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Insurtech offering life insurance, investment returns and layoff benefit rolled into one

Singlife account comes with retrenchment payout tied to debit card spending and market-beating rate on funds; CEO targets 100,000 sign-ups in six months

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...

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