NTUC Income New Whole-life Comprehensive Critical Illness Vivocare 100

NTUC Income has just launched Vivo­c­are 100. It is a com­pre­hens­ive lim­ited premium, whole-life insur­ance cov­er­age against the unex­pec­ted such as death, Total Per­man­ent Dis­ab­il­ity (TPD) and extens­ive range of 100 med­ical con­di­tions for Spe­cial, Juven­ile, Early, Inter­me­di­ate and Advanced stages of Dread Diseases.

Vivo­c­are  100 covers

  • Death and Ter­minal Ill­ness – 300% Remain­ing of Sum Assured up till 65 years old, 100% of Remain­ing Sum Assured with bonuses from 65 years old onwards;
  • 32 Early-stage dread dis­eases - 50% of Remain­ing Sum Assured or up to max­imum $75K. Sub­sequent claim with total claims shall not exceed 50% of the Remain­ing Sum Assured. 7 days sur­vival period applies. Whole-life coverage;
  • 28 Intermediate-stage dread dis­ease - 100% of remain­ing Sum Assured plus bonuses or up to max­imum $150K (new dread dis­ease) or the dif­fer­ence for the same early-stage dread dis­ease already claimed within the wait­ing period of 6 months. Premium and Sum Assured are reduced upon claim. Whole-life coverage;
  • 30 Advanced stages of Dread Dis­eases — 100% of Remain­ing Sum Assured plus bonuses, or the dif­fer­ence for the same early-stage dread dis­ease already claimed within the wait­ing period of 6 months. Whole-life coverage;
  • Total Per­man­ent Dis­ab­il­ity — 100% of Remain­ing Sum Assured plus bonuses. Till 65 years old;
  • Spe­cial Dread Dis­eases — Angioplasty, Dia­betic Com­plic­a­tions, Severe Osteo­porosis, Severe Rheum­at­oid Arth­ritis, Dengue Hem­or­rhagic Fever, Sys­temic Lupus Eryth­em­atosus, Crohn’s Dis­ease, Ulcer­at­ive Colitis, Breast Recon­struct­ive Sur­gery and Pheo­chromo­cyt­oma. Till age 85. Extra 20% of Sum Assured given, up to $30K per con­di­tion, up to 5 con­di­tions per policy. 7 days sur­vival period applies;
  • Juven­ile Bene­fits – Osteo­gen­esis Imper­fecta, Severe Hae­mo­philia, Insulin Depend­ent Dia­betes Mel­litus, Kawa­saki Dis­ease, Rheum­atic Fever with Valv­u­lar Impair­ment, Type Juven­ile Spinal Amyotrophy, Wilson’s Dis­ease, Sys­temic Juven­ile Rheum­at­oid Arth­ritis, Intel­lec­tual Impair­ment due to Sick­ness or Injury and Glom­er­uloneph­ritis with Neph­rotic Syn­drome. Till age 18. Extra 30% of Sum Assured given, up to $30K per con­di­tion, up to 5 con­di­tions per policy. 7 days sur­vival period applies.

The premium option is 15-year, 20-year, 25-year, up to 64 age Last Birth Date (LBD), or 84 age LBD.

FAST interbank transfer from 17 March 2014

The Asso­ci­ation of Banks in Singa­pore has just announced that Fast And Secure Trans­fers (FAST) of elec­tronic funds trans­fer from one bank to another bank will be almost instant using the inter­net and mobile plat­forms, start­ing from 17 March 2014 8am. This is much improve­ment from the cur­rent turn­around time of up to three work­ing days.

The max­imum funds allow for inter­b­ank trans­fer is cur­rently set at $10,000. This ser­vice is free for all retail cus­tom­ers. How­ever, the per trans­ac­tion fee ranges from 20 cents to 5 dol­lars for cor­por­ate customers.

The 14 par­ti­cip­at­ing banks are ANZ Bank, CIMB Bank, Cit­ibank, DBS Bank, Deutsche Bank, Far East­ern Bank, HSBC, May­bank, OCBC Bank, RHB Bank, The Royal Bank of Scot­land, Stand­ard Chartered Bank, Sum­itomo Mit­sui Bank­ing Cor­por­a­tion and United Over­seas Bank.

