Singapore Life is among the leading life insurance providers in Singapore with an extensive set of life insurance products. They have been among the first to adopt a 100% digital approach in dealing with customers.
What Are the Benefits of Singapore Life Insurance?
Here are the benefits that you will get with Singapore Life:
- If you have any queries about your Singapore Life policy, you can have them clarified anytime and anywhere by having a chat with their team online.
- You will be rewarded if you lead an active lifestyle. Just join the Stay Active programme by Singapore Life and sync your fitness device with the Singapore Life Activity Tracker. By doing so, you will earn cashback each month on your policies.
- Singapore Life has made the entire process of purchasing a life insurance product hassle-free and paper-free.
- Singapore Life has an easy-view dashboard that helps in keeping track of everything about your Singapore Life coverage.
- Singapore Life offers you the option of comparing their price with other insurers online. You just have to enter a few details about yourself and compare the prices offered by other insurers.
- They also offer numerous promotional deals. Currently, you will get a discount of 15% on your term life policy. This offer will be valid until 31 October 2018.
Products Offered by Singapore Life
The term life insurance offered by Singapore Life provides you with the flexibility to tailor your policy based on your unique requirements. Singapore Life offers three different life insurance products:
Term Life is a general premium term plan that offers extensive cover at affordable premiums. You will not get a cash surrender value with Term Life, but you will get to enjoy the following benefits:
- Get coverage of up to S$2 million without having to go through additional medical check-ups.
- Enjoy non-stop protection, thanks to the auto-renewal option with this policy.
- The chosen sum assured will be paid during the coverage period if the insured person dies.
- As part of the terminal illness benefit, the chosen sum assured will be paid subject to a maximum amount of S$7 million. This is an acceleration of the death benefit and will be paid only if the insured person is diagnosed with a terminal illness.
- Get the option of enhancing your cover by including a disability and critical illness rider.
- Enhance the sum guaranteed during significant events in your life such as marriage or when you have kids, irrespective of how you are doing health-wise.
You will not be paid any amount if the claim arises directly or indirectly from any of the following instances:
- Death as a result of suicide within the first year of your cover.
- Terminal illness or disability caused because of an attempted suicide or because of HIV infection.
If you become disabled because of an injury, illness or disease, you are entitled to get a significant payout. Under critical illness, you will get coverage for all major cancers, heart attack, stroke, and more. If you wish to purchase this policy, you can do so through their financial advisers or you can go to the company website.
Singapore Life also offers a DIRECT-Term plan that provides coverage for disability, terminal illness, and death worth up to S$400,000. There is also an option for you to add a critical illness rider with this plan. The DIRECT-Term plan is only available for online applications.
If you wish to fulfil your legacy planning requirements, you can do it with Singapore Life’s Universal Life. With this policy, your premium will grow over a period of time and you will also get a death benefit. Enjoy the following benefits with Universal Life:
- You have the flexibility of accessing your funds and adjusting the cover whenever you wish.
- Singapore Life guarantees the cost of insurance charges for the entire lifespan of your policy.
- Your returns are guaranteed with a minimum assured crediting rate of 2% p.a.
You can purchase this plan only through HNV (high net-worth) brokers or via select private banks. Send an email to [email protected] with your contact number and name or call Singapore Life at +65 6911 1111.
With Singapore Life’s Endowment Plan, you will get a guaranteed return of 2.15% every year on your savings over a period of three years. You will enjoy the following benefits with an Endowment Plan:
- Make payments in an easy and convenient way through FAST Transfer.
- You have the option of investing an amount of up to S$100,000.
- Get a death benefit of up to 105%.
- You can enrol into this programme in a hassle-free manner as the process of registering through MyInfo is completely paperless.
- The duration of the endowment policy term is just three years.
- Get a guaranteed return of 2.15% p.a.
Singapore Life’s Endowment Plan will be available on a first-come-first-served basis and you can purchase it only while the tranche is open.
How to Purchase a Singapore Life Insurance Product
You can purchase a product offered by Singapore Life by getting a quote online. For example, if you wish to purchase the Endowment Plan, you will find out how much you will get at the end of each year. For instance, if you invest S$8,900, the Guaranteed Accidental Death Benefit that you will get at the end of the first year will be S$9,345, the Guaranteed Non-Accidental Death Benefit will be S$8,989 at the end of the first year and the Guaranteed Surrender Value will be S$8,473.20. At the end of the three-year policy term, the Guaranteed Maturity Value will be S$9486.50.
If you are happy with what you will get based on the amount you intend to invest, you can go ahead and buy the product by logging in to MyInfo using your SingPass details.
Steps to Take While Making a Life Insurance Claim
Making a life insurance claim is often a hassle, but with Singapore Life making a claim is hassle-free. You just have to contact Singapore Life’s insurance advisers. In addition, you will have to provide specific information to Singapore Life. Once you have submitted all the necessary information, Singapore Life will get in touch with you and guide you through the claims process in 24 hours. Here is a list of information that you will have to share online:
- The reason for making a claim: Critical illness/disability/death/terminal illness.
- The person you are making a claim for: Name of the person and the policy number of the insured.
- Your personal details: Name of the claimant, email address, mobile number, and your relationship with the insured person.
Once you have entered all the above details, you can submit the claim.
Frequently Asked Questions
Q. What is the available payment frequency for paying the premium?
A. You have the option of paying the premium yearly, semi-annually, quarterly, or monthly.
Q. How do I find my password and username?
A. Once you have successfully created an account, you will get your Singapore Life account password and username through your registered email address.
Q. Is there an option of updating my contact and personal details?
A. Yes, you can update your contact and personal details by taking the following steps:
- Sign in to the online portal.
- On the home page, click on the profile icon.
- You will find the option of updating your email address, mobile number, and landline number.
- Once you have entered the details, click on the "green tick" icon.
- You will get a One-time Password (OTP) on your registered mobile number.
- After entering the OTP, you have to click on "Confirm". Once you do, an email will be sent to you that will confirm that your details have been updated.
Q. Will I get any premium notice?
A. You will get the premium notice only if the payment method is "Self Initiated" irrespective of the frequency. Also, if you have your policy on annual or quarterly payment through credit card or Interbank GIRO, you will get a notification mail.
Q. Who can make a nomination?
A. You can add a nominee if you fulfil the following criteria:
- You are 18 years or older at the time of making the nomination.
- The life assured and the policy owner has to be the same individual. In other words, the nomination cannot be made on a third party policy.