Sunday, May 27, 2012

Your bank deposits and insurance policies are protected in Singapore

This scheme is administered by Singapore Deposit Insurance Corporation (SDIC), a company that is created by the Government of Singapore to look after small depositors and policy owners’ interests. The other scheme, Deposit Insurance Scheme, protects your bank deposits.

DEPOSIT INSURANCE SCHEME

This scheme started in 2006 and several amendments were made since 2008. It was apt to have this policy in place during the Global Financial Crisis where confidence was obviously shaken with financial institutions collapses (Lehman and Bear Sterns) or on the verge of collapse (AIG and other mortgage companies).

Not all banks are covered. Does the bank that holds your deposit covered?
  1. AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
  2. BANGKOK BANK PUBLIC COMPANY LIMITED
  3. BANK OF AMERICA, NATIONAL ASSOCIATION
  4. BANK OF CHINA LIMITED
  5. BANK OF EAST ASIA LTD
  6. BANK OF INDIA
  7. BANK OF TOKYO-MITSUBISHI UFJ, LTD
  8. BNP PARIBAS
  9. CIMB BANK BERHAD
  10. CITIBANK NA
  11. CITIBANK SINGAPORE LIMITED
  12. CREDIT AGRICOLE CORPORATE & INVESTMENT BANK
  13. DBS BANK LTD
  14. FAR EASTERN BANK LTD
  15. HL BANK
  16. HONG LEONG FINANCE LIMITED
  17. HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
  18. ICICI BANK LIMITED
  19. INDIAN BANK
  20. INDIAN OVERSEAS BANK
  21. JPMORGAN CHASE BANK, NA
  22. MALAYAN BANKING BHD
  23. MIZUHO CORPORATE BANK LTD
  24. OVERSEA-CHINESE BANKING CORPN LTD
  25. PT BANK NEGARA INDONESIA (PERSERO) TBK
  26. RHB BANK BERHAD
  27. SING INVESTMENTS & FINANCE LIMITED
  28. SINGAPORE ISLAND BANK LIMITED
  29. SINGAPURA FINANCE LTD
  30. STANDARD CHARTERED BANK
  31. STATE BANK OF INDIA
  32. SUMITOMO MITSUI BANKING CORPORATION
  33. UCO BANK
  34. UNITED OVERSEAS BANK LTD
There may be changes to the list as time goes by. Do check the website for updates: www.sdic.org.sg

What deposits are covered and what are not?

The following Singapore dollar denominated deposits placed with a DI Scheme member are covered:
  • savings account
  • fixed deposit account
  • current account
  • money in CPF Investment Scheme
  • money in CPF Minimum Sum Scheme
  • money in Supplementary Retirement Scheme
  • Murabaha, as prescribed by the Authority
The following deposits are NOT covered:
  • Foreign currency deposits
  • Structured deposits
  • Investment products such as unit trusts, shares and other securities
How much are your deposits guaranteed?

Up to S$50,000. You can claim another S$50,000 for deposits under CPF Investment and Minimum Sum Scheme.

 Where does SDIC get the money to pay you?

SDIC collects premium from the members and invest in liquid assets like Singapore Government Bonds.

POLICY OWNERS’ PROTECTION SCHEME

This scheme protects both life and general insurance.

