- What is Auto Loan Value Insurance?
Auto Loan Value Insurance is a personal accident insurance plan, specially designed for POSB iHP Care customers. This insurance plan is underwritten by MSIG Insurance (Singapore) Pte. Ltd.
At POSB, we know how important it is to protect your investment and are pleased to give this valuable protection coverage worth S$60 to our iHP Care customers FREE for 12 months.
- What are the benefits under Auto Loan Value Insurance?
| BENEFITS |
SUM INSURED
(In respect of each Insured Person) |
| Accidental Death arising from driving a Singapore registered private car owned by you |
The Sum Insured is equivalent to the initial auto loan amount, up to S$100,000 |
| Total and Permanent Disablement arising from an accident while driving a Singapore registered private car owned by you |
| Daily Hospitalisation Benefit arising from an injury while driving a Singapore registered private car owned by you |
S$100 per day;
Maximum 30 days per injury |
| Replacement of Car Key |
Up to S$300 per policy year |
| Personal Effects |
Up to S$300 per policy year
CashCard limit: up to S$50 |
- Do I need to sign up for this free cover?
For your convenience, simply tick the confirmation box in the iHP Care application form that you wish to enjoy this free cover. Please read the brochure before signing up for this free cover.
- When will the insurance cover start?
The insurance cover will start on the same date as your car registration.
- Will I receive any confirmation from MSIG on the cover?
Yes, MSIG will send the policy document to your mailing address as stated in the application form by 20th of the following month after the disbursement of your loan.
- Do I need to pay premiums for this free 12-month cover?
No, the coverage is given to you free-of-charge.
- Can I continue with the coverage after 12 months?
Yes, you can continue with the coverage at a special price of $5 per month (inclusive of 7% GST).
MSIG will inform you of the renewal 60 days before the policy expires.
- Can I continue with the coverage if I sell off the vehicle and buy a new car?
Yes, you can continue with the coverage even when you change to a new car.
If you are financing the car with POSB, you can sign up for a second Auto Loan Value Insurance. The benefits are payable up to S$100,000 per Auto Loan Value policy, except Replacement of Car Key Benefit and Personal Effects Benefit which are on reimbursement basis.
- Can I continue with the coverage if I changed to a new car and my auto loan for the new car is not with POSB?
Yes, you can continue with the coverage as long as the policy is in-force.
- Does the benefit of Accidental Death and Permanent Total Disablement cover me for any kind of accidents other than accident arising from driving the car?
This benefit only covers you for accident arising from driving any Singapore registered private car that is owned by you.
- Does Auto Loan Value Insurance apply to companies that take up POSB iHP Care?
Auto Loan Value Insurance is a personal accident insurance plan for individuals who take up POSB iHP Care. It is not applicable to companies.
- What is Replacement of Car Key Benefit?
In the event that your car key is lost or stolen, the policy will pay you the cost of locksmith charges and the replacement cost of the car key up to S$300 per policy year, provided you are not able to seek reimbursement from another source.
- Under what circumstances will the benefit of Car Personal Effects be payable?
The policy will cover you for any loss or damage to your car personal effects caused by fire or theft accompanied by actual, forcible and violent entry to your car during the policy period.
“Personal Effects” means movable personal property that the Insured normally carries in the Singapore registered private car for social and domestic purposes all owned by the Insured, including audio and video equipment, Global Positioning Systems and Cash Card.
Personal Effects do not include: property held for business or professional purposes, household goods, furniture, furnishings, glassware, food, animals, money, credit card, debit card and any property that is unlawful.
- How do I make a claim?
Please notify MSIG in writing of any event giving rise or likely to give rise to a claim under the Policy as soon as possible but in any case within 30 days of the happening of such event.
You will need to complete a claim form and provide at your expense information, evidence or supporting documents (e.g. police reports or receipts) which MSIG may require to assess your claim).
If you have more claims related questions, you can call MSIG Insurance Customer Centre at 6827 7607 (Mondays to Fridays, 8.45am to 5.30pm).
- What if I have more questions about this insurance?
Please contact the Auto Loan Customer Centre at the Hotline: 6333 0033.