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SINGAPORE – Policyholders feeling the effects of the Covid-19 pandemic now have more time to pay their premiums with the extension of relief measures by the insurance industry.
The Singapore Life Insurance Association (LIA Singapore) announced on Friday (September 18) a second Deferred Premium Payment (DPP) window for new applications from policyholders whose premium expiration date or date renewal of the policy is between October 1, 2020 and March. 31 of 2021.
Policyholders who are not yet in DPP can apply to their respective life insurers for a deferral of the premium for up to six months.
This occurs when the first six-month DDP window closes on September 30, which also allows policyholders to defer paying their premiums for up to six months.
DPP policyholders who are still unable to pay deferred premiums in full at the end of their deferral period should approach their respective life insurers to learn about available options, LIA said.
These options may include an extension of the insured’s DPP for three months and a three-month installment payment plan.
Meanwhile, the Singapore General Insurance Association said policyholders have until December 31, 2021 to apply to their insurers for flexible installment payment plans while maintaining their insurance protection during the payment period.
MAS Deputy Managing Director Ong Chong Tee said: “MAS welcomes the insurance industry’s measures to provide continued support to policyholders facing financial difficulties caused by the Covid-19 pandemic.
“These measures will allow affected policyholders to keep their policies or consider alternative insurance coverage. Policyholders facing financial difficulties are encouraged to speak with their insurers or financial counseling representatives to discuss available options.”
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