Singlife introduces Legacy IUL for affluent market in Singapore

It’s coverage starts from $250,000 for death and terminal illness protection

Singlife launched the Singlife Legacy Indexed Universal Life (IUL), a non-participating universal life plan offering flexible investment and lifelong protection. 

This product targets Singapore's growing affluent market, coverage starts at $250,000 for death and terminal illness protection, along with investment options.

Customers can choose to allocate premiums between two accounts: the Fixed Account, which offers a guaranteed crediting rate of 4.25% p.a. in the first year and at least 2% p.a. thereafter, and the index account, which links returns to the S&P 500 and Nasdaq-100 indices, capped at 11% p.a. 

The index account also includes a guaranteed floor rate of 0% to safeguard against market downturns. 

Singlife Legacy IUL also has a loyalty bonus, adding 0.35% p.a. to both accounts from the 11th year onwards.

Stanz Tan, head of Investments and Wealth at Singlife, highlighted that despite the growing number of high-net-worth individuals (HNWI) in Singapore, only 16% of affluent consumers own a legacy plan.