facebookWhat happens when my deposit for my SingLife insurance savings plan account falls below the minimum ir if I make a full withdrawal? - Seedly

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Paul Chen

09 Oct 2020

Insurance

What happens when my deposit for my SingLife insurance savings plan account falls below the minimum ir if I make a full withdrawal?

Is there a penalty or admin fee imposed? Will they close my account?

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Sebastian Png

09 Oct 2020

Seedly Student Ambassador 2020/21 at Seedly

Hi Paul! I’ve quoted the relevant section in the terms and conditions:

“If Your daily Account Value is below the minimum Account Value for a continuous sixty (60) days, You will be allowed a grace period of sixty (60) days to top up to the minimum Account Value. We reserve the right to terminate Your Policy if You did not make the payment by the end of the grace period.

If a claim event occurs during the grace period and the claim is admitted by Us, We will pay You the death benefit or Terminal Illness benefit.”

Hope it helps!

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