IC approves 2 Malayan Covid-19 insurance products

Published November 7, 2020, 5:00 AM

by MB Business

The Insurance Commission (IC) has approved two insurance products for risks related to the Coronavirus disease 2019 (Covid19) offered by Malayan Insurance Co., Inc.

These Covid19-focused insurance products are Travel Master and a standalone annual personal accident (PA) package.

“Notwithstanding anything stated to the contrary and subject to the limit specified in the Policy Schedule, the Emergency Medical Treatment Section of the travel policy is hereby extended to include Coronavirus Disease which was medically diagnosed by the public health authority or relevant government authorities of the city/country which the insured is visiting during the period of travel,” the IC endorsement read.

With the Covid19 risk protection, Travel Master provides medical expense coverage and hospital cash benefit of up to 14 days of confinement. The PA policy covers accidental and Covid19 related death, as well as a hospital cash allowance per day due to Covid19 for up to 14 days.

Travel Master with Covid19 cover comes with Asian and worldwide travel plans, while customers can choose from five plans, which differ in period of coverage, for the standalone PA insurance product.

The Philippine government has allowed non-essential travel starting Oct. 21, with Malacañang saying that the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID) has lifted its ban on non-essential outbound travel.

Filipinos travelling abroad must have travel and health insurance coverage, proof of their round-trip tickets, as well as the submission of a negative swab test result for Covid19 before being allowed to travel.

For more information regarding the insurance products with Covid19 coverage, interested customers may email [email protected] or [email protected], or call (632) 8628-8628.

Malayan Insurance is the leading non-life insurer in the Philippines and a member of the Yuchengco Group of Companies (YGC). The company celebrates its 90th year in the local insurance industry this 2020.