According to reports, Old Mutual is making cover worth R4 billion available to approximately 430,000 registered healthcare workers across South Africa.
The Old Mutual Group said in a statement on Wednesday that, contrary to traditional cover, this is neither a product nor a policy and no premiums will be recovered on it.
The cover will be effective from 1 April until 31 December 2020 and includes R10,000 which becomes payable in the event of the death of qualifying healthcare workers. It is intended to provide relief to families who may have to deal with the tragic loss of a loved one during this period.
“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.”
According to Williamson, the cover will be available to qualifying categories of members who are registered with the Healthcare Professionals Council of South Africa (HPCSA). This will also include all registered practitioners of the South African Nursing Council (SANC).
The cover reportedly has no exclusions, and will include death related to any cause, Old Mutual said.
“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.