Reviewing Singapore’s 1st COVID-19 & Dengue Fever Lump Sum Payout Plan

As we are transiting into the second phase of the circuit breaker in Singapore, COVID-19 is slowly creeping into our lives. In the long run, even after circuit breaker ends, we can never go back to normal. The recent adjustments to our lifestyle and the way we work, WILL BE THE NEW NORM. It certainly look like it may linger around for some time before it starts to subside.

To make things worse, the recovery period seems to be longer. This may in turn cause extreme burden on our work, subjecting ourselves to potential no-pay leave as companies are adversely affected now. Eventually we may have to fork out our own savings to pay for our livelihood.

Right now, if you have an insurance policy with most insurers in Singapore, you’ll most likely have some benefits in the form of daily hospital cash. Currently, there is no insurer that provides a lump sum payout on diagnosis. When we are unable to work due to diagnosis of COVID-19, any form of additional payout definitely helps to defray the cost of having no income at all.

ETIQA launched a personal accident policy, ePROTECT SAFETY (ENHANCED), in April 2020 to try and fill this gap. It is an enhancement of an existing plan. With the re-launch, they included the benefit payout of $3,000 upon diagnosis of COVID-19 or Dengue Fever. In case you are not aware of this, dengue fever is also on the rise, as reported by Channel NewsAsia at the start of April 2020, there is an increase in TWICE the number as compared to last year, largely due to the recurrence of a dormant strain.

HIGHLIGHTS

1. Singapore’s 1st Recovery Cash Benefit for COVID-19 and Dengue Fever (Yes, you’ll be surprised that till date, there are not many insurers that provide lump sum payout for diagnosis of dengue fever)
2. This is an accident plan, thus, it provides for accidental coverage as well.
3. Death and disablement coverage for infectious disease.
4. Infectious disease medical reimbursement is only for inpatient, which means that if you’re diagnosed with their list of infectious diseases (with the exception of COVID-19 and Dengue Fever), you have to be hospitalised before you can claim. The full list of 22 covered infectious diseases is as follows:
   • Hand, foot and mouth disease (HFMD)
   • Dengue fever (DHF)
   • Avian influenza or ‘bird flu’ due to influenza A viral strains H5N1, H9N2, H7N7, H7N9 or H1N1
   • Mumps
   • Rubella
   • Tuberculosis
   • Measles
   • Malaria
   • Anthrax infection
   • Yellow fever
   • Plague
   • Melioidosis or ‘soil disease’
   • Rabies
   • Legionnaires’ disease
   • Chikungunya
   • Nipah viral encephalitis
   • Japanese viral encephalitis
   • Variant Creutzfeldt-Jakob disease (vCJD) or ‘mad cow disease’
   • Severe acute respiratory syndrome (SARS)
   • Middle-East respiratory syndrome coronavirus (MERS-CoV)
   • Zika virus
   • Group B Streptococcusin infection Type III GBS ST283

KEY POINTS TO NOTE

1. There is a 14-days waiting period for all infectious disease and COVID-19 and Dengue Fever cover.
2. Specifically for the Recovery Cash Benefit for COVID-19 and Dengue Fever:

   • This benefit is excluded if you have been diagnosed with, or is reasonably suspected to have been infected with COVID-19 and/or Dengue Fever by a Medical Practitioner, or You are currently serving a Leave of Absence, Stay-Home Notice or Quarantine Order as directed by Ministry Of Health (MOH), on or before the Effective Date of Insurance whichever is earlier;

   • You choose to travel overseas despite travel advisory (including non-essential travel) from Ministry of Foreign Affairs or MOH, in relation to the country of Your destination;

   • If it is caused by or traceable to any pre-existing medical conditions.

This plan, in my opinion, could be a good backup plan to your income if it will be affected in the event of a diagnosis of COVID-19 or Dengue Fever.

Premiums start from $18/month, depending on your occupation and plan type that you prefer. To sign up , head over to https://www.etiqa.com.sg/online/quotation/ePROTECT-safety now.

Enjoy a $10 GRABFOOD voucher* when you successfully sign up for the plan using my code. Please key in A575116 under Referral Code, on the payment page. After which, you can click on the “Chat” button on the bottom right of this website and let me know the email address which you use to register, for me to keep track of it.

* NOTE that if the referral code is left out for any reason, the $10 GRABFOOD voucher will not be applicable. Vouchers will be sent out on the 15th day after your policy is in forced.

If you’re unsure if this is a good plan for you, hook me up for a chat!

Disclaimer: Information written is to my best knowledge as per the date posted and has no legal rights. It represents my personal opinion, which may be different from yours, and that’s totally cool. It is important to read the policy contract and documents for the full terms and conditions. This post does not constitute a recommendation. Please seek professional advice before committing to a plan as it is a long term commitment.