HSBC Life introduces new Novel Coronavirus benefits
Carlos Vazquez, Chief Executive Officer, HSBC Life Singapore said, “Helping our customers fulfil their promise to protect themselves and their loved ones is key to our business.”
“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.”
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 RMB1 million 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. Similarly, new customers who purchase life insurance policies from 07 February to 30 April 2020 will also enjoy the same benefits for a year, starting from the date of issuance.
| Benefit | Benefit Description | Benefit Coverage |
| Hospital Cash Benefit | If the Eligible Customer or Family Member is admitted to a hospital in Singapore by a Registered Medical Practitioner, a daily hospital cash benefit will be paid upon the diagnosis of Novel Coronavirus. | Benefit amount SGD200 per day (up to 45 days) |
| Diagnosis Benefit | If the Eligible Customer or Family Member is diagnosed with Novel Coronavirus in Singapore by a Registered Medical Practitioner, we will provide a lump sum payment. | Benefit amount SGD1,000 |
| Death Benefit | In the unfortunate event of the Eligible Customer or Family Member passing away due to Novel Coronavirus in Singapore, we will provide a lump sum payment. | Benefit amount SGD10,000 |
Terms and conditions apply.
Note to Editor:
- “Eligible Customer” refers to the life insured (i) under an existing policy or new policy issued by HSBC Life on or before 30 April 2020, and (ii) who is a Singapore resident.
- “Family Members” refers to: (a) the Eligible Customer's legal spouse, either living together or living apart in Singapore; and (b) the Eligible Customer's children, either biological or adopted, under 18 years of Age and living in Singapore.
- The diagnosis of Novel Coronavirus must be made in Singapore by a Registered Medical Practitioner.
- Persons who are confirmed or suspected to have contracted Novel Coronavirus prior to 07 February 2020 are not entitled to these benefits.