Asked on 18 Jun 2020
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?
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.
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.
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