Armed with deep reserves themselves, banks and insurance providers have rolled out relief measures of their own to help Singaporeans in need.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="2020 will go down in the history books as a challenging year for many. Governments across the world—including Singapore—have implemented circuit breaker measures to flatten the curve and prevent healthcare systems from being overwhelmed.” data-reactid=”21″>2020 will go down in the history books as a challenging year for many. Governments across the world—including Singapore—have implemented circuit breaker measures to flatten the curve and prevent healthcare systems from being overwhelmed.

The negative economic side effects are unavoidable. As people stay home, many businesses find themselves with no customers and no revenue. The ripple effects then cascade down to their employees.

The medicine—Circuit Breaker, in this case— is painful, but necessary. And it will take the cooperation of each person to succeed. As such, the banks and insurers have also stepped up to do their part to help alleviate financial pressures.

In this article, we will explore the various initiatives banks and insurers are taking. Keep in mind the situation is still fluid and these measures are subject to change.

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="What benefits can you get from insurers (that you may already qualify for)?” data-reactid=”25″>What benefits can you get from insurers (that you may already qualify for)?

You may already qualify for certain benefits depending on your health and travel insurance plan. While the benefits from health insurance plans are obvious—i.e. hospitalisation coverage and such—did you know that many travel insurance plans also pay out benefits if you are quarantined?

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="For instance, AXA’s SmartTraveller will give you S$50 per day for each day in quarantine, up to a maximum of S$700. The same goes for Sompo’s TravelJoy Deluxe, which pays out S$50 for each day you are quarantined for up to five days. Chubb’s travel insurance offers the same quarantine allowance, for a maximum of S$500, depending on the plan.” data-reactid=”27″>For instance, AXA’s SmartTraveller will give you S$50 per day for each day in quarantine, up to a maximum of S$700. The same goes for Sompo’s TravelJoy Deluxe, which pays out S$50 for each day you are quarantined for up to five days. Chubb’s travel insurance offers the same quarantine allowance, for a maximum of S$500, depending on the plan.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="So, if you are unfortunate enough to contract COVID-19 from overseas and must be quarantined, make sure you check your travel insurance to see what kind of coverage you are eligible for.” data-reactid=”28″>So, if you are unfortunate enough to contract COVID-19 from overseas and must be quarantined, make sure you check your travel insurance to see what kind of coverage you are eligible for.

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="How insurers are going above and beyond” data-reactid=”29″>How insurers are going above and beyond

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="On the COVID-19-specific side, the Monetary Authority of Singapore (MAS) has announced that you can apply to defer premium payments on your life and health insurance for up to six months. To apply, check with your insurer.” data-reactid=”30″>On the COVID-19-specific side, the Monetary Authority of Singapore (MAS) has announced that you can apply to defer premium payments on your life and health insurance for up to six months. To apply, check with your insurer.

However, many insurers are doing more than the mandatory minimum in providing customers with additional hospitalisation and death benefits for COVID-19 cases. Others, such as AIA, DBS/POSB, HSBC, Prudential, and Manulife will also pay out lump sum cash benefits (which can reach as high as S$1,500) upon either diagnosis or being quarantined as a form of extra financial help.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="For the full list and details of insurers providing additional COVID-19 coverage, read our comprehensive article here.” data-reactid=”32″>For the full list and details of insurers providing additional COVID-19 coverage, read our comprehensive article here.

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="[New] SingSaver Exclusive: FWD Personal Accident and Infectious Disease Coverage” data-reactid=”33″>[New] SingSaver Exclusive: FWD Personal Accident and Infectious Disease Coverage

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="SingSaver has partnered FWD Singapore to offer an exclusive plan that boasts both personal accident and the widest suite of infectious disease coverage (including COVID-19), for an annual premium of $98. It’s the first on the market to cover accidents and 24 infectious diseases at such value.” data-reactid=”34″>SingSaver has partnered FWD Singapore to offer an exclusive plan that boasts both personal accident and the widest suite of infectious disease coverage (including COVID-19), for an annual premium of $98. It’s the first on the market to cover accidents and 24 infectious diseases at such value.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Here are all the details you need to know about the&nbsp;FWD Personal Accident and Infectious Disease Coverage&nbsp;offered on SingSaver.” data-reactid=”35″>Here are all the details you need to know about the FWD Personal Accident and Infectious Disease Coverage offered on SingSaver.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Apply Now” data-reactid=”43″>Apply Now

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Get financial relief by deferring your mortgage loans” data-reactid=”44″>Get financial relief by deferring your mortgage loans

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Property in Singapore is expensive, and mortgage payments can eat up a significant portion of your monthly income. In Singapore, the MAS mandates that mortgage payments be capped at no more than 30% of your gross monthly income at the time of your application.” data-reactid=”45″>Property in Singapore is expensive, and mortgage payments can eat up a significant portion of your monthly income. In Singapore, the MAS mandates that mortgage payments be capped at no more than 30% of your gross monthly income at the time of your application.

But if your income is affected by the pandemic, that figure may now be much higher than 30%. And this doesn’t even account for your other debt obligations. That’s why, to provide relief for affected borrowers, the MAS has stipulated that you can defer payments on your residential mortgage—either the principal, or both the principal and interest—until the end of the year.

Even better, interest will only accrue on the deferred principal, not interest. This means you don’t have to pay interest on interest. You also don’t need to prove that this pandemic has affected you to qualify for this deferment—it’s open to everybody.

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Cut interest rates by converting your unsecured debt into term loans” data-reactid=”48″>Cut interest rates by converting your unsecured debt into term loans