Singlife Account

[compro_1975]

i read this:
Failure to maintain minimum Account Value
If your daily account value is below the minimum account value for a continuous sixty (60) days, you will be
allowed a grace period of sixty (60) days to top up to the minimum account value. We reserve the right to
terminate your policy if you did not make the payment by the end of the grace period.
If a claim event occurs during the grace period and the claim is admitted by us, we will pay you the death benefit
or terminal illness benefit

got minimum ar?

 

[oceanicmanta]

I would like to post a question on the SDIC POPS. Can someone explain in layman ang mor, what will happen to say my 10k inside if Singlife bankruptcy and run away? If Singlife sold out this plan to another insurer who is taking over?

Is my 10k guaranteed protected?

I believe that the 10k is covered fully ...

to explain further need more chim ang mor

 

[compro_1975]

i read this:
Failure to maintain minimum Account Value
If your daily account value is below the minimum account value for a continuous sixty (60) days, you will be
allowed a grace period of sixty (60) days to top up to the minimum account value. We reserve the right to
terminate your policy if you did not make the payment by the end of the grace period.
If a claim event occurs during the grace period and the claim is admitted by us, we will pay you the death benefit
or terminal illness benefit

got minimum ar?

To continue enjoying the benefits of Singlife Account once you have activated it, you would need to maintain a minimum account value of S$100.

ok i think is this.....

 

[eD|t|0n]

Fair answer. I got the errr feeling when I go SDIC see their wordings. So how is this different from the deposit insurance scheme? why it is not covered under deposit insurance which is more straight forward? Deposit amount up to $75k Wen Wen Jiak Bee Hoon.....

On the underlying portion, perhaps this product is termed/classified as an endowment/insurance product therefore cannot go under the deposit scheme.

Grab from SDIC website. Credits to them:
Entitlement under the PPF Scheme for Life Insurance Policies

Compensation
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,

Then you are entitled to be paid compensation.

So what everyone wants to know is (E) if you have paid your premiums, they have been sitting there all along, doing nothing..member firm(Singlife) run/collapse. Does not fall under (A),(B),(C) or (D) how? — I think 99.9% of all peeps here are interested to know this answer and falls into group (E).

 

[eD|t|0n]

so no idea if the 10k pax met?

I tot 20k pax....10k magic amount deposit la...you mix up?

 

[eD|t|0n]

i read this:
Failure to maintain minimum Account Value
If your daily account value is below the minimum account value for a continuous sixty (60) days, you will be
allowed a grace period of sixty (60) days to top up to the minimum account value. We reserve the right to
terminate your policy if you did not make the payment by the end of the grace period.
If a claim event occurs during the grace period and the claim is admitted by us, we will pay you the death benefit
or terminal illness benefit

got minimum ar?

Got. Min. $100.

 

[compro_1975]

I think this lousier than OCBC 365 account right? Somehow that account generate more %

what other others these days? OCBC360 (ok i got this), uobOne (ok got liao), dbsMulti (closed cos cant meet), maybank (closed cos cant meet), citimaxi (closed cos cant meet), standard chart (still in use), bank of china (closed cos cant meet) what other banks there are?

 

[compro_1975]

I tot 20k pax....10k magic amount deposit la...you mix up?

The catch is first 10K sign ups and only up to $10K.

cos i saw this bro wrote this

 

[compro_1975]

Fair answer. I got the errr feeling when I go SDIC see their wordings. So how is this different from the deposit insurance scheme? why it is not covered under deposit insurance which is more straight forward? Deposit amount up to $75k Wen Wen Jiak Bee Hoon.....

On the underlying portion, perhaps this product is termed/classified as an endowment/insurance product therefore cannot go under the deposit scheme.

ya lor, they nv say up to how much, like a weird leh

 

[ftpofmpo]

for a company tries to act like a bank without a bank license, is it reliable?

 

[BBCWatcher]

for a company tries to act like a bank without a bank license, is it reliable?

