Singapore Life rebrands to Singlife, launches app to connect savings, investments, and protection plans

The Singlife rebrand is driven by the company’s new mantra of ‘unlocking the potential of money for everyone’. As part of the rebrand, Singapore Life has shortened its name to Singlife and adopted a new logo called the ‘burst’. Our lion logo has evolved to the ‘burst’ of energy that technology brings to help our customers overcome the inertia of unlocking the potential of their money. The change signifies the expansion of our offering into savings, investments, and protection products.

“Everyone calls us Singlife already anyway, so let’s embrace it!”

As a leading digital life insurer in Singapore, Singlife has listened to its customers to better understand what they really need, and don’t need, from a licensed financial institution. The single biggest issue customers face is not getting real returns from their idle money and their fear of lock-ins or fees. This financial apathy is evident in the over S$500 billion worth of money sitting largely idle in current and savings accounts.

“Once we understood this key insight from everyday Singaporeans, we realized that Singlife is perfectly placed as both a fintech as well as a licensed financial institution to address this issue. This has been the catalyst for our business to broaden its strategy beyond conventional insurance approach resulting in our new product verticals of ‘Manage, Grow & Protect’,” states founder and chief executive Walter de Oude.

“This is the first time in Southeast Asia that we are partnering an insurtech to issue a debit card. The process for registration, usage and tracking of spend for this account is entirely digital, and tailored to meet the needs of the technology savvy segment in Singapore. We believe Singaporeans who are interested in managing their accounts digitally and enjoy benefits relating to insurance needs, will find this product extremely beneficial,” said Mr. Kunal Chatterjee, Visa Country Manager for Singapore & Brunei.

To help Singaporeans manage their money and get real returns without lock-ins, Singlife is set to become the first insurer to issue debit cards (Singlife Visa Debit Card) in conjunction with the Singlife Account.

The Singlife Account provides two key benefits:

  1. Up to 2.5% p.a. return on your money with everyday access to your funds via the Singlife Visa Debit Card

  2. No additional FX charges on overseas spend

Features of the Singlife Visa Debit Card, without any fees, are second to none. Singlife Visa Debit Card holders enjoy instant access to their savings – effectively rendering traditional old school application forms and processes to withdraw cash from insurance accounts redundant.

For a limited period only, the inaugural batch of applicants enjoy free retrenchment cover based on card spend – a first in the city-state. In the event of being retrenched, cardholders can claim up to three months’ worth of average card spend; provided the cardholder is unable to find a job for four months or more.

Designed with customers’ interest in mind, customers of the Singlife Account which functions as a savings plan, offers 2.5 per cent p.a. returns earned on the first S$10,000 account value; and 1 per cent p.a. for the remaining amount, up to a maximum of S$100,000 account value. The 2.5 per cent p.a. promotional rate is available for the first 20,000 customers.

Customers have full, instant access to their money with no lock-in period. There is also no penalty for early withdrawals. Customers can withdraw from their Singlife Accounts via FAST transfer in seconds; or choose to spend their savings via the Singlife Visa Debit Card at over 53 million merchant locations worldwide.

Singlife Account customers also get free life insurance coverage of up to 5 per cent of account value; Singlife Account is completely free of fees and charges.

The waitlist is opened for customer sign ups from 19 September 2019. The waitlisted customers will be the first to be notified when the Singlife Account is launched. The Singlife App will be available for download from Google Play and Apple iTunes stores. To activate the Singlife Account as fast as 10 minutes, deposit an initial contribution of just S$500 via FAST transfer.

“We are launching the Singlife Account and accompanying Singlife Visa Debit Card on the back of a single insurance account – a milestone in the history of finance and insurance in Singapore. If you take up the Singlife Account with us, we will give you immediate access to your money via a Visa debit card,” says Walter. “The Singlife Account and Singlife Visa Debit Card are going to launch us into a space that has never existed before. The newly rebranded Singlife transcends the boundaries of traditional insurance to leapfrog into a much bigger digital finance ecosystem and we are the first to make this happen.”

Author: Yash Hirani

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