DBS Life Insurance

DBS Bank is well established in the Singapore market with its extensive array of finance-based services. The bank has several products across loans, investments, insurances, and credit & debit cards. Its insurance services and plans constitute a major chunk of the value proposition. These plans are spread across categories such as life insurance, accident & health insurance, car insurance, and travel insurance.

DBS Life Insurance has three primary plans - ManuProtect MoneyBack, ManuProtect Life, and ManuProtect Term. All the three plans provide different sets of benefits, which try to meet specific customer requirements.

Types of DBS Life Insurance

The following table illustrates the three plans offered under DBS Life Insurance policy:

Insurance Plan About Coverage Period
ManuProtect MoneyBack Plan This plan pays you back all the investments you have made towards the policy. It provides complete refund of premiums to the policyholder when the policy matures. It’s a term plan where you can opt for tenures of 15, 20, 25, or 30 years
ManuProtect Life Plan This plan can cover you for up to three times the amount you have insured. This plan is ideal for assuring the future of your family and close ones. Up to age 99
ManuProtect Term Plan This term plan covers death and TPD. It protects you, your close ones, and your home, at premiums starting from S$1.90 each day. 5 to 40 years

Features and Benefits

The main feature and benefits of DBS Life Insurance plan include:

  • The ManuProtect MoneyBack plan provides you with various choice of tenures ranging between 15 and 25 years. This plan comes with fixed premiums for the entire term of policy. Besides, it is characterised by simplified underwriting. This plan protects you and covers you in instances involving total and permanent disability, terminal illness and death.
  • The ManuProtect Life plan protects you and your assets. It combines cash value accumulation, which will initiate at the end of third year of your policy. Besides, you can choose to be covered and pay premiums up to 99 years of age. Alternately, you can also choose coverage terms ranging from 10 to 25 years. This plan covers you in instances involving total and permanent disability.

As a supplementary benefit, this plan combines add on for better coverage, which includes cover for critical illness, waiver of payor premium, and coverage for personal accidents. Additionally, this plan also protects your income as a supplementary benefit.

  • The ManuProtect Term plan provides you protection for yourself and your assets. This unique term plan gives you the option to choose a term anywhere between 5 and 40 years. This plan will be renewed automatically from 5 to 10 years, no matter what state of health you might be in. Besides, you have the option of converting one plan into another, which doesn’t depend on your health status. Additionally, this plan comes with an unique Quit Smoking Incentive feature. The feature aims at encouraging smokers to quit smoking.

This plan also combines bonus add ons for enhanced coverage, which comprises coverage for total & permanent disability, critical illness and personal accident. The add on also waives the payor premium. As a supplementary benefit, your income is also protected under this plan.

DBS Life Insurance Coverage

DBS Life Insurance plans cover several benefits. The following table illustrates the key coverage features under each plan:

Insurance Plan Coverage provided
ManuProtect MoneyBack Plan
  • 100% of the insured amount paid in cases involving early stage cancer.
  • In case of death, terminal illness, and total & permanent disability, you are paid back the total premiums that went towards the policy.
  • Double coverage providing you with 200% of the insured amount in instances involving accidental death. Besides, your total premiums are paid back in such cases.
ManuProtect Life Plan
  • Coverage of up to three times the insured amount.
  • Coverage for you, your assets, and your income. You are provided coverage in cases involving a critical illness or total and permanent disability.
ManuProtect Term Plan
  • Coverage of the amount insured providing you with a lump sum payout, in cases involving a terminal illness or death.
  • Coverage provided for you, your assets, and the income earned. You are also provided coverage in instances involving a critical illness or total and permanent disability.

How to Apply for DBS Life Insurance

It’s a fairly simple and convenient process to apply for DBS Life Insurance plans. You can apply for any of three plans in two ways. The first process requires you to get in touch with Wealth Planning Managers. All you have to do is fill the Life Insurance - Contact Form available online and indicate the preferred date and time for a Wealth Planning Manager to contact you, on behalf of the bank. Alternately, you can also visit any of the branches in the city to apply for the insurance policy.

How to Claim DBS Life Insurance?

You can claim coverage on any of the DBS Life Insurance plans depending on the nature of the event. You must ideally contact the bank as soon as possible. You can either call on the DBS Insurance hotline or you can visit any of the branches in person to file a life insurance claim. You have to submit the claim form along with any relevant documents pertaining to the event. If you have any queries or you want to get in touch with the bank, you can call 1800 221 1111.

Frequently Asked Questions (FAQs)

  1. Where can I find more information about DBS bank life insurance policies?
  2. To find out more information about DBS bank life insurance policies, one should either visit the bank’s website or visit it in person. A person can also call up on the numbers provided on the website.

  3. Are the life insurance policies provided by DBS bank protected?
  4. Yes, the life insurance policies provided by DBS bank are protected by the Policy Owners’ Protection Scheme, which is controlled by SDIC (Singapore Deposit Insurance Corporation).

  5. Are the life insurance policies written by DBS bank?
  6. The life insurance policies provided by DBS bank have been written by Aviva Life Insurance Company.

  7. How do i apply for DBS MyLifeChoice insurance policy?
  8. To apply for the DBS MyLifeChoice insurance policy, one should contact the bank or visit the branch nearest to him in person.

  9. The description says that the total premium paid will be returned in the MyProtector- MoneyBack insurance policy. Does this ‘total premium’ include the interest?
  10. No, the total premium which will be returned according to the MyProtector- MoneyBack insurance policy does not include the interest.

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