Covid-19 Insurance: FWD’s New $28 Plan Protects You for 100 Days, Up To $100,000 Payout

FWD Covid-19 Insurance

This post was written in collaboration with FWD. While we are financially compensated by them, we nonetheless strive to maintain our editorial integrity and review products with the same objective lens. We are committed to providing the best recommendations and advice in order for you to make personal financial decisions with confidence. You can view our Editorial Guidelines here.

It’s been unsettling, this strange Covid-19 dystopian world.

Shops are closed, everyone is wearing a face mask, certain groceries are out of stock, and many of us are working from home. Gone are our usual social gatherings; instead we communicate through technology and avoid even seeing family members that stay in different households.

The Covid-19 pandemic has been ongoing since late last year, and although local community cases are starting to peter out, it’ll still be many months more before life as we know it goes back to “normal”.

I was in the same vicinity as a confirmed case back in mid-March. I had to go through the whole rigmarole of worrying about my health, agonising about those I’d met recently, being confined to my room, and bearing witness to just how much work Singapore puts into 1 quarantine case (me).

Thankfully, there are specialised Covid-19 insurance plans available — it’s always good to be safe than to worry later, especially if the premium is really affordable.

Can’t I just get a free Covid-19 insurance plan?

Let’s first take a look at what FWD’s Covid-19 insurance and some of the free Covid-19 insurance plans out there have to offer:

Company Who gets it? Death benefit? Lump sum payout? Hospitalisation cash allowance?
FWD ($28) Anyone can sign up Yes, & double the benefit for critical frontliners Yes Yes, if admitted to ICU
AIA (free) Eligible AIA policyholders Yes Yes, if hospitalised No
NTUC (free) Policyholders of NTUC Income’s PA or corporate insurance plans Yes No Yes
Great Eastern (free) Great Eastern life or accident and health policyholders (cover extended to family members) Yes No Yes
Manulife (free) Existing Manulife policyholders Yes Yes Yes, only for 5 days or more
Prudential (free) Existing Prudential policyholders (cover extended to family members) No Yes, if quarantined Yes, if hospitalised

At first glance, the benefits of the free plans are quite good, considering that these Covid-19 insurance policies are free of charge. However, these free Covid-19 insurance policies largely benefit existing customers and policyholders, and don’t cover all bases (except for Manulife’s where there’s a condition attached for hospitalisation).

On the bright side, we get free government support as well:

Testing for Covid-19 Covered with conditions: Doctor needs to assess you and deem this is necessary.
Hospital bills Covered with conditions: For public hospitals; only for Singapore citizens, Singapore residents and long-term pass holders who didn’t leave Singapore from 27 March 2020.
Quarantine Order allowance $100/day for self-employed Singapore Citizens or Permanent Residents. This applies for those who are issued Leave of Absence and Stay-Home Notices (SHN) as well.
Stay in the SHN dedicated facility Covered with conditions; Returnees who had left Singapore from 27 March 2020 are not covered.
Other relief measures (Budgets of 2020) $300/$600 Solidarity Payment, Covid-19 Support Grant, additional GST Vouchers, and more. Check out our Budget 2020 articles here.

However, there might still be gaps to plug. Is the death benefit enough, especially if you’re a critical frontline worker? What about your family?

Also, Is there enough hospitalisation and post-hospitalisation support? Covid-19 patients are isolated from the rest of the world, including their dearest ones, and while hospital bills are covered by the government, they suffer a significant loss of income while they are sick/not fully recovered. In some cases, both working parents are hospitalised, and they cannot provide for their children.

According to the World Health Organization, those who present with mild symptoms take about 2 weeks to recover. Those with more serious symptoms who need oxygen therapy could take 2-8 weeks to make a full recovery. Around 1 in 20 people need intensive care treatment, which could involve being sedated and being put on a ventilator — getting back to full strength for these individuals can take over a year.

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FWD’s Covid-19 Insurance: Pay just $28 for 100 days of cover

Did you know that if you’re already insured by a free Covid-19 insurance plan, you can still purchase a standalone Covid-19 policy for additional coverage?

Not all free plans cover all bases adequately, namely coverage duration, daily hospitalisation/ICU cash allowance, lump sum amount for post-hospitalisation expenses, and death benefit.

Let’s take a look at a paid Covid-19 insurance, such as this new $28 policy from FWD:

Company Who gets it? Coverage duration Death benefit Lump sum payout? Hospitalisation cash allowance?
FWD Anyone can sign up 100 days Yes, $50,000 death benefit ($100,000 death benefit for critical frontliners*) Yes, $800 post-hospitalisation cash benefit Yes, $100 daily cash allowance if admitted to ICU (up to 14 days)

It’s a pretty robust plan, covering the following:

  • Daily cash allowance: Receive $100 daily for up to 14 days if you’re in ICU, to help you and your family during this difficult time;
  • Post-hospitalisation cash benefit: After you are discharged from the hospital, receive a lump sum cash benefit of S$800, to help with any unexpected expenses like further outpatient treatment which may not be covered by the government;
  • Death benefit: $50,000 cover for death due to Covid-19;
  • Double the death benefit for Critical Frontliners: Total of S$100,000 in death benefit for death due to Covid-19 if you’re a critical frontliner*; and
  • Affordable 1-time premium of S$28 for 100 days of cover

*Critical frontliner = those working in health and social services, food services, transportation services, storage services.

The claims process is simple and straightforward as well — you just need to submit your claim form and supporting documents online within 30 days.

$28 for 100 days of additional Covid-19 insurance coverage works up to just $0.28 a day — a good deal for extra peace of mind.

This is crucial since Singapore exited its Circuit Breaker after 1 June 2020. It is all the more important to get comprehensive coverage for COVID-19 as we gradually resume our routine/work.

Find out more and sign up for the FWD Covid-19 Insurance now.

Disclaimer: The insurance plans are underwritten by FWD Singapore Pte Ltd. This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact your insurer or visit the GIA/LIA or SDIC websites ( or or This advertisement has not been reviewed by the Monetary Authority of Singapore. Information is meant purely for informational purposes and should not be relied upon as financial advice.