Singapore-based insurer Singlife has launched its Singlife Smart Saver, a participating endowment plan with a market-first feature, designed to provide policyholders with cost effective solutions to build on their plan as their financial needs evolve. 

The new plan replaces Singlife Choice Saver, which will be discontinued on March 24 and will no longer be available for purchase thereafter, and it offers a more attractive guaranteed yield and enhanced features. There will be no change to policy coverage for existing Singlife Choice Saver policyholders. 

The plan, which offers flexible terms to meet both savings and protection needs, makes it, the insurer says, “ideal for medium- to long-term financial goals such as funding your child’s education, planning for retirement or legacy planning”. 

Key products details, the company notes, include life stage add-on ( the market-first feature that allows the addition of other savings plans ), legacy distribution option, secondary life assured, retrenchment benefit, maturity payout and potential bonuses, option to use supplementary retirement scheme funds, 100% capital guaranteed and guaranteed issuance.