Arthur

30 Nov 2020

∙

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.

Singlife Account

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Arthur

30 Nov 2020

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

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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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Kok Hong

29 Nov 2020

Yes...

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Has anyone surrendered their Singlife Account before? Was it seamless and fast? Want to know this because if coming months, find a better product and want to transfer my funds to another account?

Hi. The Guaranteed Surrender Value of my endowment plan is 100%. Does that mean even if the insurance company go bust, i will get my principal back?

Singlife requires a minimum $100 in its account, unable to draw out. If you terminate your account, what happens to this $100?

Hi everyone, any comments on Singlife's new financial product: Singlife Account, what is it and is it better than other bank's savings accounts?

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