NTUC Income has just launched a new retirement plan, RevoRetire, together with first-in-the-market coverage for Disability Care Benefit that doubles your monthly cash benefit payout during your retirement!
RevoRetire is a regular premium participating endowment plan that allows you to start savings regularly now for your planned retirement in 10/15 years’ time or at age 50, 55, 60 or 65 Last Birth Date (LBD). And you will get the regular retirement payout for the next 10, 20 or 30 years. RevoRetire is guaranteed acceptance without the hassle of medical check-up. You will also enjoy free death protection of 105% premium paid-to-date plus 100% of the terminal bonuses! If it is accidental death before age 70, an additional 105% of the premium paid-to-date on top of the death benefit will be paid out too. You are eligible to apply if you are 65 years old and below.
New benefit, Disability Care Benefit, is introduced in this plan. It covers Loss of use of one limb, Loss of sight of one eye, Loss of speech, Loss of hearing.
RevoRetire is divided into 2 phases, i.e. Accumulation Period and a Payout Period.
- Accumulation Period = 10 or 15 years or the chosen Retirement Age (up to age 50/55/60/65 LBD)
- Payout Period = choice of 10, 20 or 30 years
During the Accumulation Period, you can choose to pay for 5 years, 10 years or pay regularly during the Accumulation Period minus five years. So if the Accumulation Period is 25 years, you just need to pay for 20 years and start getting the regular payout from the 25th year onwards. If there is a claim on Disability Care Benefit, this plan will pay a lump sum of six times the monthly cash benefit. All future premium will be waived.
During Payout Period when you are receiving the monthly income (guaranteed cash benefit plus non-guaranteed cash bonus), you can still choose to
- Deposit the monthly income with NTUC Income at the current 3.5% p.a.. This is a deposit account and you can withdraw anytime if you need to.
- Receive it as your monthly retirement income.
If there is a claim on Disability Care Benefit, this plan will pay an additional one month of the cash benefit, on top of the monthly cash benefit that is paid out during the whole payout period. The maximum additional cash benefit payable for this Disability Care Benefit is capped at $3,000.