3Years Policy Term Saving Plan?

[papaya00]

Does anyone know of a 3years policy term saving plan by insurance company? Or those offered by banks?

As my gf and me lack of discipline to save so I am looking for something that make us have to pay monthly at range of $1K-$1.5K and we can withdraw at the end of the policy term of our housing renovation.

I google and found the shortest most insurance company offer is 5years.

Thanks.

 

[SpinFire]

Use StanChart (lowest commissions) and buy 1000 or 2000 of Perennial 4.65% bond monthly. At current price (1.005 or so), YTM is about 4.5%. The bond is maturing in Oct 2018, about 2.5 years from now.

If I'm not wrong, savings plans from insurance companies yield around 3.5% p.a for a 5 year plan. 3 year plans will be even lower, as about 5% of the total amount goes to the agent as commission (in your case roughly 5% x $36k = $1.8k)

Alternatively, you can consider OCBC 360 account which gives 3% interest if you fulfill the spending requirements.

 

[greddy88]

on a remote chance when **** hits the fan, money with insurance companies aren't guaranteed by SDIC vs savings the banks offer. (exclude those structured deposits and insurance-linked 'savings' certain banks offer. u got to check it out first before putting your hard-earned money)

not too long ago when **** nearly hit the fan, we had to queue hours outside the AIA HQ to terminate our insurance policy..as it nearly closed down during the GFC

 

[FP_IFA]

on a remote chance when **** hits the fan, money with insurance companies aren't guaranteed by SDIC vs savings the banks offer. (exclude those structured deposits and insurance-linked 'savings' certain banks offer. u got to check it out first before putting your hard-earned money)

not too long ago when **** nearly hit the fan, we had to queue hours outside the AIA HQ to terminate our insurance policy..as it nearly closed down during the GFC

Money with insurance companies are guaranteed by SDIC depending on the type of plan.

In any case go for bank options since it is only 3 years.

 

[greddy88]

Money with insurance companies are guaranteed by SDIC depending on the type of plan.

In any case go for bank options since it is only 3 years.

last time we had some 30k in 'guaranteed' accumulated cash value with AIA and we were really worried it all ended up in smoke
i think it wasn't available back then.. thanks for clarifying.

it's still good to check first before signing up.

 

[FP_IFA]

last time we had some 30k in 'guaranteed' accumulated cash value with AIA and we were really worried it all ended up in smoke
i think it wasn't available back then.. thanks for clarifying.

it's still good to check first before signing up.

You can see the types of plan covered in the link here: https://www.sdic.org.sg/pp_scope_of_coverage.php