Issued By: EZ-Link Pte Ltd, Ace Insurance Limited
SINGAPORE, 2 January 2008 – ACE Insurance Limited, a part of the ACE Group of Companies, global leaders in insurance and reinsurance, announced today its partnership with EZ-Link to launch an insurance plan targeted at the commuting masses. With over 4 million financial transactions generated in transit and non-transit applications, the ez-link card probably enjoys the single highest wallet share in Singapore.
This collaboration between EZ-Link and ACE Insurance will offer customers a value-added safeguard solution to insure their ez-link cards against loss or theft, inclusive of the stored value in the card plus the replacement cost of the ez-link card.
As an added benefit to policy holders, the plan also provides unique coverage of accidental death or permanent total disablement on public conveyance. An enhanced version of the product also offers cover against loss of personal belongings such as purses, handbags and wallets. Specially developed for ez-link cardholders, the EZ-Link CardShield is a cost effective risk protection solution given its broad coverage beyond just the loss of the card. As with other insurance policies, premiums can be paid annually or on a monthly basis.
The three main plans available to the public are:
- EZ-Link CardShield Classic Plan for individuals aged between 18-81 years old or children or students aged between 4-23 years old,
- EZ-Link CardShield Superior Plan for individuals between 18-81 years old and;
- EZ-Link CardShield Classic Family Pack of 4 Plans for parents with two children or for any 1 parent with 3 children.
Basic Benefits for Classic and Superior Plan of CardShield
- Coverage for stored value of loss and/or theft of ez-link card and replacement of lost and/or stolen ez-link card
- Up to of $10,000 in the event of accidental death or permanent total disablement on public conveyance.
- Up to $1,000 reimbursement of medical expenses in the event you are injured when your ez-link card is stolen. If the same event occurs on public conveyance, the coverage is doubled to $2,000.
Added Benefits for Superior Plan of CardShield
- Up to $5,000 reimbursement should the policy holder suffer monetary loss due to identity fraud.
- Up to $100 coverage for personal belongings and cash due to theft.
- Personal liability coverage up to the maximum of S$50,000.
According to Kenneth Brown, Managing Director and Country Manager, ACE Singapore, "This insurance package exhibits ACE’s capability to bring to market customized risk protection products specifically developed to meet local market demands. The different plans are affordable in pricing and offer value for money 24-hour worldwide coverage with benefits which are relevant for everyday lifestyle needs."
EZ-Link’s Mr. Nicholas Lee, Senior Vice President of Business and Technology at EZ-Link said, "With this collaboration, EZ-Link is pleased to offer our customers the option of having an affordable and effective insurance product that should meet the basic needs of commuters".
About ACE
Operating in Singapore since 1948, ACE Insurance Limited is a member of the ACE Group of Companies®, a global leader in insurance and reinsurance with offices in more than 50 countries worldwide. Assigned a financial strength rating of "A" by Standard &Poor’s, ACE Singapore is one of the leading direct marketing providers of Accident & Health insurance in the Republic.
ACE Insurance Limited (Singapore) employs more than 180 employees, and provides clients with diverse products and services to satisfy their specific risk management requirements.
Working closely with agents and brokers, ACE Singapore provides clients with coverage for all their commercial needs. It also partners with financial institutions and other companies to tailor individual policies for their clients and employees.
Additional information can be found at: www.aceinsurance.com.sg
About EZ-Link
EZ-Link’s core business is the sale, distribution and management of ez-link cards as well as the clearing and settlement of ez-link card transactions generated in transit and non-transit (retail/merchant) applications.
We have issued over 10 million cards to date and have achieved more wallet share in Singapore than any other single card payment device. On a daily basis, over 4 million financial transactions are processed throughout our system and this is constantly growing with the proliferation of the ez-link card in the non-transit payment arena.