DBS changed its Mutiplier plan

[lancer6238]

Does anyone know when we can expect to get the $60 cashback from the 8.8 promo (20% off premium for TermProtect insurance +$60 cashback)? Thanks.

 

[vsvs24]

Does anyone know when we can expect to get the $60 cashback from the 8.8 promo (20% off premium for TermProtect insurance +$60 cashback)? Thanks.

4. Cash Reward is given on per life insured and per Qualifying Product basis, which will be credited to the
Qualifying Customer’s DBS/POSB current or savings account where the initial premium was deducted from, within 8 weeks after the issuance of the policy. For clarity, the amount of cash reward will be S$60 regardless of the premium amount and number of TermProtect or eCriticalCare policies purchased per life insured.

 

[Garlic & Butter]

I have always only deposited SGD in my multplier account. If I deposit USD for the 1st time, automatically a USD account would be created under my multplier account, since it is a multi currency account?

just a quick note the USD or any unwanted foreign currency wallet cannot be removed/ deleted/ hidden unless you close the entire account

 

[sansanjikikut]

just a quick note the USD or any unwanted foreign currency wallet cannot be removed/ deleted/ hidden unless you close the entire account

And why does that matter? Just wondering.

 

[reddevil0728]

And why does that matter? Just wondering.

there are people with ocd about such stuff. so nothing wrong.

 

[farmers]

Well seems like i got it wrong, i didnt get the 12/12 for aug even though i paid the premium in july. So i wont be getting preferrential rate in Sept.

Dbs said cause i cancelled the policy before the 12/12 in aug was recognised.

Wasted.

Eh my b&e for last month(jul) shows 11/12. This month(aug) also not updated yet.

Haha im also not very sure if i got the timing right, so I went to check my statements for how many premiums ive paid since aug 2020 and jul 2021 was my 12th payment. So i decided to cancel

 

[reddevil0728]

Well seems like i got it wrong, i didnt get the 12/12 for aug even though i paid the premium in july. So i wont be getting preferrential rate in Sept.

Dbs said cause i cancelled the policy before the 12/12 in aug was recognised.

Wasted.

I think you might have a case to ask them to grant you a discretion since you have paid, just that you didn’t realise you shouldn’t cancel too early.

 

[maumu]

Well seems like i got it wrong, i didnt get the 12/12 for aug even though i paid the premium in july. So i wont be getting preferrential rate in Sept.

Dbs said cause i cancelled the policy before the 12/12 in aug was recognised.

Wasted.

can share:
- which date you paid your July (12th and final) premium?
- which date did you cancel the plan?

a bit smelly there from DBS... trying to deny customers the interest based on when they choose to recognise the payment.

just a couple of months ago they would post the eligible insurance transaction in the first week of the month, but recently they have been posting only on the last week of the month.

I think you should appeal.

 

[farmers]

can share:
- which date you paid your July (12th and final) premium?
- which date did you cancel the plan?

a bit smelly there from DBS... trying to deny customers the interest based on when they choose to recognise the payment.

just a couple of months ago they would post the eligible insurance transaction in the first week of the month, but recently they have been posting only on the last week of the month.

I think you should appeal.

Applied cancercare on 8th aug 2020
12th and final premium paid on 16th July 2021.
Dbs Giro cancelled on 8th Aug 2021
Manulife Cancelled on 10th Aug 2021.
17th aug 2021 ppl here said their bne for insurance was updated.

So dbs telling me i should wait for it to show 12/12 then cancel, is effectively making me pay the 13th month premium on 16th aug.

Is there any avenue to appeal in writing? I have been through hotline and physical bank. Both took me a good 20-30mins just to explain how they recognise the multiplier insurance b&e. They dont seem to know their own product well.
Edit:found out can send msg through ibanking.

 

[reddevil0728]

Applied cancercare on 8th aug 2020
12th and final premium paid on 16th July 2021.
Dbs Giro cancelled on 8th Aug 2021
Manulife Cancelled on 10th Aug 2021.
17th aug 2021 ppl here said their bne for insurance was updated.

So dbs telling me i should wait for it to show 12/12 then cancel, is effectively making me pay the 13th month premium on 16th aug.

