Singlife's heritage income plan locks payouts up to 150 years

It blends retirement income with inheritance planning mechanics.

Singlife has launched Singlife Heritage Income, a savings and insurance plan designed to support wealth transfer and retirement income under a single structure.

The insurer said in a press release that it is available in Singapore dollars and US dollars, targeting both local and offshore customers.

The plan is designed to help policyholders preserve and distribute wealth, whilst drawing income during retirement, and allowing them to change the life assured multiple times and appoint a secondary life assured.

It provides income payouts for up to 150 years and offers a guaranteed cash benefit of 3.8% of the sum assured, alongside non-guaranteed cash bonuses that can bring potential annual returns of 6.6%.

Singlife said the plan can reach a “breakeven point” from the end of the fifth policy year, when the guaranteed cash benefit and guaranteed surrender value equal total premiums paid.

Policyholders can choose monthly or yearly income payouts and may change payout frequency, with the plan allowing reinvestment of income payouts and requiring premium payments for up to five years.

It includes coverage for death and terminal illness and offers optional riders, including premium waivers for critical illness.

Helen Shen, Group Head of Products at Singlife, said four in 10 surveyed respondents wanted to retain retirement income whilst leaving a legacy.

The launch follows the introduction of Singlife Legacy Indexed Income in February, which links income to market indices.