DBS changed its Mutiplier plan

[hwmook]

I called Manulife to cancel this policy earlier this week. You need to download the surrender/ withdrawal form from their website. Look under Policy Matters. Complete the form and email them back.

https://www.manulife.com.sg/en/self-serve/forms.html

Used this method to cancel my first cancercare policy, only took 1 working day for the policy to disappear from my DBS account.

 

[CrashWire]

Just to check, if income is $0, credit card and investments won't update on B&E right? My salary only comes in on the 20-something of the month. I've fulfilled my credit card and investment criteria early in the month but B&E still reflecting $0. Didn't use to be like this before they changed the criteria.

Most likely, yes. My investment only happens when the RSPs get purchased around the 15th, and my B&E status only appears after.

 

[a4973]

Hi, please advise me for the following query. thanks a lot. My decreasing term lite policy showed up on my December 2019 Multiplier statement as 1/12. I intend to take up cancercare to replace the decreasing term lite policy. when should I apply for the cancercare policy via DBS app so that there is continuous cover? Many thanks.

 

[reddevil0728]

Hi, please advise me for the following query. thanks a lot. My decreasing term lite policy showed up on my December 2019 Multiplier statement as 1/12. I intend to take up cancercare to replace the decreasing term lite policy. when should I apply for the cancercare policy via DBS app so that there is continuous cover? Many thanks.

Show up in Dec 2019 statement as 1/12 would mean "ELIGIBLE TRANSACTIONS FOR NOVEMBER 2019". Please confirm if that's what's shown in the header of the statement.

That would also means you purchased it in October 2019. Please confirm.

So you would have paid your 12th premium in September 2020. And the 12th premium should be recognised as a transaction for October 2020. From Nov 2020, it will not be recognised anymore.

So you would likely need to start your premium payment for cancercare in oct 2020 in order for it to be recognised 1 month later for the month of Nov 2020 and it will appear as an entry in your dec 2020 statement as 1/12.

That being said, this is still a public forum where nobody can be held accountable. I would suggesting confirming this via DBS Live Chat on their internet banking. Take screenshots of the live chat so that you can capture black and white.

 

[highsulphur]

Hi, please advise me for the following query. thanks a lot. My decreasing term lite policy showed up on my December 2019 Multiplier statement as 1/12. I intend to take up cancercare to replace the decreasing term lite policy. when should I apply for the cancercare policy via DBS app so that there is continuous cover? Many thanks.

Ask dbs would be the safest wouldn't it?

 

[maumu]

Show up in Dec 2019 statement as 1/12 would mean "ELIGIBLE TRANSACTIONS FOR NOVEMBER 2019". Please confirm if that's what's shown in the header of the statement.

That would also means you purchased it in October 2019. Please confirm.

So you would have paid your 12th premium in September 2020. And the 12th premium should be recognised as a transaction for October 2020. From Nov 2020, it will not be recognised anymore.

So you would likely need to start your premium payment for cancercare in oct 2020 in order for it to be recognised 1 month later for the month of Nov 2020 and it will appear as an entry in your dec 2020 statement as 1/12.

That being said, this is still a public forum where nobody can be held accountable. I would suggesting confirming this via DBS Live Chat on their internet banking. Take screenshots of the live chat so that you can capture black and white.

good explanation. just wondering - Manulife/DBS will deduct the 13th premium for decreasing term lite in October. and he needs to apply Cancercare in October (to be eligible for November multipler - new cycle). when should he cancel his decreasing term lite in October?

 

[cassowary18]

not true. you got paylah spend is it?

Yes. Payment amount is exactly my paylah spend.

 

[a4973]

good explanation. just wondering - Manulife/DBS will deduct the 13th premium for decreasing term lite in October. and he needs to apply Cancercare in October (to be eligible for November multipler - new cycle). when should he cancel his decreasing term lite in October?

I paid the decreasing term lite policy for the 1st full year at the point of sign up and didn't create a recurring payment mode for subsequent annual premiums. I should be receiving a renewal letter any day now and Manulife cso had told me to just ignore the renewal and it will lapse after some time.

