Policy Servicing - Fees & Charges
- Premium Payments
- Automatic Premium Loan (APL) / Non-Forfeiture Loan (NFL)
- Reviving A Lapsed Policy
It is now easier than ever to service your policy with the following payment options:
Cash or NETS
- Visit us at our Customer Service Centre
- Mail us your cheque along with your Premium Notice
- Cheques should be crossed to "Aviva Ltd". Remember to write your policy number(s) and contact number on the back of the cheque
- Do not send post-dated cheques
- You may now pay your Premium (S$) for your Insurance Policies at all AXS Stations in Singapore via Direct Debit Payment.
- Select Bills > Insurance > Aviva and then
-simply key in your Identity Card Number or Policy Number for your Insurance policies when making payments.
- AXS will issue receipt for all payments made at AXS Stations.
- Please note the maximum amount payable via Direct Debit Payment mode is subject to the daily limit you have set with your bank.
- Please note that it takes 2 working days to update Successful payment.
This service allows you to have your premiums automatically paid from your bank account. To take advantage of this fast and easy service, just complete and return the Application for Interbank Giro Form.
- One application is required for each policy
- It takes about 2 weeks for your Bank to approve your application. In the meantime, please continue to pay your premiums in the existing manner
- Upon your bank's acceptance of the interbank GIRO application, you will receive a notification letter advising you of the GIRO deduction commencement date
The following table lists monthly premium deduction dates.
|Policy with Premium Due Date||1st Deduction Attempt||2nd Deduction Attempt|
|Premium due 1st to 14th of the month||12th of the month||27th of the month|
|Premium due 15th to end of the month||27th of the month||12th of the next month|
The 2nd deduction attempt will be made only if the 1st deduction attempt is unsuccessful. If the deduction date falls on weekend or Public Holiday, the deduction will be on the next working day.
If you need to make changes to your premium payment arrangement, download a Request for Changes for Individual Life Policies Form and return it by mail or fax.
Alternatively, you may also use the GIRO Application Service via DBS Internet Banking to apply for Interbank GIRO (for DBS/POSB Internet Banking users).
- Select ‘Payment Services’.
- Select ‘Add GIRO Arrangement’.
- Select your account number for this GIRO Arrangement.
- Select ‘ AVIVA LTD-LIFE 1’ as the Billing Organisation (BO)
- Input your policy number as the Bill Reference No.
- Click ‘Confirm’.
- You will receive a notification letter from Aviva advising you of the commencement date of the GIRO deduction.
Internet Banking: DBS Bill Payment (for DBS/POSB Internet Banking users)
- Select Aviva Ltd-Life Insurance and enter your Policy Number in the reference field
Automatic Premium Loan (APL) / Non-Forfeiture Loan (NFL)
When a premium is not paid up by the end of the allowable grace period, an Automatic Premium Loan (APL) will be applied to pay the overdue premium if the Policy has acquired sufficient Cash Value.
An APL payment means you are taking a loan against the Policy's Cash Value. This loan allows the Policy to stay inforce, ensuring your coverage and benefits continue. The APL is charged at an interest rate of 6.5%, compounded at the Policy's anniversary.
As long as the premiums remain unpaid, Automatic Premium Loan will continue to apply for overdue premiums. In order to retain both your policy coverage and its accumulated Cash Value, you should redeem your APL (and any accumulated interest) as soon as possible. If the Policy Cash Value is ever exhausted your Policy will lapse and no longer be inforce.
To redeem your APL:
- Contact us for an APL loan redemption quotation
- Issue payment to Aviva Ltd
Reviving A Lapsed Policy
It is important that you remember to make your premium payments on time. You have a grace period of 30 days from the premium due date to pay your premium. If the premium is not paid up by the stated grace period, your Policy will lapse unless your Policy has acquired sufficient Cash Value for an Automatic Premium Loan. A letter will be sent to notify you that the Policy has lapsed.
To return the Policy to inforce status (known as Reinstatement of the Policy):
- Declare your health status again by completing the Application for Reinstatement of Lapsed Policy Form
- Pay the outstanding premiums together with the interest charged on the outstanding premiums and indebtedness (if any)
- If your health status has deteriorated, you may need to pay a higher premium after the underwriter's review
One hassle-free way is to pay your premium through Interbank Giro. You can safely know that your installments will be automatically deducted from your bank account when the premium is due. To get started, print a copy of the Interbank Giro Application Form.