Singlife Account

[alex22]

Hmm mine dont have email and login also dun show anything.. just for ref, did u put that you want a debit card from them? Cos I chose that option.. dunno if that would cause it to take longer for approval lol

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I opted out for the card.
Maybe other ppl can give comments.

From d/l to funded to exit about 40mins in all maybe i slow, other ppl maybe even faster possible

 

[kram62]

Hmm mine dont have email and login also dun show anything.. just for ref, did u put that you want a debit card from them? Cos I chose that option.. dunno if that would cause it to take longer for approval lol

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My wife and I applied with the card opt in, got instant approval.

Note: we both used myinfo to apply, which should make it faster, but that is no guarantee (others have reported non instant approval even when using myinfo).

 

[alex22]

My wife and I applied with the card opt in, got instant approval.

Note: we both used myinfo to apply, which should make it faster, but that is no guarantee (others have reported non instant approval even when using myinfo).

I wonder if they run credit check or something.
I ran thru myinfo (actually most time of my 40min stuck here cos forgot singpass password)

 

[mrspartanz]

My wife and I applied with the card opt in, got instant approval.

Note: we both used myinfo to apply, which should make it faster, but that is no guarantee (others have reported non instant approval even when using myinfo).

Hmm i used myinfo also.. dk why nvr instant approve.. nvm ba.. i just wait a bit more.. thanks!

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[mrspartanz]

I wonder if they run credit check or something.
I ran thru myinfo (actually most time of my 40min stuck here cos forgot singpass password)

Haha.. maybe they do..

Sent from Earth using GAGT

 

[GreenTea97]

Does anyone know if there are any inherent risk in opening an account? I heard account holder's won't be able to get a single cent back if the company somehow goes bankrupt even though it's insured by SDIC, can someone confirm this?

 

[sansanjikikut]

Does anyone know if there are any inherent risk in opening an account? I heard account holder's won't be able to get a single cent back if the company somehow goes bankrupt even though it's insured by SDIC, can someone confirm this?

U heard from which ****?!

 

[limster]

I heard account holder's won't be able to get a single cent back if the company somehow goes bankrupt even though it's insured by SDIC, can someone confirm this?

Have you visited the SDIC website? Did they say they won't pay if a company like Singlife goes bankrupt?

 

[GreenTea97]

U heard from which ****?!

Got the info from another forum so I just wanted to confirm the legitimacy of his claim well judging from your response I assume it's false then, thanks for the info

 

[GreenTea97]

Have you visited the SDIC website? Did they say they won't pay if a company like Singlife goes bankrupt?

Hmm guess I just got confused since i'm still not very sure what the whole savings account is categorised under, was under the impression that only the complimentary life insurance that comes with every singlife account is covered

 

[cassowary18]

PPF guarantees the surrender value at the point the insurer collapse.

Surrender value = account value.

Hence, you get back every cent that's inside.

 

[limster]

just got the account setup, fast transfer no problem. it is app only and doesn't appear on the website

I have the singlife 3% 3-year endowment and that one I can view on their website.

good place to park a few thousand dollars for the short term i guess.

 

[bloom130]

PPF guarantees the surrender value at the point the insurer collapse.

Surrender value = account value.

Hence, you get back every cent that's inside.

Is this surrender value the same as a guaranteed surrender value? PPF only insures the guaranteed surrender values. I reckon it is the same but would like more clarity.

From a Seedly writer quoting SDIC:
"SDIC: In the event the life insurer fails, MAS has a few options as to how it wants to deal with the failed insurer. MAS may transfer the business of the failed life insurer to another insurer, direct SDIC to continue to run the business of the failed insurer (run-off) or terminate the policies (least preferred option) issued by the failed life insurer. A combination of options may be adopted for the entire business of the failed life insurer.

The minimum amount that you can expect to receive under the PPF Scheme in a termination scenario will be the adjusted guaranteed surrender value, capped at S$100,000. The actual amount payable depends on the valuation of the policies. In a transfer/run off scenario, the actual amount to be transferred / run off will depend on the valuation of the policies and negotiations between the buyer and the failed insurer."

