Singapore: Prudential Initiatives

Singapore Apr 14, 2020

IMPORTANT - Note from Editor:
The following is a compilation of initiatives by Prudential, Singapore. All information below is directly retrieved from the Prudential website, with certain sections summarised by the Reapra team for brevity. To view the complete description of each measure, please refer to their respective links.

To ensure relevance for our readers, we are only providing measures relating to support for businesses. For the full listing of measures, please head over to the Prudential website.

Key source: Prudential website


Announced on 19 February 2020, Prudential Singapore (“Prudential”) is providing support to about one million customers and the community at large that are affected by COVID-19. The life insurer has set up a $1.5 million PRUcare package to benefit various groups during this challenging period.

Key points:

  • SMEs get premium payment deferment for 3 months
  • Individual customers and their immediate family members1 served with quarantine orders2 get a $500 cash benefit each
  • Individual customers and their immediate family members hospitalised for COVID-19 receive $200 daily hospitalisation allowance

Read the full announcement here:

Prudential commits $1.5 million to help SMEs and individuals affected by COVID-19
Prudential Singapore (“Prudential”) is providing support to about one million customers and the community at large that are affected by Coronavirus Disease 2019 (COVID-19)

Relief for SMEs

Prudential has introduced a care package to ensure employees of small and medium-sized enterprises (SMEs) covered by its Group Insurance continue to receive medical coverage should their employers run into cashflow difficulties.

• Existing SME customers have the option to defer their premium payments for up to 3 months to better manage their cash flow and to ensure that there is no disruption to employees’ coverage.
• The deferment option will be available to SMEs up till end-June 2020 with the potential to be extended depending on severity of the COVID-19 situation.


Financial assistance for the individuals

• Customers and their immediate family members who are served with Quarantine Orders (QO) a one-time $500 cash benefit.
• Individual customers and their immediate family members who are hospitalised3 for COVID-19 will receive a $200 daily hospitalisation allowance, for up to three months of hospitalisation.

These benefits are applicable to COVID-19 cases that emerge during the period of 23 January to 30 June 2020.

These benefits are also made available to:

  • Employees of Prudential's corporate and SME customers
  • Prudential’s 1,200 employees
  • Prudential's 5,000 financial consultants

In addition, Prudential will be extending these benefits to the immediate family members of the above three groups.


1Customers and their immediate family members who are Singapore residents. Immediate family members refer to the customer’s spouse, parents and children

2A Quarantine Order (QO) is a directive issued to individuals under the Infectious Diseases Act and thus has legal force with severe penalties for non-compliance. For more information, pls click on this link - https://www.moh.gov.sg/covid-19/faqs

3Admission to hospitals in Singapore


Source: Prudential Singapore
Cover image: AsianInvestor

Reapra

Reapra is a venture builder and investment group based in Singapore. Through research and practice, we nurture entrepreneurs into industry leaders, and contribute towards the betterment of society.

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