DBS changed its Mutiplier plan

[chiokcc]

The exact product name is "ManuProtect Term Lite"... you can book an appointment online with their financial consultant and go down the branch you choose to check it out.

I did so last year, took some financial knowledge and assessment tests, decided on what I want, did all the paper work.... all settled within an hour or so.

The consultant attending to me know that I am getting the cheapest plan to bump myself up into an additional category just for the purpose of Multiplier as I stated it to her at the very start. So, I suppose this helps cut the time needed to get it done.

The same consultant called me up when my first plan hit the 11th month, and I get a 2nd plan, exactly the same, but premium cost is increased by a few tens of cents as I am one year older.

Due to COVID, I did the renewal by phone. The phone call was recorded as proof of my agreement to the T&Cs, etc.... and all done in 20 min....

 

[a4973]

The same consultant called me up when my first plan hit the 11th month, and I get a 2nd plan, exactly the same, but premium cost is increased by a few tens of cents as I am one year older.

Due to COVID, I did the renewal by phone. The phone call was recorded as proof of my agreement to the T&Cs, etc.... and all done in 20 min....

Can be get back same plan as previous 12 months? Isn't it like the investment cat which must use another plan? Thanks

 

[vsvs24]

Most probably it's the "MANUPROTECT TERM LITE", the same one I bought to bump myself up one category for Multiplier.

It's the ManuProtect Term II.

The lite version max entry age 50. There is another term plan that is max age 40. So I not eligible.

So still best to ask Bank staff to run through the plans based on your age etc.

 

[chiokcc]

Can be get back same plan as previous 12 months? Isn't it like the investment cat which must use another plan? Thanks

Multiplier recognised plans for the first 12 months after purchase.

Since can buy more than one term life policies, just get the same one, but different policy number.

If you choose to, when the second policy is in force, you may choose to cancel the first one without penalty.

 

[chiokcc]

It's the ManuProtect Term II.

The lite version max entry age 50. There is another term plan that is max age 40. So I not eligible.

So still best to ask Bank staff to run through the plans based on your age etc.

Thanks for the info. I am not yet age 50 .....

 

[MrAppleCrumble]

Multiplier recognised plans for the first 12 months after purchase.

Since can buy more than one term life policies, just get the same one, but different policy number.

If you choose to, when the second policy is in force, you may choose to cancel the first one without penalty.

Wow this is a good hack. Continue rolling the 12 months extra int

 

[oceanicmanta]

Those looking at taking up insurance for DBS multiplier please note the following taken from DBS multiplier website and FAQ.

Regular premium due will be recognised once the policy is in-force, after the free-look/cancellation period.

The inclusion of the monthly premium amount as an eligible transaction will start 1 month after the policy
inception date and continue for 12 consecutive months as long as the policy is in force.


I worked out that I could not make it in Sep after taking into account the 14 days free-look period so waited till early Oct to sign up.

So need to sign up by this Thu 15 Oct to have the insurance eligible for interest starting from Nov.

If you miss it, suggest sign up in second week of Nov. No point signing up in the later half of Oct.

but shouldn't the inception date be the date purchase was made ? (and not the end of the 2 week free look period )

 

[reddevil0728]

Those looking at taking up insurance for DBS multiplier please note the following taken from DBS multiplier website and FAQ.

Regular premium due will be recognised once the policy is in-force, after the free-look/cancellation period.

The inclusion of the monthly premium amount as an eligible transaction will start 1 month after the policy
inception date and continue for 12 consecutive months as long as the policy is in force.


I worked out that I could not make it in Sep after taking into account the 14 days free-look period so waited till early Oct to sign up.

So need to sign up by this Thu 15 Oct to have the insurance eligible for interest starting from Nov.

If you miss it, suggest sign up in second week of Nov. No point signing up in the later half of Oct.

Actually can still sign up later half of Oct.

Just that no point putting in the funds.

 

[Trazora]

Those looking at taking up insurance for DBS multiplier please note the following taken from DBS multiplier website and FAQ.

Regular premium due will be recognised once the policy is in-force, after the free-look/cancellation period.

The inclusion of the monthly premium amount as an eligible transaction will start 1 month after the policy
inception date and continue for 12 consecutive months as long as the policy is in force.


I worked out that I could not make it in Sep after taking into account the 14 days free-look period so waited till early Oct to sign up.

So need to sign up by this Thu 15 Oct to have the insurance eligible for interest starting from Nov.

If you miss it, suggest sign up in second week of Nov. No point signing up in the later half of Oct.

Think you misunderstood. Policy inception date is when u sign up for the policy, no need to take into account free-look period. So if you sign in Sep, the policy will be counted to dbs multiplier starting from Oct, if signed in Oct then counted starting from Nov.

 

[Extremme]

thanks reddevil0728!

just setup my insurance with cancercare at a premium of $11.57 for the first 12 months and investment with RSP on ABF Singapore Bond Index

will wait for my salary credit and transfer in my funds

Cancercare at $11.57 per month is better than POSB Invest Saver. The min is $100 as compared to $11.57. I merely want to clock that extra category.

 

[vsvs24]

Actually can still sign up later half of Oct.

Just that no point putting in the funds.

If signup in later half of Oct and early Nov has no difference, better to sign up later in case in between have announcement.

 

[Trazora]

Cancercare at $11.57 per month is better than POSB Invest Saver. The min is $100 as compared to $11.57. I merely want to clock that extra category.

But $100 is in funds which you can redeem back, so the actual fees is just the $0.50-$0.82 transaction fees, which may even be refunded if there is promotion.

 

[Trazora]

If signup in later half of Oct and early Nov has no difference, better to sign up later in case in between have announcement.

Look at my earlier reply. There is a difference of 1 month.

 

[vsvs24]

Think you misunderstood. Policy inception date is when u sign up for the policy, no need to take into account free-look period. So if you sign in Sep, the policy will be counted to dbs multiplier starting from Oct, if signed in Oct then counted starting from Nov.

I had a long session with livechat on this on 17 Sep. He keep pointing out to me this clause and say sign up plus 14 days must be still within Sep to start being recognized for Oct interest. I told him FAQ did not say so but he was very certain.

Regular premium due will be recognised once the policy is in-force, after the free-look/cancellation period.

The livechat guy gave me wrong advice?

 

[reddevil0728]

Cancercare at $11.57 per month is better than POSB Invest Saver. The min is $100 as compared to $11.57. I merely want to clock that extra category.

Cancercare cost will be totally gone if you don’t claim.

While invest saver, nobody stopping you from redeeming the units the very day it gets credited to avoid to huge of a market fluctuation. In some cases you might even breakeven

 

[reddevil0728]

If signup in later half of Oct and early Nov has no difference, better to sign up later in case in between have announcement.

Fair point.....

 

[Trazora]

I had a long session with livechat on this on 17 Sep. He keep pointing out to me this clause and say sign up plus 14 days must be still within Sep to start being recognized for Oct interest. I told him FAQ did not say so but he was very certain.

Regular premium due will be recognised once the policy is in-force, after the free-look/cancellation period.

The livechat guy gave me wrong advice?

Yes he gave wrong advice

 

[vsvs24]

Yes he gave wrong advice

Alamak. I waste 1 mth

 

[Extremme]

But $100 is in funds which you can redeem back, so the actual fees is just the $0.50-$0.82 transaction fees, which may even be refunded if there is promotion.

if my 12 months is almost up, just need to redeem the old one and choose a new fund right?

 

[reddevil0728]

Alamak. I waste 1 mth

They will have chat log, you can go provide feedback and seek restitution