Policy Servicing

Premium Payments

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

Cheque

  • Mail us your cheque along with your Premium Notice
  • Drop your cheque into our Cheque Deposit Box at our Customer Service Centre
  • 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

AXS Stations

  • 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 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.

Interbank GIRO

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.

FAQ

Will Premium Notices be sent to policyholders?

Premium Notices are sent for policies with payment method as Cash/Cheque regardless of the premium frequency. In addition, policies on quarterly, bi-annual and annual payment via interbank GIRO will also receive Notification Letters.

When are Premium Notices sent out?

Premium Notices are sent 2 weeks before the premium due date.

Will a reminder be sent if the premium remains unpaid?

A reminder Premium Notice is sent 2 weeks after the premium due date. This notice is to inform our customers that the premium is outstanding and that the policy may lapse if the premium is not received by the end of the grace period.

How long is the payment grace period?

The grace period begins on the premium due date and lasts for 30 days. If no premium is paid, policies without cash value accumulated will lapse.

How do I redeem my APL?

You can contact us for an APL redemption quotation and make a partial or full payment for your APL

Must I redeem all my outstanding APL?

No, you may make a partial or full payment. However, it is advisable to redeem your APL and interest accumulated as soon as possible. Otherwise, the APL and interest accumulated will exhaust your Policy Cash Value.

What will happen if I do not pay my APL and the interest accumulated?

Once the Policy Cash Value is exhausted by your APL and interest accumulated, the Policy will lapse and no longer be inforce.

How do I know that my Policy has lapsed?

You will receive a Lapse Letter from us.

Can I reinstate my Policy after the deadline on the Lapse Letter?

A lapsed Policy may be revived or reinstated to inforce status under certain conditions. You can reinstate the Policy by contacting us for a new quotation.

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. 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):

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.

Attaching Riders

Riders represent additional benefits that can be added or attached to your existing Policy to enhance the coverage, with the payment of additional premiums. Riders offer flexibility of choice to suit the different needs of individuals. Use these option benefits to customise coverage to meet your specific needs.

Which riders can be added to your basic Policy plan varies according to the existing plan type and its term. Hence, your plan type and term determine which riders that can be added.

Riders can only be attached to a plan on its Policy anniversary. The rider premium is based on:

  • The type, sum assured, and term of rider being added
  • Your occupation and age at next birthday, based on the Policy anniversary date, on which the new coverage commences
  • All riders must be assessed and approved by our underwriters

Contact us for assistance learning which type of riders can be added for your policy and to receive a rider quotation. This should be done at least 1 month before the policy anniversary.

Assigning a Policy

The transfer of all rights under an insurance Policy from one party (the assignor) to another (the assignee) is called assignment. You are required to notify us of these changes, although Aviva is not responsible for determining the validity of an assignment.

The most common types of assignment are:

  • Absolute Assignment (Deed of Assignment), where all rights under the Policy are transferred from the assignor to the assignee without any conditions
  • Collateral Assignment, where all rights under the Policy are transferred to the assignee, usually a bank, as collateral or security for a loan granted to the assignor

You can make an Absolute Assignment by:

  • Arranging for both the assignor and assignee to visit us personally, with their NRICs, at our Customer Service Centre
  • All parties must be over 21 years of age, of sound mind, and cannot be an undischarged bankrupt

You can make a Collateral Assignment by:

  • Contacting us, or contacting the bank or organisation that will become the assignor of the policy for security or collateral
  • Some banks and other institutions have their own collateral assignment procedures

Converting to Paid-Up Policy

Once the Policy has acquired Cash Value, you can choose to stop payment of future premiums by converting the Policy to paid-up status. Conversion to reduced paid-up assurance means that you can continue to remain insured for the same policy term but at a reduced sum assured amount.

Contact us for assistance if you wish to determine your Policy's paid up value.

Updating Personal Contact Information

To help us serve you better, please notify us of any changes in your contact information, including your address, email address, and phone numbers. This ensures that we can always reach you in a timely manner.

You can update your contact information by:

Other Changes to Your Policy

To request other changes to your policy, including Reduction in Sum Assured or Increase in Basic Premium, please contact us, or download a Request for Changes for Individual Life Policies Form and return it by mail.

Policy Monies

Your policy acquires Cash Value over time. You can receive a loan for up to a maximum 90%* of your Policy Cash Value, minus any indebtedness. You will be charged an interest rate of 6.5% on the loan, compounded at policy anniversary. The Policy Loan and its interest can be paid by installment.

