I’ve written a couple of times about Singlife, which is a useful place to park short-term funds assuming you’re not waiting for dogecoin to go to the moon or some other celestial body.
Singlife is now offering a new ILP called Singlife Grow, a combination of investment and insurance. For a limited time, they’re offering an easy S$35 cash for new sign-ups, with no lock-in period and no withdrawal fees.
Plus, you can pay for your premium with an American Express credit card, earning up to 1.5% cashback or 1.8 mpd.
How to get your S$35
|Sign up for a Singlife Account with code 5dCFCARw and activate Singlife Visa Debit Card||S$5|
|Apply for Singlife Grow Policy with code 5dCFCARw and fund with S$1,000||S$30|
Both new and existing Singlife Account customers who open and fund a Singlife Grow policy will receive S$30 cash, simple as that. They will receive an extra S$5 cash if they apply for and activate the free Singlife Visa Debit Card.
Note: If you do not have an existing Singlife Account, you will need to create one in order to receive the S$30 cash. The full instructions from the T&Cs are copied below, please take a moment to read them:
For the S$5 cash:
For the S$30 cash:
A minimum of S$1,000 needs to be placed in the Singlife Grow policy, which can subsequently be withdrawn anytime, without fees. The S$30 will be credited immediately to your Singlife account once the Grow policy is in force. It’s basically a free dinner for a few minutes of work.
The steps are pretty self-explanatory, but I’ll list them out here anyway. Set up a Singlife Account if you don’t already have one, using the code 5dCFCARw and applying for a Singlife Visa Debit card for S$5. After that, tap “Grow” on the homepage.
Resist the temptation to tap “skip” at the top right, and instead scroll to the final screen that prompts you for a promo code.
|⚠️ If you don’t see the invite code appearing, you can try applying via this link instead|
Enter 5dCFCARw and then select a portfolio. Finish the KYC process, review the documents and wait. Within 20 minutes or so you should receive an email from Singlife telling you the account is ready for funding.
Return to the Singlife app, tap on “Grow” and then “Pay Initial Premium”.
You can transfer money directly from your Singlife Account, or pay via AMEX, Visa or Mastercard. This transaction codes as insurance so you won’t earn any rewards with most cards, but insurance isn’t an excluded category for the AMEX True Cashback Card or AMEX SIA Business Card.
I paid with my AMEX Singapore Airlines Business Card and can confirm I received the equivalent of 1.8 mpd on my transaction- do note the maximum premium you can pay with AMEX is S$1,000; any more than that and the system will prompt you to use PayNow. You can only pay with a credit card for the initial premium; subsequent top-ups are via PayNow only.
That’s it. Once your policy status changes to “in force” (<1 hour), you’ll see the S$30 credited to your Singlife Account. This can be withdrawn immediately, with no fees.
On top of the sign-up gift, you also earn an additional 0.5% p.a. returns on the balance in your Singlife Account, which boosts the rate to 1.5% p.a. on the first S$10,000.
The T&C of this offer can be found here.
What is Singlife’s Grow Policy?
Singlife’s Grow Policy is an ILP that offers a combination of investment and protection. Customers can choose from three different portfolios:
- Conservative: 20% equities, 80% fixed income
- Balanced: 50% equities, 50% fixed income
- Dynamic: 80% equities, 20% fixed income
Returns are not guaranteed, and will depend on your portfolio performance, the value of the units and the income accruing to the units. In other words, it’s not capital guaranteed like the Singlife Account- if this is a concern, there’s nothing stopping you from selecting the conservative portfolio and withdrawing your funds once the S$30 is credited (see below).
In terms of protection, Grow provides life coverage in the event of death or terminal illness. Your loved ones will receive the higher of 101% of your net premiums or your account value.
Once again, there is no lock-in period and no fees for withdrawal. You have the flexibility to terminate your policy and take out your funds any time you wish.
|How do I withdraw?|
Funds can be withdrawn from the Singlife Grow Policy at any time. Simply tap on your policy ➜ more actions ➜ withdraw
Do note that there is a S$1,000 minimum withdrawal amount. My balance had become S$999.28 at the time of withdrawal, so I topped up an additional S$100 (reflected within 2 hours) and submitted a withdraw request for the entire balance of S$1,099.28. Funds will be transferred within seven business days of the request, but I’ll update this with the actual timeframe once I see it.
You can read about the full details of withdrawals at point 6 of the T&Cs.
Not a whole lot more to add here, except that it’s S$30/35 with minimal effort, valid even for existing Singlife members. If you like the Singlife Grow policy, go ahead and keep it; if not there’s no penalty for withdrawing your money.