Monday, April 27, 2015

Newly Launched Etiqa Insurance Pte Ltd and Maybank Jointly Pledge S$500,000 To Provide 3,000 Low-income Families with Free Insurance Coverage

Etiqa Insurance Pte. Ltd. (EIPL) announces today that as part of its company launch, it will partner Maybank to sponsor personal accident insurance for 3,000 low-income families in Singapore. This expands on an existing community insurance programme by Maybank, which will be renamed as the Maybank-Etiqa Family Shield. 

In celebration of SG50, Maybank and Etiqa will jointly pledge S$500,000 over three years for this programme. Each breadwinner will receive two years of free personal accident Insurance coverage. 

EIPL started its life insurance operations in Singapore last August. On 1 April 2015, the Singapore branch of Etiqa Insurance Berhad transferred its general insurance business to EIPL. 

“To celebrate the launch of our business, we want to give something back to the community,” said EIPL Chief Executive Officer Mr. Sue Chi Kong. “We’re leveraging our expertise to protect families in case of unforeseen circumstances.” 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 have benefited over 700 families in the past three years. We are very pleased that with Etiqa on board, we can extend this to even more families and provide them with better financial security.” said Mr. Lim Hong Tat, CEO of Maybank Singapore and Head of Group Community Financial Services, Maybank. “As financial institutions, providing financial inclusion for vulnerable communities is a matter close to our hearts. Without adequate insurance, these families could fall into further financial difficulties if their breadwinners are not able to continue working after an accident,” Mr Lim added.

For more information and fact sheet on Maybank-Etiqa Family Shield:


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