What will happen to my insurance?
If you have previously bought insurance policies via ANZ, your relationship with the insurer will remain unchanged. You may continue to approach your insurer directly for premium payment and services. After the transfer date, you may speak to your DBS Relationship Manager about your policy.
If you have an individually-owned insurance policy
You are advised to continue with your existing policies for the remaining policy term.
If you are interested, DBS offers holistic financial planning advisory services that include life, health and general insurance products.
If you have a policy associated with a bank product
You are advised to continue with your existing policies for the remaining policy term. If you are interested, DBS offers holistic financial planning advisory services that include life, health and general insurance products.
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Fire insurance (offered by Chubb or Tokio Marine)
Your existing insurance coverage will remain effective until the next policy anniversary. When the policy is due for renewal, DBS will switch it to MSIG. No action is required from you. Alternatively, you may buy a fire insurance policy from another insurer, with an admin fee of S$100 per annum.
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CreditLife (offered by Prudential)
CreditLife coverage will cease by the transfer date. For similar coverage, you may choose the CardShield programme at DBS, underwritten by Manulife.
Frequently Asked Questions
Insurance FAQ [Updated]
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What will happen to my insurance policies bought in ANZ?
Your insurance policies remain unaffected. Policies will remain effective, as long as premium payments are made when due.
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What will happen to the payment arrangement from my previous ANZ account to the insurer?
If you had previous GIRO arrangements in SGD to debit your ANZ current or savings account for premium payments, the GIRO arrangement will be transferred to your new DBS MCA.
Foreign currency payment arrangements via Standing Instructions will not be transferred. You can easily set up this arrangement via DBS digibank.
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For ANZ Premium Financing Loans for Universal Life, what will happen to my policy that is currently pledged as collateral?
All your outstanding Premium Financing will be transferred to DBS. This policy will be assigned to DBS under this new loan.