Policy Servicing

The grace period begins on the premium due date and lasts for at least 30 days*. If no premium is paid within this period, policies without sufficient cash value accumulated will lapse.
 

*Please refer to your Policy Contract provision

You will receive a Lapse notice from us.

To know more about reinstating your policy, please refer to the Reviving A Lapsed Policy (Reinstatement) section.

New application

For the initial premium, we will deduct the amount from your approved GIRO account after we have approved the application, or if you have accepted our counter-offer.
 

After policy issuance
 

If the deduction dates falls on a non-working day, the deduction will take place on next working day. 

New application

For the initial premium, we will deduct from your credit card once we have approved the application.

If you have chosen to pay by credit card but the application has not been fully approved, we will only capture your credit card token. We will only deduct from your credit card when the application is fully approved or if you have accepted our counteroffer.
 

After policy issuance

Premiums will be deducted from your credit card 1 working day before your premium due date. If the deduction dates falls on a non-working day, the deduction will take place on next working day. 

As the GIRO Direct Debit Authorization (DDA) approval by your bank may take up to 6 weeks, we would advise that you pay the first premium by credit card while the DDA is being processed. Once the DDA has been approved, the next premium deduction will be switched to GIRO.

For Singlife policies

Your premium will be deducted on the premium due date.
 

For Zurich Life policies

Your premium will be deducted on either 2nd of 15th of the month, depending on your premium due date. 

We will attempt to deduct up to 3 times. If we are unable to retry or the 3 attempts have failed, the GIRO payment method will be deactivated for your policy and you will need to arrange for payment to us by another method. You will be informed when your GIRO payment method is deactivated.

(A) For Singlife policies

Kindly refer to the illustration below:
 

• 1st deduction:   1 July 2017
• 2nd deduction:  11 July 2017
• 3rd deduction:   21 July 2017

(B) For Zurich Life policies

Kindly refer to the illustration below:
 

• 1st deduction: 2nd July 2017
• 2nd deduction: 15th July 2017
• 3rd deduction: 2nd August 2017

You will be notified when payment deductions are unsuccessful. Should we not receive payment for your policy to keep it in-force, your policy will lapse and any cover will be forfeited. 

There are no additional charges for payment via Credit Card at the moment. However, there may be changes in the future.

Yes, you may do so.

(A) For Singlife policy
Simply log in to your online portal and change the payment method from “Self Initiated” to “Credit Card”.
I have a Singlife policy. How do I set up or change my payment method?


(B) For Zurich Life policy
Kindly contact our customer service team at [email protected] or call us at +65 6911 1111 to provide us with your new Credit Card details.

New application

For online purchase, we will deduct from your credit card once we have approved the application.

If you have chosen to pay by credit card but your online application has not been fully approved, we will only capture your credit card token. Deduction from your credit card will only be made when the application is fully approved or if you have accepted our counteroffer.

After policy issuance

(A) For Singlife policies

Premiums will be deducted from your credit card on each premium due date. If the due date falls on a weekend or Public Holiday, the deduction will be made on the working day prior, not on the actual premium due date.
 

For example:

• Next premium due: 11 Mar 2019 (Monday)
• Next premium deduction date: 10 Mar 2019 (Sunday)
• Creditcard deduction date: 8 Mar 2019 (Fri)

(B) For Zurich Life policies

Premiums will be deducted from your credit card on either 2nd or 15th of the month, depending on your premium due date. 

We will attempt to deduct up to 3 times. If we are unable to retry or the 3 attempts have failed, the credit card payment method will be deactivated for your policy and you will need to arrange for payment to us by another method. You will be informed when your credit card payment method is deactivated.

(A) For Singlife policy

If the 1st attempt is unsuccessful, the 2nd attempt will be 10 days later. If the 2nd attempt is still unsuccessful, the 3rd attempt will be 10 days after the 2nd attempt.
 

You may refer to the illustration below:

• 1st deduction:   1 July 2017
• 2nd deduction:  11 July 2017
• 3rd deduction:   21 July 2017

(B) For Zurich Life Policy

Kindly refer to the illustration below:
 

• 1st deduction: 2 July 2017
• 2nd deduction: 15 July 2017
• 3rd deduction: 2 August 2017

You will be notified when payment deductions are unsuccessful. Should we not receive payment for your policy to keep it in-force, your policy will lapse and any cover will be forfeited. 

We accept payment by Visa / Mastercard credit card only.

You can contact us for an APL redemption quotation and make a partial or full payment for your APL.

No, you may opt to make a partial or full payment. It is advisable to redeem your APL and accumulated interest as soon as possible as they will exhaust your policy's cash value.

Any outstanding APL and accumulated interest will exhaust your Policy Cash Value. Once your policy's cash value is used up, your policy will lapse and will no longer be in force. 

You can request to reinstate the policy within 12 months* from the policy lapse date (the date on which the last premium due was not paid).

Reinstatement is subject to underwriting; all outstanding premiums^ from the lapse date and any premiums due on the reinstatement date are to be paid.

* Please refer to your Policy Contract provision for the reinstatement application period applicable for your policy.

^ You can contact us for a new quotation.

Freelook period is the period provided for you to review a newly issued policy and lasts for 14 days, starting from the date you receive your policy.

Anytime during this period if you’re not satisfied with the policy, you may exercise the freelook provision of your policy to cancel the policy and receive a refund. 
 

Cancelling your policy under Freelook means that the whole policy is cancelled and there is no insurance coverage. If you have gone for a medical examination for the policy, the medical cost incurred will be self-funded.

