In line with the COVID-19 relief measures announced by the Prime Minister, we are introducing a premium payment deferment program. With this, we hope that your financial burden will be eased during this challenging period.
Below is some information that may help you to understand how to apply for the relief program. If you have any further questions, please feel free to call our Customer Care Hotline at 1300-13-2323, or 03-27199112.
FREQUENTLY ASKED QUESTIONS - PREMIUM DEFERMENT PROGRAM (PDP)
Please give careful consideration before applying for this PDP, as it is only a deferment on premium payments and not a waiver. Normal premium payment will resume after the deferment and all outstanding premium payments must be met
The PDP is intended to give eligible policyowners whose premium due date is from 18 Mar 2020 to 31 Dec 2020, a deferment period of 3 months to pay the premium for their insurance policy. During this deferment period, Manulife will continue to provide insurance protection.
Note: This is NOT an automatic premium deferment program. Therefore, policyowners must approach Manulife to apply for the deferment.
This PDP is open to all in-force Manulife policyowners who are financially affected by the COVID-19 or the Movement Control Order (MCO). This includes policyowners who are on mandatory quarantine at home or are suffering from loss of income from work or business due to MCO and the slowing-down of economy during the pandemic.
a) Policies on premium holiday
b) Policies which are lapsed, or premium is not up to date
c) Policies which have sufficient value in their Future Deposit Fund (FDF), Cash Dividend (CD) and/or Guaranteed Cash Payment (GCP)*fund accounts to cover 3 months’ premium.
(*For Universal Life Policies which have sufficient value in GCP fund account to cover 3 months’ premiums, policyowner can choose to authorise Manulife in writing to deduct the fund value to meet the 3 months premium, or proceed with the PDP.)
The policyowner may apply now, until 31 December 2020. The deferment of premium, if approved by Manulife, will be up to a maximum of 3 months from the next premium due date.
Yes, Policyowner must pay back the deferred premium(s) once the deferment period ends to avoid lapsation of policy.
a) For Ordinary Life Policies
All outstanding premiums need to be paid to avoid policy lapsation.
b) For Investment Link or Universal Life policies:
Policyowner is required to resume payment of at least one modal premium and/or perform top-up to ensure better sustainability of the policy, and avoid any Premium Holiday Charge, where applicable.
c) Medical Standalone Policies:
All outstanding policies must be paid to avoid policy lapsation
Policyowners may submit their application by sending the following documents to
Premium Deferment Application for Policy Number xxxxxx
i. Application for 3-Month Deferment of Premium Payment Form (LF 1742)
And one of the following supporting documents:
i. Doctor’s letter confirming COVID-19 infection (if the individual was infected)
ii. Letter or Notification of Instruction to quarantine from the relevant health authorities for Persons Under Investigation (PUI) or Direct Contact.
iii. For employed Policyowners, a letter of termination of employment or reduced salary notification or
iv. Letter of Closure of non-essential businesses by the Business Owner or
v. Other relevant documentation that can substantiate loss of income
IMPORTANT: To safeguard customers' interest and ensuring authenticity of the requests, Manulife will only accept application received from the email address that the Customer has registered with us. Customers can update their contact details on the Application for 3-Month Deferment of Premium Payment Form. For more information, please contact Customer Care Hotline at 1300-13-2323 or 03-27199112.