Financial Adviser Terms & Conditions


Information about Us

InsureDIY Pte Ltd (UEN 201212158G) is incorporated in Singapore and has its registered office at 101 Thomson Road, United Square, #06-01/06, Singapore 307591.

We are a direct insurance Broker licensed by the Monetary Authority of Singapore (MAS) under institution code B059G to intermediate general insurance and accident and health insurance through our web-based platform. We are also an exempt Financial Adviser advising on life policies and collective investment schemes (CIS) through the platform.

If you have any queries, please contact us at [email protected].

Terms of Business

These Terms of Business set out the basis and extent to which we will provide you with services in relation to each and every contract which we arrange on your behalf. Please read these terms carefully.

All work carried out by us is subject to these terms except where changes are expressly agreed in writing by both parties. We retain the right to amend these Terms of Business from time to time by giving written notice to you.

Our Services

As part of our services, we will explain the products we offer and make recommendations that meet your needs. Where we are unable to provide any recommendations, you will be informed at the outset. In such cases, we will ask questions to narrow down the selection of products and provide details in respect of these products. You will need to make your own choice on how to proceed. We will place your insurance or CIS application only when you instruct us to, and we will advise you if we are unable to complete the placement. 

In cases where we sell certain products on a net rated basis, we charge a fee instead of commission, which may be subject to government levy or similar tax. If applicable, you will be advised of our charge at the time of purchase.

Transactions Concluded Through Our Site

We offer insurance policies and CIS through our website from a wide range of insurers and CIS providers.

We act as your agent in placing contracts of insurance or CIS with an insurer or CIS provider. We are not the insurer or the CIS provider and we do not guarantee the availability of any insurance policy or CIS or the solvency of any insurer or CIS provider. The responsibility of selecting a suitable product rests with you.

All insurance policies or CIS described on our website or placed by InsureDIY Pte Ltd are subject to the terms and conditions of any applicable agreements with the applicable insurer or CIS provider. In case of doubt, the user should seek assistance directly from the insurer or CIS provider or with InsureDIY Pte Ltd at: [email protected]

In respect of CIS, the transaction will be executed through the platform owned and operated the CIS platform provider over which InsureDIY Pte Ltd has no control and that the use of the CIS platform will be governed by the terms of platform including those relating to security, data privacy and confidentiality. In case of doubt the user should seek assistance directly from the CIS platform provider or with InsureDIY Pte Ltd at: [email protected].

InsureDIY Pte Ltd will not be responsible for any system, server or connection failure, error, omission, interruption, delay or failure in transmission, computer virus or other malicious, destructive or corrupting code arising from or failure of the CIS platform for any reasons. 

Geographical Limits

The information on our website is directed at residents of the Republic of Singapore ("Singapore"). Insurance policies or CIS accessed through our website should only be bought by persons who are resident in Singapore.

Duty of Disclosure

All our services are given on the basis of "utmost good faith". This is especially applicable and important for insurance contracts placed through our platform.

You must act with utmost good faith toward the insurer and provide honest, updated, accurate and complete information at all times. This obligation applies at the time of application for the policy and continues throughout the duration of the policy.

Insurers must be presented with a fair, updated, accurate and complete statement of the nature of any risk submitted to them. If you do not provide complete and accurate information, containing all material facts and circumstances, your policy may not be valid in the event of a claim, or a higher premium may be payable.

A circumstance is material if it would influence the judgment of a prudent insurer in calculating the premium or assessing whether he would accept the risk. Accordingly, you must provide all the facts material within such a submission and update this information where relevant between initial enquiry and attachment of any cover and during the term of any policy. This applies equally to new orders, adjustments, renewals, extensions of cover, endorsements and claims.

For certain classes of business you may be required to complete a proposal form or questionnaire. We will be happy to provide guidance concerning the comprehension of such a document but we are not able to complete it on your behalf. You must satisfy yourself of the contents of the proposal form or questionnaire. The provision of incorrect or incomplete information may result in the denial of your claim or the avoidance of your insurance contract. Please note that your obligation to provide material information to insurers is an overriding obligation. Where insurers do not request specific information within a proposal form or questionnaire, this does not mean that such information is not material. If you are in doubt as to whether information is material, please contact us at [email protected].

