Policy Servicing
Paying for your policy
Automatic Premium Loan / Non-Forfeiture Loan
Policy changes
Updating Personal Contact Information
Policy monies
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):
- Declare your health status again by completing one of the following forms:
- For Life policies: Policy Servicing Health Declaration (for Life Products)
- For Health policies: Policy Servicing Health Declaration (for Health Products)
- For Life policies: Policy Servicing Health Declaration (for Life Products)
- Pay the outstanding premiums together with the interest charged on the outstanding premiums (if applicable) 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.
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:
- Contacting us for assistance with updating your personal information
- Download a Change of Address and Contact Details Form and return it by mail or fax
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.
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:
- Surrender / Withdrawal Form for Traditional Policy Form (for non Investment Linked Policies)
- Surrender / Withdrawal Form for Investment - Link Policy (ILP) Form (for Investment Linked Policies)
- Surrender / Withdrawal Form for Global Investment Plan (ILP) Form (for Global Investment Policies)
- Copy of the Assured or/and Life Assured's NRIC
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.