If you're asking whether your assets are safe, I'd say so, yes. Singlife operates under the SDIC Policy Owners' Protection Scheme. If you're doing the sensible thing and plonking S$10,000 (or less) down to earn the 2.5% interest (S$10K is the maximum for that interest rate), to keep some highly liquid funds, that money should be quite safe, yes.

The account they offer is quite limited, though. They aren't replacing a bank or trying to. Functionally it operates as a savings account with a debit card, and that's as far as it goes. Also, Singlife could change that 2.5% interest rate any time it wishes, so this is not like a fixed deposit or Singapore Savings Bond where a particular interest rate is guaranteed for a particular term. But it's also highly liquid. Within the next 15 seconds you can draw from Singlife's account -- just charge something to your Singlife Visa Debit Card.

OK, yes, their risk and compliance department doesn't understand U.S. persons, and that's quite silly. They've still got a lot of growing up to do it seems. But for $10K and 2.5% interest, as long as that deal lasts, sure, why not?

 

[peppermint7]

I suppose to have my interest credit in today. Usually it will come in at 12.05am on due date. Not sure why didn't happen. Mayb they don't credit on Public Holiday. Shall wait n see.

 

[1993newbie]

It’s in at 1am today

I suppose to have my interest credit in today. Usually it will come in at 12.05am on due date. Not sure why didn't happen. Mayb they don't credit on Public Holiday. Shall wait n see.

 

[peppermint7]

It’s in at 1am today

I think they heard us hahaha

 

[Kaypohji]

Is the deposit guaranteed?

My only concern

 

[weiming41]

Is the deposit guaranteed?

My only concern

Funds are held by DBS Bank and Covered under SDIC up to S$75k.

 

[TiedInsurer]

So how is this different from the deposit insurance scheme? why it is not covered under deposit insurance which is more straight forward? Deposit amount up to $75k Wen Wen Jiak Bee Hoon.....

On the underlying portion, perhaps this product is termed/classified as an endowment/insurance product therefore cannot go under the deposit scheme.

The main difference is that Deposit Insurance Scheme, will insure all the money you deposit inside, while the Policy Owners' Protection Scheme only insures the Surrender value of the insurance policy.

For traditional endowment plans, the money you pay in does not equal to the surrender value. In fact, the surrender value is very likely to be much much lesser than the value of the monies you paid in, right up til the maturity date of the endowment plan. So for traditional endowment plans, you're very likely to lose a portion of your money if the insurer goes bankrupt.

However, for this particular product, the money you put in is equal to the surrender value of the plan. For all intents and purposes, this is covered the same way as a Deposit Insurance Scheme.

 

[BBCWatcher]

Funds are held by DBS Bank and Covered under SDIC up to S$75k.

Singlife evidently has an account at DBS, but SDIC coverage doesn't extend downstream that way. TiedInsurer answered correctly.

There's no reason to place more than S$10,000 with Singlife since it's only that amount that earns the currently attractive 2.5% interest. Thus you'll easily be under SDIC coverage limits.

 

[a4973]

so for the Singlife account on a practical level, we deposit $10k & withdraw the credited interest every month leaving $10K as principal, if the biz fails at some point we are protected up to the $10K (perhaps only excluding the uncredited interest at point of failure) ? thanks

 

[Kaypohji]

Then in this case, one can also deposit more than 10k right ?

Even it’s 20k cause it’s the guaranteed amount.

The main difference is that Deposit Insurance Scheme, will insure all the money you deposit inside, while the Policy Owners' Protection Scheme only insures the Surrender value of the insurance policy.

For traditional endowment plans, the money you pay in does not equal to the surrender value. In fact, the surrender value is very likely to be much much lesser than the value of the monies you paid in, right up til the maturity date of the endowment plan. So for traditional endowment plans, you're very likely to lose a portion of your money if the insurer goes bankrupt.

However, for this particular product, the money you put in is equal to the surrender value of the plan. For all intents and purposes, this is covered the same way as a Deposit Insurance Scheme.