Great Eastern unveils S$1 million GREAT Vaccine Fund
SINGAPORE, 15 January 2021 – Leading insurer Great Eastern today unveiled a S$1 million GREAT Vaccine Fund. The Fund provides a daily hospital cash benefit of S$300 per day up to a maximum of seven days, if one is hospitalised due to COVID-19 vaccinations. Coverage will be valid for three months from the day of the first dose of Health Sciences Authority (HSA)-approved vaccinations.
The GREAT Vaccine Fund is effective until end-December 2021, or when the Fund is fully utilised, whichever is earlier.
This Fund is for the benefit of all existing Great Eastern customers*, including the policyholders of the Dependants’ Protection Scheme and Eldershield plans.
Great Eastern Group Chief Executive Officer Khor Hock Seng said: “As a leading insurer in Singapore, we have always had the community at heart. Since the onset of COVID-19, we have put together a number of initiatives to do our part to Lifeproof Singaporeans. The GREAT Vaccine Fund is another such initiative and this complements the government’s financial assistance programme to give peace of mind to those taking the vaccination.”
This follows the insurer’s recent move to extend hospitalisation cover and/or inpatient treatment arising from all vaccinations (including COVID-19) for policyholders of its medical plans.
The GREAT Vaccine Fund is in addition to its S$1 million COVID-19 Customer Care Fund announced last year. The insurer was among the first to contribute S$500,000 to help the vulnerable through local charities and the Courage Fund (facilitated by the Community Chest). To further support the community in the past year, Great Eastern has hired close to 2,000 for corporate and financial advisory positions, and through the SGUnited Traineeships Programme.
*GREAT Vaccine Fund - Terms and conditions apply.
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 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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