Singlife Singapore– All You Need to Know About the Company and the Policies They Offer in Singapore
If you have been thinking of where to get an insurance plan that also doubles up as a savings plan, Singlife Singapore should be on your call list. Singlife is a new way to save, manage your money and still have insurance right when you need it.
Founded in 2017, Singlife Singapore uses top-of-the-range technology to make insurance accessible digitally. All the automated processes make saving and protection financially affordable to customers. The insurance provider has high ratings and now goes a step further to make managing cash easier. Singlife has some of the best products available for mobile-first modes of banking and insurance.
Singlife Account and the Singlife Card
The Singlife Account is a versatile insurance savings plan. Even though it is not a bank account, it still gives returns on savings. Users can access the account worldwide and spend using the Singlife Card. The Singlife Card is a Visa debit card that has no FX fees or annual card service fees. You can, however, earn bonus returns of 0.5% separately from the 1% annual base return, applicable for the first S$10,000.
Furthermore, there are instant notifications sent to you on every transaction carried out. This helps people track their spending. The account has a ‘No-Lock-In’ feature that ensures you can withdraw money anytime without any costs or time limitations.
Singlife Direct-Term Life Insurance Plan
The Singlife direct-term life insurance plan is a direct-purchase insurance (DPI) policy that will provide payouts ranging from S$50,000 to S$400,000 in case of death, disability, or terminal illness. It is the preferred product for older consumers. The premiums are competitively priced in comparison to the average term life policies available in Singapore. New applicants can purchase the plan as a renewable 5-year package, a 20-year plan, or until they are age 65.
The Singlife direct-term life insurance plan can be upgraded to include critical illness coverage. This, however, applies only until the age of 65 or when there is a permanent disability.
SingLife Term Life Insurance
The Singlife term life insurance plan is the flagship term life insurance plan available for those who need a plan offering more than the standard coverage of S$400,000. Unlike the average life coverage of S$400,000, a policyholder can select a package that can offer S$10 million as death coverage. It can be purchased online as a direct-purchase insurance product. It is competitively priced so that younger consumers can find it worthwhile. It is, however, more affordable for policyholders who are above 50 years old.
The tenure options are customizable, and users can choose anything between 1 year and 80 years. The tenure is also renewable until 75 years. The cover can include life events like marriage, adoption, childbirth, and financial needs arising from moving homes with booster packs and riders.
Unlike the direct-term life plan, the critical illness and permanent disability riders have an age limit of 99 years instead of 75. It also covers more critical illnesses. Singlife remains flexible on the number of critical illnesses that can be included in the coverage. However, the permanent disability coverage cannot be adjusted as it will remain pegged to what was purchased in the base plan. This makes it easy to customize plans according to needs and edit them as you age.
Singapore Critical Illness Riders
The available critical illness riders at Singlife offer the industry standard of 30 critical illnesses; however, these can be adjusted to include 37 or more. The costs range according to age groups and the basic coverage amounts. One unique offer with the Singlife critical illness rider is those policyholders can always remove the add-ons if their needs change. The adjustments only need to be done during the policy term. The contracts provide a list of exclusions to guide new consumers.
Retrenchment insurance Singapore
Opening a Singlife Account will gives account holders a retrenchment benefit. The retrenchment benefit is only active once the account holder is retrenched anytime beyond 6 months after account opening. For example, the retrenchment benefit is applicable if the person has been unemployed for 120 days. The person will receive a benefit for three months. By default, the amount is calculated using the average monthly transactions made on the Singlife debit cards over the last 6 months before retirement. The retrenchment benefit is capped at S$10000.
Singlife grow is a new investment-linked policy. This product is a life insurance policy that works as a hybrid of investment and insurance coverage. With Singlife grow, account holders invest in portfolios that a department of expert investment professionals manages. Like all investment-linked policies, there are no fixed or guaranteed returns. The returns fully depend on the chosen portfolio and its performance. In other words, the portfolio items accrue profit units, but they may also diminish. Singlife grow allows members to select items according to their risk appetite and investment objectives. By default, Singlife grow provides a life cover making it a good backup in case of death or terminal illness.
Other benefits that make Singlife Singapore an industry leader
Singlife offers members an easy claims process and transparent funds disbursement. Members-only have to make claims within 6 months in case of any eventuality. This can be done via email, and there are a few documents required to forward payments to the linked account. Some of these documents include death certificates or medical records. The claims process makes Singlife one of the top insurance companies in Singapore.
Responsive customer care
Singlife has a mobile App and also includes Whatsapp customer care. This feature makes it easy to communicate with customer care representatives who can constantly engage the problems. Furthermore, the customer will always get live feeds of any status queries and ticket progress.
Singlife Singapore is a very convenient way to organize your finances while still having a reliable coverage partner in case of death or critical illness. With very flexible term insurance covers, you can also have a way to access cash through the Singlife Account when you need it. Even though there are no interests paid for amounts exceeding S$100,000, the very high returns offered are reasonable enough. The Singlife Account provides enough liquidity if you have an emergency and still connects you to other methods to invest your spare cash. In addition, the debit card gives you a reliable means to withdraw emergency funds without penalties or withdrawal fees.