As a testament to the Allianz Group’s commitment to the Singapore market, a new enhanced product will be launched to better serve our mortgage clients.

With effect from 19 July 2024, if you have previously signed the Allianz proposal forms under Allianz Fire Protect but the fire insurance has yet to be effected as at 19 July 2024, SCBSL will arrange for your new fire insurance policy coverage to be effected under Allianz Fire Protect 2. No action is required if you would like us to continue the bank-arranged fire insurance with Allianz.

Your Allianz fire insurance policy will be effective:

• • on the same date as loan disbursement date for a completed Property; or
• • upon Temporary Occupation Permit for a Property that is still under construction.

For existing policyholders with Allianz, there will be a progressive migration, which will take place over an agreed period. From 1 September 2024, upon expiry of your existing fire insurance policy, arranged by the Bank with Allianz, your new fire insurance policy shall be effected under the new Allianz Fire Protect 2 unless we receive the requisite documents (as set out in Q5 below) from you at least 30 calendar days before the expiry of your existing fire insurance policy

As part of this enhancement, all customers who have currently signed proposal form under Allianz Fire Protect will be automatically enrolled in Allianz Fire Protect 2 upon the policy’s effective date.

For existing customers with effective renewal date from 1 September 2024 onwards, you will be automatically enrolled in Allianz Fire Protect 2 upon renewal.

Yes, you may use an insurer of your choice, but it is subject to the Bank’s approval. Please take note of the fees and documentary requirements as indicated below should you wish to use an insurer of your choice. Please forward the requisite documents to the Bank at Retail Lending, Tampines Central Post Office, P.O.BOX 0085, Singapore 915203 for validation.

a) An annual fee of SGD100 will be deducted from your mortgage loan repayment account with the Bank; and

b) You will need to ensure that the following documents are forwarded to the Bank:

Original duly signed Letter of Undertaking (you may request for a copy of this form by calling the Bank’s hotline at +65 6747 7000); and

A copy of your self-arranged fire insurance policy stating:

Standard Chartered Bank (Singapore) Limited as the Mortgagee;

Non-cancellation clause and Mortgagee Clause;

Sum Insured as determined by the Bank; and

A copy of the receipt showing that the premium for your self-arranged fire insurance policy has been paid.

If all of the above documents are not received by the Bank within 30 calendar days before the expiry of your existing fire insurance policy, the Bank will share your details with Allianz and instruct Allianz to effect your new fire insurance policy. The details shared will include your name, insured Property, mailing address and identification number.