COVID-19 Defer Premium Payment Program Frequently Asked Questions

1. What is COVID-19 Defer Premium Payment Program?

• This is a special arrangement to help eligible policyholders who are affected by the ongoing COVID-19 pandemic so that their insurance protection needs could remain unaffected.
• This arrangement is not granted on an automatic basis.
• Eligible policyholders can apply and it is subject to China Taiping’s approval.
• For approved applications, we will extend a 6 months deferment of premium payment.

2. What are the qualifying criteria for this Defer Premium Payment Program?

Policies with premium due between 1 April and 30 September 2020 inclusive; AND

One of the criteria below must be met:

1. Proof of Loss of Employment anytime from 1^st Jan 2020 to 30^th Sept 2020 and remain unemployed as at time of application for this program
2. Proof of No Pay Leave anytime from 1^st Jan 2020 to 30^th Sept 2020 and still on No Pay Leave as at time of application for this program
3. Proof of Cessation of Own Business anytime from 1^st Jan 2020 to 30^th Sept 2020 (for self-employed)

3. Which are the insurance plans that will qualify under the COVID-19 Defer Premium Payment Program?

Regular premium plans as below:

1. i-Secure
2. i-Wealth Builder
3. i-Cash

4. How do I apply for the COVID-19 Defer Premium Payment Program?

• Eligible customers may write to us at customer.service@sg.cntaiping.com via the email address they have registered with us.
• Alternatively, the Policy Alteration Form which is available on our corporate website could be completed and mail to us if you did not register your email address with us.
• Please allow 7 working days for us to process your request and we will notify you on the outcome of your application is.

5. How does the COVID-19 Defer Premium Payment work?

• This is not a waiver of premium program.
• Premiums will be deferred for 6 months from the date of deferment is approved.
• You only need to make the premium payment at the end of the deferment period.
• There will be no interest charged for the deferment.

Example A

A policyholder with a monthly premium payment of S$100 has a premium payment due on 20 April 2020.  He applies for this Program and application is approved on 15 April.  In September 2020, he will receive a notification for the outstanding premium for April to September.  Upon receiving the payment for the outstanding premiums, his monthly premium cycle will resume from 20 October.

Example B

A policyholder has an annual premium due on 1 May 2020.  He applies for this Program and application is approved on 15 May.  His premium due date will now move to 1 November 2020.  His premium cycle will revert to 1 May in the following year. 

6. If my policy has acquired cash value, can I still apply for the COVID-19 Defer Premium Payment Program?

• Yes, you may apply.
• If APL has been activated prior to your application for COVID-19 Defer Premium Payment, upon approval of application we will waive any APL accrued interest within the applicable defer premium period.

7. Can I choose NOT to activate Automatic Premium Loan (APL) and apply for the COVID-19 Defer Premium Payment Program?

• Once your application for this program is approved, APL will not be activated on your policy until the end of Defer Premium period.
• If APL has been activated prior to your application for COVID-19 Defer Premium Payment, upon approval of application we will waive any APL accrued interest within the applicable defer premium period.

8. Can I pay my premiums before the end of 6 months?

Yes, you may do so.

9. What will happen to my policy during the 6 months period?

• Your policy remains in-force and the intended policy benefits will not be affected during the 6 months period under COVID-19 Defer Premium Payment Program.
• If your policy is on GIRO, the scheduled GIRO deductions will stop during the 6 months period.
• Should there be a claim during the 6 months Defer Premium period, we will honor the claim in accordance to the terms and conditions as set out in your policy contract.

10. If my regular premium is payable via GIRO, do I need to de-activate my GIRO deduction during this period?

• You do not need to de-activate your existing GIRO arrangement with the bank.
• We will cease the GIRO deduction during the 6 months period under COVID-19 Defer Premium Payment Program.
• Upon expiry of the 6 months period, your GIRO deduction will resume accordingly.

11. What will happen if I am unable to repay the outstanding premium after 6 months?

• If premium payment is not received by the end of the Defer Premium period, for policies with sufficient cash value, existing contractual policy options such as Automatic Premium Loan (APL) will be activated to keep the policy in force to ensure your continued insurance coverage.
• The APL interest will accrue after the 6 months deferment period has expired.
• Should the outstanding principal amount of APL (ie. the outstanding premiums) exceed the acquired policy cash value or for policy with no cash value, the policy will lapse. Your Policy may be reinstated within 2 years from the lapse date, where applicable.

 Information on COVID-19 Defer Premium Payment Program

1. 6 months premium payment deferment from policy commencement date will be granted for customers who fulfil the criteria.

2. Policy must have commenced from 1^st March 2020 onwards.

3. Applicable to corporate/individual policyholders with premium above S$2,000 (excluding Motor, Bond & Marine Cargo insurance).

4. Documents to substantiate:

• Corporate policyholders - Monthly P&L, bank statement
• Individual policyholders  - Past 6 months CPF contribution/ retrenchment letter/ letter of unemployment from employer due to Covid-19

5. Defer Premium Payment Program will cease once there is a claim lodged on policy and the policyholder is required to pay the full premium.

新冠状疫情给民众带来了诸多挑战与不便。本公司了解您的处境，并愿为您提供额外的资助以给予您多一份安心。

我们乐意扩大您的私人租车使用范围以包括GrabFood和GrabExpress快递服务，并立即生效，直至新冠状病毒疫情缓解或相应保单的有效日（以较早者为准）。

本公司希望以上的举措能有效为您减轻负担。