EHIME ALEX, Lagos –
Following the launch of its COVID-19 initiative, Prudential Zenith Life Insurance has added some benefits designed to address the negative impact of the coronavirus pandemic, which has claimed thousands of lives globally.
The announcement was contained in a statement released by the company and made available to NATIONAL ACCORD on Sunday.
It stated that the benefits would run for a period of 45 days – from April 3 to May 18 2020 – and would be for customers who have purchased or who intend to purchase any of its insurance products.
The company listed the applicable products as My Family Protection Plan, My Family Protection Plan Premier, My School Fees Protection plan, PZL Term Assurance, PZL Hospital Plan and My Savings Plan-Premier.
It explained that customers on any of the above covers would enjoy a ‘Diagnosis Benefit’, which entitles the insured who has been diagnosed with the COVID-19 virus by the State to a cash amount of N38,000 (thirty-eight thousand naira) and a ‘Treatment Benefit’ of N9,000 (nine thousand naira) daily for a maximum period of 25 days to cater for losses or incidental expenses.
The statement further noted that the company has reduced the normal waiting period from 6 months to 14 days for these benefits to apply to any new customer, while for existing customers, these additional benefits apply immediately.
Also, for any customer who has bought a policy from the company and who is diagnosed with COVID-19 or who is formally retrenched as a result of a business having to close due to the COVID-19 pandemic, it will provide a three-month premium holiday.
This means that the policy will not lapse and the customer will still enjoy the protection benefits of their policy even if they are unable to pay their regular premiums during this period.
This is in addition to any ‘Death Benefits’ that are payable when due, as the company does not exclude death caused by COVID-19 under any of its policies.
To avoid any ambiguity, the company which stated that it is important to note there are policy exclusions to this offering as listed below, said it is not liable to pay claims if:
1. Treatment is for any reason other than the contraction of the COVID-19 virus.
2. On or after the start of the policy, the Covered Person travelled to any country or area included in the list of “countries/ areas with active community transmission of COVID-19” as announced by the Nigerian Ministry of Health or World Health Organisation at the time of his/her travel.
3. The covered person is in self-isolation or hospitalised but has not been officially diagnosed and hospitalised by the State.
The following shall apply to new clients only:
a. The Covered Person(s) has already officially been diagnosed with or already has signs or symptoms of COVID-19 at the time of signing on to the Plan
b. The Covered Person(s) was under mandatory self-isolation in the past 14 days from the time of registration due to close contact with an infected person or having demonstrated COVID-19 symptoms.
Other important points to note
a. The benefits will be provided for all clients that qualify with active policies.
b. Benefit are also available to ALL of our customers who’s employer has taken out a Critical Illness policy with Prudential Zenith Life” to “Group Life policy with Critical Illness rider
c. A claim can only be made once in respect of each Insured Life.
d. Covered Lives refers to all lives covered under the policyholder’s active existing insurance policy (ies) and includes all named individuals covered under a Group Critical Illness policy taken out by an employer of those individuals.
e. An Active Policy is a Prudential Zenith Policy which has not lapsed, been cancelled or terminated and on which premiums are received as stipulated in the contract of that policy.
f. All claim substantiating documents, should be duly stamped and signed by the issuing authority.
It enjoined everyone to “Live life fully covered with Prudential Zenith.”