Singlife has launched Singlife Legacy Indexed Universal Life (IUL), a non-participating universal life plan.
With coverage starting from US$250,000, the plan provides lifelong protection against death and terminal illness alongside investment solutions for Singapore’s growing affluent segment.
Customers have the flexibility to tailor their investment strategy and can choose to allocate premiums between a fixed account and an index account, based on their financial goals and preferences.
The fixed account offers steady growth in the policy’s cash value, featuring a guaranteed lock-in crediting rate of 4.25% p.a.1in the first policy year and a minimum guaranteed crediting rate of 2% per annum thereafter.
For those seeking higher returns, the index account offers the potential for growth with a crediting rate linked to the performance of the S&P 500 Index and Nasdaq-100 Index, currently capped at 11% per annum.
Additionally, it comes with a safety net: a guaranteed floor rate of 0% per annum to protect customers against negative market returns.
To further grow the policy value, the plan also includes a guaranteed loyalty bonus with an additional crediting rate of 0.35% p.a. for both the fixed account and index account from the 11th policy year.
Additionally, Singlife Legacy IUL provides the flexibility to change the life assured after the first policy year, enabling customers to pass on the policy, ensuring continuity in legacy planning, or supporting business continuity.
Stanz Tan, head of investments and wealth, products, propositions and transformation at Singlife, said: “Singapore’s high-net-worth-individual (HNWI) population is growing rapidly.
“However, the Singlife Financial Freedom Index 2024 found that only 16% of affluent consumers surveyed own a legacy plan. This highlights a significant gap in end-of-life planning.
“Singlife Legacy IUL addresses this gap by offering an accessible coverage entry point of US$250,000, and importantly, the flexibility to switch the life assured is reassuring in the course of legacy planning.”
