Singlife has introduced a Limited Pay option for its Elite Term II life insurance plan, offering policyholders an alternative way to manage premium payments while keeping coverage until age 99.
This new feature allows customers to pay premiums for a specified period instead of over the lifetime of the policy, providing flexibility for those who prefer not to have ongoing payments.
The policy guarantees a lump sum payout in the event of death or terminal illness.
Additionally, those who reach the end of the coverage period will receive a full refund of all base premiums paid under the longevity benefit.
For policyholders looking to exit early, a surrender benefit is also available from the third year of the policy.
Ms Helen Shen, group head of life and health at Singlife, explained the reasoning behind the new payment option.
“We have introduced a new limited pay option for our Singlife Elite Term II suite to give customers more flexibility in managing their premium payments and additional benefits,” she said.
This new Limited Pay option is part of Singlife’s broader Elite Term II product line, which includes a Regular Pay option introduced earlier in March 2024, reported Insurance Business.