DBS extends enrollment deadline for COVID-19 relief insurance

The policy recorded more than 52,000 sign-ups in a day during its peak.

DBS extended the enrollment deadline for their free COVID-19 hospital cash insurance policy until 31 March due to strong demand, the bank announced in a press release.

Launched on 24 February, the 30-day free cover reportedly recorded more than 52,000 sign-ups in a day during its peak, said DBS.

Underwritten by Chubb Insurance, DBS’ regional general insurance partner, the 30-day free cover provides policyholders a daily cash benefit for hospital confinement and a lump sum payout for ICU confinement, in relation to COVID-19; and a worldwide coverage for policyholders who must travel during this period.

Coverage commences on the date of application and will expire automatically in 30 days.

“Alongside our collaboration with Chubb, we also worked with our regional life bancassurance partner Manulife to offer support in relation to COVID-19 for our customers who are also their existing policyholders,” said Shee Tse Koon, DBS Singapore’s country head.

DBS/POSB customers who are Singapore residents aged 18 and above can apply for the policy as the main policyholder and include their immediate family members as additional insured persons. There is no age limit, and family members do not have to be DBS/POSB customers.

DBS has also since introduced similar coverage policies for customers in Hong Kong and Taiwan.

Sign-ups are available online, or at any DBS/POSB branch island-wide.