facebookIn the event that Singlife closes down, what will happen to my savings? I understand that it is covered under PPF scheme which is different from Deposit Insurance Scheme. What does this mean? - Seedly

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Anonymous

20 Jun 2020

Saving Hacks

In the event that Singlife closes down, what will happen to my savings? I understand that it is covered under PPF scheme which is different from Deposit Insurance Scheme. What does this mean?

The deposit insurance scheme covers up to $75,000 if a bank fails, but Singlife is not a bank. The PPF scheme states that if the insurer fails, we are still covered under general insurance scheme, so what will happen to my savings?

Discussion (3)

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Gabriel

20 Jun 2020

Undergraduate at National University of Singapore

Hey Anon, the Singlife Account is protected by SDIC under the Policy Owners' Protection Scheme (PPF). The PPF covers the guaranteed benefit or guaranteed surrender value at point of failure and in this case, the surrender benefit is the account value which is the amount of deposit you have in the account.

Billy

19 Jun 2020

Development & Acquisitions Manager at Real Estate Private Equity

Hi there!

The PPF scheme guarantees the surrender value of an policy. In the case of Singlife, your surrender value would be your account value + any interest that has already been paid.

In a nutshell, Singlife is a Capital Guaranteed endowment plan with potential interest (paid monthly after your first deposit) of up to 2.5% p.a.

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