25,000 Singapore Residents to pay extra 30% MediShield Life premium

Nation-wide hos­pit­al­iz­a­tion plan, MediShield Life, will be imple­men­ted on 1 Novem­ber 2015. Min­istry of Health has already iden­ti­fied 25,000 Singa­pore Cit­izens and Per­man­ent Res­id­ents with ser­i­ous pre-existing ill­nesses who will have to pay extra 30% extra premium for the next 10 years to cover the pre-existing ill­nesses. After which, they would pay the same premi­ums as their peers. If you belong to this group, you will receive a let­ter with details about your new MediShield Life cov­er­age, premi­ums and sub­sidies, includ­ing the Addi­tional Premi­ums. The vari­ous sub­sidies for MediShield Life premi­ums will also apply to Addi­tional Premiums.

If you cur­rently not insured with Medishield, you will also receive the let­ter soon to inform you on the premi­ums and sub­sidies. For oth­ers, you will only receive the let­ter one month before your plan is due for annual renewal from either the CPF Board (cover under MediShield) or your private insurer (cover under Integ­rated Shield Plan) with details about your premi­ums and sub­sidies for the MediShield Life com­pon­ent of your Integ­rated Shield Plan.

The broad cat­egor­ies of ser­i­ous pre-existing ill­nesses are:

Broad cat­egor­ies Indic­at­ive examples (not exhaustive)
Can­cer Lung can­cer, colorectal can­cer, breast can­cer, stom­ach cancer
Blood dis­orders Parkinson’s dis­ease, Mus­cu­lar dys­trophy, Amyotrophic lat­eral scler­osis (ALS)
Heart or other cir­cu­lat­ory sys­tem diseases Heart attack, Coron­ary artery dis­ease, Chronic ischaemic heart disease
Cerebrovas­cu­lar diseases Stroke
Res­pir­at­ory diseases Chronic obstruct­ive pul­mon­ary disease
Liver dis­eases Alco­holic liver dis­ease , Chronic hep­at­itis, Fibrosis or cir­rhosis of liver
Autoimmune/ Immune Sys­tem diseases Sys­temic lupus eryth­em­atosus, Human Immun­ode­fi­ciency Virus/ Acquired Immune Defi­ciency Syn­drome (HIVAIDS)
Renal dis­eases Con­gen­ital heart dis­ease, Con­gen­ital renal dis­ease, Bil­i­ary atresia
Psy­chi­at­ric conditions Schizo­phrenia
Chronic con­di­tion with ser­i­ous complications Hyper­tens­ive heart dis­ease, Hyper­tens­ive kid­ney dis­ease, Dia­betes with kid­ney com­plic­a­tions, Dia­betes with eye complications

Those whose pre-existing con­di­tions are less ser­i­ous or are well-controlled, such as well-controlled dia­betes, or hyper­ten­sion with no com­plic­a­tions, osteoarth­ritis, pre-cancers, fibroids or cysts or those who were hos­pit­al­ized due to a one-off event, such as an acci­dent or dengue are not sub­jec­ted to the 30% addi­tional premium.

First Singapore Savings Bond

The first Singa­pore bond was opened for applic­a­tion on 1st Septem­ber 2015 and will close on 25 Septem­ber 2015, 9pm. The total amount for this alloc­a­tion is $1.2 billion.

You can apply in mul­tiples of $500 up to $50,000 through DBS/POSB, OCBC or UOB ATMs, or through DBS/POSB’s Inter­net Bank­ing portal. You will also need to have the indi­vidual CDP Secur­it­ies account linked to any of your bank accounts as CDP is the cus­todian for Sav­ings Bonds and it will pro­cess the applic­a­tions, interest pay­ments and redemp­tions. You may visit CDP’s webpage for inform­a­tion on open­ing your CDP Secur­it­ies account.

The alloc­a­tion will be con­duc­ted on 28th Septem­ber 2015 and the bonds will be issued on 1 Octo­ber 2015. The interest will be paid on 1st April and 1st Octo­ber every year till matur­ity date on 1 Octo­ber 2025. The interest for 1st year is 0.96% p.a., and 1.09% p.a. on second year. It will increases to 3.70% p.a. on the 10th year. So if you hold for 10 years till matur­ity, the com­poun­ded interest rate is 2.63%p.a.

