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? - Seedly
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Arthur

Asked on 29 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.

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    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-plans/singlife-account

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    Arthur

    Level 2. Rookie

    Answered on 30 Nov 2020

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

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    Shaun WQ Lim

    Level 8. Wizard

    Answered on 29 Nov 2020

    If you have $100,000 in the account, yes.

    https://www.sdic.org.sg/faq/pp_faq

    Question 17- “... For non-participating policies, all the benefits will be considered as guaranteed...”

    In the SingLife account product summary, it is mentioned that the policy is a non-participating life plan.

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