Insurance benefits

Enjoy insurance protection

Your Singlife Account gives you insurance protection against unfortunate life events.

Note that crediting rates will be revised from 1.5% p.a. to 1.0% p.a. for the first S$10,000 starting from 01 Jul 2021.

Singlife Account protects you for the rainy days in life

Every Singlife Account provides a life insurance coverage for death or terminal illness, up to 105% of your account value.

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How does the Life Insurance Coverage work?

In the event of death or terminal illness at age 60*

S$10,000


Joseph’s account value is S$10,000.

In the event of death or terminal illness at age 60*

S$10,000

Joseph’s family can get a full 100% payout of his
account value
.

S$500

5% of his account value or S$50,000, whichever is lower.

*Terms & conditions apply, find out more here.

Limited time offer – Retrenchment Coverage

If you are retrenched and remain unemployed for at least 4 months, we will pay you a retrenchment benefit for a period of 3 months, up to S$10,000.

The retrenchment benefit is your average monthly card transaction values made over the 6 months immediately before the date of retrenchment.

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How does the Retrenchment Coverage work?

Sarah has been retrenched and remained unemployed for 
4 months*.

She submits the claim within 90 days after being unemployed for 4 months.

Average monthly card spend over 6 months before retrenchment = S$1,000

Singlife calculates Sarah’s retrenchment benefit based on her average monthly card spend over six months before her retrenchment.

S$1,000 for next 3 months

Sarah will receive that retrenchment benefit for period of 3 months.

*Terms & conditions apply, find out more here.

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A few minutes is all it takes to apply for
a Singlife Account policy

Note that the Singlife Account is an insurance savings plan. It is neither a bank savings account nor fixed deposit. Each person is only entitled to one Singlife Account policy.

Commonly Asked Questions

You will get a universal life insurance which provides you death or terminal illness benefit of up to 105% of your account value.

Please refer to the policy’s Terms & Conditions for more information.

You will receive the retrenchment benefit for a period of three (3) months, up to a total payout of S$10,000, provided you have been retrenched and remain unemployed for at least four (4) months following the date of retrenchment.

The coverage is limited to 1 year from the start of your Singlife Account policy.

For more information on claims eligibility and exclusions, you may refer to the Terms & Conditions of Retrenchment Benefit Rider.

No, all you need to do is to fund S$500 to activate your Singlife Account policy. You can then start earning the returns.

To continue enjoying the benefits of the Singlife Account policy once you have activated it, you would need to maintain a minimum account value of S$100.

No, you are only allowed to open one(1) Singlife Account policy.

You need to maintain a minimum account value of S$100. There are no returns or benefits to your Singlife Account policy if the account value falls below S$100.

The Singlife Account is protected up to specified limits by the Singapore Deposit Insurance Corporation.

Singapore Life Pte. Ltd. (Singlife) is a registered member of the Policy Owner’s Protection Scheme. The PPF Scheme protects policy owners in the event a life or general insurer which is a PPF Schema member fails.

The PPF Scheme provides 100% protection for the guaranteed benefits of your life insurance policies up to the applicable caps. Coverage for your policy is automatic and no further action is required from you.

The PPF Scheme is administered by the Singapore Deposit Insurance Corporation (SDIC). To find out more, click here.

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Easy Application Process

Just download the app and sign up
– a few minutes is all it takes.

Singlife Account at a glance

Important Notes

  • The information on this page is meant for your general knowledge and does not regard any specific investment objectives, financial situations or particular needs any person might have. Nothing on this page constitutes the provision of financial advice.
  • Before making a commitment to purchase this product, you should consider whether the product is suitable for you by referring to the product summary, terms and conditions and FAQs. Alternatively, you may wish to seek advice from a financial adviser before making a commitment to purchase this product.
  • We hereby disclose to you that:
    (a) Your relevant money as defined under Payment Services Act (“PSA”) from Singlife Account will be held by us on behalf of you in a trust account opened with a safeguarding institution;
    (b) Your relevant money from Singlife Account will be deposited in a trust account together with, and commingled with, the relevant money received by us from our other Singlife Account customers;
    (c) There is no foreseeable risks of such commingling and you are able to withdraw your account value anytime via FAST;
    (d) The relevant money in the trust account with the safeguarding institution is insured by SDIC. Pursuant to section 23(7)(b) of the PSA, the customers’ relevant money deposited in a trust account are not liable to be taken in execution under an order or any court process, such as in insolvency proceedings. In the event of the insolvency of the safeguarding institution, the Monetary Authority of Singapore may make regulation under section 103 of the PSA on the manner in which the customers’ relevant money must be treated and dealt with; and
    (e) The safeguarding institution is not liable to compensate you for your claims against Singlife.
  • This policy is protected under the Policy Owners’ Protection Scheme 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 us or visit the Life Insurance Association or Singapore Deposit Insurance Corporation Limited (SDIC).
  • Information is correct as at 1 July 2021.
  • This advertisement has not been reviewed by the Monetary Authority of Singapore.