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GST Hike FAQs for Life & Health products
General FAQs

GST Hike FAQs for Life & Health products

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How will the increase of Goods and Services Tax (GST) rate affect me?

Will the premiums for my life insurance be affected by the increase in GST rate?

Will there be changes to my policy value?

I’m currently paying the policy premiums for Singlife CareShield Standard/Plus or Singlife ElderShield Standard/Plus in full using MediSave. Do I need to pay cash after the GST Hike? Can I have the full premium deducted through MediSave?

Will there be changes to the Medisave Withdrawal Limits for Singlife Shield?

How will the increase of Goods and Services Tax (GST) rate affect me?

The government will be raising the GST rate from 8% to 9% with effect from 1 Jan 2024.

The table below illustrates how the increase in GST rate will be implemented for the affected products/plans: 

*Premium for Singlife Shield, Singlife Shield Standard and Singlife Shield Starter consists of 2 components – MediShield Life (MSHL) and Singlife’s medical insurance. The new MSHL premium rates (for insurance periods on or after 1 Jan 2024) can be found in MOH website: MOH | Premium & Subsidy Tables. 

Affected Products / Plans

Note: Product names with ^ are no longer available for purchase

 Date of Renewal Notice / Premium Notice / Letter of Acceptance / Letter of Conditional Acceptance
GST applicable

Singlife Accident Guard

Singlife Health Plus

Singlife ElderShield Standard

Singlife ElderShield Plus

Singlife CareShield Standard

Singlife CareShield Plus

Singlife Cancer Cover Plus

 

 

 

 

 

 

 

^Catastrophic Medical Insurance

^Catastrophic Medical Plan

^Individual Hospital & Surgical

^Medicare

 

 

 

 

Before 1 Jan 2024

8%

On or after 1 Jan 2024

9% 

Singlife Shield*

Singlife Shield Standard*

Singlife Shield Starter*

Before 1 Jan 2024

8% for Singlife’s medical insurance component 

On or after 1 Jan 2024

9% for Singlife’s medical insurance component 

Will the premiums for my life insurance be affected by the increase in GST rate?

No, the premiums for life insurance are not affected by the increase in GST rate.

Will there be changes to my policy value?

There will be no changes to your policy value. 

I’m currently paying the policy premiums for Singlife CareShield Standard/Plus or Singlife ElderShield Standard/Plus in full using MediSave. Do I need to pay cash after the GST Hike? Can I have the full premium deducted through MediSave?

There is no change to the maximum MediSave withdrawal limit per life assured and it remains as SGD600. If the policy premium exceeds SGD600, the premium on top of the withdrawal limit is payable by the following methods: https://singlife.com/en/policy-servicing#premium-payments.

Will there be changes to the Medisave Withdrawal Limits for Singlife Shield?

For Singapore Citizens & PRs, there is no change to the Additional Withdrawal Limits (AWLs). 

For foreigners whose plan do not have a MediShield Life component, the MediSave Withdrawal Limits will be changed for policy cover effective from 01 Jan 2024. The revised MediSave Withdrawal Limits for foreigners are as listed below: 

Age Next Birthday Medisave Withdrawal Limits for Foreigners in SGD (For policy cover effective before 01 Jan 2024) Medisave Withdrawal Limits for Foreigners in SGD (For policy cover effective from 01 Jan 2024)

1 to 20

$446.36

$447.71

21 to 30

$552.34

$554.67

31 to 40

$693.64

$697.29

41 to 50

$1,129.91

$1,134.81

51 to 60

$1,407.48

$1,414.95

61 to 65

$1,629.53

$1,639.07

66 to 70

$1,710.28

$1,720.56

71 to 73

$2,106.17

$2,117.34

74 to 75

$2,232.34

$2,244.67

76 to 78

$2,444.30

$2,458.60

79 to 80

$2,504.86

$2,519.72

81 to 83

$2,590.65

$2,606.31

84 to 85

$2,853.08

$2,871.17

86 to 90

$2,943.93

$2,962.85

91 and up

$2,974.21

$2,993.41

This webpage is published for information only and Singapore Life Ltd. accepts no liability whatsoever with respect to its use or its contents.

The information contained here is accurate as at 15 Nov 2023.

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