Investment insurance cover rises to S $ 75,000; staff will be protected from insurance policy, Banking & Finance



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Thu, Mar 28, 2019 – 3:00 PM

DEPOSIT insurance will rise to S $ 75,000 to protect salaries in the event of banking or financial companies failing.

Insurance policy owners who use their cars or their homes to generate income are now also protected if the insurance cover takes place. T

Insurance investors and policyholders will enjoy better protection from 1 April 2019, said Singapore's investment insurance partnership (SDIC) on Thursday.

The most recent changes to investment (DI) and policy owner protection (PPF) schemes protect investments up to S $ 75,000 per person investing and protecting personal assets. used for commercial purposes, he said.

"The increase in investment cover to S $ 75,000 from the next Monday will ensure that over nine out of 10 investors have enough savings if a bank or financial company is in doubt," said the SDIC.

“The level of $ 50,000 per custodian was set up in 2011 and since then, with income and further savings, the level of fully insured investments has fallen to 87 per cent. That ratio lasts to over 90 per cent. And God has shaken online with an international norm ", he said.

The main development of the PPF scheme is the definition of an “personal” insurance policy together with a person. This clarifies the scope of the PPF coverage for general insurance policies particularly at a time when the economy is gig, where people are involved in short-term contracts or unpaid work, rising and more. T people use their cars or their own homes to source their income.

"With the most recent reforms, the insurance and insurance policies of a house purchased by an individual will be covered even if the car or property is being used for commercial purposes," said the SDIC.

Capitals, on the basis of each policy, will also be available on individual policies (S $ 50,000) under personal insurance policies and building damage claims under personal property insurance (S $ 300,000). The bonuses will cover over 99 per cent of applications, based on applications over the last three years, that have been declared by the SDIC.

However, policies which are not purchased as unstable golf insurance or hospitality insurance will not be protected as in the PPF scheme to protect the insurance policies purchased by most people but at the same time. Maintain user prices and fees and members of the individual PPF scheme.

SDIC's Chief Executive Denise Wong said: “The latest developments are necessary to keep the DI and PPF scheme relevant to changing user needs and provide appropriate protection for investors and policy owners in the event. T Unfortunately a scheme agreed.

The SDIC was set up in 2006 to manage the DIAS scheme that protects the key savings of small donors if bank and finance companies fail in Singapore. The scheme protects deposits in savings, current and current deposit accounts are held with full banks and financial companies.

In 2011, it was appointed to administer the PPF scheme to protect the policy of owners of life assurance policies and some general insurance policies where life or general insurance were failing. General insurance policies like this include accident and health policies, insurance which is required in accordance with the law and Singapore policies of personalized personal lines such as personal insurance and personal property (structure and content).

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