Former AIA agent Sally Low Ai Ming pleaded guilty to four of the 19 charges involving a fake policy she had sold to her client over a decade ago. The other 15 charges will be taken into consideration when she is sentenced.
Low, 37, is said to have come up with fake policy papers and forged official documents as part of the deceit.
In 2002, Low sold a non-existent plan she called the "AIA Thank You" policy to Indonesian Chinese Mr Ong Han Ling.
As payment for the policy, Mr Ong, a Singapore permanent resident, transferred US$5.06 million to AIA via five telegraphic transfers in November that year.
The news hit the headlines in 2010 for being the first such case in Singapore where an agent sold a non-existent policy.
After Low was charged, hearing dates had been set from Dec 2 to 6 and Dec 10. However, when she showed up in court on Monday, no hearing took place. Instead the parties saw District Judge Lee Poh Choo in chambers.
The case was then adjourned for two days before Low pleaded guilty to the offences. Her lawyer, R. Thrumurgan, sought Judge Lee's permission to present his mitigation plea and will do so on Dec 18.