Payment Protector Basic for GE Personal Loan Account Holder

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Frequently Asked Questions (FAQs)

Q1: Who is eligible to enroll?
Q2: How does the Payment Protector scheme work?
Q3: What do you mean by Terminal Illness?
Q4: How do I enroll for the Payment Protector scheme?
Q5: What do I need to pay to enroll for the Payment Protector scheme?
Q6: How do I pay?
Q7: When will the Payment Protection Insurance cover start?
Q8: When will the Payment Protection Insurance terminate?
Q9: What if I change my mind after I have signed up for the Payment Protector scheme?
Q10: Are there any excluded occupations?
Q11: Is suicide covered?
Q12: What is the claim procedure?
Q13: If I have more questions after receiving the Welcome Pack, whom should I speak with?

 

 

Q1: Who is eligible to enroll?

A1: All GE Personal Loan Account Holder who are at least 21 years old but below 64 years old can enroll.

 

Q2: How does the Payment Protector scheme work?

A2: Under the Payment Protection Insurance policy, underwritten by ACE, 100% of your outstanding

loan will be paid to GE in the event of Accidental Death, Accidental Total & Permanent Disability or

Terminal Illness to a borrower covered under the policy. Additionally, the coverage is 24-hr, worldwide.

 

Q3: What do you mean by Terminal Illness?

A3: Terminal illness refers to any disease which in the opinion of a licensed Doctor, is likely to lead to

death within 6 months from the date of diagnosis.

 

Q4: How do I enroll for the Payment Protector scheme?

A4: Just tick and sign on the box in the Loan Application Form, and submit the Application to GE. Upon

approval of your application, you will receive a Welcome Pack from GE Personal Credit Pte Ltd.

 

Q5: What do I need to pay to enroll for the Payment Protector scheme?

A5: This is dependent on your monthly loan repayment. An administrative fee of 1.25% of your monthly

loan repayment is payable to GE. For example, if the personal loan monthly loan repayment is $200,

the monthly fee would be $2.50.

 

Q6: How do I pay?

A6: By signing on the Payment Protector section in the Application Form and upon approval of your

Personal Loan application, you will be authorizing GE Personal Credit Pte Ltd to debit your account in

the amount of the administrative fee. This monthly fee will be included in the monthly loan instalment

calculation.

 

Q7: When will the Payment Protection Insurance cover start?

A7: The cover commences on the date that your loan is disbursed to you.

 

Q8: When will the Payment Protection Insurance terminate?

A8: The cover will terminate once the loan has been fully redeemed either at the end of the full loan term

or in the event of an early redemption. This cover will also terminate upon the fulfillment of a 100%

claim according to the Table of Benefits.

 

Q9: What if I change my mind after I have signed up for the Payment Protector scheme?

A9: You will be have a 30-day grace period from the date of receipt of the Welcome Pack during which you

can choose to withdraw from the Payment Protector Basic scheme. If you wish to withdraw, you must

notify ACE Insurance Ltd within the 30 days by sending a written notice by fax or mail. Alternatively,

contact ACE Customer Officer at the ACE hotline - 6299 0988, Mondays to Fridays, 9am to 5pm.

 

Q10: Are there any excluded occupations?

A10: No, there aren’t any excluded occupations.

 

Q11: Is suicide covered?

A11: No, suicide, attempted suicide or self-inflicted injury is excluded from the coverage.

 

Q12: What is the claim procedure?

A12: Immediately upon the occurrence of an event for which you are covered, you (or your next of kin)

should call the ACE hotline at 6299 0988, Mondays to Fridays, 9am to 5pm to request for a claim

form. This claim form must be submitted to ACE as soon as possible and in any event, within sixty (60)

days after the date of the occurrence.

 

Q13: If I have more questions after receiving the Welcome Pack, whom should I speak with?

A13: If you have questions regarding the way the insurance cover operates, you can speak with an ACE

Customer Officer at the ACE hotline - 6299 0988, Mondays to Fridays, 9am to 5pm.

 

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600 North Bridge Road
#08-01 Parkview Square
Singapore 188778