Have you ever wondered what happens to your insurance policies if your insurer closed down in Singapore?
Be rest assured, SDIC is around to protect you. We must be grateful to be living in singapore where the government tries ensure we are protected.
So when a insurer goes bankrupt and close down, sdic covers :-
Aggregated up to $500k guaranteed sum assured for life policies and up to $100k guaranteed surrender value per life insured per insurer. The life policies includes the following:
- Individual term life policies
- Individual whole life policies
- Individual endowment policies
- Individual annuities
- Group term life policies
- Group whole life policies
- Group endowment policies
Do note that your policies must be issued by a local branch in singapore and must be a PPF Scheme member to be covered by SDIC. It is compulsory for all local insurer to be a PPF scheme member before in Singapore. Take note of the max coverage per insurer.
For more information, head over to SDIC faq