Singapore sees launch of first insurance savings plan with Visa card to spend
Updated: Apr 2, 2022
Singapore has witnessed the launch of a major new financial product today, with Singlife, the country’s leading digital life insurer, unveiling its highly anticipated mobile-first insurance savings plan.
Called The Singlife Account, it is an everyday insurance savings plan that lets its customers earn 2.5% per annum returns on the first S$10,000 with no lock-ins, or fees. Importantly, as a first for insurers in the region, the Singlife Account comes with an optional Visa debit card so customers can access their money anytime.
The public are 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.
Singlife said it is on a mission to help customers manage, grow and protect their money. The Singlife Account simplifies savings for customers all with ease from their mobile phone. It is a yearly renewable life insurance plan that provides life insurance coverage of up to 105% of the account value and lets customers earn interest on their savings.
It added that with an initial contribution from just S$500, customers can earn 2.5% per annum returns on their first S$10,000 with the Singlife Account. What’s more, 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 foreign exchange charges.
The company also revealed that in just 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.
Walter de Oude
Walter de Oude, CEO and founder of Singlife said: “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,” adds in Walter. “For instance, customers can now save for their holidays through our insurance savings plan, and then when travelling, receive instant access to their savings and no FX charges on overseas spend.”
Kunal Chatterjee, Visa Country Manager for Singapore and Brunei, added: “Singapore is embracing a new wave of innovative financial technologies. At Visa, we look to partner with Fintechs, such as Singlife that can transform the payment experience for Singaporeans. We look forward to supporting their growth and are extremely excited that Singlife has joined Visa’s Fintech Fast Track program, which is aimed at helping fintechs leverage the reach, capabilities, and security that Visa’s global payment network offers.”
Brad van Leeuwen, Railsbank VP of Partnerships and Marketing, said: “Congratulations to Singlife on the successful launch of what will be a very influential product. Railsbank has helped power this innovative account and it shows how we can help bring a vision of a new type of financial product to reality.”
The Singlife App is available for download from Google Play and Apple App stores.