Singlife launches Singlife Account
Singlife , “Singapore’s leading digital life insurer,” announced the launch of Singlife Account, “its highly anticipated” mobile-first insurance savings plan.
The Singlife Account is a yearly renewable life insurance plan that provides life insurance coverage for death or terminal illness, up to 105% of the account value, and lets customers earn interest on their savings. With an initial contribution from S$500, customers can earn 2.5% p.a. returns on their first S$10,000. Every Singlife Account comes with an optional Visa debit card that gives customers instant access to their account and allows them to make overseas transactions without incurring FX charges. In two months from the launch of the new Singlife brand in September 2019, the Singlife Account has already seen over 2,000 customers signed up on its waiting list, “signifying a collective demand for an insurance product that gives today’s mobile-first generation what they want for their money.”
The public will be able to download the Singlife App while an exclusively selected group of customers from the fast-growing waitlist will be amongst the first to start earning interest on their Singlife Accounts.
“We decided to flip savings products upside down by giving customers a higher interest rate for the money that sits in the bottom of their account without lock-ins. This is designed to simplify saving and do away with the fear of lock-ins that often keeps customers’ money in low interest earning accounts. Today’s consumers are looking for simpler ways to make their money work harder. We want to help our customers manage, grow and protect their savings, unlocking the true potential of their money. We strive to provide customers with a seamless experience, ultimately putting the power back into their own hands. For instance, customers can now save for their holidays through our insurance savings plan, and then when traveling, receive instant access to their savings and no FX charges on overseas spend.” – Walter de Oude, CEO and founder of Singlife.