Singlife Account

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memer5277

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oceanicmanta said:
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 ;)
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Oh, my apologies, not aware of the difference. So you are saying that just having the 'bank account' means that I indeed HAVE a claim as per situation 1 (just that I have not MADE the claim? since no death/tpd case yet) ?
 
gazar1

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Informant said:
Is this real? don't spread fear leh. i just park my money 2 week ago.. :s11:
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Aiya if so risky every one just withdraw out luh, like I mention before if use a little bit of brain and spare time easily can earn more than this $250 a year by doing some side lines.

Don’t put liao but inside very scare.

For what? Only $250 per $10k a year.
 
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value0230

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memer5277 said:
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.. :s13:
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Actually how to confirm if the money is protected by SDIC since I cant find sing life member name on SDIC website.

Anyway I came across this when browsing other company's website with similar stuff.

#2 Funds stored on the e-Wallet and/or any Mobile Wallets and the Prepaid Mastercard and/or any stored value Cards provided by us are not insured deposits under the Deposit Insurance and Policy Owners’ Protection Schemes Act (Chapter 77B of the Singapore Statutes) and are ineligible for protection by the Deposit Insurance Scheme.
 
anthonygreenisreal

anthonygreenisreal

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The Singlife Account is capital guaranteed and singlife is regulated by MAS. Anyway if you guys are skeptical and not comfortable then don’t place your money.
 
cal3135

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hDWS9KI.jpg


value0230 said:
Bro got link?

Anyway realized that to make a withdrawal need to have at least $100. So in future how to withdraw in full?
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xs HardwareZone Forums app
 
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mrspartanz

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value0230 said:
Bro got link?

Anyway realized that to make a withdrawal need to have at least $100. So in future how to withdraw in full?
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Hmm from the withdrawal page, tried to withdraw my max amt, shd be able to withdraw full with no penalties, just no interest credited le of cos..
QMznScEl.jpg


Sent from Earth using GAGT
 
silverbomb

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mrspartanz said:
Hmm from the withdrawal page, tried to withdraw my max amt, shd be able to withdraw full with no penalties, just no interest credited le of cos..

QMznScEl.jpg


Sent from Earth using GAGT
Click to expand...

Just keep 100 wouldn't matter. Too small an amount to earn much interest and keep the account alive there. There's no guarantee they can allow you to open the account again in future as stated in their tnc, at their discretion.

Posted from PCWX using SM-G965F
 
qingyong

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guwakzai

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

-you have a claim under a life insured policy which happened before the PPF Scheme member failed;
-you have given notice to the life insurer that you want to surrender a life insured policy before the failure; or
-if your policies have matured before the insurer fails; or
-you have been receiving annuity payments,

you are entitled to be paid compensation for the guaranteed benefits payable under your life insured policy. This is subject to certain caps.



This is an insurance not a deposit savings account. If the company is closed suddenly, how do you know and can make sure any of the above can happen before they close down?
 
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Zenigame

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guwakzai said:
Compensation
In the event a life insurer which is a PPF Scheme member fails and

-you have a claim under a life insured policy which happened before the PPF Scheme member failed;
-you have given notice to the life insurer that you want to surrender a life insured policy before the failure; or
-if your policies have matured before the insurer fails; or
-you have been receiving annuity payments,

you are entitled to be paid compensation for the guaranteed benefits payable under your life insured policy. This is subject to certain caps.

This is an insurance not a deposit savings account. If the company is closed suddenly, how do you know and can make sure any of the above can happen before they close down?
Click to expand...

I believe the last point applies to us as we are receiving annuity payments.
 
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polar27

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Almost instant to open acct, faster with singpass.

Deposits are almost instant. Withdrawals take a bit of time to be deposited into the transferred account though, ranges from few mins to about 30 mins, some others quoted waited more.
 
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