New savings and protection plans from NTUC Income

NTUC Income has just launched two new insur­ance plans, Term­Life Solit­aire and Lim­ited Premi­um Revosave with bet­ter cov­er­age and lower premi­um, for insured up to 75 years old.

Term Insur­ance

Term­Life Solit­aire is a reg­u­lar premi­um term insur­ance that will cov­er the insured (age 74 last birth date or below) against Death and Ter­min­al Ill­ness for at least $1 mil­lion, up to a max­im­um age of 100 years old. The pro­tec­tion value is con­stant through­out the years of cov­er­age as it is not entitled to any bonus declared by NTUC Income. There is no cash value at any point in time since this is a pure pro­tec­tion plan. For sum assured of $1,500,000 and below, there is no med­ic­al exam­in­a­tion required!

There are 5 riders that can be added to this plan:-

  1. Dis­ab­il­ity Accel­er­at­or – cov­ers Total and Per­man­ent Dis­ab­il­ity (TPD) before age 70 with min­im­um sum assured of $1,000,000.
  2. Dread Dis­ease Accel­er­at­or – cov­ers the 39 dread dis­eases with min­im­um sum assured of $500,000.
  3. Dread Dis­ease Premi­um Waiver – waive future premi­um when poli­cy­hold­er is dia­gnosed with dread dis­ease.
  4. Pay­or Premi­um Waiver – waive future premi­um when poli­cy­hold­er dies or is dia­gnosed with TPD.
  5. Enhanced Pay­or Premi­um Waiver — waive future premi­um when poli­cy­hold­er dies or is dia­gnosed with TPD or crit­ic­al ill­ness.

 

Lim­ited Pay Revosave

Lim­ited Pay Revosave is a reg­u­lar sav­ings plan that 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 through­out the cov­er­age! If it is acci­dent­al death or TPD before age 70, an addi­tion­al 100% of the sum assured on top of the death/TPD bene­fit will be paid out too. You are eli­gible to apply if you are 75 years old and below.

This is how Lim­ited Pay Revosave works.

1) You save a fixed sum of money to NTUC Income for 3,5,10 or 15 years.

2) At the end of second year, NTUC Income will return part of the premi­um back (5% of the sum assured 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.

4) The policy will end at the chosen policy term of 10, 15,20 or 25 years. All matur­ity pro­ceeds will be paid out, togeth­er with the cash­back and interest earned in the depos­it account.

New Silver Protect to cover early stage cancer, fractures, hospice care and death

NTUC Income has launched anoth­er great term insur­ance plan “Sil­ver Pro­tect” spe­cially for those from 50 years to 74 years old to cov­er the fol­low­ing:-

  • Early stage can­cers — 25% of the sum assured upon dia­gnos­is of an early stage can­cer. Sum assured will not be reduced by this pay­out.
  • Advanced stage can­cers — 100% of the sum assured upon dia­gnos­is of an advanced stage can­cer. If there was no claim made for an early stage can­cer bene­fit, addi­tion­al 25% of the sum assured will be paid. All future premi­um pay­ments will be waived.
  • Acci­dent­al frac­tures — Up to 20% of the sum assured in the event of an acci­dent­al frac­ture. The amount of bene­fit pay­able is depend­ent on the site of the frac­ture.
  • Hos­pice care in the event of ter­min­al can­cer — Up to 15% of the sum assured for hos­pice and pal­li­at­ive care in the event of ter­min­al can­cer.
  • Acci­dent­al death — 100% of the sum assured in the event of acci­dent­al death. If due to a restric­ted activ­ity, 30% of the sum assured will be paid instead.
  • Non-acci­dent­al death — $5,000 in the event of death not due to an acci­dent. If it hap­pens with­in one year from the cov­er start date, 100% of the total premi­ums paid will be refun­ded instead.

The sum assured offered are $50,000, $80,000 for $100,000 and renew­al is guar­an­teed every 10 years till age 84. NTUC Income may provide cov­er even if you have exist­ing non-can­cer related med­ic­al con­di­tions.

New Cancer Waiver Rider (Guaranteed Acceptance) from NTUC Income

NTUC Income has just launched a new Can­cer Premi­um Waiver (GIO) (WPV10), which is a non-par­ti­cip­at­ing, reg­u­lar premi­um rider that waives future premi­ums on the policy for the remain­ing term of the rider upon dia­gnos­is of the insured with any one of the major can­cers after one year from the cov­er start date and dur­ing the term of the rider.

In addi­tion, applic­a­tion for this rider is hassle-free and accept­ance is guar­an­teed. There is no need for any med­ic­al check-up*.

