Singlife 3% endowment plan

[Tuckie]

After submit application need to make payment by when?

As soon as possible.

 

[Purplestars]

Other than the 3%, is there any other benefits like insurance coverage?

 

[BBCWatcher]

Other than the 3%, is there any other benefits like insurance coverage?

Not really. You get a very, very tiny bit of short term simple accidental death insurance as part of the deal since the plan returns 105% of premium (i.e. $6,300 on a $6,000 plan) if you die (by accident) before the 3 year term. However, that means roughly halfway into the 3 year deal the life insurance payout is actually worse than what the hypothetical accrued interest payout would be.

The jokey "accident insurance" aspect is only to satisfy a regulatory minimum construction requirement. It's otherwise a 3 year fixed deposit in all material respects.

I recall someone asking in another thread whether it's possible and advisable for someone with a terminal illness diagnosis to max out a 105% premium return plan. And the basic answer is yes, for policies that pay 105% for more than accidental death. As long as the terminal illness is truthfully declared (if the insurance company asks), that can be a very good financial deal amidst a bad situation. If you know you're going to die in a few weeks or few months, with certainty, then why wouldn't you want a quick 5% on your money -- for your heirs, really? Makes sense. On the other hand, if the insurance company asks, the insurance company probably isn't going to sign you up.

 

[jnashville]

U all apply liao

it seem better than last time GE 2.7 endowment plan

Don't think so.
This max only 6k... the ge270 max is 150k or 200k can't remember.

6k ...interest how much only.

 

[limster]

rcv e-mail confirming policy issue on wed. i think the ease of applying for the policy is a plus point. hope the refund process when the policy matures is equally simple. I'm looking forward to future tranches though I suspect that 3% is a promotional rate to increase customer base and unlikely to be repeated for existing customers...

 

[FP_IFA]

Tranche has closed.

 

[sgdividends]

I also applied, just to experience the process with an online insurer. Since they accepted my details and asked me to transfer the money, I assume that the tranche is still open, and my application for the 3% tranche got accepted.

Hopefully its not a case of them asking you to transfer first and later say 'sorry tranche full' do you want to use the funds to apply for the 2.2% tranche instead...

The terms didn't state when the 3 years and 3% s
starts to accrue. Is it from the date of fund transfer?

From my application on 27 Nov, it states the end date of application is 27 Dec. I wonder if I should fund transfer in on 27 Dec instead as the last thing I want to happen is fund transfer in early and wait for 27 Dec for the 3 years and the 3% to accrue , making the interest less than 3%.

Also they didn't mention how fast the withdrawal will take.

Email to them not replied

 

[jujuhippo]

my policy was issued on 27 Nov 2018 and they state that the maturity date is 26 Nov 2021

 

[mosmos]

my policy was issued on 27 Nov 2018 and they state that the maturity date is 26 Nov 2021

same date as mine, but my status still pending until now.

 

[limster]

my policy was issued on 27 Nov 2018 and they state that the maturity date is 26 Nov 2021

mine was issued 28 Nov and maturity 27 Nov 2021.
I applied & paid on 26 Nov night-time. maybe those that applied/ paid on 26 Nov daytime got it issued on 27 Nov

 

[cashec]

mine was issued 28 Nov and maturity 27 Nov 2021.
I applied & paid on 26 Nov night-time. maybe those that applied/ paid on 26 Nov daytime got it issued on 27 Nov

I paid on 27 Nov evening and got it issued on 28 Nov.

 

[SingaporeSoftwareZone]

Anyone has paid, but still hasn't received an update?

 

[oceanicmanta]

Anyone has paid, but still haven't received an update?

why dont you send them an email with your Policy number to check ?

or live chat them during office hours

they replied my queries promptly

 

[SingaporeSoftwareZone]

why dont you send them an email with your Policy number to check ?

or live chat them during office hours

they replied my queries promptly

I was afraid I'm rushing them too much. Will contact them soon.

 

[mosmos]

I was afraid I'm rushing them too much. Will contact them soon.

i applied on 27th Nov, just got their confirmation emaail on Mon 3rd December

I tried to use paynow but the paynow qr code not recognisable by SCB mobile app. So i pay through posb ibanking

I have contacted them on email, their email said 1-2 days after payment. I guess should be 1-2 working days.

 

[我的超酷故事]

I submitted a passport photo for the application. Now they are requesting me to submit a casual photo (i.e. selfie). Is that normal? What's the purpose for this requirement?

Bump. Does anyone have this problem?

This is probably for online identity verification. So that they can verify that you are who you say you are. I guess the request for selfie is so that it is casual and near real-time photo - reduces the risk of impersonation.

 

[limster]

i used singpass myinfo to fill up the particulars. was not asked to provide photo. guess they feel singpass is secure enough.

just read that Singapore Life now has a new controlling shareholder:

https://www.insurancebusinessmag.co...ts-in-singapore-insurance-startup-118073.aspx

if US$52m = 29.4% stake in the company, that means that Singapore Life is valued at US$176m, so it is really a super small cap. Lucky got SDIC coverage up to $50k. I wouldn't put money into such a small cap unless SDIC guaranteed...

 

[scthomas]

Anyone gt sign up?

for the first $6000 only

How is this a good deal?

 

[cashec]

How is this a good deal?

Promotion ended. Now only 2.2%

 

[Freezy]

I think I can put my son ang bao in there for short term but this is a new start up company.