The Life Insurance Association, Singapore (LIA Singapore) yesterday announced that all seven Integrated Shield Plan (IP) insurers are extending coverage to COVID-19 vaccination complications that result in hospitalisation.
This will apply to all IP policyholders who receive COVID-19 vaccines approved by the Health Sciences Authority and are vaccinated in Singapore.
An IP is an optional health plan that comprises two components: the mandatory MediShield Life component run by the Central Provident Board and additional private insurance coverage component provided by private insurers. A policyholder with an IP is already covered by MediShield Life.
The special IP coverage for COVID-19 vaccinations will be provided till 31 December 2021. Extensions to the duration of coverage will be considered in the latter part of the year after monitoring the evolving situation, LIA Singapore says in a statement.
This effort is in support of the national vaccination drive and the government’s measures to protect the community and enable Singapore’s return to normalcy.
Mr Khor Hock Seng, President, LIA Singapore, said, “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. 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.”
The IP insurers in Singapore are: AIA, Aviva, AXA, Great Eastern Life, NTUC Income, Prudential, and Raffles Health Insurance.