Manulife Singapore Commits S$1 Million to Provide Additional
SINGAPORE, Feb. 25, 2020 /PRNewswire/ -- In support of the Singapore government's effort in dealing with the evolving C0VID-19 situation, Manulife Singapore has enhanced its protection coverage for all customers.
A S$1 million COVID-19 support fund has been set up to provide additional protection coverage to customers in Singapore, at no added cost. Effective from 17 February 2020 until 1 June 2020, Manulife Singapore will provide the following protection coverage:
(1) New: Diagnosis Benefit(s)
Customers who are diagnosed with COVID-19 in Singapore will receive a one-time immediate cash benefit of S$1,500. If the customer with a confirmed diagnosis of C0VID-19 is hospitalized for 5 days or more, an additional cash benefit of S$2,000 (ie a total of S$3,500) would be payable.
(2) Additional Death Benefit
In the unfortunate event that death occurs as a result of the diagnosis of COVID-19, an additional lump sum of S$30,000 will be paid out on top of the death benefit from the customer's existing policy.
Manulife Singapore remains committed to supporting the community amid the COVID-19 outbreak. It recently donated S$100,000 to The Courage Fund in support of those at the forefront of the fight.
As the situation remains uncertain and fluid, Manulife Singapore remains watchful on the evolving situation to ensure that its customers are supported in this time of difficulty.
For more information, please visit https://www.manulife.com.sg/en/about- us/newsroom/manuIife-plan-coverage-covid-2019.htmI
Terms & Conditions
Effective 17 February 2020 until 1 June 2020 (both dates inclusive) (the "Covered Period") and subject to the terms and conditions below, all existing individual inforce/new policyholders and individual life insureds ("Customers") of Manulife (Singapore) Pte Ltd ("Manulife Singapore") will receive the following FREE protection coverage against C0VID-19 ("COVID-19 Benefits").
(a) Payout of S$1,500 upon diagnosis of COVID-19; and
Additional S$30,000 payout upon death due to COVID-19 infection.
- All Customers of Manulife Singapore who contracted C0VID-19 and/or died due to C0VID-19 infection during the Covered Period are eligible for the COVID-19 Benefits at no additional costs.
- The C0VID-19 Benefits are payable only if:
- the diagnosis of, hospitalization and/or death due to COVID-19 occurred in Singapore during the Covered Period, and
- Manulife Singapore's COVID-19 support fund for C0VID-19 Benefits capped at S$1 million for total payout remains available.
- For policies issued/reinstated on or after 17 Feb 2020, COVID-19 Benefits will not be payable if the Customer's diagnosis of C0VID-19 occurs within fourteen (14) days from the date of the policy issuance/reinstatement.
- The Customer or Customer's legal representative must at his/own expense, within ninety (90) days from the date of diagnosis or death, notify Manulife Singapore and give written proof of such claim. Such proof includes written proof of test result confirming COVID-19 infection, duration of hospitaIization, and death certification (where applicable) certified by a registered medical practitioner in Singapore.
- Each Customer will only be entitled to a one-time payment of Diagnosis Benefit (i.e. S$1,500 or S$3,500 depending on the duration of hospitalization), and a one-time payment of Death Benefit (i.e. S$30,000) to each Customer's legal representative regardless of the number of policies held.
- Manulife Singapore shall at its own absolute discretion vary these Terms and Conditions without prior notice.
Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2018, we had more than 34,000 employees, over 82,000 agents, and thousands of distribution partners, serving almost 28 million customers. As of June 30, 2019, we had over S$1.1 trillion (US$877 billion) in assets under management and administration, and in the previous 12 months we made $29.4 billion in payments to our customers. Our principal operations in Asia, Canada and the United States are where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.
SOURCE Manulife Singapore