ICYMI: As part of the COVID-19 relief package, you can defer your life and health insurance premiums for up to 6 months while maintaining your insurance coverage. Here’s a guide to help you do just that. 

With the extended ‘circuit breaker’ due to COVID-19, the worry of recession and unemployment looms greater than ever. Those that no longer have a job, those whose businesses are suffering or those that have had their pay cut will need all the help they can get.  

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="On 31 March 2020, the Monetary Authority of Singapore (MAS) announced that individuals with Life and Health insurance policies in effect can apply to their insurer to defer premium payments for up to 6 months. During these 6 months, policyholders will continue to receive their insurance coverage. This deferment of premium is available for all individual life and health insurance policies with a policy renewal or premium due date between 1 April and 30 September 2020.&nbsp;” data-reactid=”22″>On 31 March 2020, the Monetary Authority of Singapore (MAS) announced that individuals with Life and Health insurance policies in effect can apply to their insurer to defer premium payments for up to 6 months. During these 6 months, policyholders will continue to receive their insurance coverage. This deferment of premium is available for all individual life and health insurance policies with a policy renewal or premium due date between 1 April and 30 September 2020. 

When we talk about insurance payment costs, it is not as paltry as a few plates of chicken rice. They can really add up. In times like these, having a deferment option on loans and insurance could go a long way to help families ease their financial burdens. 

Here’s how you can defer your insurance premium payments in Singapore.  

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Step #1: Find out what can be deferred&nbsp;” data-reactid=”25″>Step #1: Find out what can be deferred 

Not all insurance policies and not all policyholders will be eligible for this insurance premium deferment. Here are the overarching criteria for the insurance premium payments that can be deferred: 

  • Deferment of premium payment is only for individual life or health insurance policies
  • Policy renewal or premium due date must be between 1 April and 30 September 2020

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="For general insurance policies, you can apply to your insurer to work out a flexible instalment plan that allows you to better manage your premium payments and maintain your insurance protection.&nbsp;” data-reactid=”30″>For general insurance policies, you can apply to your insurer to work out a flexible instalment plan that allows you to better manage your premium payments and maintain your insurance protection. 

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Step #2: Check your insurer’s eligibility criteria” data-reactid=”31″>Step #2: Check your insurer’s eligibility criteria

For most insurance providers, this premium deferment is not automatic. You are required to apply via your insurer for the deferment and it will be subject to your insurer’s approval. Before you apply for the deferment, be sure to check the eligibility criteria of your insurer. 

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Step 3: Apply for the deferment online or through your insurance advisor” data-reactid=”33″>Step 3: Apply for the deferment online or through your insurance advisor

With the ‘circuit breaker’, unless you are an essential worker, your only reason to step out of the house should be for essential purposes such as buying groceries. Most insurance companies have introduced online forms which can be downloaded, filled and emailed to the insurer. Alternatively, you can check if your insurance advisor can help you out with the application. 

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Step 4: Prepare relevant documents to include in your application&nbsp;” data-reactid=”35″>Step 4: Prepare relevant documents to include in your application 

When submitting your application, some insurance companies will also require you to provide documents that verify your retrenchment, pay cut or compulsory no-pay leave. This could be in the form of an official company letter or email announcement, or your CPF contribution statement. If you are a business owner or self-employed, you would be required to show evidence of a significant loss in income.

<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Step 5: Check the outcome of your application” data-reactid=”37″>Step 5: Check the outcome of your application

It will take a few days for your application to be processed by the insurance company. Check on the outcome of your application after 3 to 7 working days. This could be in the form of an email or a physical letter.

If your application is approved, your insurance premium payments will be deferred and you will only be required to pay the outstanding premiums in full by the end of the deferment period. 

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Summary of insurance premium deferment for insurers in Singapore” data-reactid=”40″>Summary of insurance premium deferment for insurers in Singapore

Insurance Company How To Apply Eligibility Criteria
AIA Complete and submit the Extended Grace Period (EGP) application form on the AIA website. 

