SINGAPORE (May 18): Prudential Singapore is partnering with the ASEAN Financial Innovation Network (AFIN) to provide employees of Singapore-based FinTech companies with financial relief and medical coverage.
This is a bid to help over 1,100 FinTech companies tide the coronavirus pandemic, the life insurer announced on Monday.
“Covid-19 is impacting economies and societies the world over. Preparing for the world post-Covid requires us to rapidly adapt and innovate,” observes Dennis Tan, CEO of Prudential Singapore.
“We want to support the FinTech community that has helped our industry innovate, and with whom we have been partnering to make insurance simpler and more accessible to our customers.”
Under this partnership, the insurer will extend its PRUAffinity Personal Accident Plan to FinTech employees such that they receive a coverage of up to $20,000 for injuries or an accidental death that occurs between 8 Apr 2020 and 7 Apr 2021.
The payout cap increases to $50,000 for retrenched FinTech employees for a six-month window, or earlier depending on if he/she finds a new job.
Meanwhile, all FinTech employees who contract dengue haemorrhagic fever will be entitled to a one-time hospital payout of $500. The move comes as the number of dengue cases in Singapore has more than doubled between mid-April 2019 and 2020, the life insurer notes.
Additionally, the company will extend its $1.5 million PRUcare package announced previously for individuals and small and medium sized enterprises (SMEs) to now include the Fintech community.
As such, FinTech employees holding the PRUAffinity Personal Accident Plan will now receive a one off $500 cash payout if they serve a quarantine order between 6 April and Jun 30 2020. They will also receive a $200 daily allowance if they are hospitalised for Covid-19 in this time.
Speaking of the holistic aid rendered by Prudential, AFIN’s managing director Manish Diwan says the organisation “is delighted to play a part in this very thoughtful initiative”.
As at 2.03pm, shares at Prudential were trading flat at US$19.30 ($27.52).