New Launch of SP SAIL

NTUC Income has just re-launched a new lim­ited tranche of Single Premium Savings/Endowment Plan, SP SAIL, with imme­di­ate effect. NTUC Income will stop accept­ing applic­a­tions once the alloc­a­tion is reached.

This is a guar­an­teed accept­ance sav­ings plan, which provides pro­tec­tion against Death and Total Per­man­ent Dis­ab­il­ity (TPD)

  • 105% of the single premium for stand­ard life or
  • 101% of the single premium for non-standard* life, plus 100% of the accu­mu­lated bonus.

The min­imum entry age is 25 Last Birth Date (LBD) and max­imum entry age is 60 LBD. The accu­mu­la­tion period is 10, 15, 20,25, 30 years or up to 55, 60, 62, 65 LBD. You can use cash or SRS money to save with SAIL. The min­imum amount for SAIL is $10,000.

 

What is SP SAIL plan?

SP SAIL is a single premium par­ti­cip­at­ing endow­ment or retire­ment plan with a min­imum accu­mu­la­tion period of 10 years. At the end of the accu­mu­la­tion period, you can choose to

  • with­draw the full matur­ity value, or
  • with­draw par­tial matur­ity amount and rede­posit the remain­ing cash with Income. The min­imum deposit amount is $10,000. You will then with­draw your sav­ings in 20 annual installments.
  • Save the full matur­ity amount with NTUC Income to with­draw your sav­ings over the next 20 annual install­ments. Some addi­tional con­ver­sion bonus will be given for this option.

Monthly pay­out is avail­able if the actual con­ver­sion value is $50,000 and above. The second or third option serves as a very good retire­ment plan that will com­ple­ment other annu­ity plan or CPF LIFE scheme man­dated by CPF Board, which provides streams of income pay­ment dur­ing the retire­ment years.

—————-

*Non-standard life refers to an insured suf­fer­ing from any of the fol­low­ing med­ical con­di­tions, at the time of applic­a­tion, within three months from cover start date:

  • Can­cer
  • Heart and/or Heart Valve Conditions
  • Chronic Kid­ney Disease
  • Stroke
  • Liver Cir­rhosis and/or End Stage Liver Failure
  • Sys­temic Lupus Erythematosus
  • Ter­minal Illness
  • Sev­er­ance or total loss of use of one or both limbs OR total loss of use of one or both eyes

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.

New Education Plan from NTUC Income

VivoChild

VivoC­hild is an Edu­ca­tion Plan spe­cially designed for your child’s edu­ca­tion in Singa­pore, from Primary 1 to Uni­ver­sity years. You save reg­u­larly every month and NTUC Income will pay you cash bene­fits when your child is in Primary 1, Primary 6, Sec­ond­ary 4, Junior Col­lege 2 and the 3 years in uni­ver­sity insti­tu­tion. You can either spend it or deposit back with Income at the cur­rent 3.5% p.a.. You can with­draw the cash deposit any­time you want, with a min­imum with­drawal of $500. VivoC­hild also pays $100 per day of hos­pit­al­isa­tion for Hand Foot Mouth Dis­ease, Dengue Fever and Food Poisoning.

Not only does VivoChld offers bet­ter interest rate, it provides free pro­tec­tion against death and Total per­man­ent Dis­ab­il­ity (TPD, which is Lost of sight, two legs etc.) to your child. Import­antly, should death, TPD or 30 crit­ical ill­ness were to occur to the par­ent, all future premium will be waived. You are assured that your inten­tion of the edu­ca­tion fund that you plan to save will not be dis­rup­ted by any of the mishaps.

 This is how VivoC­hild works.

 1) You save a fixed sum of money to NTUC Income for 5, 10 years or full term, and the policy matures at age 20 or 22 years old.

2) At the import­ant mile­stones of your child (P1, P6, S4, JC2 & Uni­ver­sity years), NTUC Income will return part of the premium back (called cash­back) to you. You can choose to
a) Spend it.
b) Save 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, with min­imum with­drawal of $500.

Reduce Income Tax with Supplementary Retirement Scheme (SRS)

Sup­ple­ment­ary Retire­ment Scheme (SRS) is a vol­un­tary sav­ing scheme intro­duced by the gov­ern­ment to encour­age Singa­por­eans to save more for their old age. Singa­por­eans and for­eign work­ers can open an SRS account at any branches of the 3 SRS Oper­at­ors — DBS, OCBC and UOB. Par­ti­cipants can then con­trib­ute up to $12,750 (for Singa­por­ean and Per­man­ent Res­id­ents, or $29,750 for for­eign work­ers) to SRS at their own dis­cre­tion yearly.

 

Bene­fits

One imme­di­ate bene­fit for par­ti­cip­at­ing in SRS is that you can claim tax relief for con­tri­bu­tions made to SRS. Each dol­lar of SRS con­tri­bu­tion will reduce your income chargeable to tax by a dol­lar. This works out to be a total sav­ings of up to $2,550, depend­ing on your Income Tax Bracket and the SRS con­tri­bu­tion. You will need to con­trib­ute to the SRS account before 31 Dec of each year in order to enjoy the tax relief in the next year of assess­ment of income tax.

