HSBC Life Singapore extends coronavirus benefits to customers

Customers may receive $1,000 in the event that they contract nCov in Singapore.

HSBC Life Singapore has introduced the Novel Coronavirus Complementary Special Benefits to its life insurance customers and their immediate family in Singapore, an announcement revealed.

The program includes a daily hospital cash incentive amounting to $200 per day for when a customer or family member is admitted to a hospital in Singapore and diagnosed with nCov; a lump sum payment of $1,000 in the event that the beneficiary or a relative is diagnosed with nCov in Singapore; as well as a death benefit of $10,000 lump sum payment.

““In view of the current circumstances, our customers and their family members will receive additional benefits on diagnosis, hospitalisation and death related to the Novel Coronavirus. This benefit is offered, at no additional cost, to our new and existing customers,” said Carlos Vasquez, HSBC Life Singapore CEO.

Similar novel coronavirus-related benefits were rolled out to HSBC Life Hong Kong and HSBC Life China life insurance customers. In addition, HSBC Life China also donated $200,000 (RMB1m) in support of efforts relating to the issue.

Existing HSBC Life customers as well as their immediate family members will be entitled to the complimentary special benefits starting from 7 February 2020, with cover guaranteed for a year.

New customers who purchase life insurance policies from 7 February to 30 April 2020 will also enjoy the same benefits for a year, starting from the date of issuance.