SINGAPORE — All seven Integrated Shield Plan (IP) insurers in Singapore will extend their coverage to include COVID-19 vaccination complications that result in hospitalisation.
In a media release on Monday (25 January), the Life Insurance Association, Singapore (LIA Singapore) said that this insurance extension will apply to all IP policyholders who receive COVID-19 vaccines approved by the Health Science Authority, and are vaccinated in Singapore.
No additional premiums will be incurred by the IP policyholders, said LIA Singapore in response to media queries.
The seven IP insurers are: AIA, Aviva, AXA, Great Eastern Life, NTUC Income, Prudential and Raffles Health Insurance.
As of now, the coverage will be provided until 31 December. LIA Singapore said that extensions to the duration of coverage will be considered later this year, after monitoring the evolving COVID-19 vaccination situation.
“The life insurance industry is in full support of the government’s efforts to encourage as many Singaporeans as possible to take the COVID-19 vaccine,” said LIA Singapore president Khor Hock Seng.
“This proactive commitment from our members will give Singaporeans peace of mind that any adverse effects from the vaccine resulting in hospitalisation will be covered.”
IPs are insurance plans that comprise MediShield Life, managed by the Central Provident Board (CPF) Board, and a private insurance coverage component run by the insurance company.
IP policyholders with further questions are encouraged to contact their insurance representative or IP insurer.
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