What is the 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 provides 100% protection for the guaranteed benefits of your life insurance policies, subject to caps where applicable.

For example, for individual life and voluntary group life policies, there are aggregate caps applicable, namely S$500,000 for the guaranteed sum assured and $100,000 for the guaranteed surrender value per life assured per insurer.

The PPF Scheme also provides 100% coverage for the types of general insurance policies covered under the Scheme. No caps are applicable for protection of your general insurance policies.

How does the Policy Owners’ Protection Scheme work?

In the event a Scheme member fails, MAS will decide whether to activate the PPF Fund and whether the PPF Fund is to be applied in termination or transfer or run-off of the business of the failed insurer.

MAS will then request the Singapore Deposit Insurance Corporation (SDIC) (SDIC) to step in. Accordingly, SDIC will make announcements to all policy owners of the failed insurer through the media and provide details on how their policies would be affected.

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Last Updated on Monday, 29 August 2011 17:24