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.

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*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