Contact us to apply for a Policy Loan.

    

* Please refer to your Policy Contract provision for the maximum percentage of Your Cash Value that you may apply for Policy loan.

When a Policy Matures

A maturity amount is payable once your Endowment Policy reaches maturity. We will notify you as your Policy maturity date approaches. After this date, the Policy is considered to have matured and is no longer in force.

Unclaimed Monies

We are looking to contact the following policyholders as they have unclaimed monies with us and we have been unable to contact them.

If you know any of these people, please ask them to contact us: 6827 9933 or email us: cs_life@aviva-asia.com. The PDF file contains the policyholder's full name and the last few digits of their NRIC number.

List of policyholders »
List of policyholders (Navigator) »

Surrendering a Policy

A Policy that has acquired Cash Value can be surrendered in exchange for its Cash Surrender Value upon cancellation of the Policy. You should consider carefully the cancellation and surrender of your policy, especially the loss of protection for you and your family.

Replacing your coverage, immediately or at a later date, will require a higher premium due to the older entry age. A new Policy's Cash Value will also build very slowly over the years. To continue to enjoy your insurance coverage, you may wish to take a Policy Loan instead.

FAQ

What are the minimum and maximum Policy Loan amounts I can request?

The minimum Policy Loan amount is S$200. The maximum Policy Loan amount is up to 90%* of the Policy Cash Value, minus any indebtedness.

    

* Please refer to your Policy Contract provision for the maximum percentage of Your Cash Value that you may apply for Policy loan.

How quickly can I receive my policy loan amount?

You can receive your policy monies in several different ways:

  • For Cheque amounts below S$50,000, you can request the 2-hour cheque service by calling our Customer Service Hotline at 6827 9933. Call before 3pm to have your cheque ready in two hours, available for collection at our Customer Service Centre.
  • You may also opt for the 1-hour cheque service by personally visiting our Customer Service Centre, before 3pm.
  • Standard cheque requests are ready within 2 working days.

How will I know when my Policy will mature?

Refer to your Policy Schedule for maturity date. You will also receive our notification letter one month before the maturity date, as well as a Payment Instruction Form to complete.

When will I be notified of the maturity of my Policy?

You will be notified 1 month before the maturity date.

What is my Policy's projected return at maturity?

Contact us for a projected Maturity Quotation. However, this projected value assumes prevailing bonus rates remain unchanged and does not reflect any outstanding loans or other indebtedness.

When can I surrender my Policy?

Once your policy acquires a Cash Value, you can surrender it at any time.

How do I know the amount of Cash Value acquired by my Policy?

Contact us for assistance in determining your policy's Cash Value.

What documents will I need to submit?

You will need to submit:

Can I surrender part of my Policy? If yes, how much can I surrender?

For an investment linked policy or the investment linked portion of a policy, you can partially surrender these policies by completing the Surrender / Withdrawal Form for Investment - Link Policy (ILP) Form. Mail along with a copy of the Assured or/and Life Assured's NRIC, to Aviva.

For a non-investment linked policy or the non-investment linked portion of a policy, you can only partially surrender the entire non-investment linked policy or the entire non-investment linked portion of a policy if your policy is a single premium plan, or a regular premium policy, unless otherwise specified in the policy contract.

A regular premium plan is one with a premium that is paid monthly, quarterly, half-yearly, or annually. You can partially surrender these policies by contacting us to request a Reduction in Sum Assured Quotation.

When can I receive the Policy proceeds?

Upon receipt of all documents duly completed and signed, you will receive the Policy proceeds as shown:

For Investment Linked Policy:

  • Cheque : cheque will be mailed to you separately within 7 working days (after the unit dealing day*).
  • CPF Ordinary Account (Agent Bank) : within 3 working days (after the unit dealing day*) into the Agent Bank for transfer into CPF Ordinary Account.
  • CPF Special Account : within 3 working days (after the unit dealing day*).
  • SRS Account : within 3 working days (after the unit dealing day*).

*The unit deal day is the date we set the unit price for a Fund.

For non-Investment Linked Policy:

  • Cheque : cheque will be mailed to you separately within 7 working days.
  • CPF Ordinary Account (Agent Bank) : within 5 working days into the Agent Bank for transfer into CPF Ordinary Account.
  • CPF Special Account : within 5 working days.
  • SRS Account : within 5 working days.