Singapore life insurance regulator offers six-month grace period for premiums

Policies will remain valid throughout the period.

The Life Insurance Association of Singapore (LIA) will offer a grace period of up to six months to allow more time for policyholders to pay their premiums, according to a news release.

Their policies will remain valid during the extended grace period.

Policyholders can apply for the extended grace period if their premium due date or policy renewal date falls on any date between 1 April and 30 September inclusive. Applications will be assessed according to individual insurers’ considerations.

Policyholders are urged to consult with their own insurers/s or advisory representative/s to discuss their specific needs and ensure their understanding of the implications on their policy as a result of availing the grace period.