LIA Singapore unveils new wave of support measures

They will launched a second wave of the DPP for policies not already on the scheme.

The Life Insurance Association, Singapore (LIA Singapore) has announced further measures to support policyholders beyond the six-month Deffered Premium Payment (DPP) scheme ending on 30 September, according to a press release.

Amongst these is the second wave of deferred premium payment (DPP) window. Policyholders who 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 inclusive.

Only policies which are not already on DPP are eligible.

LIA Singapore assured that insurance coverage is maintained during the period of deferment.

For policyholders with policies already on DPP, insurers have introduced new payment options which may include an installment payment plan of 3 months; extension of DPP by 3 months; an automatic premium loan; or conversion to a paid-up policy, premium holiday, amongst others.

Policyholders are advised to discuss their specific situation with their life insurer(s) or financial advisory representative(s) to ensure that they understand the implications on their policy as a result of the option chosen.

“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,” said Khor Hock Seng, president, LIA Singapore.

“Let us stand together and emerge from these challenging times in a stronger position to face the future,” he added.