SINGAPORE: Some individuals with life and health insurance have started enquiring about how to defer payments for their policy premiums, days ...
This measure, part of a package meant to help individuals with cash flow pressures during the COVID-19 outbreak, is available for those with a policy renewal or premium due date between Apr 1 and Sep 30.
To be eligible, the insurer will be looking at whether the policyholder has lost his job or had monthly income reduced due to COVID-19, as well as the existence of any outstanding premium as of the date of application. “After submission, our customers will be informed via mail on the status of their application,” said a spokesperson, adding that applicants can also obtain an e-copy of the notification letter via the insurer’s app or from their agent.
Noting that insurance is “a financial safety net in times of crisis” for many of Prudential's customers, he said an extension in premium payments can hopefully help customers to have a “peace of mind knowing that their protection and health needs will continue to be met”.
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