System Upgrade

We have Upgraded our Insurance Computer System!

We are pleased to announce that we have upgraded to a new computer system. This is part of our commitment to remain on the competing edge of insurance technology and to ensure that we continue to provide a high-level of customer service. We would like to inform our customers on some of the key changes as a result of the new system. It also includes some important information regarding our ability to service your policy efficiently.

Identity Details

Identity Compliance:

  • We have Identity Compliance requirements that must be met, including Customer Due Diligence (CDD) and Life Insured Date of Birth Verification (LDBV).
  • As the Policy Owner, if you are CDD compliant, you are automatically LDBV compliant.
  • CDD and LDBV requirements are set out below.

Customer Due Diligence (CDD):

  • It is a Legal requirement for all Policy Owners to meet CDD requirements as set out in the Financial Transactions Reporting Act.
  • If you are a new customer / policy owner, we will have to make you CDD compliant as part of processing your insurance application.
  • If you are an existing policy owner and you are not already CDD compliant, we will have to make you CDD compliant at our next interaction with you.
  • We will not be able to process any changes or Insurance Payments on your policy until CDD compliance is achieved.
  • You will be required to provide a combination of approved documentation as follows:
    • Valid Passport
    • Birth Certificate
    • Marriage Certificate
    • Citizenship Certificate
    • Valid Driver's License
    • Joint FRCS/FNPF Membership Card
    • Other Identification document as Required by BSP Life

Life Insured Date of Birth Verification (LDBV):

  • The Life Insured's date of birth must be verified to ensure the appropriate premium for the level of cover is being charged
  • If you are not associated with an existing policy, we will have to make you LDBV compliant as part of processing the applicable insurance application
  • If you are associated with an existing policy and are not already LDBV compliant, we will have to make you LDBV compliant at our next interaction with you
  • We will not be able to process any changes or InsurancePayments on your policy until LDBV compliance is achieved
  • We will verify the date of birth through one of the following documents:
    • Valid Passport
    • Birth Certificate
    • Valid Driver's License
    • FNPF Card
    • FRCS / FNPF Card
    • Voter Identification Card

Identity Verification:

  • We can only communicate with the current policy owner. We cannot communicate with previous policy owners
  • Accordingly, we need to verify the identity of the person that we are dealing with to ensure they are the current policy owner
  • We verify your identity as follows:
    • Communication by post; verify the signature on the letter against the signature on the application form. Electronic signatures are not admissible.
    • Communication by email; verify the email has been received from the authorised email address. See below for more details.
    • Communication at a Customer Service Centre / Call Centre:

1. Full name

2. Date of birth

3. Details from any one of the following:

          • FNPF Card
          • Tax Identification Number (TIN)
          • FRCS / FNPF Joint Identification Card
          • Driver's license card
          • Passport
          • Voter ID Card
          • Student ID Card
          • Citizenship Certificate
          • Pilot's License
          • LTA Senior Citizen's Card
          • Employee Card
          • Secret password or secret PIN (CRIS number)
  • If we have not captured any of the verification requirements above, you will need to complete a Customer Verification form and provide the appropriate identification with this form.

Personal and Bank Account Details

It is important that you keep your personal and account details up to date! Why?

  • To ensure you receive communications from us on a timely basis;
  • To ensure you receive Insurance Payments on a timely basis;
  • To ensure we can contact you at any time in relation to your Policy.

If we can't contact you, you may miss important information in relation to your policy or benefits due to you!

When and How Do We Communicate with You?

  • All communications regarding your policy are automatically generated and sent by your preferred communication method - post or email
  • We encourage you to consent to email communication as this means you get your communications on a timely basis.
  • This also enables you to communicate with us by email from your authorised email address.
  • Please note, you must complete the Consent to Email Communications form to facilitate email communication.

What Communications Do We Send?

We send communications in relation to:

  • Policy changes requested by You
  • Policy changes at each policy anniversary date
  • The status of premiums on your policy, including Invoices, Lapse Warning Notices and Lapse Notices
  • Benefits provided by your policy, including Survival and Maturity Benefits

What Personal Details Must I Keep Up to Date?

