Singlife launches indexed income plan tied to five market indices

The plan is described as non participating universal life designed to provide income through indexed crediting.

Singlife has launched Singlife Legacy Indexed Income, a whole-of-life, non-participating universal life plan that provides income linked to market indices.

The plan offers income streams tied to the performance of five indices: the S&P 500 Index, S&P 500 Engle 8% VT TCA Index, Nasdaq-100 Engle 8% Index, UBS Global Multi Asset Engle 8% Index and UBS Gold Engle 8% Index.

A built-in floor rate of 0.00% per annum ensures that no negative returns will be credited to the policy value. 

From the 11th policy year onwards, a guaranteed loyalty bonus adds an extra 0.7% per annum crediting rate on the Index Account.

Policyholders can customise their income by setting up to five income phases, each with its own target income amount and duration. 

During each policy year in the payout period, income is paid based on the performance of the selected indices, up to the chosen yearly target. Any additional gains in the same year are automatically reinvested into the policy.

The plan allows the life assured to be changed up to five times, enabling policyholders to pass the policy across generations. 

It also offers guaranteed acceptance with no medical underwriting, lifelong protection against death and terminal illness, penalty-free partial withdrawals during key life-stage events, and an option to spread net premiums allocated to the Index Account over 12 months.