DBS changed its Mutiplier plan

IronMan123

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hwmook said:
Less than $1 increase in premium but 35% discount make it much cheaper than the first one.
Click to expand...

Do u terminate & buy back within same calender month or buy the same plan 1st and terminate the first insurance policy the following month?
I don't want to downgrade to a lower tier due to insurance cancellation.
Keen to know.
 
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reddevil0728

reddevil0728

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IronMan123 said:
Do u terminate & buy back within same calender month or buy the same plan 1st and terminate the first insurance policy the following month?
I don't want to downgrade to a lower tier due to insurance cancellation.
Keen to know.
Click to expand...

Recognition of insurance category only takes place one month after your purchase.

So using an example whereby you bought ur first insurance in Dec 19 with first recognition in Jan 20.

U will pay your 12th premium in Nov 20 for the 12 recognition in Dec 20.

In that case you can cancel your existing insurance after premium is taken in nov 20 so that it gets recognised in Dec 20.

Then buy a new insurance in Dec 20 for recognition for the first time in Jan 21.

However, in another scenario whereby you bought your insurance in nov 19 with first recognition in Dec 19. You would have paid your 12th premium in Oct 20 with the 12the recognition in nov 20.

In order for you to get insurance recognition for Dec 20, u need to buy the new insurance by Nov 20
 
IronMan123

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reddevil0728 said:
Recognition of insurance category only takes place one month after your purchase.

So using an example whereby you bought ur first insurance in Dec 19 with first recognition in Jan 20.

U will pay your 12th premium in Nov 20 for the 12 recognition in Dec 20.

In that case you can cancel your existing insurance after premium is taken in nov 20 so that it gets recognised in Dec 20.

Then buy a new insurance in Dec 20 for recognition for the first time in Jan 21.

However, in another scenario whereby you bought your insurance in nov 19 with first recognition in Dec 19. You would have paid your 12th premium in Oct 20 with the 12the recognition in nov 20.

In order for you to get insurance recognition for Dec 20, u need to buy the new insurance by Nov 20
Click to expand...

I just checked the CancerCare policy:
Start Date: 23 Dec 2019,
Next Premium Due Date: 23 Oct 2020.

I intend to buy a new policy within these few days to take advantage of 35% discount.

(Understand that the 35% discount is until 15 Nov of this month).

In that case, for my scenario,

Should I cancel my existing policy before or after 23 Nov?
I assumed premium already paid for 23 Oct to 22 Nov.




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reddevil0728

reddevil0728

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IronMan123 said:
I just checked the CancerCare policy:
Start Date: 23 Dec 2019,
Next Premium Due Date: 23 Oct 2020.

I intend to buy a new policy within these few days to take advantage of 35% discount.

(Understand that the 35% discount is until 15 Nov of this month).

In that case, for my scenario,

Should I cancel my existing policy before or after 23 Nov?
I assumed premium already paid for 23 Oct to 22 Nov.




Posted with iPhone HardwareZone Forums app
Click to expand...
start date Dec 19 means your 1st prem was deducted in dec 19 (u need to cfm urself). and 1st recognition in jan 20.

your 12th prem should be deducted in Nov 20 and recognised for the 12th time in dec 20.

if you don't want overlap, then you should sign up for a new 1 in dec 20.

but for the sake of the 35% discount, it might be worth signing up for the new one in nov 20, and cancel the previous one before the prem for nov 20 gets deducted.
 
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If I intend to redeem my one and only ETF (all holdings) say tomorrow 2 Nov. I put in the request in the morning, will the redemption price be as of COB 2 Nov?
 
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H

hwmook

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IronMan123 said:
Do u terminate & buy back within same calender month or buy the same plan 1st and terminate the first insurance policy the following month?
I don't want to downgrade to a lower tier due to insurance cancellation.
Keen to know.
Click to expand...

Buy 1 month before because insurance only recognise 1 month later.
 
reddevil0728

reddevil0728

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Extremme said:
If I intend to redeem my one and only ETF (all holdings) say tomorrow 2 Nov. I put in the request in the morning, will the redemption price be as of COB 2 Nov?
Click to expand...
Did you check out the website? Information is there.

For ETFs, it will be based on the average redemption price on the business day following your instruction, or such other day determined by the Bank in good faith and in a commercially reasonable manner.
Click to expand...

https://www.dbs.com.sg/personal/investments/other-investments/invest-saver
 
havetheveryfun

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vsvs24 said:
So far DBS have waived. Just get it. Don't worry till 1 year later. If they don't waive then cancel 1 year later. DBS multiplier don't have min spend for credit card. Just use it once to take bus or MRT and you already hit salary plus 1 category for 0.9% (assuming salary plus credit card $2500 to $5000).

But DBS multiplier is good only if you can hit extra category for insurance and investment. If you can't and if your savings is not high, suggest placing upto 10k in Singlife for 2% and the rest (upto 20k) in Std Chartered Jumpstart for 1%.
Click to expand...

bus and mrt trips counted as cc transactions ? my normal cc transactions already reflected after just 1 day but bus and mrt payments still not reflected after 1 week
 
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maumu

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reddevil0728 said:
...

In that case you can cancel your existing insurance after premium is taken in nov 20 so that it gets recognised in Dec 20.

...
Click to expand...

just to check. from FAQ it says:

Q3) When and how long will my policy be recognised as an eligible transaction?
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'm not sure by cancelling it after premium is taken that it will still be recognised if the policy is no longer in force?

in that case should he cancel only on 1 Dec? or after 7 Dec (when the interest is in)?
 
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reddevil0728

reddevil0728

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maumu said:
just to check. from FAQ it says:

Q3) When and how long will my policy be recognised as an eligible transaction?
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'm not sure by cancelling it after premium is taken that it will still be recognised if the policy is no longer in force?

in that case should he cancel only on 1 Dec? or after 7 Dec (when the interest is in)?
Click to expand...
You’ve got a point.

Maybe that’s safer.
 
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