Singlife has introduced a new participating endowment plan, designed to offer enhanced flexibility and security for policyholders. This plan includes a market-first feature aimed at allowing individuals to grow their savings as their financial needs change.
The standout feature of the plan is the Life Stage Add-on, enabling policyholders to purchase additional savings plans with lower premiums starting six months after their initial policy activation. This innovative option offers greater financial adaptability for policyholders over time.
Other key benefits include the Legacy Distribution Option, which simplifies asset distribution, and the Secondary Life Assured option, allowing policyholders to transfer their policy to a loved one. Additionally, the plan offers a Retrenchment Benefit, which waives premiums for up to 12 months in the event of job loss.
Policyholders will also benefit from a guaranteed 100% capital protection at maturity, along with potential bonuses. Furthermore, the plan allows for the use of Supplementary Retirement Scheme (SRS) funds for single premium payments. Importantly, no medical underwriting is required to participate in the plan.
The new Singlife Smart Saver will replace the Singlife Choice Saver, which is set to be discontinued on 24 March.
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