Insurance industry in Singapore extends support amid covid-19
The General Insurance Association of Singapore (GIAS) is extending its relief measures to ease the financial strain faced by customers amid the ongoing covid-19 pandemic.
GIAS said policyholders have until Dec 31, 2021, to apply to their insurers for flexible premium instalment payment plans while maintaining their insurance protection for the paid-up period.
"Covid-19 continues to present significant challenges for our industry and the nation. The general insurance sector will continue to respond swiftly and with agility to support our customers now and beyond the pandemic. We are committed to ensure our customers remain protected during this challenging period." said GIAS president Craig Ellis.
We are committed to ensure our customers remain protected during this challenging period"
The Life Insurance Association, Singapore (LIA Singapore) had already announced a second Deferred Premium Payment (DPP) window for new applications from policyholders whose premium due date or policy renewal date falls on or between Oct 1, 2020, and March 31, 2021.
The LIA said that policyholders with policies on DPP who continue to face financial difficulties and remain unable to pay the deferred premiums in full at the end of their deferment period should approach their respective life insurers to find out about available options.
MAS deputy managing director Ong Chong Tee said: "MAS welcomes the measures from the insurance industry to provide continued support to policyholders facing financial difficulties caused by the covid-19 pandemic.
"These measures will enable affected policyholders to maintain their policies, or to consider alternate insurance coverage. Policyholders who face financial difficulties are encouraged to speak to their insurers or financial advisory representatives to discuss available options."
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