The latest news in investment offerings, financial products and other services relevant to wealth advisors and their clients.

Singlife
Singapore-based financial services group Singlife has rolled out an insurance savings plan that helps individuals to preserve and distribute their wealth, responding to what the firm said is an increasing demand for legacy planning solutions.

Singlife Heritage Income, as the new offering is called, is available in Singapore and US dollar forms, catering for cross-border planning, Singlife said in a statement yesterday. 

β€œOur research indicates that four in 10 surveyed want to enjoy their retirement and still be able to leave something for their family as a legacy. Singlife Heritage Income helps them to do both by providing lifelong income for the individual while continuing to preserve wealth for future generations,” Helen Shen, group head of products, Singlife, said.

The plan provides payouts for up to 150 years. Policyholders can look forward to a year income payout of a guaranteed cash benefit of 3.8 per cent of the sum assured as well as non-guaranteed cash bonuses, providing potential returns of up to 6.6 per cent annually. The plan also gives an early guaranteed breakeven from the end of the fifth policy year, Singlife said. 

Other plan features include an option to receive monthly or yearly income, with flexibility to change payout frequency; loyalty and cash bonuses; an option to reinvest income payout; a short premium payment term of up to five years; coverage for death and terminal illness; and an option to add riders such as premium waivers to ensure continued savings growth during unexpected situations such as critical illness.

Singlife was formed from the merger of Aviva Singapore and Singlife β€“ originally an insurtech startup in January 2022. Singlife is now a wholly owned subsidiary of Sumitomo Life, which acquired Singlife in 2024.