Is there any avenue to appeal in writing? I have been through hotline and physical bank. Both took me a good 20-30mins just to explain how they recognise the multiplier insurance b&e. They dont seem to know their own product well.
Edit:found out can send msg through ibanking.

Bang on the fact that you have paid for the coverage.

so even if you accidentally cancel it early. You also have paid for it unless you can get a refund

 

[maumu]

Applied cancercare on 8th aug 2020
12th and final premium paid on 16th July 2021.
Dbs Giro cancelled on 8th Aug 2021
Manulife Cancelled on 10th Aug 2021.
17th aug 2021 ppl here said their bne for insurance was updated.

So dbs telling me i should wait for it to show 12/12 then cancel, is effectively making me pay the 13th month premium on 16th aug.

Is there any avenue to appeal in writing? I have been through hotline and physical bank. Both took me a good 20-30mins just to explain how they recognise the multiplier insurance b&e. They dont seem to know their own product well.

If I were you.. I'll probably write in using the digibot (https://www.dbs.com.sg/personal/ban...sg-dbs-pweb-footer-default-contactus-textlink).. and say that it is an unethical move by the bank to force customers to pay for the 13th month premium for the sake of recognising the 12th month premium. Or (n+1)th month premium for recognising nth month premium in general. seek redress with the bank. otherwise will write in to MAS..

I also wonder what it means for the rest of us - perhaps we should just cancel the GIRO first (after 12th month paid) but don't cancel the policy and let it lapse on its own? probably a month or two later the insurance company will terminate the policy on their end (and by then the 12/12 would have been reflected in bank and earn)?

 

[farmers]

Bang on the fact that you have paid for the coverage.

so even if you accidentally cancel it early. You also have paid for it unless you can get a refund

I just dropped them a note, fingers crossed.

If I were you.. I'll probably write in using the digibot (https://www.dbs.com.sg/personal/ban...sg-dbs-pweb-footer-default-contactus-textlink).. and say that it is an unethical move by the bank to force customers to pay for the 13th month premium for the sake of recognising the 12th month premium. Or (n+1)th month premium for recognising nth month premium in general. seek redress with the bank. otherwise will write in to MAS..

I also wonder what it means for the rest of us - perhaps we should just cancel the GIRO first (after 12th month paid) but don't cancel the policy and let it lapse on its own? probably a month or two later the insurance company will terminate the policy on their end (and by then the 12/12 would have been reflected in bank and earn)?

Actually, now its not clear to me how dbs recognises policy "cancellation":
1) giro cancellation or
2) cancel policy with manulife

Ideally, cancelling the giro wont cancel the policy or else back to square 1 with paying the 13th month :/

 

[a4973]

Hi all, I had paid for the term lite policy on an annual basis and my 12/12 will reflect on 2021 November's B & E. May I know when should I purchase the new policy? Thanks.

 

[Trazora]

Hi all, I had paid for the term lite policy on an annual basis and my 12/12 will reflect on 2021 November's B & E. May I know when should I purchase the new policy? Thanks.

2021 nov

 

[maumu]

I just dropped them a note, fingers crossed.

Actually, now its not clear to me how dbs recognises policy "cancellation":
1) giro cancellation or
2) cancel policy with manulife

Ideally, cancelling the giro wont cancel the policy or else back to square 1 with paying the 13th month :/

Cancelling GIRO shouldn't void the policy since it can mean that you choose to pay by cash (or other means). I'm going to do that come 1 Sep as I've paid my 12th month in August and am not going to pay again for September.

But going by what you experience... I won't call up DBS or Manulife to cancel the plan. See what happens when they fail to deduct on 16 Sep.

Ridiculous move from DBS.

 

[silverbomb]

just to chip in, to cancel giro is call in or any forms to send in?

 

[sansanjikikut]

Set calendar alert to remind yearly when to terminate giro.

 

[maumu]

just to chip in, to cancel giro is call in or any forms to send in?

I just use DBS's ibanking to Delete GIRO Arrangement..

 

[hwmook]

I just use DBS's ibanking to Delete GIRO Arrangement..

That is what I have done. I clear all my old GIRO arrangements through this.

 

[chiokcc]

https://www.dbs.com.sg/personal/extrabonusday