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With
effect from 21 December 2009, all fees collected from
student, both local and international will be protected
via an escrow bank account or insurance scheme. SIC
adopts the HSBC Insurance FPS insurance scheme. For
more information, please refer to the Council for Private
Education website, www.cpe.gov.sg.
Fee Protection Scheme
SIC is a Private Education Institution (PEI) that participates
in the Fee Protection Scheme (FPS).
The Edutrust for Education is mandatory for all private
education provides with international students. Effective
21 December 2009. All fees collection from students
both local and international will be protected via an
escrow bank account or insurance scheme. SIC adopts
the HSBC Insurance FPS insurance scheme.
A copy of the master insurance agreement between CPE,
Hong Kong and Shanghai Banking Corporation Insurance
(the
"Master Insurance Agreement") and acceded
to by SIC for the purpose of insuring, among other things,
the Student is available in the website. The Master
Insurance Agreement sets out, among other things, the
events under which Hong Kong and Shanghai Banking Corporation
Insurance shall indemnify the Student for Fees paid
to SIC. A copy of the Insurance
Policy and the sample of Certificate
of Insurance are also available for students who
wishes to find out more about the insurance coverage.
The FPS protects the international students' fees in
the event a PEI is unable to continue operations due
to insolvency and/or regulatory closure. It protects
the student if the PEI fails to pay penalties or to
return fees to students arising from judgments made
against it by the Singapore Courts; or, in the case
of death or permanent disability by accident.
All students are required to sign the Standard-PEI
Student Contract, applying for the FPS and acknowledge
the Form 12 of Private Education Act (No.21 of 2009)
to verify that they fully understand the FPS - Regulation
25(5)(b).
Students can also check on their fees protection status
via CPE website - www.cpe.gov.sg
by inputing either their Singapore Identificaition Card
number (NRIC) or Foreign Identification Number (FIN).
Update FPS Service Provider
For the FPS insurance protection, insurance will be
purchased within the same day via the HSBC EduSphere
portal when fee is collected and receipt of payment
is issued. However, in the case of student fee payment
via telegraphic transfer or e-banking, the insurance
will be purchased within 3 working days after the fee
is credited to our bank account and issuance of payment
receipt.
All updates on changes to student status wull be notified
to HSBC Insurance via EduSphere portal.
Medical Insurance
SIC undertakes to provide medical insurance coverage
for all its students as required by CPE under EduTrust
certification scheme. This medical insurance scheme
shall minimally provide for an annual coverage limit
of not less than S$20,000 per student, at least B2 ward
in government and restructured hospitals and 24 hours
coverage in Singapore and overseas (if student is involved
in school related activities) throughout the course
duration, and the Student is encouraged to seek advice
on whether more comprehensive isurance cover is required
or desired. Students need to submit documentary evidence
together with the Claim Form
to HSBC Insurance.
SIC appointed medical insurance provider: HSBC Insurance.
All students enrolled with SIC will be covered by the
Group Medical Insurance.
The Group Medical Insurance's benefit details are as
follows:
| Benefit Schedule: |
Plan |
1a) Intensive Care Unit (Subject to overall
maximum limit of 90 days)
b) Hospital micellaneous
services
2) Surgical benefit (subject to schedule
of surgical fees)
3) In-hospital doctor;s visit per day
limit (Max 90 days)
4) Surgical benefit (Subject to schedule
of surgical fees)
5) In-hospital doctor's visit per day
limit (Max 90 days)
6) Pre-hospitalisation specialist consultation
7) Supplemental accident expense
8) Post-hospitalisation follow-up treatment
(within 90 days)
9) Co-insurance will apply if insured
student is warded in a higher ward in Singapore
Govt/Restructured Hospitals or in private hospitals
in Singapore or in hospitals outside Singapore
|
As charged in B1 wards in Singapore Government
/ Singapore Government Restructured Hospitals
up to the overall maximum limit per policy period
10%
|
| Overall Maximum Limit Per Policy Period
(S$) (Item 1 to 8) |
20,000 |
Additional Benefit
10)
Death Benefit |
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