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ANNOUNCEMENT - COVID-19 Customer Relief Programme on Deferment of Premium Payment (updated)

30 Mar 2020

Dear Valued Customers, 


Your health and wellbeing remains our #1 priority.

We understand that some of you may be worried about ensuring that you and your families remain protected during these challenging times. 

In line with the Prime Minister’s announcement on 27 March 2020, we will be providing a 3-month deferment of premium payments to all eligible customers. This deferment is not automatic and customers who wish to apply for this deferment are advised to email us at This deferment option is available from 1 April 2020 until 31 December 2020. 


Frequently Asked Questions (FAQ):

1) What is this deferment of premium payment under the Relief Programme? 

This is a Relief Programme that is offered to eligible policy owners of Gibraltar BSN where they can defer the payment of premium for their insurance policy for a period of three (3) months due to the impact of Covid-19.  Policy owners will continue to receive their insurance protection without any change to their benefits. As this is not an AUTOMATIC premium deferment programme, policy owners must apply to the insurer for this Relief Programme. 

2) Who is entitled for this Relief Programme? 

It is open to all Gibraltar BSN in-force policy owners who are financially affected by the COVID-19 or the Movement Control Order (MCO). This includes policy owners who are under mandatory quarantine at home or suffering from loss of income from work or business due to MCO and the slowing down of economy during the pandemic. 

3) When is the effective period for the Relief Programme? 

This Relief Programme takes effect from 1 April 2020 until 31 December 2020 (both dates inclusive). Policy owners can apply for deferment of premium during this period and once approved by Gibraltar BSN, deferment of premium payment will be for up to a maximum of three (3) months from the premium due date.  

Example 1:

  • Premium due on 15 April 2020
  • Policy owner submits Application to Defer Premium Payment on 2 April 2020 
  • Application to Defer Premium Payment is approved
  • Deferment period ends on 15 July 2020 

Example 2:

  • Premium due on 15 December 2020
  • Policy owner submits Application to Defer Premium Payment on 28 December 2020 
  • Application to Defer Premium Payment is approved on 2 Jan 2021
  • Deferment period ends on 15 March 2021 
4) How can policy owners apply? 

Gibraltar BSN policy owners can apply by sending an email to with the following information:

a.    Email Subject Header : 

b.    Email Content:

  • I am applying for the 3-month premium payment deferment for my policy that is due on ddmmyyy.  Attached is the supporting document for my application. 

c.    Attach any of the following documents to the email: 

  • Doctor’s Letter confirming of Covid-19 infection (if policy owner is infected), 
  • Employer’s Letter of Salary Reduction/Termination Letter, or 
  • Letter of Closure of non-essential businesses by Business Owners, or 
  • Other relevant proofs or documents, if any (example: hawker centre closure notice) 
5) Will interest be charged on the life insurance premiums deferred during the 3-month deferment period?

No. Interest will not be charged on the premiums deferred during this 3-month deferment period. Also, no administrative charges will be incurred if you make any policy alterations during this period.

6) What are policy alterations and how can I make use of them? 

These are modifications that you could make to your existing Gibraltar BSN insurance policies which affect the premiums that you have to pay. For example, you may choose to shorten the coverage period, reduce your sum assured or remove some riders to your life insurance policy so that your premiums are more affordable. Before you make any decision to alter your policy, we encourage you to speak to your servicing agent or insurance advisor to understand the potential impact of any such changes to your overall financial planning needs.  

To apply or obtain more information, please email us at

7) If I am currently using automatic deduction from my salary or via direct debit, do I need to cancel them if I opt for the 3-month premium deferment? 

Yes. Once your request for deferment of premium payment is approved, we will stop the autodebit for premium payments for the next 3 months. Please notify your bank as well to cancel or temporarily suspend the automatic deduction. 

8) Key information to know about the deferment of premium payment:
  • This is NOT a waiver of premium. 
  • There is no late payment interest imposed for the insurance policy/certificate throughout the deferment period. 
  • If the application is approved, the policy/certificate coverage will remain in-force during the deferment period. 
  • Once the deferment period ends, the policy owner’s obligation to pay premium resumes. Please refer to the policy contract to understand what happens when there is non-payment of premium. 


For enquiries, please drop us an email us at

Keep calm and stay safe.