Prudential Zenith Life Insurance has reeled out some benefits designed to address the negative impact of the coronavirus pandemic which has claimed thousands of lives globally.
The benefits come on the heels of its launch of COVID-19 Initiative.
According to a statement by the company, the benefits which applies for a period of 45 days – from April 3 to May 18, 2020 – will ensure that customers who have purchased or who intend to purchase any of 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 product will enjoy a ‘diagnosis benefit’, which entitles the insured who has been diagnosed with the COVID-19 to N30, 000 and a ‘treatment benefit’ of N9, 000 daily for a 25-day period to cater for losses or incidental expenses.
Furthermore, the company announced a reduction in the normal waiting period from six 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 by the state or who is formally retrenched as a result of a business having to close due to the COVID-19 pandemic, the company announced 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,” it stated.
However, the firm said it will not be liable to pay claims if treatment is for any reason “other than the contraction of the COVID-19” or “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” or “the covered person is in self-isolation or hospitalised but has not been officially diagnosed and hospitalised by the state.”
