Anonymous

03 Apr 2020

∙

What do the recent MAS support measures - Defer Premium payments for Life and Health Insurance, mean for individuals (clients)?

Does it mean that we can stop paying monthly until September and pay the deferred payments all in one go? Does it accrue any interest on the deferred premium payments?

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Pang Zhe Liang

03 Apr 2020

Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)

Different insurance companies may have different programme to support its clients. Let me share what I know for AIA's support programme.

Generally, eligible policyholders can defer premium for up to 6 months. There will be no interest charged during this period. At any point during or by the end of the deferred period, poliycholders will need to repay the premium in full.

In the event of a claim during this extended grace period, the company will process the claim according to its existing terms and conditions.

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