Singa­pore Gov­ern­ment will issue the Singa­pore Sav­ings Bond every month. The applic­a­tion period is always 1st of the month till the 4th last busi­ness day of the month. Alloc­a­tion of the bonds will be con­duc­ted on the 3rd last busi­ness day of the month and res­ults will be pub­lished on its web­site after 3pm. Should the total amount of applic­a­tions exceed the amount on offer in a par­tic­u­lar month, you may not get the full amount you applied for. The excess cash will be refun­ded to you by the end of the 2nd last busi­ness day of the month. Sav­ings Bonds will be issued on the 1st busi­ness day of the fol­low­ing month. You will be noti­fied by CDP via mail of the amount of Sav­ings Bonds allot­ted to you. You can also check your hold­ings online through the CDP Inter­net ser­vice or by call­ing CDP at 6535–7511. The total amount of Sav­ings Bonds held across all issues can­not be more than $100,000.

You will receive the first interest pay­ment 6 months after the bond is issued. Interest will be auto­mat­ic­ally paid into the bank account that is linked to your CDP account. Interest will be paid every six months after that, on the 1st busi­ness day of the month. The interest pay­ments will be reflec­ted in your CDP statements.

There is a $2 trans­ac­tion fee for any trans­ac­tion such as applic­a­tion and redemp­tion of the bond.

You can redeem in mul­tiples of $500 on the 1st busi­ness day of each month till the 4th last busi­ness days of the month without pen­alty. Redemp­tion pro­ceeds will be paid by the end of the 2nd busi­ness day of the fol­low­ing month. If you redeem before the sched­uled interest is paid, you will receive a pro-rated amount, which is the interest you have earned but have not been paid.

Vivocash: whole-life endowment plan that gives you cash benefit till you are 100 years old!

Dear All,

NTUC Income has just launched Vivoc­ash, a limited-premium but whole-life endow­ment plan that gives you cash bene­fit from end of 5th year till you are 100 years old!

Vivoc­ash, is a reg­u­lar sav­ings plan that provides yearly cash­flow from the end of 5th year till you are 100 years old! Not only it offers bet­ter interest rate, it provides pro­tec­tion against death and Total per­man­ent Dis­ab­il­ity (Lost of sight, two legs etc.) regard­less of your cur­rent health. It is 100% guar­an­tee to be accep­ted with no under­writ­ing required. You will be covered for 105% of the net premium paid for the first 5 years and 120% of all net premium paid from the sixth year onwards!

Vivoc­ash covers:

  • Death and Total Per­man­ent Dis­ab­il­ity (TPD before age 70) – 105% of net premium paid for first 5 years and ter­minal bonus, 120% of net premium paid from 6th year onwards plus any of the accu­mu­lated cash bene­fits and cash bonuses and a ter­minal bonus.
  • Acci­dental Death and TPD (before age 70) – addi­tional 100% of the sum assured, in addi­tion to the death/TPD benefit.
  • Retrench­ment Bene­fit – 2% of the sum assured is pay­able if poli­cy­holder is unem­ployed for at least 3 months and after 6 months policy start date. This bene­fit can be claimed once.

This is how Vivoc­ash works.

  1. You save a fixed sum of money to NTUC Income for 5,10, 15 or 20 years.
  2. At the end of fifth year, NTUC Income will return up to 4.25% of the Sum Assured (called cash bene­fit) to you till you are 100 years old. You can choose toa) Spend it.b) Save with us at cur­rent 3.5% per annum interest in deposit account issued by Income
  3. At any point in time, you can with­draw the money from the Deposit account.
  4. On the 20th and 30th policy year, you will receive addi­tional 4% of the Sum Assured for your spending.
  5. If insured sur­vives till 100 years old, the policy will pay centen­nial matur­ity bene­fits of 120% of all net premium paid plus ter­minal bonus.

For example,

Michael, age 40, is plan­ning for his retire­ment. He signs up for Vivoc­ash, pay­ing yearly premium of $9,424 for 10 years with sum assured of $80,000. At age 45, he will receive $3,400 yearly cash bene­fits till 100 years old. He will receive addi­tional $3,200 at 60 and 70 years old. He will also receive centen­nial matur­ity bene­fit of $139,491 if he sur­vives till 100 years old.

Vivocash illustration

Vivoc­ash illustration


Note : The above pro­jec­tion is based on NTUC Income achiev­ing 4.75% invest­ment rate of returns.

$1,000 cashback for Singaporean fresh graduate

Good news to the recent local gradu­ates! You will get $1,000 cash­back if you apply for any reg­u­lar premium policy with annual premium of at least $2,000 from 20 July 2015 till 31 Decem­ber 2015.

You must be a Singa­pore Cit­izen and gradu­ated from any of the Singapore’s Insti­tute of Tech­nical Edu­ca­tion, Poly­tech­nics, or Uni­ver­sit­ies, from gradu­ation year of 2012 or later.

