When Singlife launched its insurance savings plan back in 2020, I immediately jumped onto the bandwagon because of the attractive 2.5% p.a. interest paid on the first $10,000 of deposits. As a result of the prolonged low interest-rate environment, the payouts gradually decreased to the extent that I switched my funds over to other insurance savings plans. Regardless, the Singlife Account was good while it lasted. The good news is that Singlife is back with an attractive (and easy to achieve) promotion for another of its product- the Singlife Grow policy. This is a review of Singlife Grow and its ongoing promotion, where both new and existing users can get $35 cash and much more in sign-up gifts.
Singlife Grow Promotion 2021
Singlife recently launched a “Singlife Account and Grow Policy Member Get Member Programme”. It is a referral programme that benefits both the referrer and the referee (eg: your family/ friend etc). This is how it works:
- A person signs up for a Singlife Account with your referral code and activates the Singlife Visa Debit Card. Both you and the referee receive a $5 top-up into your respective Singlife Accounts.
- The person proceeds to open his/her FIRST Singlife Grow Policy and fund the initial premium. Both you and the referee receive a further $30 top-up into your respective Singlife Accounts.
That is a total of $35 in cash rewards given out to each individual. Note that the rewards given out at each step are independent. This also means that the “Singlife Account and Grow Policy Member Get Member Programme” is applicable to both new and existing Singlife Account customers. That explains why I am still eligible to participate despite having signed up for the Singlife Account earlier. And why my wife and I cross-referred each other to earn $60 each in total as shown in Diagram 1.
I know you are probably rubbing your hands in glee now but let me provide a step-by-step explanation on how to participate in this Singlife campaign first. This ensures that you and your referee don’t miss out on your well-deserved cash gifts. In addition, I have also provided a further tip on how you can earn additional cash on top of the $35 cash gift to truly milk it for all its worth.
Steps To Get $35 Cash and More in Singlife Grow Promotion
Step 1: Sign up For Singlife Account via my referral code
If you are not already an existing user of Singlife, you can download the mobile app and sign up for a Singlife Account via my referral link.
For those who would like to understand more about the Singlife Account, you can read my review here.
Step 2: Fund the Singlife Account, order and activate the Singlife Visa Debit Card
By completing Steps 1 & 2, the referrer (that’s me if you use my referral link) and the referee (you) will each earn $5. This will be credited directly into the respective Singlife Accounts.
If you are already an existing Singlife Account user, you may skip Steps 1 & 2 and head straight to Step 3.
Step 3: Sign up for your FIRST Singlife Grow Policy
Successfully signing up and funding your FIRST Singlife Grow Policy via an invite code nets you $30. It is important to note that only those who have not opened Singlife Grow Policy before are eligible for the $30 sign up credits.
For those who need not go through Steps 1 & 2, you can still sign up for Singlife Grow using my referral link. Alternatively, you can punch in my invite code “NkCvYVDN” when prompted on the mobile app as shown in Diagram 2.
Besides the usual sign-up particulars required, you will be asked to complete a Customer Knowledge Assessment (CKA). You simply need to satisfy at least 1 criterion to pass the CKA- I suspect that most should qualify on the basis of their academic background, professional working experience or having made some investments in the past.
Once your application has been approved, you will receive an email notification as shown in Diagram 4.
With your Singlife Grow policy application approved, you are now ready to proceed to Step 4.
Step 4: Fund the Singlife Grow Policy
You need to select “Pay Initial Payment” to begin the process of funding your Singlife Grow Policy. I would highly recommend anyone to use the UOB Absolute AMEX Card which allows one to earn 1.7% cashback. Simply select AMEX Card as the payment option as shown in Diagram 5.
Since I only top up the bare minimum of $1,000 to fund the Singlife Grow Account, I will be receiving $17 cashback. This adds to the $30 cash sign-up gift from Singlife, which explains why I think the double-stacking enhances the attractiveness of this promotion. Apply for the UOB Absolute Cashback Card via this link if you don’t already have one.
For those who would like to learn more on how to use the UOB Absolute AMEX Card to pay for your insurance policies, I have penned a step-by-step guide to help you along as well.
Finally, you are now ready to share this amazing news with your friends by sharing your own referral code. Simply ask them to repeat Steps 1-4 and both of you will walk away with $35 each! There is also no limit to how much you can earn as a referrer!
Singlife Grow Policy
Singlife’s Grow is an Investment-Linked Policy (ILP) whose underlying portfolios are managed by Aberdeen Standard Investments. As clearly stated on its FAQ, it has no lock-in period of the funds, there will be no withdrawal penalties and surrender charges. Once my Singlife Grow Policy is in force, I withdrew my initial premium, together with the returns, as I have always preferred to actively manage my own investments. Do note that the minimum threshold to commence withdrawal is $1,000, so you might want to top up slightly more than $1,000 as the initial premium to ensure that market movement does not result in you falling below the withdrawal threshold. Withdrawal can only commence after the initial premium has been used to purchase the underlying funds, so do budget a few business days for this. Finally, my funds reached my bank account via PayNow about 7 business days later, with a small $1 profit to boot as well!
However, if you think this product suits your investment needs, you will be pleased to know that 100% of your premiums paid will be invested to purchase units. Furthermore, by subscribing to a Singlife Grow Policy, you can earn a bonus 0.5% return rate on your Singlife Account as well.
*Note that this article contains referral links that goes to maintain the sustainability of this blog.
Disclosure: This article is meant purely for informational purposes and should not be construed as financial advice. For customised advice on your financial needs, you should seek advice from a licensed representative. It has not been reviewed by MAS. Information is correct as at 2 October 2021