If your policy is still within the freelook period, you can contact us to instruct the policy cancellation.
 

For Singlife Plans: you can log in to the Singlife Customer Portal to request a policy cancellation and select the 'freelook' option. 

Policy with no cash value

To terminate your policy, please complete the Request for Change form. Alternatively, you may contact us to assist with your policy termination. 
 

• For Life policies: Request for Changes to Individual Life Policies
• For Health policies: Request for Changes To Individual Health Policies (Singlife Shield/ Singlife Health Plus)

To terminate your Singlife term policy, please log in to the Singlife Customer Portal where you can submit your termination request.

Policy with cash value

Please refer to information on surrender of policy .

There is no refund for policy termination. However, you will continue to enjoy coverage for the rest of the period you have paid your premium for. The termination of your policy will be effective from the next premium due date.

Please submit a Request for Change form indicating your preferred payment frequency to us. 
 

• For Life policies: Request for Changes to Individual Life Policies
• For Health policies: Request for Changes To Individual Health Policies (Singlife Shield/ Singlife Health Plus)
   

For Zurich Plans: For monthly frequency, only GIRO payment mode is applicable. You may wish to submit an GIRO application to effect the change.

 

For Singlife Plans: You can log in to the Singlife Customer Portal to request to change your payment frequency. 
 

1. Log in to your Customer Portal For policy, click on the "Policies". For application, click on "Applications".
   
   
2. Find the application or policy applicable and click on "Details" Under “Premium Billing Details”, look for “Frequency” under "Total Payment".
   
   
3. Click on "Change" and choose your preferred payment frequency and complete the requirements. 

Changing payment frequency from higher to lower frequency

When changing the payment frequency of your policy to a longer term than previously chosen, payment of the remaining premiums will be required for the changes to take effect. This is because changing to a longer payment term will result in a period of cover where the premium has not been paid for.

This is applicable to the following scenario:

Monthly --> Annually, Semi-Annually, Quarterly

Quarterly --> Annually, Semi-Annually

Semi-Annually --> Annually

To successfully change to a longer payment term, simply pay the remaining premiums for the policy.

Changing payment frequency from lower to higher frequency

When changing the payment frequency of your policy to a shorter term than previously chosen, the change will only take effect from the next payment date onwards. This is because the last payment made for your policy was enough to cover the previously chosen period.

This is applicable to the following scenario:

Annually --> Semi-Annually, Quarterly, Monthly

Semi-Annually --> Quarterly, Monthly

Quarterly --> Monthly

To successfully change to a shorter payment term, simply wait until the next payment is due for your policy.

The minimum Policy Loan amount is S$200. The maximum Policy Loan amount is up to 90%* of the policy's cash value, minus any indebtedness.

* Please refer to your Policy Contract provision for the maximum percentage of your cash value that you may apply for Policy Loan.

You can receive your policy monies within 7 working days via cheque or direct credit to your bank account. For direct credit, please provide us with a copy of your bank passbook/statement or e-statement with full name and account number clearly indicated on the same page. All other information may be blanked out.

You can refer to your Policy Schedule for maturity date. You will also receive our notification 1 month before the maturity date.

You will be notified 1 month before the maturity date.

Contact us for a projected Maturity Quotation. However, this projected value assumes prevailing bonus rates remain unchanged and does not reflect any outstanding loans or other indebtedness.

Once your policy acquires a cash value, you can surrender it at any time.

Contact us for assistance in determining your policy's cash value.

You will need to submit:

• Surrender/Withdrawal Form for Traditional Policy or
• Withdrawal/Surrender Form for Investment Linked Policies or
• Surrender / Withdrawal Form For Global Investment Plans (ILP) and
• Copy of the Assured/Joint Assured/Assignee(s) NRIC or Passport.
• Copy of Trustee(s)/Beneficiary(ies) NRIC, Passport or Birth Certificate (if your policy is under Trust)

For an investment-linked policy or the investment-linked portion of a policy, you can partially surrender these policies by completing the Surrender / Withdrawal Form for Investment - Link Policy (ILP) Form. 

For the non-investment linked portion of a policy, you can partially surrender the entire non investment-linked portion of this policy unless otherwise specified in the policy contract.

Upon receipt of all documents duly completed and signed, you will receive the policy proceeds as shown:

For Investment-Linked policy:

• Cheque: cheque will be mailed to you separately within 7 working days (after the unit dealing day*).
• CPF Ordinary Account (Agent Bank): within 3 working days (after the unit dealing day*) into the Agent Bank for transfer into CPF Ordinary Account.
• CPF Special Account: within 3 working days (after the unit dealing day*).
• SRS Account: within 3 working days (after the unit dealing day*).
• Direct Credit: within 7 working days (after the unit dealing day*). Please provide us with a copy of your bank passbook/statement or e-statement with full name and account number clearly indicated on the same page. All other information may be blanked out.

* The unit deal day is the date we set the unit price for a Fund.

For non Investment-Linked policy:

• Cheque: cheque will be mailed to you separately within 7 working days.
• CPF Ordinary Account (Agent Bank): within 5 working days into the Agent Bank for transfer into CPF Ordinary Account.
• CPF Special Account: within 5 working days.
• SRS Account: within 5 working days.
• Direct Credit: within 7 working days. Please provide us with a copy of your bank passbook/statement or e-statement with full name and account number clearly indicated on the same page. All other information may be blanked out.