What is Policy Owners' Protection Scheme?
The Policy Owners' Protection Scheme (PPF Scheme) protects policy owners in the event a life or general insurer which is a PPF Scheme member fails. The PPF Scheme is managed by an independent body, Singapore Deposit Insurance Corporation (SDIC).
All existing and new life insurance policies, including riders/add-ons, and most general insurance policies issued by AIA Singapore are covered under the scheme. The PPF Scheme provides 100% protection for the guaranteed benefits of your life insurance policies up to the applicable caps. No caps are applicable for general insurance policies (except for the limits specified under the law). Coverage for your policy is automatic and no further action is required from you.
For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please visit the Life Insurance Association, General Insurance Association or SDIC websites (www.lia.org.sg
) for a copy of the consumer guide.
List of AIA insurance policies and riders/add-ons covered under Policy Owners' Protection Scheme:
A. Name of Life Insurance Product under each Category (updated as at 16 January 2023)
Category 1 insured policies include policies or riders/add-ons such as:
- Individual accident and health policies
- Riders to an individual policy except term acceleration riders
- Group health and personal accident policies
- Part of any insured policy comprising the accumulated values (including accrued interest) of coupon deposits, advance premium payments and unclaimed moneys
Category 2 insured policies include policies or riders/add-ons such as:
- Individual policies or riders (other than Category 1 or 3 insured policies)
- Voluntary group term, whole life and endowment policies
- Term acceleration riders
Category 3 insured policies include individual annuities and voluntary group annuity policies
Category 4 insured policies include non-voluntary group term, whole life, endowment and annuity policies
For a full list of policies insured, click here