 

[Informant]

Does anyone know if there are any inherent risk in opening an account? I heard account holder's won't be able to get a single cent back if the company somehow goes bankrupt even though it's insured by SDIC, can someone confirm this?

Is this real? don't spread fear leh. i just park my money 2 week ago..

 

[memer5277]

Yes I agree with posts below that on first reading, PPF does not seem to cover the bank account

From the PPF page: sdic.org.sg/calc/pop_calcEntitlement ,
layman speaking the four situation u can claim is:
1) you made a claim before their failure
2) you give notice to surrender policy before failure
3) policy matured
4) you receiving annuity

Does not seem like any of this is applicable to the whole-life-insurance provided by the pseudo-bank account right?

Appreciate if any one with confirmed knowledge can confirm regarding extent of PPF coverage... thnx..

 

[bright_84]

Is this surrender value the same as a guaranteed surrender value? PPF only insures the guaranteed surrender values. I reckon it is the same but would like more clarity.

From a Seedly writer quoting SDIC:
"SDIC: In the event the life insurer fails, MAS has a few options as to how it wants to deal with the failed insurer. MAS may transfer the business of the failed life insurer to another insurer, direct SDIC to continue to run the business of the failed insurer (run-off) or terminate the policies (least preferred option) issued by the failed life insurer. A combination of options may be adopted for the entire business of the failed life insurer.

The minimum amount that you can expect to receive under the PPF Scheme in a termination scenario will be the adjusted guaranteed surrender value, capped at S$100,000. The actual amount payable depends on the valuation of the policies. In a transfer/run off scenario, the actual amount to be transferred / run off will depend on the valuation of the policies and negotiations between the buyer and the failed insurer."

what's the guaranteed value of a singlife insurance?

 

[GreenTea97]

Is this real? don't spread fear leh. i just park my money 2 week ago..

I'm sorry! not trying to spread fear la haha, just trying to clarify things anyway I spoke to an agent on their website about this and was told that the guaranteed surrender value is indeed the same as account value which is covered under the PPF scheme for up to $100k in the event that anything happens to the company.

 

[kram62]

Account value = surrender value. Is written in the terms and conditions of the policy. (I provided screenshot in this thread earlier already)

Please read the documents before subscribing and/or spreading false information or alarming questions. They are quite easy to read for this singlife account...

 

[oceanicmanta]

Yes I agree with posts below that on first reading, PPF does not seem to cover the bank account

From the PPF page: sdic.org.sg/calc/pop_calcEntitlement ,
layman speaking the four situation u can claim is:
1) you made a claim before their failure
2) you give notice to surrender policy before failure
3) policy matured
4) you receiving annuity

Does not seem like any of this is applicable to the whole-life-insurance provided by the pseudo-bank account right?

Appreciate if any one with confirmed knowledge can confirm regarding extent of PPF coverage... thnx..

very important difference/mis-quote ...

SDIC states: "you have a claim under a life insured policy ... before failure "

u wrote/interpret as "you made a claim before their failure"

If still in doubt, best to reach out to SDIC

 

[crystalnox]

Yes I agree with posts below that on first reading, PPF does not seem to cover the bank account

From the PPF page: sdic.org.sg/calc/pop_calcEntitlement ,
layman speaking the four situation u can claim is:
1) you made a claim before their failure
2) you give notice to surrender policy before failure
3) policy matured
4) you receiving annuity

Does not seem like any of this is applicable to the whole-life-insurance provided by the pseudo-bank account right?

Appreciate if any one with confirmed knowledge can confirm regarding extent of PPF coverage... thnx..

It sounds like Singlife falls under 4. Technically we are receiving a monthly "annuity".

Account value = surrender value. Is written in the terms and conditions of the policy. (I provided screenshot in this thread earlier already)

Please read the documents before subscribing and/or spreading false information or alarming questions. They are quite easy to read for this singlife account...

Yup I understand it this way from the t&c too.