DBS to provide complimentary insurance coverage in support of national Covid-19 vaccination drive
Singapore.25 Mar 2021
Customers can sign up for the Covid-19 Vaccine Protect insurance policy online, or at any DBS/POSB bank branch island-wide from 25 March till 30 April
Bank’s 12,000-strong Singapore workforce will also be covered in latest move to safeguard employees’ well-being
Singapore, 25 Mar 2021 - DBS today announced that it has partnered Chubb Insurance Singapore Limited (Chubb) to offer DBS/POSB customers in Singapore a complimentary insurance coverage policy which will provide additional cash benefits for unexpected complications arising from the Covid-19 vaccine. Under a two-year DBS Parkway programme, applicants will also be able to access medical services provided by Parkway Shenton, such as teleconsultations, Covid-19 swab tests and health screenings.
Launched today, the Covid-19 Vaccine Protect is a 14-day free cover which extends a daily cash benefit for hospital confinement and a lump sum payout for ICU confinement in case of any complications arising from each of the two vaccine doses a customer will receive[1]. To give customers greater peace of mind, the policy also includes an additional 30-day cover which provides a daily cash benefit for hospital confinement and a lump sum payment for ICU confinement in relation to Covid-19[2]. These coverages will apply on top of existing policies a customer may already have which afford protection against Covid-19 or post Covid-19 vaccination.
DBS/POSB customers who are Singapore Residents aged 18 and above can apply for the Covid-19 Vaccine Protect policy. As the main policyholder, they can also include their immediate family members as additional insured persons. These family members do not have to be DBS/POSB customers. There is no age limit, though the policy can only insure those who are aged one month and above.
Last February, DBS and Chubb introduced a similar complimentary Covid-19 insurance policy, which saw a million DBS customers and their family members sign up. Building on its commitment to ensure the well-being of its employees, DBS also announced that its entire 12,000-strong workforce in Singapore will be automatically covered by the Covid-19 vaccination insurance. This will provide the bank’s employees added assurance when making the decision to take the Covid-19 vaccination when offered.
“Our national Covid-19 vaccination programme seeks to protect lives and livelihoods as we progressively re-open Singapore,” said Shee Tse Koon, DBS Singapore Country Head. “Progress is already well underway to vaccinate majority of the population as more vaccination centres open. We are grateful to be able to partner Chubb and Parkway Shenton, as part of our latest Covid-19 community support initiative, to support the national vaccination drive. This demonstrates a whole-of-country effort to provide additional peace of mind for our customers and employees who are receiving their vaccinations. We remain firmly committed to standing by the people of Singapore as we emerge from this crisis stronger together.”
Scott Simpson, Country President of Chubb in Singapore added, “We are pleased to collaborate with DBS in their efforts to boost their customers’ confidence for the COVID-19 vaccinations. With the additional insurance coverage from Chubb, we hope this removes some of the uncertainty around getting vaccinated. Together with DBS, we share the hope of helping Singapore bounce back better in a post-pandemic world.”
Said Edmund Kwok, Chief Executive Officer, Parkway Shenton: “Parkway Shenton has always been committed to providing our patients quality care and greater peace of mind. Through this partnership with DBS, we are able to provide policyholders with a comprehensive range of healthcare services at our network of facilities island-wide, and allowing them to lead fuller, healthier lives.”
The Covid-19 Vaccine Protect policy will be available for customers to sign up online or apply at any DBS/POSB bank branch island-wide from 25 March till 30 April. Coverage commences on the date of each vaccine dose received, or on the date of application, and will expire automatically. Customers may be offered an option to purchase a comprehensive plan to continue their coverage if they meet the eligibility requirements. For more information, please visit https://go.dbs.com/vaccine-protect.
[1],[2] – Please refer to the attached FAQs for more details.
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 12 consecutive years from 2009 to 2020.
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. For more information, please visit www.dbs.com.
Launched today, the Covid-19 Vaccine Protect is a 14-day free cover which extends a daily cash benefit for hospital confinement and a lump sum payout for ICU confinement in case of any complications arising from each of the two vaccine doses a customer will receive[1]. To give customers greater peace of mind, the policy also includes an additional 30-day cover which provides a daily cash benefit for hospital confinement and a lump sum payment for ICU confinement in relation to Covid-19[2]. These coverages will apply on top of existing policies a customer may already have which afford protection against Covid-19 or post Covid-19 vaccination.
Coverage overview of the DBS-Chubb complimentary Covid-19 Vaccine Protect policy
| Type of Cover | Daily Hospital Cash Benefit | ICU Hospital Cash Benefit | Bereavement Assist Benefit | Notes |
| Post Covid-19 vaccination coverage | SGD 100 per day; (Up to 14 days) | SGD 1,000 (Lump sum) | SGD 10,000 (Lump sum) | The 14-day cover commences on the date of each vaccination taken on or before 31 December 2021. This is limited to two doses. |
| Covid-19 coverage | SGD 100 per day; (Up to 14 days) | SGD 1,000 (Lump sum) | SGD 10,000 (Lump sum) | The 30-day cover commences on the date of application. |
DBS/POSB customers who are Singapore Residents aged 18 and above can apply for the Covid-19 Vaccine Protect policy. As the main policyholder, they can also include their immediate family members as additional insured persons. These family members do not have to be DBS/POSB customers. There is no age limit, though the policy can only insure those who are aged one month and above.
Last February, DBS and Chubb introduced a similar complimentary Covid-19 insurance policy, which saw a million DBS customers and their family members sign up. Building on its commitment to ensure the well-being of its employees, DBS also announced that its entire 12,000-strong workforce in Singapore will be automatically covered by the Covid-19 vaccination insurance. This will provide the bank’s employees added assurance when making the decision to take the Covid-19 vaccination when offered.
“Our national Covid-19 vaccination programme seeks to protect lives and livelihoods as we progressively re-open Singapore,” said Shee Tse Koon, DBS Singapore Country Head. “Progress is already well underway to vaccinate majority of the population as more vaccination centres open. We are grateful to be able to partner Chubb and Parkway Shenton, as part of our latest Covid-19 community support initiative, to support the national vaccination drive. This demonstrates a whole-of-country effort to provide additional peace of mind for our customers and employees who are receiving their vaccinations. We remain firmly committed to standing by the people of Singapore as we emerge from this crisis stronger together.”
Scott Simpson, Country President of Chubb in Singapore added, “We are pleased to collaborate with DBS in their efforts to boost their customers’ confidence for the COVID-19 vaccinations. With the additional insurance coverage from Chubb, we hope this removes some of the uncertainty around getting vaccinated. Together with DBS, we share the hope of helping Singapore bounce back better in a post-pandemic world.”
Said Edmund Kwok, Chief Executive Officer, Parkway Shenton: “Parkway Shenton has always been committed to providing our patients quality care and greater peace of mind. Through this partnership with DBS, we are able to provide policyholders with a comprehensive range of healthcare services at our network of facilities island-wide, and allowing them to lead fuller, healthier lives.”
The Covid-19 Vaccine Protect policy will be available for customers to sign up online or apply at any DBS/POSB bank branch island-wide from 25 March till 30 April. Coverage commences on the date of each vaccine dose received, or on the date of application, and will expire automatically. Customers may be offered an option to purchase a comprehensive plan to continue their coverage if they meet the eligibility requirements. For more information, please visit https://go.dbs.com/vaccine-protect.
[1],[2] – Please refer to the attached FAQs for more details.
[END]
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 12 consecutive years from 2009 to 2020.
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. For more information, please visit www.dbs.com.