Details: AIA Extended Grace Period Support Programme FAQs

AIA customers whose livelihoods were affected by Covid-19 (reduction/loss of income or loss of business) may apply for this support programme. Please be assured that each case is carefully reviewed to ensure that our customers get the help they need.
AXA Complete and sign the application form and submit this form to [email protected] 

Details: AXA COVID-19 Premium Payment Support Program

Policyholders must provide satisfactory evidence of the following:Unemployment due to retrenchment by employer affected by COVID-19 pandemicCompulsory unpaid leave imposed by employer affected by COVID-19 pandemicMonthly basic salary significantly reduced by employer affected by COVID-19 pandemicFor self-employed with businesses that suffered significant loss of income due to COVID-19, policyholder must show proof of ownership in the company and proof of significant loss of incomeFor others who are self-employed and suffered significant loss of income due to COVID-19, policyholder must show proof of significant loss of income 
Aviva Download and complete the “Aviva COVID-19 Premium Deferment Form” and email it to [email protected] with supporting documents via the registered email address you have with Aviva.

Details: Aviva COVID-19 Premium Deferment Programme

The eligibility criteria cover customers who: Lost their jobs due to COVID-19;Experience a sustained income drop of 30% or more for 3 consecutive months (such as for small business owners, private hire drivers, etc);Put on indefinite/extended no-pay leave (such as for airline staff, entertainment venue staff, etc); and/orAre hospitalised due to COVID-19 and/or are paying for COVID-19 related hospitalisation bills for immediate family members. This is provided the hospitalised patient has not travelled out of Singapore since 27 March 2020.
China Life Insurance Fill in application form and mail it to China Life Insurance. You can also contact China Life’s customer care at [email protected]

Details: Premium Payment Deferment Support Programme

You are eligible for premium payment deferment if:You are the policy owner or trustee or assignee of an Eligible Policy;Your Eligible Policy has not lapsed and is in-force;You do not have any outstanding premium(s) at the point of applying for the Programme; andYou are facing Financial Difficulties owing to the COVID-19 situation.
“Financial Difficulties” refers to:Retrenchment due to COVID-19;Reduction of income due to COVID-19;Loss of income due to indefinite/extended compulsory unpaid leave due to COVID-19; orAny other circumstances as may be determined at Our sole discretion.
Etiqa Send an email with the subject title in this format: <Application for DPPA: Policy No. XXXXXX> to [email protected]. You are encouraged to use  the email address that you have registered with Etiqa. You are also required to attach proof of document such as: Employer’s Letter of Salary Reduction/Termination Letter, orLetter of Closure of non-essential businesses by Business Owners, orOther relevant proof or documents, if any

Details: COVID-19 Deferred Premium Payment Arrangement (“DPPA”) for Life Insurance

Etiqa life insurance policyholders whose policy is still active/ in-force who are financially affected by COVID-19 may apply. This includes policyholders who have suffered loss of job or loss of income from work or business.
FWD For more information or to apply for the insurance payment deferment, you will have to call FWD at 6820 8888 or email [email protected].

Details: Support for eligible FWD customers

Great Eastern Complete the registration form and email the completed form to [email protected]

Details: Great Eastern COVID-19: Deferment of Premium Payment Programme (“DPP Programme”)

To be eligible for the DPP Programme, the following criteria apply:Policyholder’s monthly income has been reduced or loss of job due to COVID-19.Individual policy with premium due date or policy renewal date falls on any date between 1 April and 30 September 2020 inclusive. Policyholder has a history of good payment, that is policy premiums have been paid up-to-date and there is no outstanding premium as of application date.
HSBC Insurance You can either call +65 6225 6111 or email HSBC Insurance at [email protected] to submit your request. No application form or supporting documents are required. 

Details: HSBC Life FAQs

If you have a qualifying policy with premium due between 1 April and 30 September 2020, you can apply to defer your premium payments for up to 6 months.
NTUC Income Apply for the Income Support Scheme and select Scheme 5: Six-months Premium Deferment Program. You also have to submit relevant documentary evidence for Income’s review/consideration, to [email protected]

Details: Income Support Schemes

This is eligible for individual customers from Affected Industries who are facing adverse financial difficulties triggered by the Covered Events resulting directly from the Covid-19 pandemic.
Covered Events:RetrenchmentForced no-pay-leavePay cut or suffer loss of income by at least 25%Involuntary business closure due to new regulation
Prudential If you have an insurance plan with Prudential, this deferment of insurance premium payment is an automatic feature and you do not have to apply for it. When cash payment is not received, or when GIRO/ Credit Card deduction is unsuccessful, the original grace period will automatically be extended to 180 days. 

