Hello Sir,
I have been searching internet for an answer, but no vail. Therefore, I would like to see your advice. I am considering SAF Group Term insurance. Is there is ceiling/cap payout per year?
I heard group insurance has a maximum payout per year on group level (since this is group insurance), so if the pool of $$$ is left (example) 300K for the remaining of this year, and if I were to claim 1million, the maximum payout is only 300K (since the rest of the money in the pool have been compensated to other beneficiaries). Is the above context correct?
REPLY
SAF allows you to buy insurance for up to $600,000. See http://tankinlian.com/admin/file.aspx?id=116
You are covered for the amount that you are insured for, and it is not subject to any "pooling" or "cap".
This statement about the cap could have been told by a dishonest insurance agent who has a vested interested to get the consumer to buy a life insurance policy - instead of the SAF group insurance.
There is a cap. But the cap is for single conveyance. Say travel in aircraft, max claim is 20 million.
ReplyDeleteSo unless majority of the passengers in the plane bought this plan with 500k each, then it will affect the payout.
However Cost is low. I bought this too.
Aviva SAF Group Term has practically no medical underwriting with the assumption that if you're fit to serve reservist, you're insurable.
ReplyDeleteThere's no "group" limited liability too. All claims are individual according to individual policy sum assured bought.
The consumer who asked this question to me has confirmed that it is an insurance who told him the "nonsense". He did not trust the agent, so he consulted me.
ReplyDeleteIt looks like there are many dishonoest people who tells lies to get consumers to buy their bad value policies.\
From this link: http://www.aviva.com.sg/pdf/57660_SAF_Brochure.pdf There's a section on Group Risk Limitation of $20M(Page 8). But the chance is slim if you're not serving NS Fulltime.
ReplyDeleteIt was a point I considered before I bought as well, but after checking the price of other term-life and thinking through, I've decided it's still useful to me.
Thanks for the informative article! waiting for your next post.- HFMD Insurance
ReplyDelete