 

[reddevil0728]

good explanation. just wondering - Manulife/DBS will deduct the 13th premium for decreasing term lite in October. and he needs to apply Cancercare in October (to be eligible for November multipler - new cycle). when should he cancel his decreasing term lite in October?

Was advised previously wait for higher interest to be credited circa 7th business day of the following month then cancel so around 7th nov? But DYODD. You can only hold DBS accountable not anyone here.

 

[reddevil0728]

Yes. Payment amount is exactly my paylah spend.

Yep probably that’s why. Once your salary is in, it should supersede your PayLah spend

 

[Squaredot]

If your age is above 50, those premiums are realistic.

Put it this way, paying 36$ a month, and getting about $158 in return ( 3.8% interest for 2nd batch of 50k ), seems still feasible and worthwhile.

You will still get a nett interest of about $122 per month for the upper 50k - that works out to about 2.95% p.a., if I am not wrong. Can you find another savings plan which can give out near that ?

And you get 'free' insurance as well. Just my view

Hello Savinmax, long time no see, nice to hear from u!

Generally I agree with your analysis. But one may not hit 3.8% for next 50k. Have to calculate nett gain at own tier%

 

[oceanicmanta]

Hello Savinmax, long time no see, nice to hear from u!

Generally I agree with your analysis. But one may not hit 3.8% for next 50k. Have to calculate nett gain at own tier%

yah .. that's my situation too .. dont think i can hit 3.8% every month

 

[vsvs24]

Hello Savinmax, long time no see, nice to hear from u!

Generally I agree with your analysis. But one may not hit 3.8% for next 50k. Have to calculate nett gain at own tier%

5k to 15k tier definite. More than 30k I would think conservatively maybe at least twice. Just based on 5k to 15k, Nett after the premium and opport cost is still positive.

The reason why I posted is because I am not confident that the bank officer quote me the lowest premium. This is based on his attitude of trying to sell me other type of insurance instead of based on what I upfront told him.

Will get a quote from someone else before making a decision. In the meantime, will look at singlife also.

 

[maple96]

5k to 15k tier definite. More than 30k I would think conservatively maybe at least twice. Just based on 5k to 15k, Nett after the premium and opport cost is still positive.

The reason why I posted is because I am not confident that the bank officer quote me the lowest premium. This is based on his attitude of trying to sell me other type of insurance instead of based on what I upfront told him.

Will get a quote from someone else before making a decision. In the meantime, will look at singlife also.

At 15k level, means effective interest of 2.1% for 100k?

Less insurance premium, net effective interest is 1.6+%?

That's not worth it for me. U are actually earning interest to pay for insurance u dun need!

 

[Squaredot]

agree with all the comments.
and we also have to be mindful of downward revisions of interest rates

 

[vsvs24]

agree with all the comments.
and we also have to be mindful of downward revisions of interest rates

This was why I was initially not planning to take up insurance. But my GE205 is maturing end of this month and scratching my head where to place it. And DBS pref share due for redemption in Nov. Would want to diversify amongst the banks.

Thanks to all for your advice.

 

[a4973]

hello just wanted to ask, if the RSP to buy A35 failed due insufficient funds on 15 sept can i now go into DBS online to Buy say the same $200 of A35 that is actually the RSP amount & still be recognised for Multiplier interest for Sept month? thanks

 

[reddevil0728]

hello just wanted to ask, if the RSP to buy A35 failed due insufficient funds on 15 sept can i now go into DBS online to Buy say the same $200 of A35 that is actually the RSP amount & still be recognised for Multiplier interest for Sept month? thanks

If you got vickers you can do it. But the comm will be $10. Then u sell also need to pay comm

And it will go into ur CDP and not into the usual RSP account.

Must also buy at least 2 trading days before end of the month as it needs to settle before that

 

[oceanicmanta]

Must also buy at least 2 trading days before end of the month as it needs to settle before that

If not wrong, buy on Fri wld only settle on Wed.

 

[reddevil0728]

If not wrong, buy on Fri wld only settle on Wed.

Should be Tuesday.

Cause Friday is T, +2 is Tuesday.