Posb savvy endowment good?

[reddevil0728]

Can savvy16 be counted as insurance for posb cashback bonus ?

u got see the FAQ under insurance?

https://www.posb.com.sg/iwov-resources/media/pdf/deposits/cashback-bonus-faq.pdf

 

[CaptainWu]

Can savvy16 be counted as insurance for posb cashback bonus ?

Should be the same as before but only valid for one year.

 

[wenguang]

Can savvy16 be counted as insurance for posb cashback bonus ?

No. savvy16 is single premium policy

Cashback Bonus recognises all Manulife Regular Premium insurance policies distributed by DBS/POSB. No minimum premium amount required.​

• Valid for new regular premium policy purchased after Cashback Bonus is opened.
• The recognition of the monthly premium (i.e. Annualised premium/12) starts 1 month after policy inception and continues for 12 consecutive months as long as policy is in force.

Multiplier recognises all Manulife Regular and Single Premium insurance policies distributed by DBS/POSB. No minimum premium amount required.

Regular Premium Policy

• Valid for new regular premium policy purchased after Multiplier Account is opened.
• The recognition of the monthly premium (i.e. Annualised premium/12) starts 1 month after policy inception and continues for 12 consecutive months as long as policy is in force.

Single Premium Policy

• Valid for new single premium policy purchased with cash or SRS after Multiplier Account is opened. The purchase date is based on policy sign date.
• The monthly premium amount will be calculated by dividing the single premium amount by 120. Recognition starts 1 month after policy inception and continues for 12 consecutive months as long as policy is in force.

 

[CaptainWu]

No. savvy16 is single premium policy

Cashback Bonus recognises all Manulife Regular Premium insurance policies distributed by DBS/POSB. No minimum premium amount required.​

• Valid for new regular premium policy purchased after Cashback Bonus is opened.
• The recognition of the monthly premium (i.e. Annualised premium/12) starts 1 month after policy inception and continues for 12 consecutive months as long as policy is in force.

So its a yes to the original question that it would be counted as insurance category right? Whether Single premium or not it will appear as 1/12 in the insurance category or 12 months.

 

[CrashWire]

So its a yes to the original question that it would be counted as insurance category right? Whether Single premium or not it will appear as 1/12 in the insurance category or 12 months.

No, I think DBS changed the criteria for cashback bonus some time ago to exclude single premium policies like SavvyEndowment. It still works for Multiplier.

 

[wenguang]

So its a yes to the original question that it would be counted as insurance category right? Whether Single premium or not it will appear as 1/12 in the insurance category or 12 months.

answer is yes for multplier, no for posb cashback bonus.

 

[winningeleven]

Hi . I bought another savvy endowment plan thru SRS funds while my current savvy is still in force. The current is counted as the insurance for my DBS multipler and now on the (11/12 months ) . Would like to know once my current savvy endowment 12 months up. Will DBS still count my another bought endowment plan as the insurance in the multipler?

 

[reddevil0728]

Hi . I bought another savvy endowment plan thru SRS funds while my current savvy is still in force. The current is counted as the insurance for my DBS multipler and now on the (11/12 months ) . Would like to know once my current savvy endowment 12 months up. Will DBS still count my another bought endowment plan as the insurance in the multipler?

will have overlap ah.

 

[maumu]

Hi . I bought another savvy endowment plan thru SRS funds while my current savvy is still in force. The current is counted as the insurance for my DBS multipler and now on the (11/12 months ) . Would like to know once my current savvy endowment 12 months up. Will DBS still count my another bought endowment plan as the insurance in the multipler?

assuming you're saying that:
- you bought the new plan this month (Dec)
- your current month B&E summary shows 11/12

... next month you'll see it reset to 1/12 instead of showing 12/12 because your new plan starts counting from next month onwards and it'll overwrite the previous counter.

 

[winningeleven]

assuming you're saying that:
- you bought the new plan this month (Dec)
- your current month B&E summary shows 11/12

... next month you'll see it reset to 1/12 instead of showing 12/12 because your new plan starts counting from next month onwards and it'll overwrite the previous counter.

Yes . Thank you .
U R right. That is what I want to know too. Coz I don't know whether it still count the old plan or restart the latest plan. I will see for the next month

will have overlap ah.

 

[Nobody1964]

Hi . I bought another savvy endowment plan thru SRS funds while my current savvy is still in force. The current is counted as the insurance for my DBS multipler and now on the (11/12 months ) . Would like to know once my current savvy endowment 12 months up. Will DBS still count my another bought endowment plan as the insurance in the multipler?

Just sharing based on my past years' experience, you will see both new and old Savvy Plans overlapped together with different months (e.g 12/12 for old Savvy) and (1/12 for new Savvy). Both plans' monthly insurance premium will be added up for total insurance amount under Multiplier.