facebookIs Singlife account really 100% capital guaranteed under SDIC for every dollar up to $100,000? No mention of "guaranteed surrender value" in their product summary, policy schedule or website? - Seedly

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Arthur

30 Nov 2020

Insurance

Is Singlife account really 100% capital guaranteed under SDIC for every dollar up to $100,000? No mention of "guaranteed surrender value" in their product summary, policy schedule or website?

SDIC website stated below compensation entitlement:

  • 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.​

The closest I can find is below stated in Singlife account policy schedule:
Surrender benefit: Account value as at the surrender date
But it doesn't clarify it is a guaranteed or non-guaranteed surrender benefit.

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Thanks All! Great to confirm this point and much appreciate your help!

Kenneth Lou

30 Nov 2020

Co-founder at Seedly

Hi Arthur,

Yup it is, I've been on it SingLife as well for almost 1 year now since they launched :) great savings account alternative and easy to top up/withdraw.

You can see the other reviews here: https://seedly.sg/reviews/insurance-savings-pla...

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