Singapore life insurance industry announces new covid-19 support

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Singapore life insurance industry announces new covid-19 support

The Life Insurance Association of Singapore (LIAS) today announced additional covid-19 measures designed to support policyholders as the initial six-month deferred premium payment (DPP) scheme ends on 30 September 2020.

A second deferral window will be open for new applications from 1 October to 31 March 2021, the industry body annoucned this morning.
Policyholders who signal they are in financial difficulties can apply for premium deferment of up to six months if their premium due date or policy renewal date falls between 1 October 2020 and 31 March 2021. Only policies which are not already on DPP are eligible, the LIAS said.
Several options for pausing payments of deferred premiums have already been put in place.

Khor Hock Seng, LIA Singapore president, said: "Life insurers in Singapore are providing these industry-wide support measures to further assist policyholders in financial difficulties. In addition, individual insurers also have their own initiatives to help their policyholders to tide through the current situation."

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Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.