Insurance

Tax relief will be granted in the year following the year of contribution provided that you are assessed as a tax resident. For example, you will get tax relief for contributions made in year 2018 and the tax relief will be given in Year of Assessment 2019, if you are regarded as a tax resident in Year of Assessment 2018.

Tax relief is granted automatically by the tax authority (IRAS), based on information provided by the SRS operators.

The SRS offers attractive tax benefits as contributions to SRS are eligible for tax relief in the following year of assessment for tax. However, do note that with effect from 1 Jan 2017, there is a cap on personal income tax relief of $80,000 per year of assessment, so if your personal relief has exceeded $80,000 for the year, further contribution to SRS would not attract any tax benefit.

Investment returns are accumulated tax-free. SRS, however, are taxable but only at withdrawals. Only 50% of the withdrawals after the statutory retirement age* from SRS are taxable (referred to as a “50% tax concession”).

*The statutory retirement age is the prevailing age when you made your first SRS contribution. Currently, it is 63.

The SRS is a voluntary scheme to encourage individuals to save more for their retirement, over and above their Central Provident Fund (CPF) savings, with the benefit of tax relief. It began in 2001 and is operated by the private sector.

SRS members can contribute any amount up to a yearly cap of $15,300 for Singaporeans and PRs and $35,700 for foreigners. Every amount of SRS contribution will be eligible for tax relief in the following year of assessment for income tax. SRS contributions may be used to purchase various investment instruments.

The terms and coverage of your policy will not be affected in any way. In the event that the MoneyOwl representative who has been serving you leaves the company, we will assign another adviser to take over your account so that you will always have a trusted adviser to go to.

For all insurance policies, the policy owner will be given a 14 days “free look” period from receipt of policy document as stated in the policy terms and conditions. Cancelling your policy within the “free look” period will mean that the whole policy is cancelled and there will not be any insurance coverage from the particular policy thereafter. If you have gone for a medical examination for the policy, any medical cost incurred will be borne by you.

We stand ready to assist you on claims. Do contact us via email at enquiries@moneyowl.com.sg or give us a call at 6329 9188 for all enquiries between Mondays-Fridays, 9am-6pm (excluding public holidays). Our friendly team of Client Service Managers will assist you.

You can approach us for any enquiry, administrative requirements or actions pertaining to the insurance policies bought through us. We are happy to assist you in submitting instructions to the insurance company for surrender. Alternatively, you may contact the insurance company of your policy directly if you wish to.

The insurance company will mail the policy documents to you directly.

When buying through MoneyOwl, you enjoy lower cost and 30% of the first-year basic commission is rebated to you in cash. We take care of all your needs. You have access to our team of licensed Client Advisers and our Client Service Management team is on hand for you to contact if you require any after-sales service or claims with any of your policies. There is no difference with regards to the policy contract, benefits, coverage or premium offered whether the same policy is bought via MoneyOwl or through the insurance company directly.

All prices reflected are before commission rebates and new promotions.