Old Mutual is making R4 billion worth of cover available to approximately 430,000 registered healthcare workers across South Africa.
Unlike with traditional cover offered, this is neither a product nor a policy and no premiums will be recovered on it, the group said in a statement on Wednesday (8 April).
“We were compelled to respond to the immediate need by our employees and by our responsibility as the country’s leading insurer,” said Old Mutual executive Iain Williamson.
“While we acknowledge that we cannot practically cover every single essential service worker at this time, the business has nevertheless made a call to provide R4 billion in free cover to the approximately 430,000 registered healthcare workers who we believe are among the most exposed to the virus, and who continue to serve our nation so diligently.”
Williamson said that the cover will be available to qualifying categories of members who are registered with the Healthcare Professionals Council of South Africa (HPCSA) as well as all registered practitioners of the South African Nursing Council (SANC).
Effective from 1 April 2020 to 31 December 2020, the cover includes a R10,000 sum which becomes payable in the event of death of qualifying healthcare workers, and is intended to provide relief to families who may have to deal with the tragic loss of a loved one during this period.
The cover has no exclusions, and will include death related to any cause, Old Mutual said.
“During this time, it is important for us to band together to support those who continue to support all of us.
‘The healthcare workers we intend to cover represent our customers, our families, our friends and a critical part of the overall essential services community which we are now proud to serve,” said Williamson.