Singlife Account

[item2sell]

But for Singlife, your Sum Assured is dependent on your deposit, so how do you separate that? Which is insurance? Which is deposit?

Example.
Ah tan buy a personal accident plan. Ah tan fell
Into a hole and knock his head
Then he want to claim from the insurance company.
If insurance company cannot pay, SDIC PPF will cover it.

If nothing happen to ah tan. Then insurance company bankrupt.
Ah tan will not get back his premium

 

[reddevil0728]

Example.
Ah tan buy a personal accident plan. Ah tan fell
Into a hole and knock his head
Then he want to claim from the insurance company.
If insurance company cannot pay, SDIC PPF will cover it.

If nothing happen to ah tan. Then insurance company bankrupt.
Ah tan will not get back his premium

Huh? but we are talking about the 2.5% on 10k and 1% on the next 90k right? so which is the insurance part?

 

[item2sell]

Huh? but we are talking about the 2.5% on 10k and 1% on the next 90k right? so which is the insurance part?

That’s the thing. I don’t see the clause for the protection of your 100k.

The Policy Owners' Protection (PPF) Scheme covers your life and certain general insurance policies in the event of the failure of your life or general insurer which is a Scheme member. Coverage for life insurance policies are based on guaranteed benefits only, and is subject to caps (with the exception of accident & health policies and riders). Coverage for general insurance policies is not subject to any caps (except for the limits specified under the law for compulsory insurance policies and for own property damage motor claims under personal motor insurance policies and property damage claims under personal property (structure and contents) insurance policies).

 

[reddevil0728]

That’s the thing. I don’t see the clause for the protection of your 100k

Then maybe you shouldn't use singlife

 

[item2sell]

Then maybe you shouldn't use singlife

Got lah. I put $10k. Can afford to lose.

 

[healthymi]

I have the impression that PPF only covers the insurance part. Not the deposit part

If you go to the Singlife website it has been stated very clearly that all Singlife policies including the Singlife account are covered under the SDIC PPF scheme. Correct?

 

[reddevil0728]

If you go to the Singlife website it has been stated very clearly that all Singlife policies including the Singlife account are covered under the SDIC PPF scheme. Correct?

some people are too cynical and just don't believe anything that is not super black and white and literal in their face

 

[item2sell]

If you go to the Singlife website it has been stated very clearly that all Singlife policies including the Singlife account are covered under the SDIC PPF scheme. Correct?

Yes. All insurance companies. Aia prudential etc are covered by PPF. Singlife is covered too.

 

[item2sell]

some people are too cynical and just don't believe anything that is not super black and white and literal in their face

Under law. Everything must be stated in black and white. No rooms for doubts.

 

[oceanicmanta]

That’s the thing. I don’t see the clause for the protection of your 100k.

read thru this & try to understand it .. or ask SDIC to explain

https://www.sdic.org.sg/calc/pop_calc

 

[item2sell]

In the event a life insurer which is a PPF Scheme member fails and

A. you have a claim under a life insured policy which happened before the PPF Scheme member failed;
B. you have given notice to the life insurer that you want to surrender a life insured policy before the failure; or
C. if your policies have matured before the insurer fails; or
D. you have been receiving annuity payments,
you are entitled to be paid compensation for the

And which conditions will cover your deposit?

 

[maumu]

actually if they lift the $20k daily FAST transfer limit.. it would have best all the other hassle-free account competitors like CIMB FastSaver, SC eSaver, Maybank iSavvy, etc.

that's the only factor stopping me from putting in too much into Singlife, not even close to $100k or $75k or whichever the contentious amount is.

 

[oceanicmanta]

And which conditions will cover your deposit?

A

it covers the guaranteed surrender value at point of failure

"deposit" is not the correct terminology for such plans

 

[sleepyhealer]

Can non singaporeans sign this up?

 

[ment0smintz]

Can non singaporeans sign this up?

Sure why not?

 

[reddevil0728]

actually if they lift the $20k daily FAST transfer limit.. it would have best all the other hassle-free account competitors like CIMB FastSaver, SC eSaver, Maybank iSavvy, etc.

that's the only factor stopping me from putting in too much into Singlife, not even close to $100k or $75k or whichever the contentious amount is.

they want to avoid a “bank run”

 

[ekardo]

actually if they lift the $20k daily FAST transfer limit.. it would have best all the other hassle-free account competitors like CIMB FastSaver, SC eSaver, Maybank iSavvy, etc.

that's the only factor stopping me from putting in too much into Singlife, not even close to $100k or $75k or whichever the contentious amount is.

same concern...even though it's 1% which is higher than next highest rhb (0.8%)..

 

[reddevil0728]

same concern...even though it's 1% which is higher than next highest rhb (0.8%)..

Well, trade-offs. DYODD

 

[Kirakun83]

Top up above 10k mean get 1% interest? Like that many of u just top up 10k only? Nothing above 10k?

 

[reddevil0728]

Top up above 10k mean get 1% interest? Like that many of u just top up 10k only? Nothing above 10k?

Depends on if you can find better rate than 1% elsewhere that’s “as safe” and can be moved easily.

If u can then u top up to 10k. If not u can top up to 100k