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MAS seeks feedback on the proposed Policy Owners Protection Scheme enhancement

MAS seeks feedback on the proposed Policy Owners Protection Scheme enhancement
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Singapore deposit insurance corporation limitedMonetary authority of singaporeMonetary authorityPolicy owner protectionActive mobility act

MAS seeks feedback on enhanced scheme to protect policy owners if insurers go bust

One proposal is to set out a more explicit list of benefits covered under the scheme for specified types of personal insurance. Read more at straitstimes.com.

Monetary authority of singaporeSingapore deposit insurance corporationMonetary authorityPolicy owner protectionStraits timesMarcus lim

Singapore Deposit Insurance Corporation (SDIC) explainer: How it safeguards our hard-earned savings

February 27, 2021 Pixabay SDIC our fail-safe in case financial institutions in Singapore collapse. Here’s what you need to know about the company that insures your deposits up to $75,000. Keeping our hard earned savings in a bank account is one of the safest ways we know to store our cash. Not only do we earn interest on our money, but we also trust that the banks have the financial capabilities to safekeep our money and allow us to withdraw them when the time arises. However, no company is fail-proof, especially with the access consumers have to alternative digital platforms. This is where the role of the Singapore Deposit Insurance Corporation (SDIC) comes into play, helping to alleviate fears consumers might have when it comes to leaving their money with banks, finance companies, or insurance companies.

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Best short & long term endowment plans in Singapore (2021)

Short-term endowment plans In light of low bank interest rates, even newbies to finance are getting curious about short-term endowment products. With decent returns, short commitment periods and simple mechanics, short-term endowment plans are indeed a viable alternative to savings accounts or fixed deposits. Although provided by insurers, endowment plans are fundamentally savings plans to help you hit a target amount at a later date (e.g. your nest egg). After paying the premium, you wait for the funds to mature, then cash out a larger amount than you’ve put in. Sounds simple enough, but the terminology around endowment plans can be confusing to those new to insurance. Let’s break them down.

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