Many insurers have started to include the Policy Owners Protection Scheme (PPF) clause into the product summary and contract wording of their insurance policies.
Policy Owners’ Protection Scheme
This Policy is protected under the Policy Owners’ Protection Scheme, and is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for Your Policy is automatic and no further action is required from You. For more information on the types of benefits that are coveredunder the scheme as well as the limits of coverage, where applicable, please contact Us or visit the LIA or SDIC web-sites (www.lia.org.sg orwww.sdic.org.sg).
In order to include the above mentioned clause, we begin another round of replacement of application forms and wastage of paper :D.
The Policy Owners’ Protection Scheme covers life and general insurance policies in the event of the failure of a life or general insurer which is a Scheme member. Coverage for life insurance policies are based on guaranteed benefits only, and will be subject to caps (with the exception of accident & health policies). Coverage for general insurance policies will not be subject to any caps.
More information about the scheme can be found here: