How it works
There's no public, industry-wide definition. We looked in MAS's notices, the Life Insurance Association's industry releases and MDRT's rulebook, and SPI isn't defined in any of them. So the source that counts is your own contract or your firm's compensation guide. Three things are worth finding there:
- what the letters stand for at your firm
- what it's paid on, such as FYC or premium, and over what period
- whether the rate steps up in tiers, and whether it can be taken back if a policy lapses
It's easy to confuse with single premium. A single premium policy is paid for in one lump sum, and the industry counts it differently from a regular premium. LIA's weighted new business premium takes 10% of single premiums and 100% of a year's regular premiums. MDRT's premium method credits 6% of a single premium, and its commission method credits 100% of the first-year commission on it.
For MDRT, it depends on what your SPI is. MDRT's income method counts production-based bonuses. Its commission and premium methods don't count sign-on or training bonuses and allowances. Check with MDRT how a line like this is treated before you count it.
Worked example, with a made-up rate: if your contract pays an incentive of 10% on first-year commission, and you're paid S$20,000 of FYC in a quarter, that line is S$2,000. Your contract, not this page, sets the real rate and basis.
Where it shows up in your week
A statement line is easier to check when you can work it out yourself. The sales commission calculator works out a flat rate or tiers on any figure, so you can check a quarter's line against your statement.
Related terms
Questions advisors ask
Sources
- LIA Singapore, full year 2025 industry results, 11 February 2026: the weighted new business premium formula, read 27 September 2026
- Membership Information for the 2027 Million Dollar Round Table, MDRT, dated 1 September 2026: product credit for single premiums, what the commission and premium methods don't count, eligible income, read 27 September 2026