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Making your money work for you: How to grow your money with an insurance savings plan

Written by Singlife | 26 Aug 2020 |

As a young adult in her 20s, Sandra Lim has never had to worry about financial planning.

But after planning for the year-end graduation trip with her friends, she started realising that a lot of them are financially prepared for life’s big milestones. She recognises that she had missed out on opportunities to grow her money, and instead of berating herself for her previous lack of action, she decides to step up and start now.

How it all started

Like most of us, Sandra holds a savings account for kids opened with the bank when she was young. Her mum had been managing the account for her, including printing the balance with a bank book.

As a sheltered girl, she never really handled her finances, and most of her angpow money was deposited into the account by her mum.

This year is the start of Sandra’s final year in university. She is preparing for her graduation trip to Bangkok with her friends once the COVID-19 crisis comes to an end.

Even though Sandra grew up together with her best friend Monica, Monica seems so much more adult than her when it comes to monetary matters.

Monica has investments and savings plans, and knows a lot about managing finances— she is well equipped for post-graduation independence. Sandra, however, is clueless about all sorts of money matters.

Taking baby steps towards adulting – no more FOMO

Not wanting to feel “left behind”, Sandra searches on ways to save up and would prefer some low-risk options that allow her to start small and slowly earn returns. Sandra knew from her friends talking about insurance that most insurance plans with a savings or an investment element have lock-in periods, with certain penalties to incur if you terminate them early.

As she has little disposable income, she knows she needs to find a plan that does not lock her savings in.

Given all these conditions: to save for her graduation trip, her low risk appetite, and her need to have access to her money anytime, she then surmises that the Singlife Account plan may be a suitable one for her.

Worthwhile and flexible

Knowing that the Singlife Account plan offers up to 2.5% p.a.^ returns on the first S$10,000 and will be capital guaranteed, Sandra finds that it is a great plan for her to grow her savings.

Although Singlife Account is an insurance savings plan, it has no lock-in period. She can easily transfer money in and out via Fast and Secure Transfer (“FAST”) without any fees. It only requires a minimum initial premium of S$500 to apply for a Singlife Account plan, and a minimum of S$100 to continue earning returns.

Enjoy a multitude of benefits

Other features of the Singlife Account plan include insurance benefits such as death coverage of up to 105% of the account value and retrenchment coverage of up to S$10,000 over 3 months* , as well as an optional and complimentary Singlife Visa Debit Card (“Singlife Card”) which can be used to make purchases and as a card for public transport.

Though she is not much of an online shopper, the perk of having zero FX fees for overseas purchases is useful when she’ll be in Bangkok! That would mean she can shop and pay with the Singlife Card in foreign currency, and enjoy no FX charges!

Sandra wishes that she had been more financially-savvy earlier in her life. She could probably have saved more and even enjoyed more trips during her university life.

*Terms and conditions apply. 

It’s never too late to start

Since there’s no lock-in, and Sandra has S$500 to kick start, she promptly signs up for the Singlife Account plan. There’s nothing to lose anyway—she can easily make a withdrawal or even terminate her Singlife Account policy without incurring any charges if she wants to.


Day 1: Onboarding

Sandra downloads the Singlife app, goes through the quick onboarding process and puts in S$500 via FAST transfer from her bank account—all within 10 minutes!

Her Singlife Account policy is ready with the account value reflected on her app, and she proceeds to request for the optional Singlife Card to be sent to her registered address.

Day 2: Returns earned!

Excited to see her money grow, she opens up the app and sees her daily return earned. As Sandra is still new to Singlife, she is taking things slow and decides to keep the account value at S$500 for a start.

Day 9 – 12: Receiving her Singlife Card in the mail!

Sandra receives her Singlife Card and activates it with her Singlife app. She loves that she can easily manage the Singlife Card on the app. If she loses the card, she can lock it and re-order a new one with a few touches of a button.

Growing with Singlife Account

After a few weeks of using the Singlife Card for her shopping and meal expenses, she gains greater confidence with her Singlife Account policy. The Singlife Card has added more convenience to her spending, as she is able to use the Singlife app to effortlessly keep track of her transactions. A month after starting with the Singlife Account plan, she sees her monthly returns credited into her Singlife Account policy. With this, she is able to steadily grow her savings over time.

She transfers another S$8,000, accumulated from her many years of angpows, into her Singlife Account policy and steadily monitors it.

She’s excited to see her money grow and using the earned returns to fund her graduation trip to Bangkok!

Be like Sandra—kickstart your savings journey and get ready to earn up to 2.5% p.a.^ returns with the Singlife Account plan today!

^ 2.5% p.a. returns on first S$10,000 | 1% p.a. returns on amounts above S$10,000 | There are no returns for amounts above S$100,000. | Crediting rates (returns) are not guaranteed.
The information is meant for your general knowledge and does not regard any specific investment objectives, financial situations or particular needs any person might have and should not be relied upon as provision of financial advice.

Singlife Account is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy 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 Singlife or visit the LIA or SDIC web-sites ( www.lia.org.sg or www.sdic.org.sg).

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

Information is correct as at 24 August 2020.