This rider is avail­able to spe­cified GIO plans and can be attached to both first and third-party policies at policy incep­tion.

The list of GIO plans Can­cer Premi­um Waiver (GIO) rider is attach­able to:
1.       Lim­ited Pay RevoSave (ANRP)
2.       Lim­ited Pay RevoSave 3-Pay-10 (ANRV)
3.       Lim­ited Pay RevoSave 5-Pay-10 (ANRE)
4.       FlexRe­tire (FRR)
5.       Revo­Se­c­ure (RVGG)
6.       VivoC­ash (VCGL)

* If Insured had con­sul­ted a doc­tor for, suffered symp­toms of, was invest­ig­ated for, was dia­gnosed with, or received med­ic­al treat­ment for any caner, includ­ing car­cinoma-in-situ, before the cov­er start date, no bene­fit will be paid under the Can­cer Waiver Rider, and the rider will be ter­min­ated.

2016 Kick Start Your Future with NTUC Income Promotion with $1000 cashback

From now till 31 Decem­ber 2016, the first 3,300 new applic­a­tion of Reg­u­lar Premi­um Life Policies includ­ing any applic­able rider(s) with a min­im­um annu­al premi­um of S2,000, you will get $1,000 cash­back in the form of a cheque which will be mailed to you with­in 45 days, one year after the Qual­i­fy­ing Policy is issued.

You are eli­gible to apply if you are a Singa­pore Cit­izen or Per­man­ent Res­id­ent who has gradu­ated from any of the Juni­or Col­leges or Cent­ral­ised Insti­tute Course, Inter­na­tion­al Bac­ca­laur­eate Dip­loma Pro­gramme, Singapore’s Insti­tute of Tech­nic­al Edu­ca­tion, Poly­tech­nics or loc­al or over­seas Uni­ver­sit­ies in 2012 or later. You must sub­mit evid­ence of hav­ing gradu­ated from such insti­tu­tions or pro­grammes.

Note that regard­less of the num­ber of applic­a­tions for each gradu­ate, only one policy will qual­i­fy for the reward under this Pro­mo­tion. In addi­tion, poli­cy­hold­ers who have par­ti­cip­ated and suc­cess­fully qual­i­fied for the “Kick Start Your Future With Us”

$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.

MediShield Life and Integrated Shield Plan

The MediShield Life Review Com­mit­tee has just released the recom­mend­a­tions on the enhanced bene­fits to the cur­rent MediShield. The changes are as fol­lows:-

a) Remove the life­time claim lim­it of $300,000;

b) Remove the cov­er­age age lim­it of 90 years old;

c) Uni­ver­sal cov­er­age for all, includ­ing pre-exist­ing con­di­tions;

d) Increase the policy year claim lim­it from $70,000 to $100,000;

e) Increase the daily claim lim­its for nor­mal wards from $450 to $700 and ICU wards from $900 to $1,200;

f) Increase the claim lim­its for sur­gic­al pro­ced­ures from $150-$1100 to $200-$2000;

g) Increase the daily claim lim­its for com­munity hos­pit­als from$250 to $350;

h) Sub­stan­tially increase the claim lim­its for out­pa­tient can­cer chemo­ther­apy and radio­ther­apy treat­ments, to bet­ter cov­er the cost of sub­sid­ised can­cer treat­ment;

i) Lower co-insur­ance rates from the cur­rent range of 10–20% to 3–10%;

Co-insur­ance Cur­rent MediShield MediShield Life
Claim­able Amount
$0 — $3,000

20%

10%

$3,001 — $5,000

15%

10%

$5,000 — $10,000

10%

5%

>$10,000

10%

3%

Out­pa­tient Treat­ments

20%

10%

j) Start premi­um rebates earli­er from age 66, instead of age 71

The addi­tion­al costs arising from the expec­ted high­er claims from those with pre-exist­ing con­di­tions will be shared across those with pre-exist­ing con­di­tions, the exist­ing insured poli­cy­hold­ers, and the Gov­ern­ment. Those with pre-exist­ing con­di­tions will pay high­er premi­ums at an addi­tion­al 30% for a peri­od of 10 years, in view of high­er risks. The premi­um increase for the remain­ing poli­cy­hold­ers as a res­ult of uni­ver­sal cov­er­age should be no more than 3% from cur­rent premi­ums.

The private Integ­rated Shield Plan (IP) con­sists of two parts – the basic MediShield plan and a top-up por­tion. As an Integ­rated Shield Plan poli­cy­hold­er, you enjoy the com­bined bene­fits of MediShield, which is run by CPF Board, and the enhanced bene­fits of the top-up por­tion, which is run by your private insurer. When imple­men­ted, MediShield Life will replace the cur­rent MediShield por­tion of your IP.

