Singlife Launches Savings Plan for Generational Wealth Planning for Local and Offshore Customers

Singlife Heritage Income offers guaranteed income across generations, and is available in SGD and USD to cater to both local and offshore customers

Leading homegrown financial services company Singlife introduces Singlife Heritage Income, an insurance savings plan that helps individuals to preserve and distribute their wealth. This is in response to increasing demand for legacy planning solutions.

The wealth management industry has seen increasing demand for solutions to meet diverse retirement needs. This plan helps more affluent customers with their legacy planning needs, while also providing an income stream for them during their golden years. It is flexible enough to allow policyholders to change the life assured as many times as they wish, and to appoint a secondary life assured to ensure plan continuity. Additionally, they can choose to divide their policy into sub-policies for seamless wealth transfer to multiple beneficiaries.

With evolving family structures and needs, the plan offers a balance of flexibility and control, empowering individuals to leave a lasting legacy with confidence.

Helen Shen, Group Head of Products, Singlife, said, “Our research indicates that four in 10 surveyed want to enjoy their retirement and still be able to leave something for their family as a legacy. Singlife Heritage Income helps them to do both by providing lifelong income for the individual while continuing to preserve wealth for future generations. With highly flexible features, it allows for more structured wealth transfer planning that is also fuss-free.” 

The plan provides payouts for up to 150 years, securing the future of multiple generations. Policyholders can look forward to a Yearly Income payout of a Guaranteed Cash Benefit of 3.8% of the sum assured^[1] as well as non-guaranteed Cash Bonuses, providing potential returns of up to 6.6% annually. The plan also gives an early guaranteed breakeven from the end of the fifth policy year. At this “breakeven point”, the Guaranteed Cash Benefit and the policy’s guaranteed surrender value will be at least equal to the total premiums paid by the customer.

This combination of a short projected breakeven period, a stable income stream, and preserved liquidity gives customers some certainty and assurance in a time of fluctuating interest rates and global economic uncertainty.

Singlife Heritage Income is available in SGD and USD, catering for cross-border planning. Other plan features include:

● Option to receive monthly or yearly income, with flexibility to change payout frequency

● Loyalty and cash bonuses

● Option to reinvest income payout

● Short premium payment term of up to five years

● Coverage for death and terminal illness

● Option to add on riders such as premium waivers to ensure continued savings growth during unexpected situations such as critical illness

The launch of this Heritage Income product comes shortly after February’s release of Singlife Legacy Indexed Income, a universal life plan that offers market index-linked income. These products, alongside dedicated advisory support defined by personalised advice in areas such as estate equalisation and multi-generational planning, further strengthen Singlife’s position as a trusted provider of wealth and legacy solutions for Asia’s fast-growing affluent market.

Product terms and conditions apply. To find out more about Singlife Heritage Income, please visit singlife.com/heritage-income.

^{[1] The Sum Assured is used to determine the Guaranteed Cash Benefit, Cash Bonus and Loyalty Bonus, and is not the Death Benefit.}