Before end of this year, you can reduce your income tax by con­trib­ut­ing to your Sup­ple­ment­ary Retire­ment Scheme (SRS). And read on NTUC income products that will help to grow your SRS money that beat the silent thief, i.e. inflation.

Let’s look at the two examples below. Con­tinue read­ing

Income launches LP Revosave (5 pay 10), a short-term savings plan that allows you to withdraw cashback

NTUC Income has just launched a new short-term sav­ings plan, LP Revosave (5 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 (5 Pay 10) works.

1. You save a fixed sum of money to NTUC Income for 5 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. An example for a Male age 40 years old with Sum Assured $23,850 is as shown in the table below:

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)
5 years $500 $5769 $1,192.50 $28,845 $36,179 $34,547
($1,192.50 yearly plus $25,007 upon maturity)

VivoSave: A Saving Plan for Three Generation

NTUC Income has just launched a flex­ible sav­ings plan, VivoSave, with lim­ited pay of 10 years or 15 years only.  VivoSave can also be used as a leg­acy plan for the 3rd gen­er­a­tion if it is bought by you for your child. Your grand­chil­dren will stand to bene­fit from the pro­tec­tion too!

Guar­an­teed cash bene­fit1 pay­outs
With VivoSave, you choose to pay for 10 or 15 years, and you will begin to receive guar­an­teed yearly cash bene­fit1 after the com­ple­tion of your premium pay­ment term.

Cash bene­fits pay­able to poli­cy­hold­ers
after the end of premium pay­ment term

1st to 10th year

3% of sum assured

11th to 20th year

6% of sum assured

21st year onwards

8% of sum assured

The choice is yours
Need some money for home improve­ments or to send your child on an edu­ca­tional trip? You can with­draw your cash bene­fit and spend, any way you like. Oth­er­wise, you can also deposit with us at an interest rate of up to 3.50% p.a.4.

Exten­ded death bene­fit for 10 years
In the event of death after the 5th policy year, your loved ones will still receive guar­an­teed yearly pay­outs2 of 8% of the sum assured for 10 years.

Pro­tec­tion against death and total and per­man­ent dis­ab­il­ity
We know hav­ing well-rounded pro­tec­tion gives you peace of mind. That is why VivoSave also provides cov­er­age for Death and Total Per­man­ent Dis­ab­il­ity (TPD before age 65).

Lump sum matur­ity bene­fit3
At age 85, you will receive the lump sum pay­ment of

  • Final cash bene­fit1 (8% of the sum assured)
  • Full amount of the sum assured
  • Accu­mu­lated bonuses5

How VivoSave works for you?

Con­tinue read­ing

New Limited Premium Savings Plan from NTUC Income

NTUC Income has just launched a new short-term sav­ings plan, LP Revosave that only requires you to save for 5 years or 10 years.

You will be able to draw down cash­back of 5% of the Sum Assured from the end of second year onwards till maturity.

LP Revosave 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 for the first 3 years. From the begin­ning of 4th year, you will be totally covered with the Sum Assured, that means, full coverage!

 This is how LP Revosave works.
 1) You save a fixed sum of money to NTUC Income for 5 or 10 years.

 2) At the end of second year, NTUC Income will return 5% of 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.

NTUC Income — New Short-Term Savings Plan “DreamSaver”

NTUC Income Reg­u­lar sav­ings plan, Dream­Saver, is a short-term sav­ings plan for every­body, regard­less of your health status! It is guar­an­teed accept­ance with 101% or 105% pro­tec­tion value with bonus.

Dream­saver only requires you to save for 5 years. You can start to with­draw your FULL monthly premium back from the 6th years to the matur­ity term (8 or 10 years), without affect­ing the Pro­tec­tion Value dur­ing the draw­down. Not only it offers bet­ter interest rate of 3.06% p.a., it provides pro­tec­tion against death and Total per­man­ent Dis­ab­il­ity (Lost of sight, two legs etc.).

This is how Dream­Saver works.
1) You save a fixed sum of money to NTUC Income for 5 years.

2) From the 61th policy month (6th year), NTUC Income will give you cash­back of an amount equal to your monthly premium every month till matur­ity at the 8th or 10th year. 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) Upon Matur­ity, you will also receive the ter­minal bonus declare by NTUC Income.

An example is as shown below:

Dream­Saver Plan Amount
Monthly Sav­ings $500
Monthly Cash­back (From 61st month onwards) $500
Total Premium Paid $30,000
Guar­an­teed Matur­ity Amount $30,250
Total Cash upon Matur­ity (Non-withdrawal) $37,691
Total Cash upon Matur­ity (with Monthly Withdrawal) $35,000
Pro­tec­tion Value $6,300 to $67,491

For fur­ther enquiry, askGinny.