Resale Savings Plan (From 7-year)

Our Happy Clients!

I got to know about resale savings plan (traded endowment policies) as a form of high interest savings and came across PolicyWoke Pte Ltd. Sent them a message via Facebook and they responded to me immediately to arrange for an online meeting to clear my doubts.

I saw how resale endowment policies could give me much higher interest as compared to SSB, fixed deposits and regular bank account rates. What I like about them is their transparency – the actual benefit illustration table from the insurance company is published on their website and this gives you a 100% clear idea of what you are really buying. Most websites I have visited don’t include the actual illustration at all. If I had any doubts, they were reachable almost immediately via WhatsApp. They don’t sugar-coat things and really take time to answer all my questions and there is no hard selling.

Their expertise and explanation helped me decide to get a policy from them that meets my needs. The entire transaction was completed within 4 working days. I highly recommend them! Feel free to ask me any questions about my experience.

Chris Tan Savings Plan Buyer
Chris Tan

Blogger, Budgetpantry

Good product, the founders are sincere and transparent with all information. Will buy again if I need

Aldwin Chan Savings Plan Buyer
Aldwin Chan


Buy Savings Plan - Process Flow

After placing an order, the basic process flow is as follows:

  1. For each savings plan, we will email you a copy of Assignment-out Form for your e-signing.
  2. (Skip this step if you have made payment via cryptocurrency) After e-signing in [1], make PayNow/FAST payment according to the instructions in the order email.
  3. After e-signing in [1] and payment has been made, we will book an appointment to meetup at the insurance company’s customer service centre.
  4. On appointment day, we will proceed to enter the customer service centre to do the absolute assignment paperwork.
  5. After the paperwork in [4] is done, please wait 1 to 2 weeks for the insurance company to complete the absolute assignment process on their backend. By then, you will receive a letter from the insurance company on the absolute assignment completion.

Frequently-asked Questions

Q1: As a new owner and a new beneficiary of a Resale Savings Plan (RSP, also known as traded / resale / second-hand endowment policies), what happens when the life assured passes on while my policy is still in-force?

A1: If the life assured’s passing were then reported to the insurer, the insurer will contact you to collect the death benefit pay-out and the RSP will be terminated. Otherwise, your RSP will continue to be in-force as though the life assured is still alive.

Q2: As a new owner and a new beneficiary of a RSP, what happens when I pass on while my policy is still in-force?

A2: Your RSP will go to the Estate. Please seek advice from an estate planner on including your RSP in a Will.

Q3: Who can buy RSPs?

A3: Any individual or entity of the following conditions can buy RSPs, subjected to insurance companies’ know-your-customer (KYC) and anti-money-laundering (AML) checks:

  • At least age 21
  • NOT an undischarged bankrupt
  • NOT a politically-exposed individual

Q4: Any additional fees payable for buying RSPs?

A4: No hidden fees for buying from us. The prices you see on our website is what you will be paying for. However, if you were to choose a foreign currency or cryptocurrency to pay, there may be fees imposed by online remittance platforms and crypto wallets respectively.

Q5: Can I seek your advice on which RSP to buy?

A5: As we are not financial advisors, we are unable to advice on which RSP to buy. The decision is entirely yours on buying.

Q6: What is the denominated currency for RSPs?

A6: Unless otherwise stated, RSPs are denominated in Singapore Dollars (SGD).

Q7: I am unable to make single payment per order for buying RSPs due to transaction limits.

A7: As of 29 Sep 2020, you can make single payment of up to $200,000 via PayNow Corporate and/or FAST. You may need to change your account settings to increase the transaction limit