The Financial Supervisory Commission yesterday gave Fubon Insurance Co (富邦產險) and Chubb Corp Taiwan (美商安達產險台灣) its approval to sell from today insurance policies that provide coverage to people experiencing serious side effects from COVID-19 vaccines.
Chubb’s product would pay compensation if a policyholder experiences side effects that require hospitalization or a stay in an intensive care unit (ICU), or if they die within 90 days of taking a COVID-19 vaccination, the commission said.
Fubon Insurance’s product has a shorter protection period, providing coverage for policyholders requiring treatment due to side effects within 14 days of being given a COVID-19 shot, the commission said.
.Photo: EPA-EFE
Asked whether the 14-day period was adequate, Insurance Bureau Deputy Director-General Wang Li-hui (王麗惠) told a news conference that the commission’s review focused on the fairness of the premiums.
However, consumers should carefully consider the insurance policies before making a purchase, Wang added.
The insurers said that they would not compensate policyholders if they received a COVID-19 vaccine abroad or a vaccine that had not been approved by local health authorities.
PAYOUTS
The insurers would use Central Epidemic Command Center data to determine which side effects could be attributed to a COVID-19 vaccine, they added.
Chubb’s product would pay its policyholders NT$3,000 (US$105.70) per day during a hospital stay, but payments would cease after the 15th day, while policyholders in an ICU would be offered a one-time payment of NT$30,000, the company said in a statement.
If the policyholder requires treatment again due to side effects of the second dose of a COVID-19 vaccine, they would again be compensated, Chubb added.
If the policyholder dies due to side effects from vaccination, their family or a beneficiary would receive funeral coverage of NT$300,000, it said.
Chubb has set a single premium for its product at NT$226 per year, regardless of the insured’s gender or physical condition, but only those aged 16 to 70 would be eligible, it said.
That was similar to Fubon Insurance’s annual premium of NT$228 for its product, which offers a one-time payment of NT$5,000 for those hospitalized and an additional NT$30,000 if their hospital stay exceeds five days, the company said.
Policyholders are compensated NT$30,000 if they test positive for COVID-19 within 180 days of getting vaccinated, Fubon Insurance added.
The compensation would increase to NT$10,000, NT$50,000 and NT$50,000 respectively if policyholders paid a higher premium of NT$365, the company said.
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