- Individuals & Families
- Businesses
- Partners & Agents
Your home is more than bricks and mortar. It’s full of memories and you're reflected in every detail. So if you experience a claim, you’ll most likely want your life back, and to rebuild without hassles, headaches, or delay.
Designed to cover you and your family in the event of accident-related injuries and disabilities.
We know that innovative products go hand in hand with superior service. At Chubb, we offer a range of value-added services and customised solutions for that added advantage to meet various needs.
Chubb leverages superior underwriting expertise and world renowned claims, account services, and financial strength to offer solutions for small and medium businesses.
Today's multinational organizations face complex and interconnected risks. We offer insurance solutions that are tailored to global needs as well as local requirements, helping them address their risk management challenges.
Chubb has a proven track record of maximising ancillary revenue for more than 120 business partners across the globe.
Frequently Asked Questions (FAQs) for Goods and Services Tax (GST) Rate Change
For Policies Purchased in 2023
For full premium payment received before 1 Jan 2024, the GST rate applicable is 8%.
The credit card instalment is an arrangement between the credit card issuer and yourself, Chubb would have received the full amount from the bank.
If the credit card transaction is effected before 31 Jan 2024 and it is related to bills and invoices that are issued before 1 Jan 2024, payment will be deemed to be received before 31 Dec 2023 and 8% GST will apply.
For instalment plan arranged with Chubb, any premium not received by Chubb before 31 Dec 2023 will subject to the revised applicable GST rate. The lower of:
- part payment received on/after 1 January 2024; or
- part services performed on/after 1 January 2024 will subject to 9% GST.
Example as follows:
- Instalment 1 paid 1 Dec 2023 - $250
- Instalment 1 paid 1 Mar 2024 - $250
- Instalment 1 paid 1 Jun 2024 - $250
- Instalment 1 paid 1 Sep 2024 - $250
Part payment expected to be received on/after 1 January 2024: $750
Part services performed on/after 1 January 2024: $916.67 ($1,000 X 334/365)
The lower of the above, $750 will subject to 9% and the remaining value of $250 will subject to 8%.
For payment not received by 31 Dec 2023, you will receive a credit note with the corresponding 8% GST and revised tax invoice for the change in GST rate based on your period of insurance – 9% for period of insurance in 2024 and 8% for period of insurance in 2023.
According to GST: Guide for the Insurance Industry issued by IRAS, premiums collected by the insurance intermediary (in this case, the broker) are considered as received by the Insurer. Therefore, the premium collected by the broker before 1 Jan 2024 should reflect 8% GST.
You may wish to contact your broker for assistance and clarification.
For Policies Purchased in 2024
No, all tax invoices issued in 2024 would reflect 9% GST.