  • Names - Your first, middle and last names
  • Addresses - Your residential, postal and email addresses
  • Telephone Numbers - Your home, work and mobile numbers
  • Identification - Your identification verification details, including your Secret Question and Answer

Bank Account Details

  • All insurance payments are made directly to the policy owner's nominated bank account. This now means you don't need to queue at your bank to deposit a cheque
  • It is important that you advise us of any changes to your bank account details to ensure Insurance Payments are made to the correct account

Premium Payments and Loan Repayments

  • If you pay your premium on a quarterly, semi-annual or annual frequency, we will send you an Invoice setting out details of the required premium due 30 days before the premium due date
  • If you pay your premium on any other frequency, we will not send you an Invoice. You need to ensure your premium payments are up to date, irrespective of whether you pay by Salary Deduction or Bank Deduction
  • It is important that your premium payments and loan repayments are allocated to the correct policy and correct category
  • When payments are made at one of our Customer Service Centres, we will require a copy of your Invoice or a completed Policy Payment Slip
  • When payments are made by direct deposit, through the internet or an intermediary, your policy number and nature of the payment - premium payment or loan repayment - must be provided
  • If your premium payments are in arrears or your Cash Value of Surrender will be $0 within 30 days, we will send you a Lapse Warning Notice. If you do not take the action set out in this Notice, your policy will lapse and you will no longer have insurance cover under our policy

Policy Benefits

Insurance Payments:

  • Insurance payments include all benefit payments and premium refunds
  • All insurance payments are made directly to the policy owner's nominated bank account. This means you don't need to queue at your bank to deposit a cheque
  • Where processing of your payment is completed by 11am, the payments will be deposited to your bank account on the same day. Payments completed after 11am will be deposited on the next day
  • Please ensure your bank accounts details are kept up to date

Customer Requested Payments

  • Customer requested payments are Cash Advances (formerly called Policy Loans) and Cashing of Bonus
  • An application form is no longer required
  • A quotation, setting out the details and implications of the Cash Advance and Cashing of Bonus will be provided to you for your signature. This quotation provides you with clarity of the impact of the payment on your policy
  • The minimum payment is $200

Policy Surrender

  • Policy Surrender is where you terminate your policy and receive payment of the Cash Value of Surrender
  • An application form is no longer required
  • A quotation, setting out the details and implications of the payment will be provided to you for your signature. This quotation provides you with clarity of the impact of the Policy Surrender on your policy
  • Policies which have been surrendered are terminated and cannot be reinstated or reversed. This means that you do not have any further insurance benefits under that policy 

Policy Loans and Arrears Premiums

  • If you have a Policy Loan on your policy and / or if you have Premium Arrears on which interest was charged, this section applies to you
  • In future, you will have one Policy Loan, which incorporates your old Policy Loan and / or Premium Arrears
  • Policy Loans were previously cash loans taken against the value of your policy. In future, these will be known as Cash Advances, which form part of the new Policy Loan
  • Previously where you had Premium Arrears for unpaid premiums, these would accrue interest from the date the premium payment was due. A quarterly communication was provided in relation to Premium Arrears
  • In future, Premium Arrears will be called Premium Advances. Premium Advances will be made on the last day of the Grace Period, provided you have sufficient Cash Value of Surrender on your policy to pay the Outstanding Premium
  • If a Premium Advance is made to pay the Outstanding Premium, you will receive a notice advising you of this
  • This change will benefit you as you get an additional 30 days' interest free before interest is charged on the Premium Advance
  • A letter detailing all applicable changes is being sent to all Policy Owners with a Policy Loan and / or Arrears Premiums. Please advise us if you think you should have received this letter but have not

Product Name Changes

Due to certain limitations on our old system, we needed duplicate products with different names to cater for certain situations.

  1. The Policy Terms and Conditions of these products were identical
  2. On our new system, we don't need these duplicate products. Accordingly, we have combined these into one product
  3. This means your product name may have changed, but your Policy Terms and Conditions have not

Any Questions?

If you have any questions, please contact us on, call our Call Centre on 132 700 or visit your nearest Customer Service Centre.