Changes to CPF Contribution Rates from January 2015

Recieved the fol­low­ing sum­mary from CPF Board today on Singa­pore Budget 2014 — Ini­ti­at­ives Related to CPF.

For more details, please refer to resources provided by CPF Board at the end of the article.

 

Changes to CPF Con­tri­bu­tion Rates

Employer con­tri­bu­tion rates to the Medis­ave Account (MA) will be increased for all work­ers to help them save more for health­care needs. Work­ers aged above 50 to 65 will see an addi­tional increase in the employer con­tri­bu­tion rates to the Spe­cial Account (SA) to help them save more for retirement.

Employee con­tri­bu­tion rates to the Ordin­ary Account (OA) will increase for work­ers aged above 50 to 55.

The table below shows these increases in CPF con­tri­bu­tion rates for Singa­pore Cit­izens (SCs), and for Singa­pore Per­man­ent Res­id­ents (SPRs) from their 3rd year of obtain­ing SPR status.

Increases in CPF con­tri­bu­tion rates for SCs and SPRs from Janu­ary 2015

Employee’s age (years) Per­cent­age point increase in CPF con­tri­bu­tion rates (for wages ≥ $750) Alloc­a­tion of increase
Con­tri­bu­tion by employer Con­tri­bu­tion by employee Total OA SA MA
50 and below +1% - +1% - - +1%
Above 50 — 55 +2% +0.5% +2.5% +0.5% +1% +1%
Above 55 — 60 +1.5% - +1.5% - +0.5% +1%
Above 60 — 65 +1.5% - +1.5% - +0.5% +1%
Above 65 +1% - +1% - - +1%

Medis­ave con­tri­bu­tion rates for Self-Employed Per­sons (SEPs) with annual net trade income of $18,000 and above will be raised by 1%.

The rates in the table below are applic­able to SEPs for annual net trade income from 2015.

Con­tri­bu­tion rates applic­able to SEPs from 2015

Annual net trade income (from 2015) Age as at 1 Janu­ary of work year
Below 35 years 35 to below 45 years 45 to below 50 years 50 years and above
Above $6,000 to $12,000 4% 4.5% 5% 5.25%
Above $12,000 to $18,000 Phased in* from 4% to 8% Phased in* from 4.5% to 9% Phased in* from 5% to 10% Phased in* from 5.25% to 10.5%
Above $18,000 8%(Maximum $4,800) 9%(Maximum $5,400) 10%(Maximum $6,000) 10.5%(Maximum $6,300)

*Please refer to the CPF web­site for the phased-in rates.
Spe­cial Employ­ment Credit and Tem­por­ary Employ­ment Credit

To help employ­ers bet­ter cope with the con­tri­bu­tion rate increases in 2015, the Spe­cial Employ­ment Credit (SEC) will be enhanced. Employ­ers will in addi­tion receive a new Tem­por­ary Employ­ment Credit (TEC).

SEC enhance­ment in 2015
Employ­ers hir­ing Singa­por­ean work­ers aged above 50 earn­ing up to $4,000 a month in 2015 will receive an addi­tional off­set of up to 0.5% of wages, mak­ing it a total off­set of up to 8.5%. The cur­rent off­set is up to 8%.
TEC pay­ment in 2015
In 2015, employ­ers will receive a one-year off­set of 0.5% of wages for Singa­por­ean and SPR work­ers, up to the CPF salary ceil­ing of $5,000 per month, based on employ­ees’ incomes paid in 2015. This will help employ­ers cope with the increased Medis­ave con­tri­bu­tion rates.