Know Your Client

We are required to take all reasonable steps to establish the true and full identity of our clients and to comply with applicable anti-money laundering and anti-terrorist financing legislation, including seeking information from you if you request us to make any payment to a third party. We shall inform you of any details or documents which we require you to provide to us.

If you do not wish to complete the Know Your Client (“KYC”) Form and receive financial advice, you shall therefore not be able to rely on Section 27 of the Financial Advisers Act (Chapter 110) to file a civil claim in the event that you allege that you have suffered a loss.

In respect of CIS, it is your responsibility to assess the suitability of the selected collective investment scheme to your financial circumstances and needs, and you shall accept the financial risks that come with investing in the CIS.

InsureDIY Pte Ltd shall not be liable in respect of any losses, claims, liabilities, costs, charges and/or expenses of whatsoever nature or howsoever arising, including profits or benefits which may be deprived or lost, and legal fees suffered by you. Without prejudice to the generality of the foregoing, InsureDIY Pte Ltd shall not in any event, be liable for any direct, indirect, consequential, special or punitive damages and any damages for loss of profits regardless of whether InsureDIY Pte Ltd had been advised of or could have foreseen the possibility of such damages.

Client Knowledge Assessment

In respect of CIS, you are required to complete the Client Knowledge Assessment (“CKA”) Form and confirm that you have provided complete, true and accurate information to be properly assessed in the CKA that you have relevant knowledge or experience to understand the risks and features of the product. You shall be aware that any inaccurate or incomplete information may affect the outcome of the CKA.

You shall understand that you may not have sufficient experience or knowledge of complex investment products for investing in unlisted Specified Investment Product based on the CKA. If you still intend to proceed to transact in the unlisted Specified Investment Product despite the outcome of the CKA, you shall undertake not to hold InsureDIY Pte Ltd or its Representatives responsible for any resultant loss or damage that you may suffer. 

If you are assessed to not have the relevant knowledge or exeprience in the product in the CKA, you shall understake to contact a Representative of InsureDIY Pte Ltd for further advice. 

If you are found not to possess the relevant knowledge and experience in the investment product or have given inaccurate or incomplete information, and you still wish to proceed with the transaction, you are required to confirm that you shall not hold InsureDIY Pte Ltd or its Representatives liable for any loss or damage arising from your decision to proceed.

Needs Analysis

In respect of health products, before issuing you with any health insurance policy, or recommending any health insurance policy to you, we ask you to provide certain information so that we can conduct a personalised analysis of your needs and provide you with a reasonable recommendation as to the level of coverage that is appropriate for you. If you opt not to provide such information to us, preventing us from conducting a needs analysis, we may contact you by e-mail or telephone to discuss your choice with you.

In respect of other insurance products or CIS, further information on your financial circumstances is required from you in order for us to provide a reasonable recommendation of a product. If you opt not to provide such information to us or such information is not obtainable via this platform, we may contact you by e-mail or telephone to discuss your choice with you.

In respect of other insurance products or CIS, further information on your financial circumstances is required from you in order for us to provide a reasonable receommendation of a product. If you opt not to provide such information to us or such information is not obtainable via this platform, we may contact you by e-mail or telephone to discuss your choice with you. 

You are required to confirm that you have provided complete, true and accurate information and you understand that any inaccurate or incomplete information may affect the suitability of recommendations presented to you. You shall not hold InsureDIY Pte Ltd or its Representatives liable for loss or damage suffered by you as a result of or following any recommendations made based on any inaccurate or incomplete information provided by you. If the recommendation is not to proceed, you shall not hold InsureDIY Pte Ltd or its Representatives liable for any loss or damage suffered by tou if you choose to proceed despite the recommendation. 

Policy Documentation

In respect of insurance contracts, we shall arrange for the insurance policy, a certificate of insurance and if applicable any placing slip or cover note to be issued to you as soon as is practicable, where an insurer has approved issuing a policy to you. You must retain copies of all policy documentation as this will be required to administer your policy and to process any claims.

