Introduction
The Student Tuition Fees Insurance is part of the SPS. The
SPS serves to protect the students' tuition fees in the event
that a Private Education Organisations (PEO):-
a) discontinues operations due to insolvency
b) discontinues operations due to regulatory closure
c) fails to pay penalties or return fees to students arising
from judgments made against it by the Singapore courts
Coverage
The insurance protects the insured student against the following
events:
- Loss of tuition fees paid in advance by the insured student
to the PEO and not refunded, if the student cannot start
or complete his course as a result of the PEO becoming insolvent
or being required by the Singapore authorities to stop operations.
- PEO's failure to pay sum awarded by Singapore courts
to the insured student, where such award relates to a dispute
between the PEO and insured student on tuition fees paid
or payable by the insured student to the PEO.
- Complimentary S$10,000 benefit covering the insured student's
accidental death or total permanent disability by accident.
Limits of Liability
The amounts payable to an insured student are subject to maximum
limits which are specified in his Certificate of Student Insurance.
Period of Insurance
The period of insurance will at least cover the entire duration
of the course enrolled by the insured student. In certain
cases, this period may begin before the course commencement
date, upon approval by NTUC Income of PEO's application for
insurance.
Certificate of Student Insurance
A personal Certificate of Student Insurance will be issued
to each insured student to confirm his/her insurance cover
is in place.
Claim
The insured student needs to produce his/her Certificate
of Student Insurance and official course fees receipts
when submitting a claim under the insurance. The insurance
agency will notify all insured students of the relevant claims
procedures to be followed.
Insurance Premium
The premium is calculated based on the following formula:
Premium per student = (0.15% rate x months of course) x tuition
fees
Example:
- 3 months full-time Nitec in Baking
- Course fee at S$4500.00 (S$1500.00 per module x 3 modules)
Premium =
(0.15% x 3 months) x S$4500.00
= 0.45% x S$4500.00
= S$20.25
*The premium is subjected to the prevailing tax and will
be rounded to the nearest dollar.
The premium rate is capped at 3%.
Premium rates are subject to change without prior notice
from time to time at the discretion of the insurance agency
base on their claims and loss experience under this scheme.
For more information on the Student Protection Scheme, please
visit the website at www.case.org.sg.
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