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.