Our Support | FAQs

LIC Singapore operations-Frequently Asked Questions

LIC Singapore is operating in run off mode. Here in, the Company has decided to cease sales and is not accepting any new business. In line with this, LIC Singapore has no product on offer. However, LIC Singapore will continue to service all its policies and settle all the contractual liabilities as and when they arise while maintaining office presence in LIC Singapore until last policy is settled.

What is the status of LIC Singapore??

LIC Singapore is a direct licensed insurer registered with MAS. It will continue to comply with all the rules and regulations applicable to insurer in Singapore and honor all policy contracts.

How does this decision affect me as an existing policyholder?

You will not have different customer experiences because of this. Your existing policy will continue with its terms and conditions unchanged.

What will happen to claim payments?

LIC Singapore is committed to handle this matter in manner which is in the best interests of policyholders and all other stakeholders. LIC Singapore will oblige all the policy liabilities and settle all claims for current in force policies as and when they arise, in normal fashion.

Does this decision to close to new business mean you have run out of money, and this is the first step in business liquidation?

No, that is not the case. LICS has more than sufficient assets in Singapore to cover all its policy liabilities. The Company complies with all norms regarding capital adequacy. Nevertheless, in any extreme scenario, our parent company LIC of India, one of the biggest insurers globally, will step in and infuse funds to settle obligations.

Where should we contact LIC Singapore for any queries?

You may email us at crm@licsingapore.com or call us at +65 62202862/+65 62234797. LIC Singapore office is in Bharat Building, Raffles Place. You may contact your existing advisor for the policy as well.