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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  

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Newsflash

Bankruptcy May Now Be Prevented

With effect from 18th May 2009, if you are in debt of less than $100,000, bankruptcy may be avoided if Insolvency and Public Trustee’s Office (IPTO) approved your repayment plan over the next 3-5 years. Statistically, about 42% of the bankrupts declared each year owes less than $100,000. So with an average of 3,200 bankrupts per year, 1,300 of debtors will be considered for the new Debt Repayment Scheme (DRS) administered by IPTO.

This is good news for Singaporeans amid the current recession. DRS benefits both the debtors and creditors in its own ways. Debtors will be able to avoid the stigma of bankruptcy and continue his work without the disruption brought about by the bankruptcy act, as long as he is able to fulfil the repayment plan. Creditors will also get his debts repaid from the debtors, albeit over a longer period of time.

The debtors must cooperate with the Official Assignee (OA) of IPTO in the administration of the plan. The debtor can make his payment at any SingPost branch or SAM machine, which is being monitored by OA. Dishonesty, failure to cooperate with the OA or comply with the terms of the plan may result in the OA issuing a Certificate of Failure on the debtor in the DRS. Creditors may then proceed to initiate fresh bankruptcy proceedings against the debtor. OA will issue you the Letter of Completion if you complete all repayment in accordance of the approved DRS plan. And you are now out of debt without being made a bankrupt!