Sagicor will defer mortgage payments for its clients, as well as pay its pensioners early in light of challenges posed by the novel coronavirus (COVID-19).
According to the financial services provider, the two measures are a response to the continued spread of the virus and the effects on its clients.
Residential and commercial mortgages for new and existing customers will be deferred until June 30, in the first instance, Sagicor said. During that period, it will also pay its pensioners early to meet ensure they are able to meet their financial needs during the quickly evolving conditions of COVID-19.
Further, it reinforced a previous commitment to honour all COVID-related claims under its health and life insurance policies. Clients will also have the option to claim three months of prescription drugs under the company’s health policies, repeating its stance that no life insurance policy will be terminated within the next 90 days while encouraging clients to contact their financial advisor.
President & Chief Executive Officer of Sagicor Life Inc, Ravi Rambarran said “We recognise that the circumstances of each client vary and so we encourage our clients to reach out to their Sagicor representative as we remain committed to providing financial advice and support.”
Rambarran added that “Owning a pension, an insurance policy, a home and a business are significant investments borne by long term sacrifice, and we want our pensioners, policy holders, home owners and business owners to know that we are with you and together we will overcome this threat to our beloved families, communities and countries.”
The new measures follow Sagicor’s US$1 million donation to assist the regional containment and response efforts in the COVID-19 fight.
Sagicor Jamaica is also coordinating efforts with other private sector organisations to finance the purchase of medical equipment, as well as online educational tools for primary school students who are out of school during this time.
Sagicor employs more than 4500 people across its life, health, and general insurance, banking, pensions, annuities, and real estate businesses.