Last Updated on July 9, 2026 by Tree of Wealth

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When it comes to term insurance in Singapore, Singlife Elite Term II is one of the most flexible and competitively priced plans on the market. It’s the upgraded successor to the original Singlife Elite Term (itself previously known as Aviva MyProtector-Term Plan II), and the “II” is not just a name change — it introduces genuinely new options that widen who this plan can suit.

The headline change: Elite Term II now comes in two distinct versions — Regular Pay and Limited Pay — and the Limited Pay version adds a Longevity Reward and Surrender Benefit that most pure term plans simply don’t offer. Pair that with the ability to attach Singlife’s MultiPay Critical Illness coverage as a rider, and you have a term plan that can flex from a straightforward budget shield to a long-term legacy tool.

In this in-depth review, we break down what Elite Term II offers, who it suits, and where it falls short.

For a broader comparison against other insurers, see our guide to the Best Term Insurance Plans in Singapore.

Why Do We Need Term Insurance?

Term life insurance plans are designed to provide financial protection for a specified period of time — typically 5 to 30 years, or up to age 65, 85, or even 99. Here’s why you might need one:

1. To protect your family’s financial future. If you have dependents who rely on your income, a term plan provides a lump-sum payout in the event of death or terminal illness, helping cover immediate expenses, outstanding debts, and ongoing living costs.
2. To cover outstanding debts. If you carry a mortgage, car loan, or other liabilities, a term plan ensures those debts don’t become your family’s burden.
3. To supplement employer-provided coverage. Group life insurance from your employer is often limited and ends when you leave the company. A personal term plan closes that gap.
4. To lock in affordable premiums. Term insurance offers the highest coverage per premium dollar. Because premiums are fixed for the length of the term, you lock in an affordable rate for the full duration.

Product Features and Benefits at a Glance

• Two versions to suit different goals — Regular Pay for straightforward, budget-friendly protection; Limited Pay for those who want to finish paying early while keeping coverage to age 99.
• Base coverage for Death and Terminal Illness, with a lump-sum payout during the coverage term.
• Flexible coverage terms — renewable terms of 5 or 10 years, level terms at any yearly interval from the 11th year up to age 85, or coverage up to age 99 (age next birthday). Cover-to-99 is not available on a joint-life basis.
• Guaranteed Renewable Option (GRO) — for 5- and 10-year terms, the policy renews automatically without further medical underwriting, subject to a maximum renewal age of 89 and maximum expiry age of 99.
• Guaranteed Issuance Option (GIO) — increase your basic coverage at key life events without medical underwriting or proof of insurability:
  • Change of marital status (marriage or divorce)
  • Becoming a parent (newborn or legal adoption)
  • Graduating from tertiary education
  • Purchasing a property
• Guaranteed Conversion Option (GCO) — convert your term plan into a new endowment or whole life plan without further medical underwriting.
• Comprehensive rider suite — including MultiPay Critical Illness, allowing you to fully customise your protection (detailed below).
• Perpetual premium discount — up to 30% off the base plan and eligible riders for a minimum sum assured of S$500,000. (Promotional and subject to change — confirm current terms before applying.)

The Two Versions: Regular Pay vs Limited Pay

This is the most important distinction to understand before choosing Elite Term II.

Singlife Elite Term II (Regular Pay) is the classic term structure — you pay premiums throughout the coverage term, and receive a lump-sum payout on death or terminal illness during that term. It’s the straightforward, budget-friendly option, ideal for covering liabilities like a mortgage or replacing income during your prime working years.

Singlife Elite Term II (Limited Pay) lets you complete premium payments early — over 5 or 10 years, or up to age 65 or 75 — while enjoying coverage all the way to age 99. It adds two features not found in the Regular Pay version:

• Longevity Reward — if the policy is held until the end of the coverage term at age 99, Singlife pays back 100% of the total premiums paid for the base plan. This is uncommon among term plans, which typically pay nothing if you outlive the term.
• Surrender Benefit — if you no longer need the coverage, you can surrender the policy and receive: 30% of total base premiums paid upon full surrender from the start of the 3rd policy year until the end of the premium term; or 80% of total base premiums paid upon full surrender from the end of the premium term onwards.

In short: think of Regular Pay as your affordable protection shield, and Limited Pay as a hybrid protection-and-legacy tool.

Additional Supplementary Benefits (Riders) to Enhance Your Coverage

Elite Term II’s rider suite is one of its biggest strengths. The available riders include:

Life & Critical Illness Protection

• TPD Advance Cover Plus — Total and Permanent Disability coverage.
• CI Advance Cover Plus — Advanced-stage Critical Illness coverage.
• MultiPay Critical Illness Cover — pays out for early to advanced stage CI multiple times, letting you claim across separate conditions rather than a single payout. Adding it here typically costs less than buying Singlife’s standalone MultiPay CI plan.
• Comprehensive / Early Critical Illness Cover — coverage from early through advanced stages.

Premium Waiver Riders

• Critical Illness Premium Waiver — waives future premiums if you’re diagnosed with a covered CI.
• Payer Critical Illness Premium Waiver — waives premiums if the payer (e.g. a parent) is diagnosed with a covered CI.
• Payer Premium Waiver Benefit — waives premiums on the payer’s death, TPD, or covered CI.

What We Like About Singlife Elite Term II

• Very competitive premiums, especially for sums assured of S$500,000 and above where the perpetual discount applies.
• Flexible coverage periods and guaranteed renewable terms.
• One of the most comprehensive rider suites in the market — including both Early CI and MultiPay CI, which can be attached directly to the term plan.
• The Limited Pay option’s Longevity Reward — returning 100% of base premiums at age 99 — is a genuine differentiator that turns a pure protection plan into a legacy tool.
• Guaranteed Issuance Option lets your coverage grow with your life stage without fresh underwriting.

Singlife Elite Term II is suitable for you if you would like:

• High payout covering Death, TPD, Terminal Illness, and Critical Illness across all stages (early to advanced) for a low premium.
• Multiple payouts for CI across all stages via the MultiPay rider.
• Comprehensive term coverage for a specific period, protecting your prime working years when your dependents need it most.
• The option (via Limited Pay) to finish paying early while keeping lifetime-length coverage to age 99, with premiums returned if you outlive the term.

It would however be less suitable if:

• You are looking for a plan with guaranteed cash value or an investment component (term insurance has none, aside from the Limited Pay surrender/longevity features).
• You want cover-to-99 on a joint-life basis (this option is single-life only).

Conclusion For Singlife Elite Term II In-Depth Review

As with all term life insurance plans, whether Elite Term II is right for you depends on your needs and expectations. Its two-version structure makes it unusually adaptable: Regular Pay for cost-effective protection, Limited Pay for those thinking about legacy. There are many strong term plans in the Singapore market — see how it stacks up in our Best Term Insurance Plans in Singapore comparison.

Overall, a term life insurance plan remains one of the most cost-effective ways to protect your loved ones and secure their financial future.

To find the most suitable coverage, simply fill in the form below and our friendly licensed FA advisor will get in touch. Based on your needs, a custom-made solution will be tailored to address only your concerns. No obligations, no hidden fees. All advice is free of charge.