The Monetary Authority of Singapore (MAS) announced today an extension of the existing industry-wide support measures for individuals and Small and Medium-sized Enterprises (SMEs) in Tier 1 and 2 sectors that continue to face financial difficulties due to the COVID-19 pandemic.
Defer Premium Payments (DPP) for Life and Health Insurance
• Policyholders currently on DPP will continue to be on the DPP scheme until their applicable end date. Policyholders who remain unable to pay the deferred premiums in full at the end of the deferment period should approach their insurers to find out about available payment options.
Flexible Instalment Plans for General Insurance
• Policyholders have up to 31 December 2021 to apply to pay general insurance premiums (e.g. for insurance coverage of home and vehicles) in instalments.
You may check the infographics for details on the support measures for the following:
- Property Loans
- Renovation Loans
- Student Loans
- Motor Vehicle Loans
- Hire-Purchase Agreements
- Personal Unsecured Credit
- Debt Consolidation Plan