DBS, Chubb Insurance partner for COVID-19 cash policy

It will provide daily cash benefits and lump sum payout for ICU confinement.

DBS has teamed up with Chubb Insurance Singapore for COVID-19 complimentary insurance available for the bank’s clients, according to a news release.

Launching on 24 February, the COVID-19 Hospital Cash Policy is a 30-day free cover that provides a daily cash benefit for hospitalisations and a lump sum payout for ICU confinement. It will also offer worldwide coverage for policyholders travelling during this period.

Those who are diagnosed with the virus whilst being covered by cash policy will receive $100 per day of hospitalisation and a lump sum of $1,000 upon admission to the ICU.

DBS/POSB customers who are Singapore Residents aged 18 and above can apply for the policy as the main holder and include immediate family members as additional insured persons. There is no age limit, though the policy can only insure those who are one month and above, and family members do not have to be DBS/POSB customers.

The policy will be available for online sign-ups from 24 February till 15 March. Customers may also apply at any DBS/POSB bank branch island-wide.