Singapore Life Launches Products After Winning Green Light From MAS

Tom Burroughes

13 October 2017

awarded Singapore Life the status of a fully licensed direct life insurer in June this year. The firm becamse the first local player to achieve this status in almost 50 years.

The products are Term Life and Critical Illness plans.

"This introduction of plain vanilla term insurance is a deliberate departure from the many new products in the market compounded with various interesting, but equally complicated features," the frim said in a statement earlier this week.

“People deserve a better solution for their life insurance needs – accessible, un-convoluted and fast," Walter de Oude, chief executive, Singapore Life, said.

The firm is promoting the launch by offering a discount of up to 18 per cent for people who apply for a term life policy, including critical illness and disability riders, by 31 December this year.

In April, Singapore Life raised $50 million in its Series A funding round, with backing from shareholders such as Chong Sing Holdings FinTech Group Limited and IPGL Limited. It has also partnered with two reinsurers – Munich Re Group and Pacific Life Re Limited.

As referenced above in the WealthBriefingAsia event around critical illness cover, that particular insurance area is seen as under-served in Asia, and there is a need for the wealth management industry and various industry participants to consider such coverage as an important value-add proposition for clients.