NTUC Income has just launched a new Personal Accident plan, SpecialCare (Autism), specailly designed for autistic child from the age of 15 days old to 30 years old. Parent will have to be the policyholder to buy for the child as the insured. SpecialCare pays up to $60,000 to the familiy if death or Total Permanent Disability (TPD) were to happen to policyholder. Also, 5 years premium will be waived to tie the insured over this difficult period.
As for the insured, it covers outpatient, hospitalisation, medical expenses due to infectious disease, ambulance fee, physiotherapy and psychiatic therapy etc.
The yearly premium for sum assured of $30,000 is $198 and for $60,000 is $352
For more deatils, please refer to NTUC Income website at http://www.income.com.sg/insurance/SpecialCareAutism/benefits.asp
NTUC Income has just launched the Income Family Micro-Insurance Scheme (IFMIS) for the 13,000 families which have children receiving childcare, kindergarten and student care subsideis under the Comcare umbrella.
IFMIS provides insurance coverage for the main income earner. A payout of $5,000 will be made to the family if the main income earner dies or becomes totally and permanently disabled. The families do not need to sign up for the scheme as the insurance coverage is extended automatically to the families of the recipients in the three Comcare subsidy schemes. And there is NO underwriting and no exclusion of pre-existing illness!
This scheme is inline with NTUC Income’s Social Enterprise role to help the society through its core epxertise in insurance and its social mission.
NTUC Income is also channelling $3 million towards other charity and community projects, besides the IFMIS scheme. The beneficiaries include U Care Fund, The Singapore Childen’s Society, Assumption Pathway School and Moral Home.
i-Term is a regular premium term policy design for people seeking high insurance protection at the lowest possible cost. It provides insurance coverage against death, permanent and total disability or terminal illness during the term of the policy. The premium depends on your entry age, gender, sum assured, term, and your current health condition.
There is no minimum entry age for i-term plan. We can insure new born babies even when they are 1 day old. The maximum entry age for i-term plan is 74 years old (Last birthday). You can choose any term that suits your needs:
- any term between 5 and 35 years, or
- up to age 54 last birthday(LB), 59 LB and 64 LB of the life assured.
As it is a term insurance, the plan is not eligible for bonuses and has no surrender value.
| Read more… | FAQ | Ask Ginny | Source: NTUC Income |
vivolife is a whole life policy that provides high protection for death, total and permanent disability, and dread diseases. It pays 125% of the sum assured for the first 15 years of coverage, and up to 300% of the sum assured for accidental death.
vivolife gives you more flexibility to meet your financial needs. You can choose a limited payment term from 10, 15, 20 25 year, up to age 64 or age 84 last birthday.
It offers an Annuity Option which can be exercised upon attainment of age 60. You can do a partial/full surrender to withdraw a lump sum for retirement, or purchase an annuity at prevailing rates. An extra 5% of the cash value will be given for purchasing an annuity with Income.
| Read more… | FAQ | Ask Ginny | Source: NTUC Income |
With effect from 1 April 2008, Work Injury Compensation Act (WICA) replaces the Workmen’s Compensation Act (WCA). The current scope only covers manual workers and non-manual workers earning less than $1,600 per month. The scope isnowwidened to cover non-manuals workers earning above $1,600 per month. Though buying insurance for this group of workers is not compulsary, employer is still liable for the compensation if a valid claim arises. The minimum and maximum to the claim for death and Permanent Incapacity for all workders are as follows:
So it makes sense for employer to purchase insurance for all workers to transfer the risk to insurers.
Life protection insurance is a life insurance policy that is designed to cover the insured for life. It pays a lump sum of money upon death, and about 5 installments of payout upon Total Permanent Disability of the insured. Life insurance policy usually also comes with Critical Illness coverage that also pays a lump sum upon the diagnosis of the covered critical illness defined by the insurer.
The following three types of life insurance are currently sold in the market.
|Type of Life Policy
|Traditional Whole Life Policy
||Up to a specified age, say 60
|Investment-linked Life Policy
||As long as it is in-force
The Pyramid of Insurance Needs shows the increasing level of insurance that everyone needs. The most important insurance is to cover ourselves adequately on health, the basic one being the national hospitalization plan, the integrated Medishield plan offers by insurer that covers the hospital bill completely. This is important as we should concentrate on getting ourselves well and continue with our normal life instead of worrying on the financial burden.
Next on the pyramid is protection against death, total permanent disability and critical illness. This is rarer than hospitalization, but if it happens, it will cause a lot of financial and emotional strain on the family. We would like our family members to continue their life as normally as possible. Hence, a comprehensive coverage with sufficient payout will help our family members to tide over the difficult period.
After we have adequately covered ourselves, we will then seek for opportunity to save and invest to ensure a continuity of good life for our family members. Family with children should consider education policy to ensure and lock down a fixed sum of money for the children’s tertiary education for a proper head-start in life.
And when we reach age 55, we should buy an annuity insurance policy that will pay us income, with increasing amount every year, as long as we live. We should be enjoying our retirement years, without worrying of lacking of income to sustain our everyday expenses.
Download the Financial Needs Analysis spreadsheet now to determine the amount of funds required for the various areas of insurance coverage!
Ginny Lim Gek Eng
Web : www.aboutfinancialplanning.net