SINGAPORE – Covid-19 reduction measures by common insurers that give policyholders extra time to pay their premiums will finish on Dec 31 as deliberate, stated the Common Insurance coverage Affiliation (GIA) in a press release on Friday (Dec 10).
Nonetheless, policyholders who’re presently on versatile premium instalment plans will proceed to be supported beneath the monetary reduction scheme till their subsequent coverage renewal.
From Jan 1, people and small and medium-sized enterprises going through monetary difficulties because of the Covid-19 pandemic can proceed to interact with their respective insurers to debate appropriate alternate options and help required.
Policyholders have till Dec 31 to use to their insurers for versatile premium instalment cost plans whereas sustaining their insurance coverage safety for the paid-up interval.
Beneath help measures introduced final March, life and medical health insurance policyholders going through monetary difficulties can request to defer their premium funds for as much as six months with out their insurance policies lapsing.
These with common insurance coverage insurance policies, equivalent to for property and autos, can apply for instalment cost plans whereas sustaining insurance coverage protection.
Financial Authority of Singapore (MAS) deputy managing director Ho Hern Shin stated that GIA’s industry-wide reduction measures over the previous 1½ years have helped tide individuals and companies over money circulation difficulties and keep insurance coverage protection throughout the pandemic.
“MAS is heartened to notice that insurers will proceed to help policyholders on a bilateral foundation after the industry-wide reduction measures conclude on Dec 31,” she added.
GIA president Craig Ellis stated that common insurers would stay dedicated to persevering with to play their half to help the nation’s restoration efforts and guaranteeing insurance coverage stays accessible when individuals want it most.
“As Singapore transitions in direction of an endemic section, we stand ever-ready to help prospects in navigating the evolving state of affairs,” he stated.
