Updated MonthlyInsurance

Best Insurance Deals & Promotions in Singapore (2026)

Last updated & verified: 18 June 2026

Insurance in Singapore is not the most exciting purchase, but promotions can make it significantly more affordable. Insurers regularly offer discounts, free months, vouchers, and cashback on travel, health, and life insurance plans. This guide rounds up the types of deals available so you know what to look for when comparing plans.

Best insurance deals and promotions in Singapore 2026

TL;DR

Travel insurance promotions frequently offer 30% to 50% off, especially for annual multi-trip plans. Health insurance deals centre on free premium months and sign-up vouchers. For life insurance, look for first-month-free offers and voucher sweeteners. Compare plans on SingSaver or MoneySmart to see current offers side by side.

Travel Insurance Deals

Travel insurance is the most promotion-heavy category. Insurers compete aggressively with percentage discounts, promo codes, and bundled vouchers. If you travel regularly, an annual multi-trip plan is usually better value than buying per-trip coverage.

MOST COMMON

Percentage Discounts (30% to 50% Off)

Most travel insurers run ongoing promotional discounts. Typical offers include 30% to 50% off single-trip plans and 20% to 30% off annual multi-trip plans. These promotions rotate frequently and often have promo codes. Check SingSaver's travel insurance promotions page for current codes and discounts from providers like Singlife, FWD, Sompo, MSIG, and Etiqa. For general travel savings, see our travel deals guide.

Voucher Bundled Offers

Some insurers and comparison platforms include Grab vouchers, shopping vouchers, or cashback as a sweetener when you purchase a travel insurance plan through their site. These voucher values typically range from $10 to $80. The Seedly sign-up bonus tracker is useful for comparing these add-on deals.

Credit Card Pairing Discounts

Paying for travel insurance with certain credit cards unlocks additional discounts. Some banks partner with specific insurers for exclusive rates. For the best card to use when paying insurance premiums, see our cashback credit cards guide.

Health Insurance Deals

Health insurance promotions in Singapore typically focus on Integrated Shield Plans (ISPs), which provide coverage beyond the basic MediShield Life. All Singapore citizens and PRs already have MediShield Life — ISPs are optional upgrades offered by private insurers. Learn more about ISPs on the Ministry of Health website.

POPULAR OFFER

Free Premium Months

Insurers like Income, AIA, and Singlife periodically offer one to two months of free premiums for new policyholders. This effectively reduces your first-year cost. These offers may require online application. Compare ISP plans on CompareFIRST, the MAS-supported comparison portal.

Cashback and Vouchers

Some insurers offer sign-up cashback or shopping vouchers (typically $50 to $100) when you purchase or switch to their ISP. These offers often run quarterly and are promoted through comparison platforms. Check individual insurer websites like Income Insurance promotions for current offers.

Rider Discounts

Optional riders (add-ons) that cover deductibles and co-payment sometimes come with introductory discounts for new policyholders. These riders are an important part of your overall health insurance setup — review them carefully when comparing plans. The Life Insurance Association of Singapore provides resources on understanding policy terms.

Life Insurance Deals

Life insurance promotions are typically more modest than travel insurance deals, but they can still reduce your first-year costs. Term life plans (which provide coverage for a set period) tend to have more promotions than whole-life plans.

COMMON DEAL

First Month Free Offers

Several insurers offer the first month of premiums free for new term life policyholders. This is a standard acquisition tactic and is available from providers like Singlife, FWD, and Prudential at various times throughout the year. Check each provider's promotions page for current availability.

Sign-Up Vouchers

Voucher gifts (Grab, eCapitaVoucher, or shopping credits) are occasionally offered when you sign up for a new life insurance policy. These are typically $30 to $80 in value and may require online application. Comparison platforms sometimes offer additional vouchers on top of the insurer's own promotion.

Premium Discounts for Online Applications

Some insurers offer a percentage discount (typically 5% to 15%) on the first year's premium when you apply online rather than through an agent. This is becoming more common as insurers push direct-to-consumer distribution.

Tips for Choosing Insurance in Singapore

Compare Integrated Shield Plans Carefully

All Singapore residents already have MediShield Life. Upgrading to an Integrated Shield Plan gives you wider coverage at private hospitals. Review rider options carefully — they affect your out-of-pocket costs significantly. Use CompareFIRST to compare ISP premiums and coverage across all providers.

Consider Annual vs Per-Trip for Travel Insurance

If you travel three or more times per year, an annual multi-trip plan almost always offers better value. Compare the annual premium against the cost of individual trips to your typical destinations. Also check whether your credit card includes basic travel coverage that might complement a standalone plan.

Pay with the Right Credit Card

Some credit cards offer accelerated cashback or rewards points on insurance premium payments. If you pay your insurance premiums annually, the cashback from the right card can add up. See our cashback credit cards guide for cards that earn on insurance spend.

Read the Exclusions Before Buying

Pre-existing conditions, adventure sports, and high-risk destinations may not be covered by default. Always read the policy wording and exclusions, not just the marketing brochure. The cheapest plan is not always the best value if it excludes what you actually need covered.

Where to Compare Insurance in Singapore

Several platforms let you compare insurance plans side by side. Using these before purchasing ensures you are getting the best available rate and any bundled promotions.

CompareFIRST (MAS-Supported)

CompareFIRST is a comparison portal supported by the Monetary Authority of Singapore. It covers life insurance and health insurance products from all licensed insurers. It is neutral and does not sell policies directly.

SingSaver & MoneySmart

SingSaver and MoneySmart are commercial comparison platforms that aggregate promotions and sometimes offer exclusive sign-up bonuses. They cover travel, health, and car insurance.

Direct Insurer Websites

Buying directly from the insurer (e.g., Singlife, Income) sometimes unlocks online-exclusive discounts not available through agents or comparison sites. Check both channels before deciding.

Frequently Asked Questions

Can I use Medisave to pay for insurance premiums?

Yes, Medisave can be used to pay premiums for MediShield Life and approved Integrated Shield Plans. The annual withdrawal limits depend on the plan and your age. Medisave cannot be used for standalone travel insurance or term life plans. See the MOH MediShield Life page for details.

Is annual travel insurance cheaper than per-trip?

If you travel three or more times per year, an annual multi-trip plan is usually more cost-effective. Compare the annual premium against per-trip costs for the destinations you visit most frequently.

Do I need separate travel insurance if my credit card includes coverage?

Credit card travel insurance typically provides basic coverage and may require you to charge the trip to that card. The coverage limits are often lower than standalone plans. Review what your card covers and consider a standalone plan for more comprehensive protection, especially for medical expenses overseas. See our travel insurance guide for more detail.

What is the difference between MediShield Life and an Integrated Shield Plan?

MediShield Life is the national health insurance scheme covering all Singaporeans and PRs for large hospital bills at subsidised rates. Integrated Shield Plans are offered by private insurers to provide additional coverage such as private hospital stays and higher claim limits. ISPs are optional and sit on top of MediShield Life.

When is the best time to buy insurance in Singapore?

Promotions run year-round, but travel insurance discounts tend to peak before major holiday periods (June holidays, Christmas, Chinese New Year). Health and life insurance promotions are steadier but sometimes offer better vouchers during the Great Singapore Sale period and at year-end.

Sale Guide

Never miss a deal

Get the best Singapore deals in your inbox every week — 100% free.

Share this guide

Set up deal alerts →