SINGAPORE - Policyholders feeling the effects of the Covid-19 pandemic now have more time to pay their premiums with the extension of relief measures by the insurance industry.

The Life Insurance Association, Singapore (LIA Singapore) announced on Friday (Sept 18) a second Deferred Premium Payment (DPP) window for new applications from policyholders whose premium due date or policy renewal date falls on or between Oct 1, 2020, and March 31, 2021.

Policyholders who are not already on DPP can apply to their respective life insurers for a premium deferment of up to six months.

This comes as the first six-month DDP window closes on Sept 30, which also allows policyholders to defer their premium payments for up to six months.

Policyholders on DPP who remain unable to pay the deferred premiums in full at the end of their deferment period should approach their respective life insurers to find out about available options, said LIA.

These options may include an extension of the policyholder's DPP by three months and a three-month instalment payment plan.

Meanwhile, the General Insurance Association of Singapore said policyholders have till Dec 31, 2021, to apply to their insurers for flexible premium instalment payment plans while maintaining their insurance protection for the paid-up period.

MAS deputy managing director Ong Chong Tee said: "MAS welcomes the measures from the insurance industry to provide continued support to policyholders facing financial difficulties caused by the Covid-19 pandemic.

"These measures will enable affected policyholders to maintain their policies, or to consider alternate insurance coverage. Policyholders who face financial difficulties are encouraged to speak to their insurers or financial advisory representatives to discuss available options."