Is your insurer in this scheme?
  1. ACE INSURANCE LTD
  2. AETNA INSURANCE (SINGAPORE) PTE LTD
  3. AIA SINGAPORE PRIVATE LIMITED
  4. ALLIANZ GLOBAL CORPORATE & SPECIALTY AG, SINGAPORE BRANCH
  5. ALLIANZ INSURANCE COMPANY OF SINGAPORE PTE LTD
  6. AMERICAN INTERNATIONAL ASSURANCE COMPANY, LIMITED
  7. AVIVA LTD
  8. AXA LIFE INSURANCE SINGAPORE PRIVATE LIMITED
  9. CHARTIS SINGAPORE INSURANCE PTE. LTD.
  10. CHINA TAIPING INSURANCE (SINGAPORE) PTE. LTD.
  11. CIGNA EUROPE INSURANCE CO S.A.‐N.V., SPORE BRANCH
  12. COSMIC INSURANCE CORPORATION LTD
  13. DIRECT ASIA INSURANCE (SINGAPORE) PTE LTD
  14. ECICS LIMITED
  15. EQ INSURANCE COMPANY LTD
  16. ETIQA INSURANCE BERHAD
  17. FEDERAL INSURANCE COMPANY
  18. FIRST CAPITAL INSURANCE LTD
  19. FRIENDS PROVIDENT INTERNATIONAL LTD (SPORE BRANCH)
  20. GENERALI INTERNATIONAL LIMITED, SINGAPORE BRANCH
  21. HDI-GERLING INDUSTRIE VERSICHERUNG AG, S’PORE BRANCH
  22. HSBC INSURANCE (SINGAPORE) PTE. LIMITED
  23. INDIA INTERNATIONAL INSURANCE PTE LTD
  24. INTERGLOBAL INSURANCE COMPANY LIMITED, SG BRANCH
  25. INTERNATIONAL MEDICAL INSURERS PTE LTD
  26. LIBERTY INSURANCE PTE LTD
  27. LIBERTY MUTUAL INSURANCE EUROPE LIMITED
  28. LONPAC INSURANCE BERHAD
  29. MANULIFE (SINGAPORE) PTE. LTD.
  30. MSIG INSURANCE (SINGAPORE) PTE LTD
  31. NIPPONKOA INSURANCE COMPANY LIMITED
  32. NTUC INCOME INSURANCE CO-OPERATIVE LIMITED
  33. PRUDENTIAL ASSURANCE CO. SINGAPORE (PTE) LTD
  34. QBE INSURANCE INTERNATIONAL LTD
  35. ROYAL & SUN ALLIANCE INSURANCE PLC, S’PORE BRANCH
  36. ROYAL SKANDIA LIFE ASSURANCE LTD, S’PORE BRANCH
  37. SHC CAPITAL LIMITED
  38. SHENTON INSURANCE PTE LTD
  39. SINGAPORE AVIATION & GENERAL INSURANCE CO PTE LTD
  40. SOMPO JAPAN INSURANCE (SINGAPORE) PTE. LTD.
  41. STARR INTERNATIONAL INSURANCE (S’PORE) PTE LTD
  42. SWISS LIFE (SINGAPORE) PTE. LTD.
  43. TENET INSURANCE COMPANY LIMITED
  44. THE GREAT EASTERN LIFE ASSURANCE COMPANY LIMITED
  45. THE OVERSEAS ASSURANCE CORPORATION LIMITED
  46. TOKIO MARINE INSURANCE SINGAPORE LTD
  47. TOKIO MARINE LIFE INSURANCE SINGAPORE LTD
  48. TRANSAMERICA LIFE (BERMUDA) LTD.
  49. UNITED OVERSEAS INSURANCE LTD
  50. XL INSURANCE COMPANY LIMITED SINGAPORE BRANCH
  51. ZURICH INSURANCE COMPANY LTD (SINGAPORE BRANCH)
  52. ZURICH INTERNATIONAL LIFE LIMITED (S’PORE BRANCH)
  53. ZURICH LIFE INSURANCE (SINGAPORE) PTE LTD
What policies are covered?
  • Individual term policies
  • Individual whole life policies
  • Individual endowment policies
  • Individual annuities
  • Individual short-term or long-term accident & health (A&H) policies (e.g. Hospital cash, Medical Expense, Personal Accident, Disability Income, Long-term Care)
  • Group term policies
  • Group whole life policies
  • Group endowment policies
  • Group annuities
  • Group short-term and long-term accident & health (A&H) policies
  • Personal motor insurance policies
  • Personal travel insurance policies
  • Personal property (structure and contents) insurance policies
  • Foreign domestic maid insurance policies
  • Individual and group short- term A&H policies
How much are your policies guaranteed?

Depending on the type of your life insurance, the guarantee ranges from S$50,00 to S$500,000. There is no cap on the Accident and Health policies (less riders). For more details, see https://www.sdic.org.sg/pp_calc_of_comp.php

 Where does SDIC get the money to pay you?

Likewise, SDIC collects levies members based on the size of their protected liabilities. SDIC invests in safe and liquid assets like Singapore Government Bonds.

I see this is a good approach to protect the minorities’ interests. This would also boost the confidence in our savings and insurance industry. To be sure, you should do a check on the proportion of your deposits and insurance policies that would qualify under these schemes.

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