Prudential Zenith Life Insurance Unveils Additional Benefits for Customers Affected by COVID-19

Sunday,April 05, 2020 / 07:00PM / Prudential Zenith Life / Header Image Credit: Science

Following the launch ofits Coronavirus (COVID-19) initiative, Prudential Zenith Life Insurance hasannounced some additional benefits designed to address the negative impact ofthe Coronavirus (COVID-19) pandemic, which has claimed thousands of livesglobally.

According to a statementreleased by the company, the benefits which apply for a period of 45 days - from April 3^rd to May 18^th 2020 - will ensure thatcustomers who have purchased or who intend to purchase any of the followingPrudential Zenith Life products: My Family Protection Plan, My FamilyProtection Plan Premier, My School Fees Protection plan, PZL Term Assurance,PZL Hospital Plan and My SavingsPlan-Premier will enjoy a 'Diagnosis Benefit', which entitles the insured whohas been diagnosed with the COVID-19 virus by the State to a cash amount ofthirty-eight thousand and a 'Treatment Benefit' of nine thousand daily for amaximum 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 tothis offering as listed below:

We are not liable to payclaims if:

Treatment is for any reason other than the contraction of the COVID-19 virus.
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.
The covered person is in self-isolation or hospitalised but has not been officially diagnosed and hospitalised by the State.

The following shall applyto new clients only:

The Covered Person(s) has already officially been diagnosed with or already has signs or symptoms of COVID-19 at the time of signing on to the Plan
The Covered Person(s) was under mandatory self-isolation in the past 14 days from the time of registration due to close contact with an infected person or having demonstrated COVID-19 symptoms.

Other Important Points toNote

a. The benefits will beprovided for all clients that qualify with active policies.

b. Benefit are also availableto ALL of our customers who's employer has taken out a Critical Illness policywith Prudential Zenith Life" to "Group Life policy with Critical Illness rider

c. A claim can only be madeonce in respect of each Insured Life.

d. Covered Lives refers toall lives covered under the policyholder's active existing insurance policy(ies) and includes all named individuals covered under a Group Critical Illnesspolicy taken out by an employer of those individuals.

e. An Active Policy is aPrudential Zenith Policy which has not lapsed, been cancelled or terminated andon which premiums are received as stipulated in the contract of that policy.

f. All claim substantiatingdocuments, should be duly stamped and signed by the issuing authority.

Live life fully covered with Prudential Zenith.