Because MediShield Life will provide cov­er­age for all pre-exist­ing con­di­tions, you will also enjoy the MediShield Life cov­er­age, for life, includ­ing for any pre-exist­ing con­di­tions that you may have. This will apply even if the con­di­tion is excluded fromthe top-up cov­er­age by your Integ­rated Shield insurer.

As the admin­is­trat­or of MediShield Life, the CPF Board will assess all claims from the IP poli­cy­hold­ers and make pay­outs accord­ing to the MediShield Life bene­fits. The CPF Board will for­ward MediShield Life pay­outs to the private insurer, who will com­pute its share of cov­er­age and then provide the com­bined pay­out to the hos­pit­als dir­ectly.

All Integ­rated Shield Plan poli­cy­hold­ers will also receive cov­er­age for life under MediShield Life. Because Integ­rated Shield Plans premi­ums include a MediShield com­pon­ent which will become MediShield Life in future, eli­gible IP poli­cy­hold­ers will also receive sub­sidies from the Gov­ern­ment to help pay for part of their MediShield Life premi­um.

When MediShield shifts to MediShield Life, the premi­um for the MediShield por­tion will increase due to the MediShield Life changes. Hence, the over­all premi­um for Integ­rated Shield Plans may also increase.

The Life Insur­ance Asso­ci­ation has assured the MediShield Life Review Com­mit­tee that the bene­fit recom­mend­a­tions made by the Com­mit­tee will have min­im­al impact on the IP (i.e. top-up) com­pon­ent of premi­ums of Integ­rated Shield Plans. Insurers will assess the impact of the MediShield Life changes on the over­all IP premi­um and will advise their poli­cy­hold­ers when the changes are con­firmed.

All Singa­pore cit­izens will be eli­gible for the fol­low­ing sub­sidies on their MediShield Life premi­ums: trans­ition­al sub­sidies to cush­ion the increase in their pay­able MediShield premi­um, as well as Pion­eer Gen­er­a­tion MediShield sub­sidies if they are Pion­eers and MediShield Life premi­um sub­sidies if they meet the income cri­ter­ia. All Integ­rated Shield Plan poli­cy­hold­ers will enjoy the same sub­sidies for the MediShield Life com­pon­ent of their IP premi­ums.

The Gov­ern­ment will release more inform­a­tion on how you will be assessed for the premi­um sub­sidies when ready.

New Cancer Protect Term Insurance from NTUC Income

Can­cer Pro­tect is a reg­u­lar premi­um non-par­ti­cip­at­ing term insur­ance plan which provides cov­er­age for early stage and advanced stage of major can­cers. It also offers pro­tec­tion against death (non-acci­dent­al) and acci­dent­al death.

Sum Assured is fixed at $50,000, $80,000 and $100,000. The min­im­um entry age is 30 years (last birth­day) and the max­im­um entry age is 64 years (last birth­day).

It is guar­an­teed renew­al every 10 years and the policy can be renewed up till age 84.

Can­cer Pro­tect cov­ers:-

  • Early-stage can­cer – 25% of the sum assured. Only pay once only, even if the policy is renewed.
  • Advanced stage can­cer — 100% of the sum assured if we have already paid a claim on early stage of major can­cers bene­fit. 125% of the sum assured if no early stage can­cer claim.
  • Non-acci­dent­al death — 100% of the total premi­ums paid if death hap­pens with­in one year from the cov­er start date; or $5,000 if death hap­pens after one year from the cov­er start date.
  • Acci­dent­al death
    • Age 69 and below, 100% of sum assured or 30% of sum assured if per­form­ing restric­ted activ­ity at time of acci­dent.
    • Age 70 and above, 100% of the total premi­ums paid if death hap­pens with­in one year from the cov­er start date; or $5,000 if death hap­pens after one year from the cov­er start date.

How­ever, if the cause of acci­dent­al death is excluded, only 100% of the total premi­ums paid if death hap­pens with­in one year from the cov­er start date; or $5,000 if death hap­pens after one year from the cov­er start date. This bene­fit is pay­able only if death hap­pens with­in 365 days of the acci­dent.

You can find the detailed cov­er­age in the Policy Con­di­tion doc­u­ment here at http://www.income.com.sg/forms/insDocument/CancerProtect.pdf.

NTUC Income New Whole-life Comprehensive Critical Illness Vivocare 100

NTUC Income has just launched Vivo­c­are 100. It is a com­pre­hens­ive lim­ited premi­um, whole-life insur­ance cov­er­age against the unex­pec­ted such as death, Total Per­man­ent Dis­ab­il­ity (TPD) and extens­ive range of 100 med­ic­al con­di­tions for Spe­cial, Juven­ile, Early, Inter­me­di­ate and Advanced stages of Dread Dis­eases.

