AIA Covid-19 Support Programme

What is the AIA Covid-19 Support Programme?

The AIA Covid-19 Support Programme is for eligible clients who have policy premiums due or overdue, from 01^st April 2020 to 30^th September 2020 (both dates inclusive).  Eligible clients can apply for an extension of their premium grace period, for a period of up to 6 months, if they are approved to be deemed eligible.  Please note that AIA has the discretion to vary the terms and conditions of this programme, such as extending or shortening the grace period.  The full terms and conditions is available on our corporate website.

Who is eligible?

This is not an automatic qualified program.  Eligible clients can apply, and it is subject to AIA’s approval.  The eligibility criteria cover clients who are in the below circumstances:

▪ Self-employed persons in affected industries such as aviation and tourism;

▪ Persons who have lost their job due to Covid-19;

▪ Families whose livelihoods were affected by Covid-19; and

▪ Other reasons as assessed at the discretion by AIA as appropriate.

This programme covers regular premium paying policies with premium due date or policy renewal date falling between 01^st April 2020 and 30^th September 2020 inclusive.

What will happen to the policy during the extended grace period?

AIA continues to provide the protection coverage for these affected policies.  In other words, should there be a claim during this 6-months period, AIA will honour the claim in accordance to the existing policy coverage terms and conditions.

For investment-linked policies, monthly mortality charges will continue to be levied during the extended grace period but no premium holiday charges, if any, will be applied.

If there is a claim during the extended grace period, the claim will be assessed in accordance with the terms and conditions of the existing policy coverage.  If the claim is admissible, the outstanding premium will be deducted from the claim payout, or collected prior to the payment of claim.

How can clients apply?

To apply, the policyowner would need to complete and submit the “AIA SG Covid-19 Support Form”.  This form will be available on our corporate website from the 03^rd April 2020.

How would clients be informed on the outcome of application?

Clients will be informed via mail on the status of application.  An eCopy of the acknowledgement letter will also be made available to clients via My AIA SG, and to the servicing financial.  Please allow 5 working days for AIA to process the application.

Will GIRO or credit card deductions continue during the extended grace period?

No, premium deductions via GIRO or credit card will stop until the end of the extended grace period.

Will deductions from CPF Medisave continue during the extended grace period?

No, premium deductions via CPF Medisave will stop until the end of the extended grace period.

What is required after the end of the extended grace period?

Customers are required to pay back the deferred premiums, in full, by the end of the extended grace period to avoid policy lapses; and write in to request to resume GIRO or credit card deductions for their policies.  Please note that this is not a waiver of premium programme.

What happens if premiums are not paid at the end of the extended grace period?

For investment-linked policies, the policy will continue to remain in force and go into premium holiday as long as there is sufficient value to pay for the monthly charges.  If there is insufficient value to pay for the monthly charges, the policy will lapse.

For policies with surrender value, non-forfeiture options would apply.  This means that the policy may go into automatic premium loan, or it may lapse.

For policies without surrender value, the policy will lapse.

Should clients like to make premium payment before the end of the extended grace period, how can this be done?

Clients may make premium payment anytime before the end of extended grace period using:

▪ AIA Pay EZ (https://myaia.aia.com.sg/en/myaia-payez/login.html);

▪ AXS (kiosk, e-station, m-station); and

▪ Internet banking (Citibank, DBS, OCBC, UOB, SCB, HSBC).

AIA recognises that these are challenging times for all of us.  AIA are amidst assessing the extension of the support programme to further help our clients in need.  I will update my clients as soon as there are developments.