DBS changed its Mutiplier plan

[silverbomb]

The only thing now is if they decided to revamp the multiplier and insurance criteria is amended or removed then those who got the plan just for getting interest purpose will be stuck with it or take a hit on the early termination should you decide to surrender.

Try to get a plan that u will at least have use, and not get stuck with something that got no value add in such scenario.

 

[highsulphur]

I wasn't aware. But I think if you cancel a similar policy within the past 1 year, you may have problem getting the same policy again.

Due to the above reason, I maintain 2 policies, so I pay for 2 policies per month, even though only one is valid to satisfy the category. But I still have 2x the coverage.

Do you know they renamed some policies and its very confusing?

Also the officer quoted me a Term Lite Renewal policy which wasn't in the list of approved policies for the Multiplier but she told me the list is not updated. Sound like a mess to me

 

[chiokcc]

Just insist on what you want that is on the list.

Don't regret later on if you take someone's word if in doubt .....

 

[vegavega25]

No. Said i will be receiving an email. Alternatively can go to their website to check but i went and there is nothing there

Should have just asked for specifics. Although chances are that she did not know any more herself.

 

[reddevil0728]

The only thing now is if they decided to revamp the multiplier and insurance criteria is amended or removed then those who got the plan just for getting interest purpose will be stuck with it or take a hit on the early termination should you decide to surrender.

Try to get a plan that u will at least have use, and not get stuck with something that got no value add in such scenario.

if you get like cancer care don't really have early termination fee right.

 

[Squaredot]

Do you know they renamed some policies and its very confusing?

Also the officer quoted me a Term Lite Renewal policy which wasn't in the list of approved policies for the Multiplier but she told me the list is not updated. Sound like a mess to me

my current policy is ManuProtect Term Lite (II) (Renewable), fyi.

 

[chiokcc]

Still no news on the alleged changes?

I remember its in the guidelines that if there arr any changes in T&Cs, must give at least one month's notice? (I may be wrong about the guidelines though).....

 

[reddevil0728]

Still no news on the alleged changes?

I remember its in the guidelines that if there arr any changes in T&Cs, must give at least one month's notice? (I may be wrong about the guidelines though).....

maybe the telemarketer tried to pull a quick 1

 

[vegavega25]

Still no news on the alleged changes?

I remember its in the guidelines that if there arr any changes in T&Cs, must give at least one month's notice? (I may be wrong about the guidelines though).....

For the interest rate revision effective 1 May 2020 the e-mail came in the aftenoon/evening of 2 April, and for the revision effective 1 August 2020, the e-mail came in the evening of 2 July. Just 2 data points.

 

[cassowary18]

Any changes usually they'll announce on The Burrow fb group first. I'm in there and no announcements so far.

 

[alex22]

Waiting to see also.
My insurance is 12/12 in july 2021.
Maybe move to their other cashback scheme.

 

[chiokcc]

Any changes usually they'll announce on The Burrow fb group first. I'm in there and no announcements so far.

Good to hear you are in that FB group. This should provide accurate and timely info.....

TQ

 

[chiokcc]

For the interest rate revision effective 1 May 2020 the e-mail came in the aftenoon/evening of 2 April, and for the revision effective 1 August 2020, the e-mail came in the evening of 2 July. Just 2 data points.

Great info..... TQ

 

[Rayleigh1]

I was at 11/12 for the insurance category in May and I'm thinking of cancelling my cancercare after June's premium deduction. Intend to do it after the mobile app shows that I've been given credit. Anyone has experience with DBS taking away the credit after cancercare is cancelled although a deduction has already been made earlier in the month?

Edit: Seems like I don't have to get cancercare again.

 

[reddevil0728]

I was at 11/12 for the insurance category in May and I'm thinking of cancelling my cancercare after June's premium deduction. Intend to do it after the mobile app shows that I've been given credit. Anyone has experience with DBS taking away the credit after cancercare is cancelled although a deduction has already been made earlier in the month?

Best is to cancer at the start of the following month.

because they got system limitation if you cancel before the end of that month. They end up not recognising then u need to ask them to manually credit

 

[Rayleigh1]

Best is to cancer at the start of the following month.

because they got system limitation if you cancel before the end of that month. They end up not recognising then u need to ask them to manually credit

But i'm hoping to apply for cancercare again this month to get credit for next month's bonus interest and according to the DBS CSO I can only apply for cancercare again after i cancel it. If what the CSO said is true, I will need to cancel and reapply for cancercare again this month.

Edit: Seems like I don't have to get cancercare again.

 

[reddevil0728]

But i'm hoping to apply for cancercare again this month to get credit for next month's bonus interest and according to the DBS CSO I can only apply for cancercare again after i cancel it. If what the CSO said is true, I will need to cancel and reapply for cancercare again this month.

if the final 12/12 deduction is this month (june), then it will be recognise for july.

go read the FAQ to understand better.

 

[Rayleigh1]

if the final 12/12 deduction is this month (june), then it will be recognise for july.

go read the FAQ to understand better.

FAQ only explains the relation between inception date and when the customer starts to get credit.

Also, I already counted the number of months I got credit for the cancercare policy which incepted in Jun 2020. It would be 13 months if it gave me credit for july's transactions (with interest payout in Aug).

<removed>

 

[maumu]

mind to share which month did you start paying for the cancercare?

 

[Rayleigh1]

mind to share which month did you start paying for the cancercare?

Look at my earlier post again. I elaborated a little.