Free DBS Covid-19 hospital cash insurance policy: Here's what you're getting (and NOT getting)

If you're a DBS/POSB customer, you would probably have heard about DBS/POSB offering you and your immediate family members with a complimentary 30-day Covid-19 Hospital Cash policy to help with expenses should you contract Covid-19 and have to be treated and quarantined.

The free policy was met with a strong response, with up to 52,000 sign-ups in a day at its peak. With an extended enrolment deadline of March 31, 2020, here's what you need to know about this complimentary policy offered by DBS, including what exactly is covered (and not covered) by it.

What is covered by the DBS Covid-19 hospital cash policy?

Launched on Feb 24, the Covid-19 Hospital Cash policy is offered by DBS and comes with two main benefits:

• Policyholders will receive $100 for each day of hospitalisation as a result of Covid-19 during the coverage period, up to a maximum of 14 days.
• Policyholders admitted to the Intensive Care Unit as a result of Covid-19 during the coverage period will receive a lump sum of $1,000.

Coverage is worldwide* and commences from the time of sign-up and lasts for 30 days.

(* except countries with travel advisories and US-sanctioned countries)

Covid-19 Hospital Cash is a subset of the Recovery Hospital Cash policy, both of which are underwritten by Chubb and distributed by DBS.

It is important to note that payouts will only be made if and when you were confirmed with Covid-19. This means, if were hospitalised for 5 days, and were only confirmed with Covid-19 on the Day 3, you will only receive hospitalisation payouts for Days 3 to 5. Needless to say, if you were found to not have Covid-19, you will not receive any payouts.

A hospitalisation day is defined as being confined to the hospital for a 24-hour period, at any MOH-authorised private, restructured, or public hospital, including the National Centre of Infectious Disease (NCID).

Another key exclusion you should know about is that if you travelled overseas against travel advice by the MFA or MOH, you will not be eligible for payouts.

Those who have been confined to a hospital as a result of a quarantine order issued by MOH but are not Covid-19 patients will not receive payouts.

As you can see from the above explanation of the policy benefits and exclusions, the Covid-19 Hospital Cash policy offered by DBS is not a substitute for a proper hospital cash policy, especially when the cover period is only 30 days.

You shouldn't need to change any of your existing insurance policies, but if this policy leads to you gaining a better appreciation of hospital cash policies, you can most certainly sign up for one.

Who can apply for Covid-19 hospital cash policy?

In general, the complimentary policy is available to DBS and POSB customers who are Singapore residents, while their immediate family members can be included as additional insured persons.

Family members do not need to be DBS/POSB customers, but dependent children must be "between 1 month old and 18 years old, or up to 25 years old, provided the child is primarily dependent on the applicant and is studying as a full-time student at an accredited institution of higher learning on the commencement date of the insurance".

Here's the specific criteria for enrolment into the policy:

• Must be at least 18 years of age (no upper age limit)
• Must be a Singapore resident (citizen, PR, or holder of a valid work permit, employment pass, long-term visit pass, dependant's pass, S Pass or student pass)
• Must not have been to Mainland China in the preceding 14 days (at the time of application)
• You do not have fever, flu-like or respiratory symptom(s) (e.g. cough, runny nose and sore throat)

ALSO READ: Covid-19 health insurance - 8 insurers with free coronavirus coverage

How to apply for Covid-19 hospital cash?

You can apply the Covid-19 Hospital Cash policy by filling in the online form and declaration or by visiting at any DBS/POSB branch island-wide - though during this time, you really shouldn't.

The latest date to do so is March 31, 2020. Each person is only eligible to sign up once.

How to make a claim on your Covid-19 hospital cash policy?

You can submit any claims online or contact Chubb's customer service via e-mail or phone (+65 6398 8797) from Mondays to Fridays, 9am to 5pm, excluding Public Holidays.

To ensure the smoothest claims experience, you should submit any claims claims within one month from the date of occurrence.

For the latest updates on the coronavirus, visit here.

This article was first published in Dollars and Sense.