April 05, 2020 / 07:00PM / Prudential Zenith Life / Header Image Credit: Science
Following the launch of its Coronavirus (COVID-19) initiative, Prudential Zenith Life Insurance has announced some additional benefits designed to address the negative impact of the Coronavirus (COVID-19) pandemic, which has claimed thousands of lives globally.
According to a statement released by the company, the benefits which apply for a period of 45 days - from April 3rd to May 18th 2020 - will ensure that customers who have purchased or who intend to purchase any of the following Prudential Zenith Life products: 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 will enjoy a 'Diagnosis Benefit', which entitles the insured who has been diagnosed with the COVID-19 virus by the State to a cash amount of thirty-eight thousand and a 'Treatment Benefit' of nine thousand daily for a maximum period of 25 days to cater for losses or incidental expenses.
The statement further noted that the company has reduced the normal waiting period from 6 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 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 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.
To avoid any ambiguity, the company stated that it is important to note there are policy exclusions to this offering as listed below:
We are not liable to pay claims if:
The following shall apply to new clients only:
Other Important Points to Note
a. The benefits will be provided for all clients that qualify with active policies.
b. Benefit are also available to ALL of our customers who's employer has taken out a Critical Illness policy with Prudential Zenith Life" to "Group Life policy with Critical Illness rider
c. A claim can only be made once in respect of each Insured Life.
d. Covered Lives refers to all lives covered under the policyholder's active existing insurance policy (ies) and includes all named individuals covered under a Group Critical Illness policy taken out by an employer of those individuals.
e. An Active Policy is a Prudential Zenith Policy which has not lapsed, been cancelled or terminated and on which premiums are received as stipulated in the contract of that policy.
f. All claim substantiating documents, should be duly stamped and signed by the issuing authority.
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