Singlife Launches ‘Cash for Goals (Education)’ a Better Way to Fund your Child’s Ambitions

Manila, Philippines – Filipino Parents understand that quality education is the best way to pave a better life for their children.  However, college tuition fees are expensive and continue to increase annually. To make sure there is money when it’s needed, they need to start building an education fund as early as possible. Singlife Philippines developed Cash for Goals (Education) to help parents prepare for education expenses. 

Helping parents provide for their children

Cash for Goals (Education) helps parents save and grow their money so they can afford their child’s college tuition fees. Singlife makes this hassle-free by making the product available on GCash, which is accessible anytime, anywhere through any mobile device. The purchase experience is designed to be informative, user-friendly, and transparent so that parents can learn how the product works and make a purchase in just a few minutes. 

Singlife has made investing for a child’s college fund budget-friendly. Initial investment starts low at only Php 2,500 and additional investments can be as low as Php 500/month. And it’s easy to stay consistent with monthly investing as funds are automatically deducted from the parent’s GCash account for convenience. 

Through Cash for Goals, the parent’s money is invested in the Singlife Smart Investment Fund - a peso-denominated investment-linked fund that aims to earn more than traditional savings accounts by primarily investing in a mix of Philippine fixed-income and equity classes. The fund is managed by ATRAM, one of the country’s leading asset management companies.  

On top of helping parents save and grow their money, Cash for Goals (Education) also ensures that the child has money for college in case anything unfortunate happens to his/her parents. If the parent investing in the child’s college fund passes away, Singlife will ensure that the target amount is available for the child by the time he/she enters college.  

Singlife provides a better way

What makes Cash for Goals (Education) better than the run-of-the-mill investment-linked insurance product is that 100% of the parents’ money is invested, as compared to other products that charge very high entry fees. For parents, this translates to their investments earning more than 50% versus other products in the market, especially during the early years. 

The product’s low cash out makes saving for education budget-friendly for every-Juan (and Maria). Cash for Goals (education) is available for as low as Php 500/month after a one-time initial investment of just Php 2,500. And when things get tight and parents need to withdraw funds for emergencies, they can do so without any fees or charges at any given time. 

“As parents, we want to provide all we can for our children to help them reach their big ambitions and education is key to that. It is better to start as early as possible to avoid being confronted with the high cost of education when the need is already there and when our budgets might be constrained. To help parents be ready, we created ‘Cash for Goals (Education)’ and give them a better way to plan, save and grow funds for their child’s education,” says Rien Hermans, Singlife’s CEO.

Cash for Goals (Education) is the first unit-linked investment product offered by Singlife Philippines. The company develops products that help customers plan, save, and invest for their financial future.  

To learn more about Singlife’s Cash for Goals product visit our website (http://singlife.com.ph/cash-for-goals/) or go to GCash (http://go.gcash.com/SinglifeCFGE). 

 

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ABOUT SINGLIFE PHILIPPINES  

Singlife Philippines is a mobile-first savings and protection company with headquarters in Singapore, Asia’s technology hub.  

As a start-up in the long-standing insurance industry, we provide a better way to plan, save and protect your financial future. Through technology, we provide insight, guidance and fulfilment on your phone to support you with financial solutions that fit your needs and budget to ensure there is money when it’s needed: for everyday emergencies, loss of income, to pay for high medical expenses, or to fund future spending for education, retirement or any other wish that can be fulfilled.  

Singlife Philippines secured its license to operate from the country’s Insurance Commission in February 2020 and sealed a partnership with the country’s leading e-wallet Gcash in May 2020.  

To learn more about Singlife Philippines visit www.singlife.com.ph.

Singlife‌ ‌Philippines‌ ‌Shareholders‌ ‌Increase‌ ‌Investment‌ ‌In‌ ‌ Mobile-First‌ ‌Life‌ ‌Insurance‌ ‌

Manila, Philippines – Singlife Philippines announced receiving an additional ₱300 million to strengthen its capital base and sustain the growth of its digital-led life insurance business.

Existing shareholders Aviva Singlife, Di-Firm, and Aboitiz Equity Ventures subscribed to all the shares made available for investment, as they are confident in the company’s potential to become a significant industry player following its successful launch. Their vote of confidence furthers Singlife Philippines’ drive to put customers in control of their finances with tools and solutions that fit their needs, their budget, and are always on hand.

Singlife Philippines introduced its first protection product, Cash for Dengue Costs with free COVID-19 cover in October 2020. Customers bought their policies via GInsure on the GCash app, paying as low as ₱300 per year for a coverage of up to ₱421,500. A free 3-month version of the product was also offered to eligible Globe customers, resulting in Singlife insuring well over 100,000 lives against unforeseen Dengue and COVID-19 costs.

The success of Cash for Dengue Costs was soon followed by the launch of its income protection suite, with a choice between Cash for Income Loss and the lower priced Cash for Income Loss (Accidents Only). In the coming months, Singlife Philippines will launch Cash for Medical Costs, Cash for Later, and its direct-to-customer platform called the Singlife Plan & Protect app to continue its strong growth momentum.

“Everyone should have the opportunity to take control of their finances – to be able to save for big funding goals and be protected from the financial burdens that follow a severe medical condition or sudden loss of income,” said Rien Hermans, CEO of Singlife Philippines. “This new investment enables the execution of our business plan, with the development and delivery of a next-level user experience in savings and protection to unlock the potential of money for everyone.”


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About Singlife Philippines

Singlife Philippines is a majority-owned subsidiary of Aviva Singlife Holdings (65%) with partners Di-Firm (20%) and Aboitiz Equity Ventures (15%). The company offers innovative tools & solutions to unlock the potential of money for everyone, helping people be in control of how they save and get protected with just their mobile phone. Visit www.singlife.com.ph for more information.

About Aviva Singlife Holdings

Singapore Life completed its merger with major life insurance player, Aviva Singapore end of 2020. The combined business of the entities is valued at S$3.2 billion, the deal marks one of the largest in the insurance sector in Southeast Asia.

The merger will bring Singlife’s mobile-first savings and protection solutions to Aviva’s 1.5 million strong customer base, while being able to offer existing Singlife customers a significantly deeper product range and advisory capabilities. Visit www.singlife.com for more information.

About Di-Firm

Di-Firm is a Singapore-based private holding company. It is made up of entrepreneurs across a wide spectrum of verticals such as telecommunications, financial services, IT, retail, F&B, real estate, property management and utilities, along with subject matter experts in personal finance.

About Aboitiz Equity Ventures Inc.

Aboitiz Equity Ventures Inc. (AEV) is the public holding company of the Aboitiz Group with major investments in power, banking and financial services, food, infrastructure, and real estate. Today, AEV is recognized as one of the best-managed companies in the Philippines and in the region, consistently cited for its commitment to good corporate governance and corporate social responsibility. With five generations of Aboitiz Group business success behind it, AEV continues to drive change for a better world by advancing business and communities.