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