At the end of the 60-day grace period, you can expect the following to happen if we do not receive your regular premium payment within the time periods below.
- If this happens during the first 24 months of your policy, your policy will end. If there is any value in the accumulation units account, we will liquidate those units and pay the amount to you in your policy currency. If your policy ends because of missed regular premium payments, you can apply to reinstate it.
- If this happens from the 25th month onwards, your policy will continue. However, if regular premiums have not been paid during the minimum investment term, a premium shortfall charge will be imposed during the premium shortfall charge period, unless the involuntary unemployment benefit has been exercised. We will also continue to deduct the applicable charges and fees during this period. If your policy value drops below S$1 (or equivalent in your policy currency), your policy will lapse. If your policy ends because it has insufficient policy value, you can apply to reinstate it.