- SMEs get premium payment deferment for 3 months
- Individual customers and their immediate family members1 served with quarantine orders2 get a $500 cash benefit each
- Individual customers and their immediate family members hospitalised for COVID-19 receive $200 daily hospitalisation allowance
- $100,000 pledged to Courage Fund
- Care Kits for more than 1,000 vulnerable seniors, taxi and private hire drivers
Singapore, 19 February 2020 – Prudential Singapore (“Prudential”) is providing support to about one million customers and the community at large that are affected by Coronavirus Disease 2019 (COVID-19). The life insurer has set up a $1.5 million PRUcare package to benefit various groups during this challenging period.
Relief for SMEs
Prudential has introduced a care package to ensure employees of small and medium-sized enterprises (SMEs) covered by its Group Insurance continue to receive medical coverage should their employers run into cashflow difficulties.
It will provide its existing SME customers the option to defer their premium payments for up to 3 months to better manage their cash flow and to ensure that there is no disruption to employees’ coverage so they can continue receiving the medical and hospitalisation care they need. The deferment option will be available to SMEs up till end-June 2020 with the potential to be extended depending on severity of the COVID-19 situation.
Mr Goh Theng Kiat, Prudential Singapore’s Chief Customer Officer, said the life insurer has taken into account COVID-19’s far-reaching impact on businesses and their employees.
“SMEs are an important pillar of our economy and unfortunately, many have been hard hit by the current situation. Many people depend on their employer’s medical and hospitalisation plan to cover their medical expenses. We hope to provide some financial relief by letting the SMEs postpone their premium payment to tide them over this difficult period and ensure their employees and their families continue to receive medical coverage,” said Mr Goh.
Financial assistance for the individuals
Prudential will also provide its customers and their immediate family members who are served with Quarantine Orders (QO) a one-time $500 cash benefit. Individual customers and their immediate family members who are hospitalised3 for COVID-19 will receive a $200 daily hospitalisation allowance, for up to three months of hospitalisation. These benefits are applicable to COVID-19 cases that emerge during the period of 23 January to 30 June 2020.
“We recognise that there may be some customers who are worried about the loss of income during this period and want to provide them extra financial support,” added Mr Goh.
Customers who are affected should inform their Financial Consultants or call the Prudential Customer Service hotline 1800 3330333 so that support can be provided swiftly.
These benefits are also made available to:
- Employees of Prudential's corporate and SME customers
- Prudential’s 1,200 employees
- Prudential's 5,000 financial consultants
In addition, Prudential will be extending these benefits to the immediate family members of the above three groups.
Support for the Community
Additionally, Prudential has pledged $100,000 to The Courage Fund which is facilitated by the National Council of Social Service 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.
About 150 of Prudential’s employees and financial consultants will be packing Care Kits comprising hand sanitisers and healthy food items for 1,000 elderly from the Ang Mo Kio Family Service Centre (AMKFSC). In addition, Prudential’s Customer Service Centre employees will be giving out Care Kits to show appreciation to taxi and private hire drivers for their continued service during this time.
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 88 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.
1Customers and their immediate family members who are Singapore residents. Immediate family members refer to the customer’s spouse, parents and children
2A 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, pls click on this link - https://www.moh.gov.sg/covid-19/faqs
3Admission to hospitals in Singapore