Singlife has announced the launch of an affordable policy plan aimed at Singapore’s young adults.
The plan, called Singlife Shield Starter, offers basic coverage of SG$20,000 per policy year across a network of over 500 preferred medical providers, including private hospitals. The plan starts at an annual premium of SG$300, payable thru MediSave. Customers can also add a SG$1 rider called Singlife Health Plus Starter to enjoy a substantial reduction in mandatory co-payments, resulting in policyholders paying only 5% of their hospital bills.
The plan was designed to meet the needs of budget-conscious young adults in Singapore. Upon reaching the age of 40, Singlife Shield Starter and Health Plus Starter policyholders will be guaranteed a transition to Singlife Shield Plan 2, which offers up to SG$1 million coverage alongside Singlife’s Health Plus Public Prime. This transition does not require any additional underwriter or medical check-ups.
The policy is fully digital and exclusively available for purchase on the Singlife website through a streamlined application process that can be completed within minutes. To celebrate the launch, Singlife also announced a special offer from July 19 to Oct. 31: during the period, individuals signing up for the policy can enjoy a waiver of goods and services tax, and net premiums of only SG$1 for the Health Plus Starter and SG$300 for the Shield Starter.
Singlife Group head of health Helen Shen said that this new product addresses a significant pain point in purchasing insurance: the lengthy and cumbersome application process.
“We understand that unforeseen medical bills, coupled with the aspiration to build wealth, have become a growing concern for young Singaporeans,” Shen said. “With the introduction of Singlife Shield Starter and Health Plus Starter, our aim is to provide consumers with essential coverage while reducing their out-of-pocket expenses amidst rising healthcare costs. This enables them to save their hard-earned money for their financial goals and experience greater protection and peace of mind.”
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