Singapore-based life insurer Singlife has rolled out two revamped insurance plans: Singlife Elite Term II and Singlife Cancer Cover Plus II.
These insurance plans are designed to enhance the financial well-being of Singaporeans, the company said.
“At Singlife, we recognise that our customers' needs change over time, necessitating adaptable policies that offer optimal protection. As Singapore's population ages, our enhanced plans are tailored to cater to individual needs, providing robust protection and alleviating the financial strain on themselves and their families,” said Singlife head of life products Stanz Tan.
Singlife Elite Term II, released on March 14, emerged as a response to the insights gathered from Singlife's 2023 Financial Freedom Index study.
The study underscored a notable concern among 60% of Singapore's population regarding their ability to cover hospital expenses, a figure that escalated to 65% in scenarios involving the financial care of dependents during unforeseen events.
This new term life insurance plan introduces a suite of coverage options and riders, including protection against total and permanent disability and critical illnesses, aiming to reassure policyholders about their family's financial security. Additionally, it facilitates a seamless process for policyholders to augment their coverage or transition between insurance plans without the need for medical underwriting.
Singlife launched Singlife Cancer Cover Plus II on the same date. This medical plan encompasses outpatient cancer treatment costs, covering a broad spectrum of therapies and medications, both standard and experimental, with benefits capping at S$1.5 million annually per policy.
In an exclusive offer, the first 50 qualified policyholders will receive a complimentary cancer screening package, thanks to Singlife's collaboration with IHH Healthcare Singapore, a private integrated healthcare provider. This partnership facilitates access to a network of over 600 medical specialists, streamlining the admission process for policyholders to ensure a focus on recovery without financial worries.
To celebrate these launches, Singlife is extending a promotional offer of a 10% discount on the first year's premiums for Singlife Cancer Cover Plus II, valid until June 30, 2024.
The introduction of these updated products coincides with the phasing out of their predecessors, with Singlife Elite Term and Singlife Cancer Cover Plus ceasing availability on April 14 and March 14, 2024, respectively. However, current policyholders of these outgoing plans are assured of unchanged policy coverage, allowing for a seamless transition to the new offerings or the continuation of their existing plans.
