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Policy Owners' Protection Scheme

Home / Policy Owners’ Protection Scheme
POLICY OWNERS' PROTECTION SCHEME (LIFE INSURANCE)
THE POLICY OWNERS’ PROTECTION (PPF) SCHEME IS AN ADDITIONAL SAFETY NET THAT PROTECTS THE INTERESTS OF LIFE INSURANCE POLICY HOLDERS IN THE EVENT A LIFE INSURER FAILS. THE PPF SCHEME IS ADMINISTERED BY THE SINGAPORE DEPOSIT INSURANCE CORPORATION (SDIC).

All Life Insurance companies are regulated entities in Singapore. The PPF Scheme provides added assurance that there is a compensation scheme for policy owners to reduce the financial impact on individuals in the event an insurer defaults. Experience in other countries has shown that consumers are less likely to panic if and when things go wrong, if there is a mechanism in place to guarantee the safety of insurance policies.

All insurers registered by the Monetary Authority of Singapore (MAS) to carry out direct life business (other than captive insurer) are members of the Policy Owners’ Protection Scheme (PPF Scheme members).

What are the types of life insurance policies covered under the PPF scheme?

All life insurance policies (including riders) are covered. This would include policies issued to non-Singapore residents (offshore policies), but not policies issued by overseas branches of a registered direct life insurer incorporated in Singapore. Examples of life insurance policies include the following:

  • Individual term policies
  • Individual whole life policies
  • Individual endowment policies
  • Individual annuities
  • Individual short-term or long-term accident and health (A&H) policies (e.g. Hospital Cash, Medical Expense, Personal Accident, Disability Income, Long-term Care)
  • Group term policies
  • Group whole life policies
  • Group endowment policies
  • Group annuities
  • Group short-term or long-term A&H policies


What types of life insurance policies are NOT covered under the PPF scheme?

Life insurance policies issued by overseas branches of a registered life insurer incorporated in Singapore are not covered. For a registered direct life insurer incorporated overseas, only the life insurance policies issued by the branch in Singapore will be covered.

What does a policy holder need to do to be part of the PPF?

Nothing. Coverage is automatic and there are no charges. Marketing collateral and policy documents of life insurance products will clearly disclose which products are covered under the PPF.

Who is in charge of the PPF?

The Singapore Deposit Insurance Corporation (SDIC) administers the PPF Scheme in Singapore. The SDIC Board is accountable to the Minister in charge of the MAS.

For more information on the PPF Scheme, please contact your insurer for a PPF brochure or visit www.lia.org.sg or www.sdic.org.sg.

View full list of products for more information.

 
POLICY OWNERS' PROTECTION SCHEME (GENERAL INSURANCE)
THE POLICY OWNERS’ PROTECTION (PPF) SCHEME IS AN ADDITIONAL SAFETY NET THAT PROTECTS THE INTERESTS OF GENERAL INSURANCE POLICY HOLDERS IN THE EVENT A GENERAL INSURER FAILS. THE PPF SCHEME IS ADMINISTERED BY THE SINGAPORE DEPOSIT INSURANCE CORPORATION (SDIC).

All General Insurance companies are regulated entities in Singapore. The PPF Scheme provides added assurance that there is a compensation scheme for policy owners to reduce the financial impact on individuals in the event an insurer defaults. Experience in other countries has shown that consumers are less likely to panic if and when things go wrong, if there is a mechanism in place to guarantee the safety of insurance policies.

The PPF Scheme provides 100% coverage for the types of general insurance policies covered under the Scheme. No caps are applicable for protection of your general insurance policies.

All insurers registered by the Monetary Authority of Singapore (MAS) to carry out direct general business (other than captive insurer or specialist insurers) are members of the Policy Owners’ Protection Scheme (PPF Scheme members).

What are the types of general insurance policies covered under the PPF Scheme?

