Singlife has launched an index-linked life insurance plan that offers growth potential alongside customizable income streams.  

Addressing Singaporeans’ growing focus on retirement security, Singlife Legacy Indexed Income is linked to the performance of five selected indices, including indices that incorporate volatility-control features, while supporting long-term wealth accumulation.

These indices are the S&P 500 Index, S&P 500 Engle 8% VT TCA Index, Nasdaq-100 Engle 8% Index, UBS Global Multi Asset Engle 8% Index, and UBS Gold Engle 8% Index.

A built-in floor rate of 0.00% per annum helps limit the impact of market volatility on policy value by ensuring that no negative returns are credited.

Customers will decide how much income to receive each year, when it begins, and for how long. They may set up to five income phases, each with its own target income amount and duration, and make adjustments as their needs evolve.

Yearly income

The plan is designed to allow customers to receive income while continuing to accumulate wealth. During each policy year in the income payout period, customers receive income based on the performance of the chosen indices, up to their selected target yearly income.  

Any additional gains within the same policy year are automatically reinvested to support continued growth of the policy value. A guaranteed loyalty bonus provides an additional crediting rate of 0.7% per annum on the index account from the eleventh policy year onwards, further supporting the potential growth of the policy value.

Lu Ping Wong, head of savings and investment at Singlife, says: “Rising life expectancy, escalating living costs, and global uncertainties make it increasingly important for individuals to have multiple diverse income streams to support their retirement years. Singlife Legacy Indexed Income can complement guaranteed retirement income sources such as CPF Life payouts and endowment plans by providing an additional income stream linked to the performance of globally recognized indices, offering individuals growth potential, flexibility, and greater resilience against inflation.”

For individuals thinking about leaving a legacy, the plan allows for the “life assured” to be changed up to five times, enabling them to pass the plan down as a legacy gift across generations.

Application is hassle-free, with guaranteed acceptance and no medical underwriting required. Other plan features include: lifelong protection against death and terminal illness; penalty-free partial withdrawals upon key life-stage events or other unexpected situations; option to switch “life assured” to suit changing needs; and option to spread the net premiums allocated to the index account over 12 months to help manage the impact of market fluctuations.