By Cynthia Ang
Prudential Uganda and Goldstar Insurance have collaborated to launch a new product, ‘COVID19 Group Life Extension Insurance Cover’, for groups of individual companies and organisations.
The new product is underwritten by Prudential. Under the deal, Prudential will provide cover to all Goldstar’s workers compensation and group personal accident policyholders against death due to natural causes.
Goldstar said the cover is an extension of its existing workers compensation and group personal accident policy to bridge the gap left out by this class of insurance amid the pandemic.
“The death benefit enshrined under the traditional workers compensation and group personal accident is only payable if death is due to accidental causes and does not include death due to natural causes including COVID-19.
“Because of the above shortcoming, Goldstar Insurance has partnered with Prudential Life to offer cover against natural death to all Goldstar and GPA policyholders and death due to COVID-19,” said Goldstar.
In late March, Prudential announced a cash payout to its customers should they be diagnosed with COVID-19. This payout is intended to help their family manage expenses while they are in recovery. In addition, if a customer is admitted to a hospital with COVID-19, Prudential will provide a daily allowance at no extra cost to the client.
Asia Insurance Review