Disclosures

Who advises you

Advice on group insurance through bene is given by Shawn Lee Yi Heng, a representative of SingCapital Pte. Ltd. registered with the Monetary Authority of Singapore (MAS). His representative number is SLY300234613.

About SingCapital

SingCapital Private Limited (SingCapital Pte. Ltd.) is listed in the MAS Financial Institutions Directory as a Licensed Financial Adviser and an Exempt Insurance Broker. Its regulated activities include advising on and arranging life policies.

You can view its directory entry at https://eservices.mas.gov.sg/fid/institution/detail/1471-SINGCAPITAL.

• Address: 1 Kim Seng Promenade, #12-06 Great World City East Tower, Singapore 237994
• Telephone: +65 6801 4088
• Website: www.singcapital.com.sg

What we advise on and arrange

We advise Singapore employers on group insurance for their employees and help them arrange it with the insurers on our panel. The covers we compare are group hospital and surgical, major medical, GP and specialist, dental, term life, personal accident and critical illness.

The insurer, not bene, issues the policy, sets the premium after underwriting and decides claims.

The insurers we work with

We currently arrange group cover with the 14 insurers listed below. We do not place business with every insurer in Singapore, so our comparisons cover the insurers on our panel, not the whole market. If you would like an insurer that is not on the list, tell us and we will say whether we can help.

Because we receive commission from insurers, bene does not describe itself as independent. We also do not claim that any plan is the best or the cheapest for every company: the right choice depends on your team and your priorities.

• AIA Corporate Solutions
• AIG
• Allianz
• Chubb
• Cigna Group Health
• HL Assurance
• HSBC Life
• Income
• Liberty Insurance
• MSIG
• Prudential
• Singlife
• Sompo
• Tokio Marine Life

How we are paid

You pay nothing to bene for our comparison or advice. When your company takes up a policy we arranged, the insurer pays a commission, through SingCapital, for arranging it. The commission is included in the premium the insurer charges. It is not an extra charge on top.

Commission rates differ between insurers and between products. As an example, one insurer’s SME package brochure states that total distribution costs are 10% to 15% of the premium. Ask us and we will tell you the commission on any plan we recommend.

Conflicts of interest and how we manage them

Because commission rates differ, we could earn more by recommending one insurer over another. We manage this conflict in these ways:

• We compare plans side by side on benefits, limits and price, and show you the options we considered, not only the one we recommend.
• We do not rank insurers or plans by the commission we receive.
• We explain the reasons for our recommendation, and the decision is yours.
• We tell you the commission on any plan we recommend if you ask.

Ballpark prices from our calculator

Our premium calculator gives indicative yearly price ranges for teams of 2 to 200, worked out from insurers’ published SME package rates and a typical office age mix. The figures are estimates, not quotes or offers. The calculator lists insurers in name order and does not rank them.

Exact premiums come from the insurer after underwriting and depend on your team’s details. We aim to send exact quotes within the next working day.

Policy Owners’ Protection Scheme

Group life and group accident and health policies issued by insurers that are members of the Policy Owners’ Protection Scheme are protected under the scheme, which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact your insurer or visit the GIA, LIA or SDIC websites (www.gia.org.sg, www.lia.org.sg or www.sdic.org.sg).

Feedback and complaints

If you are unhappy with our service or advice, please tell us first, at hello@bene.sg or +65 6277 3210. We will look into it and reply to you as quickly as we can.

Regulatory statement

This website has not been reviewed by the Monetary Authority of Singapore.

The information on this website is general and does not take into account the specific objectives, financial situation or needs of any company or person. Speak with us before you make a decision about insurance.