Supporting our customers in these uncertain COVID-19 times
The pandemic has brought about much uncertainty and challenges, resulting in adverse financial impacts on many. We are committed to supporting our customers through these tough times, and in 2020, had implemented various measures to support customers impacted by COVID-19 and ensure they are adequately protected.
These measures included complimentary benefits in the event of diagnosis of COVID-19 (ceased as at 31 December 2020), as well as extension of the grace period for premium payments to ensure uninterrupted coverage for customers who are in financial difficulties due to COVID-19.
Premium grace period extension
The premium grace period extension for up to six months is available for premium payments due between 1 April 2020 and 31 March 2021, for customers who were financially impacted by the COVID-19 situation. Please be informed that we will no longer be accepting new applications for premium grace period extensions for premium payments due from 1 April 2021 onwards.
For our customers who are experiencing financial difficulties due to COVID-19, and have premium payments due from 1 April 2021 onwards, it is important to us that you remain adequately protected. As such, we have the following alternative options available for your consideration. We encourage you to speak to your financial consultant for advice on these options, to ensure you select the best possible option for your specific situation.
Reduce the Premium (only available for Investment-Linked plans)
If you have an investment-linked policy, you may have the flexibility to decrease your premium payable, subject to the sum assured limits and relevant terms of your policy. If you would like to choose this option, please complete the Policy Details Change Form and upload the form by logging into our customer portal, MyManulife, at www.mymanulife.com.sg. Alternatively, you can email the completed form to email@example.com.
Activate Premium Holiday (only available for certain Investment-Linked plans)
Premium Holiday is a feature that allows you to take a break from paying your premium, from a certain policy year onwards, for a specified period, if the account value is sufficient to support any applicable fees and charges. If the account value is insufficient to cover the applicable fees and charges, the policy will lapse. A premium shortfall charge will be incurred if premiums are missed beyond the specified period.
Please refer to your policy contract to find out if this is available on your policy and to better understand the terms of this feature.
Activate Automatic Premium Loan (only available for plans with cash value)
Automatic Premium Loan is a feature that allows you to offset your premium from your policy’s net cash-in value, so that your coverage can continue if you miss the premium payment. Interest is charged daily on the total amount used to offset the missed premiums, and if your policy’s net cash-in value falls below the accumulated amount used to offset the missed premiums plus the interest charged, your policy will lapse unless premium payment resumes. The accumulated amount and interest will also be deducted from any amount we may pay under your policy.
This feature will be automatically activated at the end of the premium grace period if the premium due is not received within the premium grace period. You will be notified if Automatic Premium Loan is activated.
Activate Premium Freeze feature (only available for RetireReady Plus II, ReadyBuilder and Ready LifeIncome plans)
This feature allows you to stop paying premium for a period of 1 year, provided the policy has been in force for at least 2 years with at least 2 years of premiums paid. Upon successful activation of this feature, it will start from the next premium due date for a period of 1 year. At the end of the period, premium payment will resume.
Please note that upon activation of this feature, your premium end date and maturity date will defer by an equivalent period of 1 year, no yearly income will be payable during this period, and the guaranteed cash-in value, non-guaranteed cash-in bonus and non-guaranteed yearly income shall remain at the same value as before the premium freeze feature was activated.
You may choose to reduce the sum assured for your policy and the attaching riders, where applicable. Please note that if your policy has a cash value, when the sum assured is reduced, we may pay you the net cash-in value that has accrued, if any, on the amount by which sum assured has been reduced, similar to a partial surrender of your policy. This may mean a financial loss on your policy as you may lose the financial benefit accumulated over the years. If you would like to choose this option, please complete the Policy Details Change Form and upload the form by logging into our customer portal, MyManulife, at www.mymanulife.com.sg. Alternatively, you can email the completed form to firstname.lastname@example.org.
Convert your policy to a reduced paid-up policy with a reduced Sum Assured
If your policy has an accumulated cash value, you can exercise the option to convert it to a reduced paid-up (RPU) policy. The sum assured of your policy will be reduced, and the life insured will be covered for the reduced face amount. You will not need to pay any future premiums. If you would like to choose this option, please complete the Policy Details Change Form and upload the form by logging into our customer portal, MyManulife, at www.mymanulife.com.sg. Alternatively, you can email the completed form to email@example.com.
Customers can also reach out to us at firstname.lastname@example.org, for more information on the options above and any other queries.
For our customers who are currently on the extended premium grace period, you will continue to have premiums deferred up to the end of the six months, as communicated in our letters to you. If you are currently on extended premium grace period and are still experiencing financial difficulties towards the end of your extended premium grace period, we encourage you to discuss the above options with your financial consultant, or contact us email@example.com for further assistance.
The media release on the deferred premium payment scheme from the Life Insurance Association, Singapore can be found here.
We are always here to help in whatever way we can.