Coronavirus: Great Eastern offers 6-month grace period, instalment plans for insurance premium payments

SINGAPORE (THE BUSINESS TIMES) – Great Eastern is offering a six-month grace period for life insurance premium payments to Singapore customers whose incomes have been affected by the Covid-19 outbreak, it said on Wednesday (April 1).

Customers whose premium due dates or policy renewal dates fall between April 1 and Sept 30 are eligible.

Great Eastern is also offering a similar deferred premium payment programme for Malaysian policyholders, it said.

Meanwhile, businesses that own its general insurance policies can also apply for instalment plan payments.

The moves follow a wider announcement on Tuesday by the Monetary Authority of Singapore (MAS) that individuals can apply to their banks and insurers to defer repayment of property loans, as well as premium payments for life and health insurance plans, as part of a package of measures to ease their financial strain arising from the Covid-19 outbreak.

MAS, working with the Life Insurance Association and the General Insurance Association, said owners of life and health insurance policies would be allowed to defer premium payments for up to six months while maintaining insurance coverage.

As for general insurance, both individuals and corporates can seek out instalment payment plans while retaining insurance protection, the statement added.

Shares of Great Eastern, the insurance arm of OCBC, fell $0.17 or 1 per cent to $17.60 at Wednesday’s close.

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