Fee Protection Scheme (FPS)

An insurance arrangement has been ordered by PSB Academy to ensure that fees paid by students to the school are insured by a CPE-appointed service provider. The insurance protection serves to protect the students’ fees in the event a private education institution (PEI) is unable to continue operations due to insolvency, and/or regulatory closure. Furthermore, the FPS protects the student if the PEI fails to pay penalties or return fees to the student arising from judgments made against it by the Singapore courts. The FPS is compulsory for all local and international students taking courses in PEIs with EduTrust certification. FPS applies to all courses with course duration of more than one month or 50 hours. FPS insurance premiums are paid by PSB Academy, unless otherwise stated in the Student Contract which has to be paid by the student separately.

Medical Insurance

The group hospital & surgical insurance is an expense reimbursement plan with an annual limit of up to S$20,000 per year that helps to reduce the financial burden of the insured student in the event that he/she needs to be hospitalized in government/restructured hospitals. The fee payable for the entire duration of the programme is indicated in fee schedule of the student contract. Click here to view the Medical Insurance Coverage.

Singaporean/PR and non-Student’s Pass international students who are already covered by their own medical insurance plan (annual limit not less than S$20,000) may be exempted from the plan provided by PSB Academy. Those undertaking full-time courses must produce their medical insurance policy for verification should they want to opt out. You must opt out by declaring in the PEI-Student contract or addendum to PEI-Student contract accordingly. Click here to for more information.

The following provides details on the group medical insurance coverage:

• Students will pay medical insurance fees upon signing the contract with PSB Academy

• PSB Academy will include students in the group medical insurance policy with the insurer upon collection of fee

• Insured students will receive a copy of the product summary and FAQ stating the policy’s terms and conditions, the claims procedure and exclusion, etc.

• The insured period is for the entire duration of the programme as stated in the course outline/schedule provided during admission. Students who seek deferment or re-enrolment resulting in extension of the programme duration will have to pay additional medical insurance fees applicable to and charged by the insurer for the extended period

• Insured student will not be covered by group hospital & surgical insurance if he/she is out of Singapore for a period exceeding ninety (90) consecutive days at a time

• Insured international student will not be covered by group hospital & surgical insurance once the Student’s Pass is cancelled by Immigration & Checkpoint Authority (ICA)

Click here to view the Student Medical Insurance Master Certificate

*Medical insurance is not applicable to part-time students and students taking courses with a duration of not more than one month or 50 hours.

More information can be found here.