Find out more:

Singa­pore Budget 2014: Ini­ti­at­ives relat­ing to CPF(more details such as FAQs and con­tact inform­a­tion are available)
Singa­pore Budget 2014: All initiatives
Singa­pore Budget 2014: Full Budget Speech

 

Source: CPF Mem­bers Email Update from CPF Board, 22 Feb 2014

Refinancing of Residential Properties Loan made easier

Owner-Occupied Res­id­en­tial Properties

Mon­et­ary Author­ity of Singa­pore (MAS) has announced to exempt owner-occupied own­ers from the Total Debt Ser­vi­cing Ratio (TDSR) of 60% when they refin­ance the prop­erty loan from bank, as long as they bought the prop­erty before 29 June 2013.

Also, the Mort­gage Ser­vi­cing Ratio  (30% of borrower’s gross monthly salary) will also not apply to HDB flats and Exec­ut­ive Con­domin­i­ums (ECs) when own­ers refin­ance the loan, as long as these homes were pur­chased before 12 Janu­ary 2013 and 10 Decem­ber 2013 respectively.

A sim­ilar con­ces­sion will apply with regard to loan ten­ures, for res­id­en­tial prop­er­ties pur­chased before the respect­ive imple­ment­a­tion dates for the new loan ten­ure lim­its of 30 years for HDB flat and 35 years for oth­ers. For HDB, the imple­ment­a­tion date was 28 August 2013 and for other owner-occupied res­id­en­tial prop­er­ties, the date was 6 Octo­ber 2012. In such cases, bor­row­ers will be allowed to main­tain the remain­ing ten­ures of their loans at the point of refinancing.

Invest­ment Res­id­en­tial Properties

The TDSR threshold of 60 per cent will con­tinue to apply to the refin­an­cing of all invest­ment prop­erty loans. How­ever, MAS will allow a trans­ition period until 30 June 2017, dur­ing which a bor­rower may refin­ance his invest­ment prop­erty loans above the 60 per cent threshold, provided he meets the fol­low­ing conditions:

(a) the prop­erty was bought before 29 June 2013;

(b) the bor­rower com­mits to a debt reduc­tion plan with the fin­an­cial insti­tu­tion (FI) at the point of refin­an­cing; and

© the bor­rower ful­fills the FI’s credit assessment.

 

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

New motor insurance policy for senior above 65 years old

Auto­mobile Asso­ci­ation of Singa­pore (AAS) launched a new motor insur­ance policy , “AA Senior Motor Plus”, on 23 Janu­ary 2014. It is tar­geted at drivers aged 65 and above. It was launched in col­lab­or­a­tion with Liberty Insur­ance and the Singa­pore Opto­met­ric Association.

It comes with bene­fits such as a 5 per cent dis­count for eli­gible poli­cy­hold­ers with 30 or more years of exper­i­ence, and a free med­ical exam­in­a­tion, required of drivers above 65 years old by the Traffic Police. Like any other car insur­ance policies, driv­ing records and claims exper­i­ence will be taken into con­sid­er­a­tion when set­ting the premium.  Poli­cy­holder would need to pay for stand­ard excess and it cov­ers driv­ing in both Singa­pore and West Malaysia.

 

Cur­rently, NTUC Income offers motor insur­ance for drivers above 65. At Aviva and DirectAsia.com, only renewal of policies for those above 70 are con­sidered on a case-by-case basis.

There­fore, senior drivers now have one more choice from AAS.

Cap on money borrowed from MoneyLenders

The Singa­pore Gov­ern­ment may be imple­ment­ing cap on the total amount of money  that Singa­por­ean can bor­row across all the licensed moneylenders. There­fore, a cent­ral data­base whereby all moneylenders can access to check on the bor­row­ers’ bor­row­ing and credit his­tory will be set up to facil­it­ate this implementation.

In Septem­ber 2013, Mon­et­ary Author­ity of Singa­pore has announced that from June 2015, those whose unse­cured debts total more than 12 months of their income for 90 days or more will be barred from bor­row­ing fur­ther from the banks.

So it is nat­ural that Min­istry of Law, who reg­u­lates the Registry of Moneylenders, will likely to look into the unse­cured loan in the moneylenders’ indus­tries. Hope­fully, these two reg­u­la­tions will help Singa­por­eans to be more prudent and do some fin­an­cial plan­ning so that they do not over-borrow from the banks or the moneylenders.

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.