Vivo­c­are  100 cov­ers

  • Death and Ter­min­al Ill­ness – 300% Remain­ing of Sum Assured up till 65 years old, 100% of Remain­ing Sum Assured with bonuses from 65 years old onwards;
  • 32 Early-stage dread dis­eases - 50% of Remain­ing Sum Assured or up to max­im­um $75K. Sub­sequent claim with total claims shall not exceed 50% of the Remain­ing Sum Assured. 7 days sur­viv­al peri­od applies. Whole-life cov­er­age;
  • 28 Inter­me­di­ate-stage dread dis­ease - 100% of remain­ing Sum Assured plus bonuses or up to max­im­um $150K (new dread dis­ease) or the dif­fer­ence for the same early-stage dread dis­ease already claimed with­in the wait­ing peri­od of 6 months. Premi­um and Sum Assured are reduced upon claim. Whole-life cov­er­age;
  • 30 Advanced stages of Dread Dis­eases — 100% of Remain­ing Sum Assured plus bonuses, or the dif­fer­ence for the same early-stage dread dis­ease already claimed with­in the wait­ing peri­od of 6 months. Whole-life cov­er­age;
  • Total Per­man­ent Dis­ab­il­ity — 100% of Remain­ing Sum Assured plus bonuses. Till 65 years old;
  • Spe­cial Dread Dis­eases — Angioplasty, Dia­bet­ic Com­plic­a­tions, Severe Osteo­poros­is, Severe Rheum­at­oid Arth­rit­is, Dengue Hem­or­rhagic Fever, Sys­tem­ic Lupus Eryth­em­atosus, Crohn’s Dis­ease, Ulcer­at­ive Colit­is, Breast Recon­struct­ive Sur­gery and Pheo­chromo­cyt­oma. Till age 85. Extra 20% of Sum Assured giv­en, up to $30K per con­di­tion, up to 5 con­di­tions per policy. 7 days sur­viv­al peri­od applies;
  • Juven­ile Bene­fits – Osteo­gen­es­is Imper­fecta, Severe Hae­mo­phil­ia, Insulin Depend­ent Dia­betes Mel­litus, Kawa­saki Dis­ease, Rheum­at­ic Fever with Valv­u­lar Impair­ment, Type Juven­ile Spin­al Amyotrophy, Wilson’s Dis­ease, Sys­tem­ic Juven­ile Rheum­at­oid Arth­rit­is, Intel­lec­tu­al Impair­ment due to Sick­ness or Injury and Glom­er­uloneph­rit­is with Neph­rot­ic Syn­drome. Till age 18. Extra 30% of Sum Assured giv­en, up to $30K per con­di­tion, up to 5 con­di­tions per policy. 7 days sur­viv­al peri­od applies.

The premi­um option is 15-year, 20-year, 25-year, up to 64 age Last Birth Date (LBD), or 84 age LBD.

Latest Regular Premium Plans Promotion from NTUC Income

NTUC Income has just launched the Reg­u­lar Premi­um Policies Pro­mo­tion from 8th Jan 2014 to 28th Feb­ru­ary 2014. You will receive up to $500^ Cap­it­aMall shop­ping vouch­ers when you apply dur­ing the pro­mo­tion peri­od.

Min­im­um   Monthly Premi­um

Vouch­ers   Amount

Premi­um   pay­ment term of 5 to 9 years

Premi­um   pay­ment term of 10  years and more

$300

-

$100

$500

$100

$200

$1000

$250

$500

^ For policies with premi­um pay­ment term of 5 to 9 years, vouch­er amount is capped at $250 per policy.

For policies with premi­um pay­ment term of 10 years and above, vouch­er amount is capped at $500 per policy.

The qual­i­fy­ing plans are as fol­lows:-

1. Dream­Saver

2. Endow­ment Plan

3. Fam­ily Insur­ance Plan

4. Har­vest (GIO)

5. i-Ter­m/e-Term

6. Mort­gage Plan

7. Protection/ Lim­ited Pay Pro­tec­tion

8. RevoSave/ Lim­ited Pay RevoSave/ Lim­ited Pay RevoSave (5-Pay-10)

9. SAIL (Reg­u­lar Premi­um)

10. Seni­or Plan

11. Vivo­C­are

12. VivoC­hild

13. Vivo­Life

14. VivoLink

15. VivoSave

Terms and Con­di­tions apply. Click here for more inform­a­tion.