DBS, Manulife Singapore launch insurance starter plan ProtectFirst
Customers can choose from three plans that focus on illness, life protection, or accident coverage.
DBS and Manulife Singapore have launched their co-developed insurance starter plan ProtectFirst.
The plan targets young Singaporeans with the promise of lower premiums. Customers have the flexibility to choose between three “personas”: Advocate, Adventurer, and Defender.
Depending on the customers’ preference, they can select a plan to focus more on any of the three key benefits: big 5 critical illnesses–cancer, stroke, heart attack, liver failure, and major organ transplant, inclusive of early stages of a critical illness–life protection and serious accidents coverage.
ProtectFirst is now available for DBS/POSB customers to purchase exclusively via the DBS digibank app or internet banking.
A study by the Life Insurance Association (LIA) found that close to 42% of Singaporeans and Permanent Residents aged between 20 and 34 do not have a single life insurance or critical illness policy.
Last June, DBSpolled 500 young adults on their views on financial planning and personal finance habits and found that more than half of the respondents view insurance premiums as an opportunity cost. Whilst insurance and investments are both important, this group indicated that they would start with investing first due to a lower cost of entry given limited funds, DBS found.