In respect of CIS, we shall arrange for the copy of prospectus or profile statement and product highlights sheet (if applicable) and any other offer document as prescribed by law to be given to you as soon as practicable.

Free-look Period

In respect of accident and health policies with a duration of one year or more, you are entitled to a free-look period of at least 14 days after the date of receipt of the policy to examine the terms and conditions of the policy in accordance with section 8 of the Insurance (General Provisions) Regulations. You have the right to terminate the policy within this 14-day period. 

In respect of CIS, you are entitled to a 7-day free-look period after the date of receipt of the CIS documents to examine the terms and conditions, during which you have the right to cancel the CIS.


In respect of insurance policies, we may contact you prior to the expiry of any policy to consider if you wish to make a renewal and to notify you of the then current premium for such policy and any changes that have been made to the policy terms. If the insurer no longer offers such a policy, or you have ceased to be eligible for such policy, we may introduce to you other policies which may be of interest, from that insurer and/or from other insurers.

Claims under Insurance contracts

You must carefully read the terms and conditions of your insurance contract with regard to notification of any claim, or circumstance likely to give rise to a claim. Failure to notify within applicable timescales and to furnish the necessary documents as set out in your insurance policy may entitle your insurer to deny cover in respect of your claim.

Where we handle a claim on your behalf we will do so fairly and promptly, and set procedures and will advise you on claims settlement. However, if you cease to be our client but request us to service any claim on your behalf, we reserve the right to charge a specific fee to you for such services.

Cancellation of Insurance contracts

We recommend that you contact us before seeking to cancel any policy. The terms on which a policy may be cancelled can be found in the policy documentation issued in respect of a policy and may differ by plan and by insurer.

Cancellation of Collective Investment Scheme(s) transactions

We recommend that you contact us before seeking to cancel any CIS transaction. You shall ensure and undertake all reasonable measures to ensure that the transaction(s) or order(s) you have approved and authorised to be cleared and executed via the CIS platform shall not be cancelled, rejected or failed, whether due to errors or omissions in the orders submitted, insufficient monies or funds or lack of any standing instructions in respect of CPF monies or for any other reason whatsoever.

You shall be fully responsible for any losses arising out of a cancelled, rejected or failed order or trade and shall indemnify InsureDIY Pte Ltd and CIS platform provider for any such losses we/they may be liable to pay the Managers or any other third party (including without limitation the CPF Board) in respect of such cancelled, rejected or failed order or trade. In addition, you shall also be liable to pay the CIS platform provider an administration fee (which may differ by the CIS platform provider, be revised from time to time and subjected to government levy or similar tax) for each cancelled, rejected or failed order or trade.

Payment Terms

We will inform you of the cost of your insurance policies or CIS and our charges prior to the conclusion of contract or before you become liable to pay them, whichever comes first. Where we do not know them in advance we will tell you how they are to be calculated.

You agree to pay all premiums, fees and charges plus any premium payment tax, government levy or similar tax, duty or stamp duty in full before the due date stipulated for the applicable policy, renewal or endorsement or the CIS.

Premiums for policies are immediately payable in full on their specified due date (or on their monthly due date for premiums specified to be payable monthly).

Premiums for general insurance policies are, unless other specified, directly payable to us by credit card through our website.

Premiums for life insurance policies are, unless otherwise specified, payable as follows:

(a) the first three months' premiums are payable in full on the specified due date to us by credit card through our website; and

(b) thereafter, premiums are payable monthly on the monthly due date by direct debit to the insurer.

Fees and charges payable for the CIS are payable directly to the relevant fund management company or the platform managing the CIS, details of which will be given to you.

We will not accept payment by any other method unless mutually agreed to by us and you.

No policy is issued until the insurer notifies you that they have issued a policy to you. If the insurer declines to accept your application, any premium refund will, where possible, be refunded to the same card from which the original payment was made.

We shall endeavour to ensure that the pricing, terms of policy or CIS and other information on our website in respect of policies or CIS are accurate, reliable and up to date, but we do not guarantee their accuracy, completeness or reliability. The actual premium or the fees and charges payable in respect of a policy or a CIS and the terms of a policy or CIS and other information shall be such premium, fees, charges, terms and other information as the applicable insurer, CIS provider or CIS platform notifies to you, when they accept your application.

