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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.
No, the premiums for life insurance are not affected by the increase in GST rate.
There will be no changes to your policy value.
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.
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:
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.