We welcome anyone who is
1) 18 years old and above
2) Employed on a full-time basis
Here's how it works:
Open your Bandboo Account by depositing $99 into it.
This deposit is fully refundable at the end of your 12-month membership.
Unlike traditional insurance companies that make you pay your entire year’s premium upfront or with high-interest installments, we collect premiums in 12 equal interest-free installments.
This $99 deposit is used for your payment of premium and membership fee in case a month’s payment does not get through.
Andy is an engineer.
He does not feel any immmediate risk of retrenchment as he thinks that his company is in a good shape.
Nonetheless, Andy decides to sign up for the Unemployment Insurance to give him and his family a peace of mind. He fills up his personal particulars and goes on to pay a deposit of $99 to open his personal Bandboo Account.
3 days later, Andy receives an email from Bandboo confirming that his application has been accepted.
Andy is now a member of the Bandboo Unemployment Insurance.
Each month, you pay a monthly membership fee of $9.99.
You also pay a $35 premium into your Bandboo Account.
Deductions will be made from your account only if there are claims.
All balance remaining in your account belongs to you and will be returned to you at the end of your membership term.
On the 28th of every month, Andy's membership fee of $9.99 and premium of $35 will be deducted from his credit card automatically.
The $9.99 membership is used to cover the operating costs of Bandboo's insurance technology platform while the $35 premium is kept in Andy's personal Bandboo Account and belongs to him.
After being a member for 3 months, Andy will have
$35 monthly premium x 3 months = $105 account balance
In the third month, another member, Halim, is retrenched. Halim earns a gross salary of $5,500 a month.
If there are 1000 members at that time, each member will contribute to Halim's payout with
$5,500 payout ÷ 1000 members = $5.50 contribution
Andy will still have
$105 - $5.50 = $99.50
in his personal Bandboo Account.
If you are retrenched, you are covered with a payout equivalent to 3 months of your income spread across 5 months.
The total payout is capped at $18,000.
After being a member of the Unemployment Insurance for 9 months, Andy's company goes on a restructuring to improve their profitability even though it is still doing well
In the process, Andy is retrenched.
As Andy is earning $9,000 a month, 3 months of his salary will amount to
$9,000 x 3 months = $27,000
Hence, he is subjected to the $18,000 total payout cap.
For the first month of unemployment, Andy receives a payout of $6,000. His membership will also be renewed for a year so that he continues to be covered.
In the second month he remains unemployed, Andy becomes eligible for his second payout of $6,000. This payout is split into two parts and paid to him in the second and third month.
In the third month he remains unemployed, Andy becomes eligible for his third payout of $6,000. This payout is also split into two parts and paid to him in the fourth and fifth month.
As long as Andy remains unemployed for three months, he is eligible for his full payout.
1) Experienced an involuntary job loss
2) Be a member of Bandboo past the no-claim period
3) Be a member before your employer has made an announcement on an upcoming retrenchment
4) Be employed by your ex-employer for a period of at least 250 days prior to retrenchment
5) Your employer has reported the retrenchment as per legal requirement by the Ministry of Manpower
Andy qualifies for his payout as long as he meets the 5 points stated in the claim criteria.
In the first month after he is retrenched, he will have to submit online images of his NRIC, Employment Contract, latest payslip, termination letter, and latest CPF statement containing CPF contributions for the past 3 months.
To receive his first payout within the first 5 working days of the following month, he will need to complete the submission by the 15th and attend a consultation with our Bandboo Relationship Manager by the 25th.
For the subsequent 4 months, he will need to just submit online his latest CPF statement containing CPF contributions for the past 3 months by the 15th and attend a consultation with the Bandboo Relationship Manager by the 25th.