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:
- Heart and/or Heart Valve Conditions
- Chronic Kidney Disease
- 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