SINGAPORE, 25 June 2021 – Leading insurer Great Eastern is continuing its efforts to protect the community and support the national phased recovery with the launch of the GREAT Covid Care Plan, a complimentary post-vaccination protection plan available to all Singapore residents1.
The GREAT Covid Care Plan provides a cash payout of S$200 per day of hospitalisation up to a total of $2,000, in the event one is hospitalised due to
COVID-19 after their vaccination. The plan provides worldwide coverage so that hospitalisation in Singapore as well as overseas is covered. This will provide additional peace of mind for Singaporeans who may travel abroad for work or leisure, and for overseas residents returning to their home country for visits as countries start to open up.
This free coverage applies to any Singapore resident who has completed his/her first dose of a COVID-19 vaccine2 approved for use by the Health Sciences Authority or supplied under the Special Access Route (SAR). Coverage also includes children who have been vaccinated. Parents may register on behalf of their children who are under 18.
Registration on Great Eastern’s website is required to activate the free coverage, and all eligible recipients will receive their GREAT Covid Care insurance certificate via email once their sign up is confirmed. The plan provides coverage for 12 months from the date of registration or when the individual receives his/her first dose of COVID-19 vaccine, whichever is later. The sign up period ends on 30 September 2021 and applicants must also complete their first vaccination dose by 31 December 2021 to qualify for the coverage.
Great Eastern Group Chief Executive Officer Khor Hock Seng said: “We are glad we have been able to help our customers and the community through each phase of the pandemic. With the steady progress of the vaccination programme in Singapore, the country is well positioned for recovery in this new phase. Many in Singapore have done their part to be vaccinated and as we adapt to an environment where COVID-19 is likely to remain endemic for at least a period of time, we want to continue to do our part to protect our community in Singapore and even when they travel overseas.”
The GREAT Covid Care Plan complements the coverage provided by the S$1 million GREAT Vaccine Fund launched in January 2021 and is the latest support measure that Great Eastern has rolled out with the progression of the COVID-19 vaccination programme in Singapore.
More information on the GREAT Covid Care Plan can be found on Great Eastern’s website. The company will also be reaching out to its customers through its financial representatives.
Great Eastern’s initiatives in response to COVID-19 started in 2020 with its S$1 million COVID-19 Customer Care Fund announced in February 2020 and a $500,000 contribution to the Courage Fund and other local charities.
1. Singapore Resident refers to any Singaporean or Singapore Permanent Resident or with a valid employment pass (EP holders / S Pass holders / Work Permit) or Dependant’s pass; and residing in Singapore.
2. COVID-19 Vaccine refers to any COVID-19 vaccine which is:
a. approved for use in Singapore by the Health Sciences Authority (HSA) and administered by a provider licensed by Ministry of Health (MOH); or
b. supplied under the Special Access Route after approval by the World Health Organisation (WHO) under its Emergency Use Listing (EUL) and administered by a provider licensed by MOH according to the WHO EUL-approved indications and age groups.
About Great Eastern
Founded in 1908, Great Eastern is a well-established market leader and trusted brand in Singapore and Malaysia. With over S$90 billion in assets and more than 10 million policyholders, including 6 million from government schemes, it provides insurance solutions to customers through three successful distribution channels – a tied agency force, bancassurance, and financial advisory firm Great Eastern Financial Advisers. The Group also operates in Indonesia and Brunei and has a presence in China as well as a representative office in Myanmar.
The Great Eastern Life Assurance Company Limited and Great Eastern General Insurance Limited have been assigned the financial strength and counterparty credit ratings of "AA-" by Standard and Poor's since 2010, one of the highest among Asian life insurance companies. Great Eastern's asset management subsidiary, Lion Global Investors Limited, is one of the largest private sector asset management companies in Southeast Asia.
Great Eastern is a subsidiary of OCBC Bank, the longest established Singapore bank, formed in 1932. It is now the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s. Recognised for its financial strength and stability, OCBC Bank is consistently ranked among the World’s Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker.
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