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DBS Hong Kong supports community relief efforts with free COVID-19 insurance coverage for all its individual customers


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Underwritten by Chubb, the bank’s individual customers can sign up for COVID-19 Hospital Cash Plan from 1-21 March

HONG KONG,28 February 2020 -

DBS Hong Kong today announced it has partnered with Chubb Insurance Hong Kong Limited to offer its individual customers complimentary insurance coverage in relation to COVID-19.

Launching on 1 March, the COVID-19 Hospital Cash Plan is a 30-day free cover that provides daily cash benefits for hospital and ICU stays in relation to COVID-19. It also provides worldwide coverage for policyholders who must travel during this period1. Customers who are Hong Kong residents aged 18 years and above can register for the free COVID-19 Hospital Cash Plan for themselves. If the customer enrolls online for the MyShield Hospital Income family plan, the free COVID-19 Hospital Cash Plan will automatically be extended to their immediate family members2. There is no age limit for family members, although the plan can only insure those who are six months and older, and family members do not have to be DBS customers.  

Those who are diagnosed with COVID-19 while being covered by the COVID-19 Hospital Cash plan will receive HK$600 per day of hospitalisation (maximum for 14 days), and a lump sum of HK$6,000 upon admission to the ICU2.    

The COVID-19 Hospital Cash Plan is available for customers to sign up online from 1-21 March. The 30-day free cover commences on the next calendar day of application (“Commencement date”) and will expire automatically. Should customers wish to extend their coverage beyond 30 days, they can choose to purchase additional coverage with the MyShield Hospital Income family plan at the same time upon online enrolment of COVID-19 Hospital Cash Plan.

The offer of free COVID-19 Hospital Cash Plan insurance coverage for all DBS customers is part of the Bank’s overall community relief and support efforts during this difficult time.

1 – Excludes Mainland China. For all the terms, conditions and exclusions, please refer to the COVID-19 Hospital Cash Plan Policy.

2 – Terms & Conditions apply. Please refer to the FAQs/Fact Sheet appended.

 

FAQs on the COVID-19 Hospital Cash Plan 

Q1: Who can apply for COVID-19 Hospital Cash?

DBS individual customers who reside in Hong Kong and hold valid Hong Kong Identity Cards are eligible to apply for this policy.

To sign up, DBS individual customer (applicant) will need to declare that he/she:

  • has not travelled to Mainland China in the 14 days prior to the commencement date
  • has not been admitted to a designated camp/centre for compulsory quarantine or similar within 14 days prior to the commencement date, and has not officially received confirmation from a Doctor that they have not contracted COVID-19

If the customer enrols online for the MyShield Hospital Income family plan at the same time upon enrolment of COVID-19 Hospital Cash Plan, the free COVID-19 Hospital Cash Plan will automatically be extended to their immediate family members. There is no age limit for family members, although the plan can only insure those who are six months and older, and family members do not have to be DBS customers.


Q2: What does the COVID-19 Hospital Cash Plan cover?

It provides customers with a free 30-day worldwide cover (excluded Mainland China) in relation to COVID-19. Customers being hospitalised due to COVID-19 will be able to make a claim for the following benefits.

Benefits

Coverage

  • Daily Hospital Cash Benefit

A daily payout of HK$600, up to 14 days

  • ICU Cash Lump Sum Benefit

A lump sum payout of HK$6,000 upon admission to the ICU (pays on top of Daily Hospital Cash Benefit)


It also offers worldwide coverage for policyholders who must travel during this period. Coverage last for 30 days from the date of Commencement.  For the purposes of the COVID-19 Hospital Cash Plan, “Mainland China” means The People’s Republic of China, excluding Hong Kong, Taiwan and Macau.


Q3: When will the COVID-19 Hospital Cash Plan be available?

The COVID-19 Hospital Cash policy will launch on Sunday, 1 March 2020 and be available for sign-ups until Saturday, 21 March 2020.


Q4: How can a customer sign up for it?

From Sunday, 1 March 2020 till Saturday, 21 March 2020, customers can sign up online here:

https://dbs.chubbdigital.com/hk/dbs/pweb/covid-19hospitalcash/en/

Q5: When does the 30-day free cover start?

The 30-day free cover commences on the next date of application, and will expire automatically after 30 days. Successful applicants will receive an email acknowledgement from Chubb within five working days after submission of their applications.


Q6: What happens when the 30-day free cover ends?

The 30-day free cover will expire automatically after 30 days. Customers are not required to cancel the policy.


Q7: What does the MyShield Hospital Cash Plan cover?

The MyShileld Hospital Cash Plan provides policyholders with daily cash payouts for hospitalisation stays due to COVID-19, as well as other sicknesses (including dengue fever) and accidental injury. To give you better protection, the 30-day waiting period for COVID-19 will be waived for any new enrolment of the MyShield Hospital Cash Plan.

Benefits & Coverage

Maximum Benefits Payable (HK$)

  • Hospital Cash Benefit 
    Hospitalisation due to sickness or accidental injury
    - maximum period 750 days anywhere in the world except in Mainland China where the maximum period is 30 days

HK$800/day

  • Extra Hospital Cash Benefit
    Hospitalisation in ICU, or due to Major Organ Transplant, or due to Major Burns
    - maximum period 100 days anywhere in the world except in Mainland China  where the maximum period is 30 days

HK$800/day

  • Infectious Disease Cash Benefit
    Hospitalised as a result of any of the listed Infectious Disease#

HK$20,000

  • Surgical Expenses Benefit
    Reimburse the actual surgical fee during Hospitalisation period subject to excess HK$1,000 per claim

HK$15,000

Remarks:

  1. The maximum benefits payable of all items for children is half of the above limits.
  2. Up to 30 days for hospitalisation in Mainland China. 
  3. There is no waiting period for sickness due to COVID-19.

# Listed Infectious Disease under Infectious Disease Cash Benefits not to include COVID-19

 
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About DBS

DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world. 

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 11 consecutive years from 2009 to 2019.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 28,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.

 

About Chubb

Chubb is the world’s largest publicly traded property and casualty insurer. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs more than 30,000 people worldwide.

With both general and life insurance operations, Chubb has been present in Hong Kong SAR for more than 90 years via acquisitions by its predecessor companies. Its general insurance operation in Hong Kong SAR (Chubb Insurance Hong Kong Limited) is a niche and specialist general insurer offering products such as property, casualty, marine, financial lines and consumer lines designed for large corporates, midsized commercial & small business enterprises as well as retail customers. The AA- long term insurer financial strength and counterparty credit ratings by Standard & Poor’s are indicative of the company’s strong capitalisation. Over the years, the company has built strong client relationships by offering responsive service, developing innovative products and providing market leadership built on financial strength.

More information can be found at www.chubb.com/hk.

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