Prudential Zenith Life Insurance on Sunday announced benefits designed to address the negative impacts of the coronavirus pandemic, which had claimed thousands of lives globally.
In statement in Lagos, the company said that the benefits would apply for a period of 45 days beginning from April 3.
The company said that customers who had purchased or who would purchase any of its products such 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, would enjoy diagnosis benefit.
It said that under the benefit, a customer diagnosed with COVID-19 would be entitled to N38,000 and a treatment benefit of N9 000 daily for a maximum period of 25 days to cater for losses or incidental expenses.
The company said it had reduced the normal waiting period from six months to 14 days for the benefits to apply to any new customer, while for existing customers, the additional benefits would 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 his policy even if he is unable to pay his regular premium 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,” it said
According to the insurance company, the policy exclusions to the additional offering include that it is not liable to pay claims if treatment is for any reason other than the contraction of the COVID-19.
The company said it would not also pay claims if after the start of the policy, the covered person would travel to any country with active community transmission of COVID-19.
It said the policy would not also take effect if the covered person was in self-isolation or hospitalised but had not been officially diagnosed and hospitalised by the state.
The insurance company, however, said that the benefits would be provided for all clients who qualified with active policies.