But do note that this pro­mo­tion is applic­able to the first 6,600 applic­able policies issued by NTUC Income. The $1,000 cheque will be mailed to the poli­cy­holder within 45 days, one year after the policy is issued and one year premium has been fully paid.

NTUC Income temporary underwriting guidelines and Mooncake Fiesta

Pro­mo­tion One: Higher Non-medical limit
You can now insure yourselves with higher sum assured without hav­ing to go for med­ical checkup. The higher non-medical limit for the two age groups are as follows:-

Age Last Birthdate Sum Assured for Cur­rent Non-medical limit Tem­por­ary Sum Assured for Non-medical limit till 30 Septem­ber 2015
16 to 45 $600,000 $1,000,000
46 to 50 $350,000 $500,000

Please note that the aggreg­ate sum assured will be based on the cur­rent applic­a­tion together with those policies pur­chased over the last 3 years.

Pro­mo­tion Two : Waiver of extra premium up to 50% on Extra Mor­tal­ity
Applic­a­tions will be waived up to 50% load­ing Extra Mor­tal­ity for those sub­stand­ard cases due to declared med­ical con­di­tions. Apply now till 30 Septem­ber 2015 in order to be eli­gible for this wavier.

Pro­mo­tion Three : Moon­cake Fiesta
For new applic­a­tion of any NTUC Income insur­ance plans from 1 July 2015 to 31 August 2015, you will receive 1 box of tra­di­tional Halal cer­ti­fied moon­cake from Con­corde Hotel that con­tains 4 pieces of lotus, single yoke moon­cakes.
The cri­teria are as follows:-

Type of plan Min­imum premium Eli­gib­il­ity after ful­filling min­imum threshold
Reg­u­lar premium with 5 years pay­ment term $20,000 yearly No cap
Reg­u­lar premium with 3 years pay­ment term $33,334 yearly No cap
Reg­u­lar premium with at least 10 years pay­ment term $10,000 yearly No cap
Single Premium $100,000 lump sum No cap

Please note that the policy has to be issued by 7 Septem­ber 2015 in order to be eli­gible for this pro­mo­tion. Policies that are issued dur­ing the qual­i­fy­ing period but free-looked, lapsed or sur­rendered before 7 Decem­ber 2015 will res­ult in non-qualification and each box will be charged at $50.

Orange Health — Get $50 rewards for health screening

NTUC Income is reward­ing you with $50 Cap­it­aMall vouch­ers for exist­ing poli­cy­holder of IncomeShield/Enhanced IncomeShield;  or $50 dis­count off the 1st year premium for new sign-up of Enhanced IncomeShield if you meet the accept­able ranges of read­ings from the fol­low­ing 4 health indicators:-

  • Height and weight exam­in­a­tion to determ­ine your BMI
  • Blood pres­sure reading
  • Lip­ids pro­file (total cho­les­terol, LDL, HDL and triglycerides)
  • Fast­ing blood gluc­ose level test

You just need to book appoint­ment (for 21 years old and above) with NTUC Income part­ners, Unity Phar­macy or Health­way Med­ical at a spe­cial rate of $15 (inclus­ive of GST). Book­ing of appoint­ment at www.income.com.sg/OrangeHealth slots must be made at least 14 days prior to the health screen­ing date.

Accept­able ranges of readings

No Tests Items meas­ured Accept­able ranges
1 Height and Weight (to cal­cu­late BMI) BMI range • 18.5 to 24.9 kg/m2
2 Dia­betes Mel­litus Profile Fast­ing Glucose • 3.9 – 6.0 mmol/L
3 Blood Pres­sure Reading Systolic Dia­stolic • 90 to 140 mmHg • 60 to 90 mmHg
4 Lip­ids Profile Total Cho­les­terol Trigly­cerides HDL-cholesterol LDL-cholesterol Total Cholesterol/HDL Ratio • < 5.2 mmol/L • < 2.26 mmol/L • > 1.03 mmol/L • < 3.36 mmol/L • < 4.51


New Short-term savings plan LP Revosave (3-pay-10)

NTUC Income has just launched a new short-term sav­ings plan, LP Revosave (3 pay 10) with the fea­ture of allow­ing you to with­draw cash­back (5% of Sum Assured) from the end of 2nd year onwards.
This plan provides a very good altern­at­ive to sav­ings in a bank. Not only it offers bet­ter interest rate, it provides pro­tec­tion against death, Total per­man­ent Dis­ab­il­ity (Lost of sight, two legs etc.) regard­less of your cur­rent health. It is 100% guar­an­tee to be accep­ted. You will be covered for 105% of the premium paid-to-date through­out the term.

