Singlife COVID-19 Premium Deferment Programme (“PDP”)
1. What is this Programme?
- Singlife’s COVID-19 Premium Deferment Programme (“PDP”) is designed to help You, our Policy
Owners, get through this challenging period of COVID-19 by deferring the payment of premiums
due while maintaining your insurance protection during this time.
- You can apply for your policy or policies to be included in the PDP if the premium due date or
policy renewal date is between 1 April 2020 and 31 March 2021 (both dates inclusive).
- Once your application is approved by Singlife, You will be entitled to an extension of your
premium grace period from the current 60 days to up to six (6) months.
- We reserve the right to amend the terms and conditions of the PDP without prior written notice.
2. Eligibility
- To be included in the PDP, the Policy must be:
- Issued before 1 April 2020; and
- With premium due date(s) or policy renewal date between 1 April 2020 and 31 March
2021 (both dates inclusive); and
- Paid up to date with no outstanding premium(s) when the application is made.
- Not have been granted PDP under the preceding application window from 1 Apr 2020 to 30 Sept 2020
- As Singapore takes the road to gradual recovery with a more optimistic economic growth outlook and lower unemployment rates, we understand that there are policyholders who continue to be financially stretched due to the COVID-19 pandemic.
Our current extended premium deferment period ends on 31 March 2021. Policyholders who are currently on the 6-month premium deferment will require to pay the deferred premiums in full by the end of the deferment period. Policy terms will apply if the premiums remain unpaid at the end of the deferment period — i.e., the policy will lapse, be converted to paid-up, or an automatic premium loan will be applied.
If you need further support after 31 March 2021, you can apply for an extension of the premium deferment period by emailing [email protected], which is subject to approval.
3. How can You apply for the PDP?
- To apply, the Policy Owner needs to email the following information to our customer service
team at [email protected] from the email address that you have registered with us:
- Policy Number
- Full Name
- Contact Number
- Application(s) should be made at least 10 working days prior to the policy’s next premium due
date.
- We will inform you via email whether your application is approved.
4. What happens when Your application is approved?
- You will continue to receive premium notices from us. However, you will have up to 31 Mar 2021 (known as the ‘Deferment Period’) to pay your premium(s) instead of the
standard 60 days grace period.
- All insurance coverage and benefits for your policy will remain unchanged during the ‘Deferment Period’.
- No interest will be accrued on your premiums during the ‘Deferment Period’.
5. What happens after the Deferment Period?
- Grace period of 60 days will resume for premiums due after the Deferment Period.
- All outstanding premiums(s) due during the Deferment Period are to be paid in full within 30 days when the PDP ends (i.e on or before 30 April 2021).
- If you would like to pay the outstanding premiums in tranches, please consult our customer service team to check if the arrangement is possible for your policy.
