Lastest S$ Deposit updates - Part 3

[vsvs24]

I read this sianz ler, I bought 50k

Please note that the guaranteed maturity benefit of your policy may be less than the total premium paid.

Wah. Means capital not guaranteed ? Worse than I thought.

There is a free lookout period of 14 days. Can cancel if you are not comfortable and within this 14 days. Might be better to cancel and put in 12 mth FD for 3.9%.

I am still thinking whether to cancel my 5k.

 

[FD Trinitron]

Please note that the guaranteed maturity benefit of your policy may be less than the total premium paid.

Wah. Means capital not guaranteed ? Worse than I thought.

There is a free lookout period of 14 days. Can cancel if you are not comfortable and within this 14 days. Might be better to cancel and put in 12 mth FD for 3.9%.

I am still thinking whether to cancel my 5k.

Mine already over the 14 days, think you can cancel.

 

[vsvs24]

Mine already over the 14 days, think you can cancel.

Just hope for the best then.

 

[oceanicmanta]

I read this sianz ler, I bought 50k

may i know where u get this para ?

From ManuLife website, it is written as

"Footnotes

1. Based on the higher illustrated investment rate of return of 4.25% p.a., the total illustrated yield at maturity is 4.00% p.a., which consists of a guaranteed maturity yield of 3.92% p.a. and a potential non-guaranteed maturity yield of 0.08% p.a.

Based on the lower illustrated investment rate of return of 3.00% p.a., the total illustrated yield at maturity is 3.92% p.a., which consists of a guaranteed maturity yield of 3.92% p.a. The potential non-guaranteed maturity yield will be zero.

The bonus rate and the illustrated investment rate of return are not guaranteed and will depend on the future performance of the Participating Fund of the policy. Figures are subject to rounding.

2. Not applicable to policies that have been altered.

3. Based on the higher illustrated investment rate of return of 4.25% p.a., the potential non-guaranteed maturity bonus is 0.17% of the single premium.

Based on the lower illustrated investment rate of return of 3.00% p.a., the potential non-guaranteed maturity bonus will be zero.

The bonus rate and the illustrated investment rate of return are not guaranteed and will depend on the future performance of the participating Fund of the policy. Figures are subject to rounding."

The brochure also says Capital Guaranteed, so that para is clearly contradictory.

DBS website promoting this product also does not have that para.

 

[FD Trinitron]

Just hope for the best then.

Han nor, bo bian.
Next time got to be very careful with these endowment plan.

 

[FD Trinitron]

may i know where u get this para ?

From ManuLife website, it is written as

"Footnotes

1. Based on the higher illustrated investment rate of return of 4.25% p.a., the total illustrated yield at maturity is 4.00% p.a., which consists of a guaranteed maturity yield of 3.92% p.a. and a potential non-guaranteed maturity yield of 0.08% p.a.

Based on the lower illustrated investment rate of return of 3.00% p.a., the total illustrated yield at maturity is 3.92% p.a., which consists of a guaranteed maturity yield of 3.92% p.a. The potential non-guaranteed maturity yield will be zero.

The bonus rate and the illustrated investment rate of return are not guaranteed and will depend on the future performance of the Participating Fund of the policy. Figures are subject to rounding.

2. Not applicable to policies that have been altered.

3. Based on the higher illustrated investment rate of return of 4.25% p.a., the potential non-guaranteed maturity bonus is 0.17% of the single premium.

Based on the lower illustrated investment rate of return of 3.00% p.a., the potential non-guaranteed maturity bonus will be zero.

The bonus rate and the illustrated investment rate of return are not guaranteed and will depend on the future performance of the participating Fund of the policy. Figures are subject to rounding."

The brochure also says Capital Guaranteed, so that para is clearly contradictory.

After made payment, ManuLife emailed this document.

 

[oceanicmanta]

After made payment, ManuLife emailed this document.

I see. If me, I would write in to ManuLife and ask them to explain and rectify.

that kind of wording is usually for those non guaranteed plans.

Clearly contradictory.

 

[a4973]

After made payment, ManuLife emailed this document.

Feels like bait and switch.

 

[vsvs24]

Han nor, bo bian.
Next time got to be very careful with these endowment plan.

Keep brochures and also keep screen shots of DBS/Manulife where they indicated capital guaranteed and 3.92%.

At maturity if really bad, go to Fidrec.

 

[tinsel77]

do we need to go down to branch to open an account if we want to enjoy the maybank TD? currently not a maybank customer.

 

[havetheveryfun]

I read this sianz ler, I bought 50k

no benefit illustration?

see benefit illustration more accurate

 

[FD Trinitron]

Keep brochures and also keep screen shots of DBS/Manulife where they indicated capital guaranteed and 3.92%.

At maturity if really bad, go to Fidrec.

From DBS website:

and "3" is:

not sure what is means?

 

[sohguanh]

From DBS website:

and "3" is:

not sure what is means?

As another reader suggested reach out to Manulife and ask them to clarify what you saw on the DBS website Vs the Manulife document they email to you. I think a lot of readers in this forum also interested to know what is going on

 

[FD Trinitron]

As another reader suggested reach out to Manulife and ask them to clarify what you saw on the DBS website Vs the Manulife document they email to you. I think a lot of readers in this forum also interested to know what is going on

Yes bro, will call DBS tmr.

 

[Bizaxx]

Could it be they are referring to surrendering in the 1st year where the guaranteed maturity benefit is less than total premium paid?

 

[~sabaisabai~]

Please note that the guaranteed maturity benefit of your policy may be less than the total premium paid.

Wah. Means capital not guaranteed ? Worse than I thought.

There is a free lookout period of 14 days. Can cancel if you are not comfortable and within this 14 days. Might be better to cancel and put in 12 mth FD for 3.9%.

I am still thinking whether to cancel my 5k.

if yours within 14days, perhaps can do a cancellation

 

[Squaredot]

Please note that the guaranteed maturity benefit of your policy may be less than the total premium paid.

Wah. Means capital not guaranteed ? Worse than I thought.

There is a free lookout period of 14 days. Can cancel if you are not comfortable and within this 14 days. Might be better to cancel and put in 12 mth FD for 3.9%.

I am still thinking whether to cancel my 5k.

Cancel if capital not guaranteed or return not guaranteed. No guessing game for me!

 

[FD Trinitron]

Could it be they are referring to surrendering in the 1st year where the guaranteed maturity benefit is less than total premium paid?

The document stated if were to surrender after 1yr is 80% of capital

 

[Squaredot]

Promotional SGD Time Deposit New and existing HSBC Customers
3-month 3.80% p.a.
6-month 3.60% p.a.
12-month 3.10% p.a.

https://www.hsbc.com.sg/accounts/products/time-deposit/
6 and 12 months offer rates cut. HSBC's minimum is $30k.

2nd cut since 13 March 2023

 

[FD Trinitron]

Just now I called DBS, CSO told me to ask ManuLife.
From ManuLife website:

the 8% has no superscript number, so I thot it's really guaranteed 8%, should have read the document during the 14 days...