Singapore
SINGAPORE insurance tech (insurtech) company Singapore Life is launching a hybrid product that combines savings, endowment insurance and layoff benefits.
One of its key unique features is the embedding of a retrenchment benefit into an account that allows customers to both accumulate funds and spend through it, Singlife CEO and founder Walter de Oude told The Business Times.
The retrenchment benefit - an entitlement uncommon among insurers in Singapore - is bundled with an "endowment" account, known as a Singlife account, which comes with a corresponding Singlife Visa debit card. This benefit lets account holders who are laid off to claim for up to three months an amount equal to their...