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Anonymous
How safe is Singlife?
With the recent decrease in Jumpstart's interest rate, I was thinking of transferring either all my savings to CIMB or Singlife. Given Singlife is not really a savings account how safe is it to put everything (arnd 10k) into Singlife?
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Yes it is safe.
"All Singlife policies, including the Singlife Account are covered under the Policy Owners’ Protection (PPF) Scheme administered by Singapore Deposit Insurance Corporation (SDIC). The PPF Scheme protects policy owners in the event a life insurer which is a PPF Scheme member fails"
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In order to open a financial entity in SG, the company would have to meet many regulations set by MAS. SDIC protects up to 75k so dont worry if anything happens and Singlife also merged with Aviva recently.