In the event that there is a discrepancy between the information posted on our website and the premium, fees, charges, policy or CIS terms and other information that the insurer, CIS provider or CIS platform notifies to you, then provided that you notify us of the same within the applicable cooling-off or cancellation period stated in the policy or CIS documentation, we shall at your request arrange for the insurer to cancel your policy or CIS and refund your premium, fees or charges. If you do not cancel the policy or CIS, then any additional premium, fees or charges specified by the insurer or CIS provider are payable. We shall notify you the amount and method of such payment and you shall pay such additional premium, fees or charges within the specified timeframe.

In respect of insurance contracts, we will notify you of the method for payment of endorsements or renewals and the dates on which they are due.

If any policy contains a premium payment warranty or premium payment conditions, we will notify you and explain to you how to comply with them, when they need to be complied with. Failure to comply with a premium payment warranty or condition could lead to the insurer cancelling your policy.

Any insurance premium payment tax, government levy or similar tax, duty or stamp duty, if applicable, shall be payable in addition to your premium. We shall notify you in advance if this is applicable. 

Client Account or Risk Transfer for Insurance contracts

If we receive any premiums from you and/or any claims moneys and premium refunds from an insurer we shall hold them as your agent in our segregated insurance broking premium account in Singapore, in accordance with section 7(1) of the Insurance (Intermediaries) Regulations of Singapore. We keep such client money separate from our own money.

Commission Disclosure

InsureDIY Pte Ltd is remunerated for its services by the receipt of commission paid by insurers or CIS providers. Your agreement to proceed with this transaction shall constitute your consent to the receipt of commission by InsureDIY Pte Ltd. 

Conflicts of Interest

We will advise you of any conflicts of interest and, if required, discuss with you whether or not you will be happy for us to continue working for you.


Our total liability to you shall be limited to the amount of the commission we receive in respect of the policy or CIS that you have placed through us.

We accept no liability (whether in tort (including negligence), contract, statute or otherwise) for any direct, indirect, special, punitive, exemplary or consequential loss or damage whatsoever arising from or in connection with the services.

This does not affect our liability for death or personal injury arising from our negligence, nor our liability for fraud or any other liability which cannot be excluded or limited under applicable law.

You agree that any claims shall only be brought against InsureDIY Pte Ltd and no claim shall be brought against any of its employees, directors or officers.

Third Party Rights

A person or entity who or which is not a party to these Terms of Business has no right under the Contracts (Rights of Third Parties) Act (Cap. 53B) of Singapore or otherwise to enforce any term of these Terms of Business.


We shall treat all information which you pass to us as private and confidential and will only disclose such information for the purpose of negotiating, maintaining or renewing the insurance or CIS which we have been instructed to place, unless you have consented otherwise.

Disclosure may also be made to our external auditor and our regulator to fulfil their regulatory functions or where we are otherwise legally obliged to disclose the information.

Each of us shall comply with the Personal Data Protection Act 2012 of Singapore. A copy of our Personal Data Protection Policy is available.

Choice of Law and Jurisdiction

These Terms of Business and any dispute or claim arising out of or in connection with them or their subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of Singapore.

The Singapore courts will have exclusive jurisdiction over any claim arising from, or related to, a visit to our website although we retain the right to bring proceedings against you for breach of these terms in any other relevant  jurisdiction.


Our complaints procedure is available on request. All complaints should be addressed to our contact details set out above in the Information about Us section of these Terms of Business.

If we are unable to settle your complaint with us, and you are a consumer, you may be entitled to refer it to the Financial Industry Disputes Resolution Centre Ltd (FIDReC) by email at [email protected] or by telephone, fax or post at:

112 Robinson Road #08-01
Singapore 068902

Tel: +(65) 63278878
Fax: +(65) 63271089

Your Acceptance of These Terms

It is deemed that you consent to working with us based on these Terms of Business, if you instruct us and/or continue to do business with us.