IC allows Malayan COVID insurance

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    The Insurance Commission (IC) has approved two insurance products for risks related to the new coronavirus disease 2019 (COVID-19) offered by Malayan Insurance Co. Inc.

    These COVID-19-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 said.

    With the COVID-19 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 COVID-19 related death, as well as a hospital cash allowance per day due to COVID-19 for up to 14 days.

    Travel Master with COVID-19 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.