PETALING JAYA: With the Covid-19 pandemic showing no signs of abating, insurance companies are drawing up special plans for those diagnosed with the deadly disease and needing treatment.
The firms are offering benefits in the form of cash aid for hospitalisation charges and death payment.
Checks with some of the major insurance companies in the country revealed that existing health policyholders were already eligible for Covid-19 coverage at no extra cost.
Most of the insurance companies are offering such coverage until the end of the year.
Janice Khaw, an insurance agent with Tokio Marine, said insurance companies were offering a variety of benefits to help ease treatment and hospitalisation costs for Covid-19 patients.
She said Tokio Marine paid RM250 a day for hospital admissions of up to 30 days for customers who tested positive and quarantined at hospitals designated by the Health Ministry.
“This was not included in the policy when our customers signed up, it is an additional coverage that we are offering to existing clients in this period, ” she said, adding that it included those who had critical illness policies.
AIA also offers additional coverage for Covid-19 for customers holding certain types of policies at no extra cost, paying a RM200 hospitalisation benefit daily as well.
The company is also offering a 50% additional death coverage due to Covid-19 at no charge. An insured person who dies of the disease will have an additional 50% of the basic amount covered paid to his or her beneficiary.
AIA Bhd chief marketing officer Heng Zee Wang said insurance and takaful protection had become a necessity, especially during the Covid-19 pandemic.
“It is our hope that these latest offerings will help ease financial roadblocks faced by Malaysians and provide them with accessible means to get the right coverage, ” he said.
For eligible Prudential policyholders, a cash relief of up to RM2,000 is available upon diagnosis and hospitalisation of Covid-19 patients.
Policyholders are automatically enrolled for the special coverage, at no extra cost.
A lump sum payment of up to RM20,000 is also given as death benefit due to Covid-19.
Great Eastern Life Assurance has launched a financial assistance programme for customers, with eligible policyholders given RM200 daily for up to 60 days if they are hospitalised upon diagnosis of Covid-19.
A lump sum payment of RM20,000 is also paid out upon death due to Covid-19.
Manulife is offering eligible policyholders a daily hospitalisation benefit of RM200 if they are diagnosed with Covid-19 and quarantined.
A lump sum of RM10,000 will also be paid upon death due to Covid-19, while an additional RM5,000 is paid out if the individual is a medical staff member working at a Health Ministry facility handling Covid-19 cases.
The General Insurance Association of Malaysia said its member companies offered extra coverage for Covid-19 for their policyholders at no additional cost.
“Some have waived certain medical policy exclusions where Covid-19 is concerned. There are also insurers allowing the cancellation of travel insurance with full refunds of premiums, ” it said in a statement.
“Policyholders are strongly encouraged to contact their respective insurers for details on these support measures.”