Singlife Account

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BinaryLord

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I'm still unsure whether really can get back the money deposited (under $75k from SDIC). I

I emailed them and the response I got:




Life policies issued by members of the Policy Owners' Protection (PPF) Scheme are covered. Singlife is a member under the PPF Scheme. You can view the list of PPF Scheme members through this link:-

https://www.sdic.org.sg/sm_list/pp_scheme_members



For individual life policies, the PPF Scheme protection limit of S$500,000 for the aggregated guaranteed sum assured and S$100,000 based on aggregated guaranteed surrender value per life assured per insurer would apply. Please note that the coverage is not based on the total premiums paid.



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.



You may refer to the following link to SDIC’s website under the heading “PPF Entitlement” for more details:-

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



As mentioned in the earlier email, the PPF Scheme coverage is not based on the total premiums paid. The coverage for individual life policy is S$500,000 for the aggregated guaranteed sum assured and S$100,000 based on the aggregated guaranteed surrender value. The protection limit would be applied on a per life assured per insurer basis.



In the scenario that MAS decides to terminate the policies issued by the failed life insurer, the amount that you can expect to receive under the PPF Scheme will be the adjusted guaranteed surrender value of the policy at the point of default, capped at S$100,000. The actual amount payable depends on the valuation of the policies.
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kokjj87

kokjj87

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I put more than 10k.
Already put full 20K in easy earn and recently just open the elastiq account (90 days locked in).

Singlife account very fast to withdraw. Can put your expense budget there first.
 
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limster

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"The PPF Scheme provides 100% protection for the guaranteed benefits of your life insurance policies up to the applicable caps. Coverage for your policy is automatic and no further action is required from you."

According to the website, the Singlife plan is a capital guaranteed insurance plan . The capital guarantee is important, because PPF doesn't compensate u for non-guaranteed benefits. But please DYODD as I could be wrong and its actually a scam!
 
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Squaredot

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limster said:
According to the website, the Singlife plan is a capital guaranteed insurance plan . The capital guarantee is important, because PPF doesn't compensate u for non-guaranteed benefits. But please DYODD as I could be wrong and its actually a scam!
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your last sentence is making me nervous :s13:
 
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limster

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Squaredot said:
your last sentence is making me nervous :s13:
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https://www.straitstimes.com/busine...insurance-coverage-for-newly-launched-account

SINGAPORE - Insurance tech (insurtech) firm Singlife on Monday (Sept 23) clarified its marketing collateral for its recently launched Singlife account and debit card promotion to say that the funds in the Singlife account is protected only up to "specific limits".

Earlier on its website, Singlife had said that the funds in the Singlife account is protected up to $100,000 by the Singapore Deposit Insurance Corporation.
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SDIC PPF protection is supposedly up to $100k. But read the article carefully - Singlife had removed reference to $100k and replaced it with 'specified limits'. What these limits are, and why it is not the same as $100k, you need to DYODD.

I'm only putting in $10k, so to me the risk is manageable.

The article also states that Singlife is a $358m company, thats small cap territory. Most insurers have >1bn market cap.
 
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a4973

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doesn't Singlife have to specify the 'specified limits' ?

actually on the Singlife website , they say "Furthermore all Singlife policies, including the Singlife Account are protected up to specified limits by the Singapore Deposit Insurance Corporation (SDIC)." then link you to https://www.sdic.org.sg/calc/pop_calc, could it mean that the "Specified Limits" as detailed below ?

The caps applicable are as follows:

Individual life and voluntary group life policies (with the exception of annuities): Cap of S$500,000 for the aggregated guaranteed sum assured and S$100,000 for aggregated guaranteed surrender value per life assured per insurer.*
Individual and voluntary group annuities: Cap of S$100,000 for the aggregated commuted value of guaranteed benefits (i.e. annuity payments, death or surrender benefits) per life assured per insurer.
Non-voluntary group term life policies: Cap of S$100,000 for guaranteed sum assured per policy.
Non-voluntary group whole life or endowment policies: Cap of S$100,000 for guaranteed sum assured and S$50,000 for guaranteed surrender value per policy.
Non-voluntary group annuities: Cap of S$100,000 for commuted value of guaranteed benefits per policy.
 
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AnTiLooP

AnTiLooP

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Shutterfly said:

Not as liquid.. can withdraw anytime but must be in multiple of $100.
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oh then that's not so bad I guess. I actually put 50K into Singlife, should i then put 40K into dash? TBH, im not knowledgable in investing so have no bloody clue where else to stash my cash.
 
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Shutterfly

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AnTiLooP said:
oh then that's not so bad I guess. I actually put 50K into Singlife, should i then put 40K into dash? TBH, im not knowledgable in investing so have no bloody clue where else to stash my cash.
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Dash only accept max 20k. No problem. We are all here to share knowledge and help each other along the way to maximise our money in the least risky way. :D
 
AnTiLooP

AnTiLooP

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Shutterfly said:
Dash only accept max 20k. No problem. We are all here to share knowledge and help each other along the way to maximise our money in the least risky way. :D
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Just read up on Tiq. Maybe that's a route I can take. Especially important now that uob1 is cutting interest again.
 
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kennyleo

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Hi there,

May i check that 2.5%pa is applicable for the first 10k. Is there a lock in period? Do i have to keep the 10k for a specific no of days? If i would like to withdraw the cash and close the account anytime, is it allowed? Thanks in advance.
 
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