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Reach (Limited Premium Endowment Plan)

Monday, 10 May 2010 15:38 Ginny Lim
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NTUC Income has launched a new short-term regular savings endowment plan, Reach.

Reach is a limited premium payment term of 5 years which matures in 8 years or 10 years and provides guaranteed cash benefits and protection. The projected returns for a male, age 30, with Sum Assured of $50,000 for a 8-years term is 2.8% and 3.1% for the 10-years term.

This is how Reach works.

  1. You save a fixed sum of money to NTUC Income for 5 years.
  2. At the end of fifth year, NTUC Income will provide guaranteed cashback of 10% of Sum Assured 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.

Reach not only offers better interest rate, it also provides protection against death, Total permanent Disability (lost of sight, two legs etc.) and the coverage for accidental death is also doubled.

| Read more... | Ask Ginny | Source: NTUC Income | 

Last Updated on Monday, 24 May 2010 16:33
 

NTUC Income pay out $415.5m bonus to policyholders , 30 Apr 2010

Friday, 30 April 2010 08:00 Ginny Lim
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Insurer NTUC Income are pleased to declare an additional special anniversary bonus to complement your annual bonus. As well as a cash bonus1 for our long-standing policyholders.

Once again, NTUC Income has resolutely published thier yields for one reason – to be transparent.

 Actual Yield: Endowment

Policy Term For males & females, entry age: 25 years old, S$100 monthly premium2
Maturing in 2010 Average Maturity Yield (2006 - 2010)
20 5.47% 5.88%
25 5.95% 6.03%
30 5.90% 5.92%


Actual Yield: Whole Life

Gender Entry age: 30 years old with Sum Assured of S$50,000
At age 55 in 2010 Average Yield (2006 - 2010)
Male 4.72% 4.72%
Female 5.41% 5.41%

1 This cash bonus is paid out on your oldest policy, which must have been in force for at least 10 years as at 31 December 2009. If you are residing overseas, or if the policy has been placed under a trust or is under the care of the Official Assignee, this cash bonus will be credited to your policy to offset future premium payments; or if no premiums are payable, the cash bonus will be paid out when the policy matures, is surrendered or if a claim is made. This cash bonus is not included in the calculations for actual yield.

2 Yields are calculated based on annual premium equivalent to S$100 monthly. Yield calculations are audited by Towers Watson. Actual yields may not be indicative of future policy yields.

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Last Updated on Thursday, 17 June 2010 14:43
 

Insurance Relief for Motorists

Thursday, 18 March 2010 08:00 Ginny Lim
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Finally, motorist can expect either no or marginal increase in the car insurance premium this year. General Insurance Association of SIngapore (GIA) announced on 17 Mar 2010 that the industry losses narrowed sharply from $214 million in 2008 to $44.5 million last year . This is probably due to higher premium collected last year and the positive result from the New Motor Claims Framework introduced  in June 2008. The framework requires motorists to report accidents - even minor ones - within 24 hours, and to supplement these reports with photographs.

 

Free Insurance for 13, 000 Families

Monday, 12 April 2010 08:00 Ginny Lim
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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.

 

New CPF Changes in 2010

Saturday, 13 March 2010 08:00 Ginny Lim
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CPF LIFE
From 2013, CPF members born in 1958 or later with at least $40,000 in their Retirement Account (RA) at age 55 will be automatically included in CPF LIFE. Those with less than $40,000 will not be automatically included at 55. However, such members will be automatically included at DDA if they have $60,000 in their RA then. This $60,000 is equivalent in value to $40,000 at age 55, compounded at 4% over 10 years.

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Last Updated on Friday, 30 April 2010 04:56
 
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Newsflash

Prudential Buy AIA for S$50b, 05 Mar 2010

Prudential has just confirmed that it intends to pay US$35.5 billlion (S$50billion) to buy American International Assurance (AIA), the Asian life insurance arm of American International Group (AIG).

This deal will help AIG to pay back some of its US$182.5 billion debt to the US government. Prudential will pay US$25 billion in cash and US$10.5 billion in stocks and other securities for AIA. Prudential will raise the cash of US$25 billion by selling US$20 billion worth of shares and another US$5 billion by selling bonds. AIG accepted Prudential’s offer since the price offered is much better than the initial public offering of AIA in Hong Kong which could raise for about US$15 billion. Together with the earlier purchase of UOB Life Assurance (now named Prudential Life Assurance) from UOB for $428 million, Prudential will becomes the largest life insurer in Singapore, Hong Kong, Malaysia, Thailand, Indonesia, the Philippines and Vietnam.

There are likely to have some repercussion from this take-over. There may be job losses due to duplicate functions such as Finance and Human Resource. However, the combined sales force of 7,800 will not be affected. Prudential share price tumbles by almost 20% in just two days in March 2010, amid concern over the price of the deal. Prudential is currently valued at about S$25.8 billion. With the rights issue to be offered, there will be mass dilution to the current share price. AIA policyholders should not be too concerned on their policy contracts since Prudential is obligated to honour the original contracts.