All compulsory insurance policies under the Motor Vehicles (Third Party Risks and Compensation) Act and Work Injury Compensation Act and Singapore policies of specified lines issued by registered general insurers which are PPF Scheme members are covered. A Singapore policy insures risks arising in Singapore or where the insured is a Singapore resident or has a permanent establishment in Singapore.

The specified lines covered are:

  • Personal motor insurance policies
  • Personal travel insurance policies
  • Personal property (structure and contents) insurance policies
  • Foreign domestic maid insurance policies
  • Individual and group short-term accident and health insurance policies


General insurance policies that are NOT within the specified lines are NOT covered. Examples are:

The specified lines not covered are:

  • Property (Structure and Contents) Insurance Policies issued to non-individuals
  • Tuition Fee Protection Certificates issued to individuals


What does a policy holder need to do to be part of the PPF?

Nothing. Coverage is automatic and there are no charges. Marketing collateral and policy documents of general insurance products will clearly disclose which products are covered under the PPF.


Who is in charge of the PPF?

The Singapore Deposit Insurance Corporation (SDIC) administers the PPF Scheme in Singapore. The SDIC Board is accountable to the Minister in charge of the MAS.

For more information on the PPF Scheme, please contact your insurer for a PPF brochure or visit www.gia.org.sg or www.sdic.org.sg.

View full list of products for more information.

Thank you for your application. Congratulations on insuring your new home! Please note that this complimentary home insurance policy is only successfully incepted when you receive your Policy Schedule and Welcome Letter from us. If you’d like to stack a higher coverage for your new home and a greater peace of mind, purchase Tiq Home Insurance with an exclusive 25% off with TIQRENO promo code.

Marketing Consent Terms & Conditions

  1. I consent to Etiqa and its related, its agents, authorised service providers and marketing partners collecting, using, disclosing, and/or processing my personal data, in order to contact me about products and services marketed by Etiqa or its partners as well as benefits, promotions and rewards, via the modes mentioned or selected, and using my contact particulars which Etiqa may have in its records from time to time (including where applicable my Singapore telephone number(s));
  2. I confirm and agree that my consents granted herein do not supersede or replace any other consents which I may have previously provided to Etiqa in respect of my personal data, and are additional to any rights which Etiqa may have at law to collect, use or disclose my personal data, unless my consent is withdrawn and notified to Etiqa.
  3. I can choose to withdraw my consent by submitting the Marketing Withdrawal Form at www.etiqa.com.sg or email to customer.service@etiqa.com.sg.

Personal Data Protection Terms & Conditions

I expressly authorise and consent to Etiqa, its officers and employees at their sole discretion, to disclose any and all information relating to me, including my personal particulars, my transactions and dealings and my policies of insurance with Etiqa, to any of the following persons, whether in Singapore or elsewhere:

  1. Etiqa’s related corporations or affiliates;
  2. Any of Etiqa’s contractors or third party service providers;
  3. Any regulatory, supervisory or other authority, court of law, tribunal or person, in any jurisdiction, where such disclosure is required by law, regulation, judgement or order of court or order of any tribunal or as a matter of practice;
  4. Any actual or potential assignee(s) or transferee(s) of any rights and obligations of Etiqa under or relating to my policy or policies for any purpose connected with the proposed assignment or transfer; and
  5. Any credit bureau, insurer or representative, for such purpose(s) that Etiqa in its reasonable opinion considers appropriate including but not limited to the purpose(s) of underwriting, customer servicing, investigation of Etiqa’s representatives and monitoring undesirable sales practices.

Eligibility Conditions

  1. The Insured, also known as the Applicant / Proposer, must be a Singapore citizen, Permanent Resident of Singapore or foreigner with a valid Work Pass, Student Pass, Dependant’s Pass or Long-Term Visit Pass.
  2. The Applicant/Proposer must be at least 18 years of age.
  3. For more information, please view our Policy Wording

Thanks for your interest.

Our Assurance Manager will reach out to you within 2 working days to assist you further.