporting our Community
In April 2020, Prudential rallied its employees to donate to The Invictus Fund, which is set up by the National Council of Social Service (NCSS) and targets to provide support to social service agencies providing critical services to vulnerable groups during this COVID-19 pandemic. Prudential matched staff donations dollar-for-dollar, raising a total of S$110,000.
In February 2020, Prudential donated S$100,000 to The Courage Fund, which is facilitated by the NCSS and the Community Chest. The Fund is set up to support vulnerable individuals and groups such as patients, healthcare workers and members of the community affected by serious infectious diseases. During the same month, close to 300 employees and financial consultants volunteered to put together over 1,000 care kits for vulnerable seniors, and taxi and private hire drivers.
Prudential’s on-going Virtual Senior Engagement sessions allow volunteers to reach out to vulnerable seniors, ensuring they remain mentally, socially and physically engaged. Using video conferencing technology, volunteers chat with seniors and bring them through light exercises and activities to ensure they stay active.
During the circuit breaker period, Prudential donated over 150 digital devices suitable for online learning activities to help low-income families that might not have access to the tools needed to carry out online learning.
Other COVID-19 support measures:
Apart from the PRUcare package, Prudential also has a range of measures aimed at helping customers:
- Six-month grace period for insurance premium payments: available for policyholders who are unable to pay their premiums between 1 April and 30 September (inclusive) this year.
- Coverage for COVID-19-related hospitalisation: for individuals, our PRUShield Plan covers hospital admissions, and pre- and post-hospitalisation medical costs related to COVID-19, subject to the terms and conditions of the policyholder’s plan. For businesses, our Group Medical Plan covers medical costs related to COVID-19, subject to the terms and conditions of the company’s plan.
For more information, please refer to https://www.prudential.com.sg/others/coronavirus.
About Prudential Assurance Company Singapore (Pte) Ltd (Prudential Singapore)
Prudential Assurance Company Singapore (Pte) Ltd is one of the top life insurance companies in Singapore, serving the financial and protection needs of the country’s citizens for 89 years. The company has an AA- Financial Strength Rating from leading credit rating agency Standard & Poor’s, with S$42.02 billion funds under management as at 31 December 2019. It delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of more than 5,000 financial consultants.
2Customers and their immediate family members who are Singapore residents. Immediate family members refer to the customer’s spouse, parents and children.
A Quarantine Order (QO) is a directive issued to individuals under the Infectious Diseases Act and thus has legal force with severe penalties for non-compliance. For more information, please visit https://www.moh.gov.sg/covid-19/faqs
5 APIX is an online marketplace and sandbox for FinTech collaboration, developed by the ASEAN Financial Innovation Network (AFIN),
a non-profit entity jointly formed by MAS, the International Financial Corporation, a member of the World Bank Group, and the ASEAN