Details: FAQs – Extension of Premium Payment Grace Period

This extended grace period will apply to all policyholders who have policies with premiums due between 1 April to 30 September 2020 (both dates inclusive). 
Tokio Marine Complete the application form and email the completed form to [email protected]

Details: #goCare Deferred Premium Scheme

Eligibility to apply: Policyholder’s loss of job or income reduced due to COVID-19*Policies must be in-force as at 31 March 2020Applicable to all individual traditional life policies & investment-linked plans
(Excludes Group Insurance, Care & Health Plan)*Retrenched, Involuntary no-pay leave, Reduction in pay/income, Business downturn (self-employed)

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Frequently Asked Questions (FAQs) about insurance premium deferment ” data-reactid=”43″>Frequently Asked Questions (FAQs) about insurance premium deferment

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Q. Is there a deadline for the application?” data-reactid=”44″>Q. Is there a deadline for the application?

You can apply between 1 April 2020 to 30 September 2020. You should also apply within 30 days of your policy’s next premium due date. For example, if your premium due date is 1 June 2020, your request should be received by your insurer before 30 June 2020.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Q. What happens at the end of the deferment period?” data-reactid=”46″>Q. What happens at the end of the deferment period?

You have to pay your outstanding premiums in full by the end of the deferment period. Failure to do so will result in policy and coverage lapse. 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Q. What is the estimated approval time?&nbsp;” data-reactid=”48″>Q. What is the estimated approval time? 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="This differs from insurer to insurer. For example, Great Eastern has stated that applications will be responded to within three working days, while AIA will inform applicants of the outcome within 5 working days and HSBC Insurance will send a letter of confirmation within 7 working days.” data-reactid=”49″>This differs from insurer to insurer. For example, Great Eastern has stated that applications will be responded to within three working days, while AIA will inform applicants of the outcome within 5 working days and HSBC Insurance will send a letter of confirmation within 7 working days.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Q. Will I still be covered during this period of payment deferment?&nbsp;” data-reactid=”54″>Q. Will I still be covered during this period of payment deferment? 

Yes, you will still be covered by your insurance policy during this period. You will also still be able to make claims should the need arise. 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Q. Will there be interest charged on the premiums?&nbsp;” data-reactid=”56″>Q. Will there be interest charged on the premiums? 

No, there will not be interest charged on the deferred premiums. You should pay your outstanding premiums in full by the end of the deferment period to avoid any additional charges or your policy lapsing. 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Q. Does this deferment apply to general insurance?&nbsp;” data-reactid=”58″>Q. Does this deferment apply to general insurance? 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="This deferment of insurance premium payments announced by MAS applies to life and health insurance policies. However, general insurance policyholders can apply to insurers to work out a flexible instalment plan while maintaining your insurance protection.&nbsp;” data-reactid=”59″>This deferment of insurance premium payments announced by MAS applies to life and health insurance policies. However, general insurance policyholders can apply to insurers to work out a flexible instalment plan while maintaining your insurance protection. 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Q. If I want to defer the payment of premiums for more than one insurance policy, do I need to make multiple applications?&nbsp;” data-reactid=”60″>Q. If I want to defer the payment of premiums for more than one insurance policy, do I need to make multiple applications? 

This depends if these policies are from the same insurance provider. If the policies are from the same insurance provider, it is possible to list the different policy numbers in a single application form. However, if you are applying for deferment of insurance premiums from different insurers, you will have to follow the application process for each individual insurance company. 

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Read these next:&nbsp;
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3 Reasons Why Cash is King in Uncertain Times Like COVID-19
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” data-reactid=”62″>Read these next: 
If I Get COVID-19, What Will I Need To Pay?
How Will COVID-19 Support Grant Help You Financially?
3 Reasons Why Cash is King in Uncertain Times Like COVID-19
How Insurers and Banks Are Helping You Survive COVID-19 (Whether Quarantine or Debt)
Resilience & Solidarity Budget To Tide You Over COVID-19 Circuit Breaker

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="By Ching Sue Mae
A flat white, an adventure-filled travel and a good workout is her fuel. Sue Mae enjoys sharing knowledge on personal finance while chasing the dream of financial independence.&nbsp;
” data-reactid=”70″>By Ching Sue Mae
A flat white, an adventure-filled travel and a good workout is her fuel. Sue Mae enjoys sharing knowledge on personal finance while chasing the dream of financial independence. 

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