This is how LP Revosave (3 Pay 10) works.
1) You save a fixed sum of money to NTUC Income for 3 years.

2) At the end of second year, NTUC Income will return part of the premium back (called cash­back) to you. You can choose to
a) Spend it.
b) Save with us at cur­rent 3.5% per annum interest in deposit account issued by Income

3) At any point in time, you can with­draw the money from the Deposit account.

The policy will mature in 10 years’ time.
Sample : Male age 40 years old with Sum Assured $25,000

Pay­ment Term Monthly Sav­ings Yearly Premium Yearly Cash­back (From 2nd year onwards) Total Premium Paid Total Cash upon matur­ity (Non-withdrawal) Total Cash upon matur­ity (With yearly withdrawal)
3 years $861.50 $9,940 $1,250 $29,820 $39,382 $37,671

($1250 yearly plus $27,671 upon maturity)

Com­par­ison between SP SAIL and LP Revosave (3 Pay 10)
Single Premium Plan SP SAIL with lump sum sav­ings of $29,820, the matur­ity amount is $38,577 after 10 years. So if your inten­tion is to with­draw the matur­ity amount after 10 years, LP Revosave will give bet­ter returns. Moreover, you have the flex­ib­il­ity to with­draw 5% of the Sum Assured from the end of second year. SP SAIL does not have this flexibility.

SG 50 Celebration from NTUC Income

Enhanced Incomeshield New Sign-up

To cel­eb­rate Singapore’s 50th birth­day, you will receive Cap­it­aMall vouch­ers, when you sign up for a new Enhanced IncomeSheild plan dur­ing the pro­mo­tion period from 10 May 2015 to 31 Decem­ber 2015.

For chil­dren (aged 12 years and below)
Enhanced IncomeShield plans Voucher amount
Pre­ferred (SG/PR/FR) $195
Advant­age (SG/PR/FR) $120
Basic (SG) $100
Basic (PR) $110
Basic (FR) $115
For all other new sign-ups
Enhanced IncomeShield Main plans Voucher amount
All plan types $100

SG – Singa­por­ean; PR – Per­man­ent Res­id­ent; FR – For­eigner
Terms and Con­di­tions apply. Click here for more information.

Med­ical Sub­sidy for Chil­dren hold­ing CHAS Blue Card
Chil­dren, aged 12 and below and hold­ing the Com­munity Health Assist Scheme (CHAS) Blue Card, now enjoy a Med­ical Sub­sidy at all Health­way Med­ical Group Clin­ics. NTUC Income OrangeAid reaches out to fam­il­ies on the CHAS Blue scheme to reduce their expenses for GP med­ical treat­ment.
Each child can claim a total amount of $100.00 (exclud­ing GST), on top of the CHAS Blue Card subsidy.

This Sub­sidy is valid for all CHAS Blue child card­hold­ers (born in 2003 and there­after). If your child is ill, to receive the sub­sidy, simply take the fol­low­ing steps:
1. Bring your child and 2 neces­sary doc­u­ments (child’s CHAS Blue card and Birth Cer­ti­fic­ate) to a Health­way Med­ical Group clinic.
2. Fill in the Patient Con­sent Form at the clinic. For your ref­er­ence, a copy of the form is here.
With the com­pleted Patient Con­sent Form, NTUC Income will sub­sid­ise your child’s GP med­ical bills up to $100.00 (exclud­ing GST) in cel­eb­ra­tion of SG50.

View the list of par­ti­cip­at­ing clinics


SG50 Reward­ing First Gen­er­a­tion Policy Own­ers
NTUC Income will be reward­ing its poli­cy­hold­ers who own policies which are issued in 1970s and 1980s.  Cus­tom­ers who are eli­gible for this reward will be noti­fied by end June 2015.
For policies issued between 1 Jan 1970 t0 31 Dec 1979, the Cap­it­aMall voucher amount is equi­val­ent to the cal­cu­lated annual premium of the reg­u­lar premium policy, roun­ded up to the nearest $100. The table below shows some examples:

Cal­cu­lated annual premium of the policy Amount of Cap­it­aMall vouch­ers per policy
$100.00 and below $100
$100.01 to $200.00 $200
$500.01 to $600.00 $600
$1,500.01 to $1,600.00 $1,600
$2,000.01 to $2,100.00 $2,100

For policies issued between 1 Jan 1980 to 31 Dec 1989, the voucher amount is fixed at $50, regard­less of the annual premium amount.
Please note that the reg­u­lar premium NTUC Income Life Insur­ance Policies issued in 1989 or earlier must be in force as of 1 Janu­ary 2015.
How­ever, cer­tain policies are excluded for this reward as stated below:

  • Where policy own­ers are deceased;
  • Where policy own­ers are undis­charged bankrupts;
  • Sub­ject to trusts under sec­tion 73 of Con­vey­an­cing and Law of Prop­erty Act;
  • With irre­voc­able nom­in­a­tion under sec­tion 49L of the Insur­ance Act; or
  • Without any valid Singa­pore billing address.

