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Anonymous
I’m confused about Singtel Dash PET?
Is Singtel Dash PET an ilp? Also, I read a reddit post on an AIA insurance savings plan and how it was a terrible decision and now I’m kinda sceptical since dash PET is also an insurance savings plan?
Also, how does the non-guaranteed interests work? And since it’s non-guaranteed, how do I know the actual interest I’ll get for the different months?
Ps. I’m looking to deposit my savings so I don’t really want to place it somewhere where I may lose it
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thefrugalstudent
06 Apr 2021
Founder at thefrugalstudent.com
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Hi Anon,
No, Dash PET is not an ILP. I don't know what AIA plan exactly you read about, but if it's along the lines of saving $X for Y number of years to get Z% returns, then it's different.
Dash PET is basically an extremely basic insurance plan that accrues interest based on how much you put in, and the money you deposit isn't spent on buying insurance - you can withdraw the full amount any time along with the interest you've earned up to the prior month.
Your capital accrues interest every day, and you'll be credited this interest every month. So you'll always be able to know what rate you're earning interest at.
Since Dash PET is SDIC insured, your capital should be safe.
Hope this helps!
Regards,
thefrugalstudent