SINGAPORE, April 17, 2015:
Etiqa Insurance Pte Ltd (EIPL) announced today that it will partner Maybank to sponsor personal accident insurance for 3,000 low-income families in Singapore.
In a statement, the company said this expands on an existing community insurance programme by Maybank, which will be renamed as the Maybank-Etiqa Family Shield.
It said Maybank and Etiqa will jointly pledge S$500,000 (RM1.34 million) over three years for this programme, adding each breadwinner will receive two years of free personal accident Insurance coverage.
EIPL started its life insurance operations in Singapore last August.
On April 1, 2015, the Singapore branch of Etiqa Insurance Bhd transferred its general insurance business to EIPL.
Today marks the official launch of EIPL as a licensed financial institution of life and general insurance products in Singapore.
“We’re leveraging our expertise to protect families in case of unforeseen circumstances,” said EIPL chief executive officer Sue Chi Kong.
The Maybank-Etiqa Family Shield covers the beneficiary and up to six dependent children for two years against injury, permanent disablement and accidental death.
The maximum payout in the event of accidental death is S$50,000. Etiqa will underwrite this policy.
“Since 2012, Maybank has been sponsoring such insurance for low-income families and has benefited over 700 families in the past three years.
“With Etiqa on board, we can extend this to even more families and provide them with better financial security,” said Lim Hong Tat, CEO of Maybank Singapore and Head of Group Community Financial Services, Maybank.