Terms and Conditions for Bonus Interest

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TERMS AND CONDITIONS GOVERNING EDUSMART BONUS INTEREST (THE "PRIVILEGE")

1. This Privilege will be upheld by DBS Bank Ltd ("the Bank").

2. This Privilege is open to all Eligible Customers. An Eligible Customer is a person who:

  1. Is the policyholder of a valid life insurance policy ("Policy") under EduSmart; and
  2. Pays the premium for the Policy from a DBS or POSB account

3. A valid life insurance policy refers to any of the following underwritten by Aviva Ltd ("Aviva"):

  1. MoneySmart (RP) Kids
  2. MoneySmart (RP) Ladies
  3. MoneySmart (RP) Men
  4. MoneySecure
  5. MoneyBack

4. An Eligible Customer will receive the Bonus interest provided that on the date of crediting this sum:

  1. The Policy is in force; and
  2. There has been no claim on the Policy that results in Policy termination;

5. The Bonus interest will be at 2 times the interest rates of the first tier of the POSB Passbook Savings Account as at 31 December of the same calendar year, up to a maximum period of 3 years from the Policy Anniversary. The Bonus Interest will be calculated as at 31 December of every year on the total premiums paid to date in that calendar year and pro-rated according to your Policy Anniversary up to 31 December of the same calendar year.

6. The Bonus Interest is valid for a maximum period of 3 years from the Policy Anniversary.

7. The Bonus Interest will be credited to the Eligible Customer's DBS or POSB account that the latest premium payment of the Policy is debited from. This will be within 60 days from 31 December every year. Please note that there may be a difference on the Bonus Interest earned in a calendar year depending on your payment frequency and total premiums collected in that same year.

8. All participants irrevocably consent to disclosure by the Bank and Aviva of their personal particulars and account and Policy information to each other and to any person or entity as the Bank or Aviva deems fit, for the purposes of or in relation to this Privilege.

9. The Bank may vary the terms and conditions of the Privilege without prior notice or withdraw or discontinue the Privilege at any time without any notice or liability. The Bank's decision on all matters relating to the Privilege will be at their sole and absolute discretion, and will be final and binding on all participants. In the event of any inconsistency between these terms and conditions and any brochure, marketing or promotional material relating to the Privilege, these terms and conditions will prevail.

10. These Terms shall be governed by the laws of Singapore and each Eligible Customer agrees irrevocably to submit to the non-exclusive jurisdiction of the courts of Singapore. A person who is not a party to any agreement governed by these Terms shall have no right under the Contracts (Right of Third Parties) Act (Cap 53B) to enforce any of these Terms.