Re-launch of Plus Rider for Enhanced IncomeShield

NTUC Income has just star­ted to offer the PLUS rider for new applic­a­tion and upgrade that is attached to the Enhanced IncomeShield. Stand­ard IncomeShield is still not entitled to pur­chase Plus Rider.
PLUS rider cov­ers the deduct­ible and 100% of the co-insurance of Enhanced IncomeShield.
Assist rider cov­ers the deduct­ible and 90% of the co-insurance of Enhanced IncomeShield. How­ever, the co-insurance pay­ment is sub­ject to a cap of $2000 for Basic Plan, $2500 for Advant­age Plan and $3000 for Pre­ferred Plan only.
For exist­ing Enhanced IncomeShield poli­cy­holder, you can apply to upgrade from Assist Rider to Plus Rider, sub­ject to under­writ­ing.
New applic­ant can now choose to apply for Assist Rider or Plus rider to attach to his/her Enhanced IncomeShield.

Yearly Premium for Assist Rider can be found here

Yearly premium for Plus Rider can be found here 

Inform­a­tion on Enhanced IncomeShield can be found here

Launch of Global Income Fund from NTUC Income

NTUC Income has just launched a new fund, Global Income Fund that intends to dis­trib­ute monthly dividend pay­out of 4–5% per annum.

The Global Income Fund aims to provide income and cap­ital growth over the medium to longer term by invest­ing primar­ily in global equit­ies and global fixed income secur­it­ies dir­ectly or indir­ectly through the use of Invest­ment Funds or fin­an­cial deriv­at­ive instru­ments (includ­ing, but not lim­ited to, futures, options and credit default swaps). The under­ly­ing Fund is act­ively man­aged between asset classes, allow­ing it to achieve the object­ive of achiev­ing yield and max­im­iz­ing total returns dur­ing all phases of the eco­nomic cycle.

The sub-fund aims to provide a sus­tain­able level of income. It invests in a broad range of assets from around the world, and seeks to identify attract­ive sources of income whilst diver­si­fy­ing risk. The sub-fund intends to achieve this object­ive by invest­ing all or sub­stan­tially all of its assets in Sch­roder Inter­na­tional Selec­tion Fund Global Multi-Asset Income which is man­aged by Sch­roder Invest­ment Man­age­ment Limited.

More import­antly, NTUC Income will guar­an­tee 105% of the invest­ment amount or cash value, whichever is higher, in the event of untimely death or Total Per­man­ent Dis­ab­il­ity (TPD) before age 65. After age 65, it is 100% of the invest­ment amount or cash value, whichever is higher, in the event of untimely death.  This is on top of the monthly with­drawal of the dividends over the years.

The Cur­rent Pro­mo­tion offers a 10% bonus on the net amount of the new dis­tri­bu­tion declared for Global Income Fund and will be given each month, up to 22 Septem­ber 2015. This bonus is only pay­able once for each dis­tri­bu­tion arising from net new invest­ments and top-ups. It is not applic­able to monthly dis­tri­bu­tion arising from switches into this fund. The declar­a­tion of the dividend rate will be announced on the fourth Tues­day of the month, start­ing from 28 April 2015. NTUC Income will pay or re-invest the dis­tri­bu­tion within 45 days from the declar­a­tion date.

The min­imum single premium to invest is $10,000.

For example, if Mr Lee invests in Global Income Fund and gets a monthly dis­tri­bu­tion of $500 per month. The 10% bonus pay­able for each dis­tri­bu­tion is $50 dur­ing this pro­mo­tion period as shown below:

Declar­a­tion Date in 2015 28 April 26 May 23 June 28 July 25 August 22 Septem­ber
Monthly Dis­tri­bu­tion $500 $500 $500 $500 $500 $500
10% Bonus $50 $50 $50 $50 $50 $50

The extra bonus pay­able based on the above example is $300.

Sub­scrip­tion Method: Cash/SRS

Global Income Fund Factsheet is here at http://www.income.com.sg/fund/pdf/2015/globalincome(jan).pdf

Global Income Fund Product High­light Sheet is here at http://www.income.com.sg/fund/phs/2014/globalincome(jun).pdf