New insurance plans for ladies and pregnant women

NTUC Income has just launched anoth­er 2 plans spe­cially designed for the women.

Lady 360 provides cov­er­age for spe­cif­ic female ill­nesses, and sur­ger­ies as well as post dia­gnos­is sup­port and bien­ni­al health screen­ing.

Mater­nity 360 is spe­cific­ally designed to provide cov­er­age for an expect­ant moth­er between 13 weeks to 35 weeks of preg­nancy who suf­fers from preg­nancy com­plic­a­tions, is hos­pit­al­ized due to child­birth com­plic­a­tions or dies.  Her child is covered if dia­gnosed with con­gen­it­al ill­nesses, admit­ted to an intens­ive care unit or high depend­ency unit of a hos­pit­al or dies.

Lady 360

Lady 360 is a non-par­ti­cip­at­ing, reg­u­lar premi­um plan spe­cific­ally designed to meet the pro­tec­tion needs of women who are from 15 to 59 years old. It provides cov­er­age for death, spe­cif­ic female ill­nesses, and sur­ger­ies as well as post dia­gnos­is sup­port and bien­ni­al health screen­ing for the insured up to age 64 years old. The min­im­um sum assured is $25,000 and the max­im­um is $100,000, and it can be increased in mul­tiples of $1,000.

The bene­fits include:-

  • Female Ill­nesses Bene­fit

100% Sum Assured – Chron­ic autoim­mune hep­at­it­is; Malig­nant can­cer of female sites; Rheum­at­oid arth­rit­is; SLE with lupus neph­rit­is.

50% Sum Assured – Car­cinoma in situ of female sites; Osteo­porot­ic frac­tures of the hip and ver­tebra requir­ing sur­gery or repair.

  • Waiver of premi­um Bene­fit – Upon suc­cess­ful claim of Female Ill­nesses Bene­fit, premi­um will be waived for 24 months or till end of policy term, whichever is earli­er.
  • Female Sur­ger­ies Bene­fits

50% of Sum Assured – Rad­ic­al vul­vec­tomy; Wertheim’s oper­a­tion; Uter­us, total pel­vic exen­ter­a­tion

30% of Sum Assured – Breast lumpec­tomy – bilat­er­al; Mastec­tomy – bilat­er­al or uni­lat­er­al; Hys­ter­ec­tomy; Com­plic­ated repair of fis­tula

15% of Sum Assured – Breast lumpec­tomy – uni­lat­er­al; Urin­ary incon­tin­ence requir­ing sur­gery; Uter­ine pro­lapse requir­ing sur­gery; Thyroid dis­orders requir­ing sur­gery; Poly­cyst­ic ovari­an syn­drome requir­ing sur­gery.

  • Sup­port Bene­fit

100% Sum Assured -Recon­struct­ive sur­gery due to mastec­tomy fal­low­ing breast can­cer or car­cinoma in situ of the breast, malig­nant skin can­cer, acci­dent­al burns and acci­dent.

25% Sum Assured – Oocyte cryo­p­reser­va­tion bene­fit

15% of Sum Assured – Molecu­lar gene expres­sion pro­fil­ing test for treat­ment guid­ance for breast can­cer

5% Sum Assured – Out­pa­tient psy­chi­at­ric and hor­mone replace­ment ther­apy.

  • Care Bene­fit – Bien­ni­al Health Screen­ing and Lady 360 treats
  • Death Bene­fit - $10,000

Mater­nity 360

Mater­nity 360 is a 3-year non-par­ti­cip­at­ing, single premi­um plan spe­cific­ally designed to provide cov­er­age for an expect­ant moth­er and her child. The moth­er has to be from 17 to 44 years old and between the 13 weeks to 35 weeks of preg­nancy. Mater­nity 360 provides cov­er­age for the insured moth­er if she suf­fers from preg­nancy com­plic­a­tions, is hos­pit­al­ised due to child­birth com­plic­a­tions or dies. It also provides cov­er­age for the insured child if the insured child is dia­gnosed with con­gen­it­al ill­nesses, admit­ted to an intens­ive care unit or high depend­ency unit of a hos­pit­al or dies. The Sum Assured (S.A.) is between $5,000 and $10,000 and can increase in mul­tiple of $1,000.

Mother’s Bene­fit Table

Preg­nancy Com­plic­a­tion Bene­fits – Abrup­tio pla­centae; Acute fatty liv­er of preg­nancy; Amni­ot­ic flu­id embol­ism; Chori­ocar­cinoma and malig­nant hydatidi­form mole; Dis­sem­in­ated intravas­cu­lar coagu­la­tion; Ectop­ic preg­nancy; Pla­centa increta or per­creta; Post­partum haem­or­rhage requir­ing hys­ter­ec­tomy; Pre-eclamp­sia or eclamp­sia Still birth.

Hos­pit­al Cash Bene­fit - Inpa­tient psy­chi­at­ric treat­ment; Post-nat­al anaemia; Puer­per­al pyr­ex­ia; Pul­mon­ary embol­ism; Repair of 4th degree per­neal tear; Sep­tic pel­vic throm­bophle­bit­is; Sur­gic­al site infec­tion or trans­fu­sion due to retained pla­centa fol­low­ing child­birth. 1% of Sum Assured per each day of hos­pit­al stay, up to 30% of S.A..

Death Bene­fit – 100% of Sum Assured will be pay­able.

 

Child’s Bene­fit Table

Con­gen­it­al Ill­nesses Bene­fits – Absence of two limbs; Anal atresia; Atri­al septal defect; Bil­i­ary atresia; Cereb­ral palsy; Cleft lip and cleft pal­ate; Club foot; Con­gen­it­al blind­ness; Con­gen­it­al catar­act; Con­gen­it­al deaf­ness; Con­gen­it­al dia­phrag­mat­ic her­nia; Con­gen­it­al hyper­troph­ic pylor­ic sten­os­is; Devel­op­ment dys­plasia of the hip; Down’s syn­drome; Infant­ile hydro­ceph­alus; Pat­ent duc­tus arteriosus; Ret­ino­pathy of pre­ma­tur­ity; Spina bifida; Tet­ra­logy of fal­lot; Trancheo-eso­pha­geal fis­tula or eso­pha­geal atresia; Trans­pos­i­tion of the great ves­sels; Trun­cus arteriosus; Ventricu­lar septal defect.

Hos­pit­al Cash Bene­fit – Bron­chit­is; Dengue haem­or­rhagic fever; Hand, foot and mouth dis­ease; Incub­a­tion imme­di­ately after birth for more than 3 con­sec­ut­ive days; Pho­to­ther­apy or bold trans­fu­sion for severe neonat­al jaun­dice; Pneu­mo­nia; Pre­ma­ture Birth. 1% of S.A. for each day of hos­pit­al stay, up to 30% of S.A..

Out­pa­tient Pho­to­ther­apy Bene­fit – Pho­to­ther­apy treat­ment due to severe neonat­al jaun­dice. 1% of S.A. for each day of hos­pit­al stay, up to 30% of S.A..

Sim­pli­fied Applic­a­tion Bene­fit – Child can buy a new policy based on sim­pli­fied health declar­a­tion with­in 60 days after birth. Max­im­um S.A. is $150,000 and cur­rent eli­gible plans are Vivo­life, Viv­alink, Revosave, VivoC­hild.

Death Bene­fit – 100% of Sum Assured will be pay­able.

NTUC Income New Asian Bond Fund with monthly payout features

NTUC Income has launched a new fund, Asi­an Bond Fund that intends to dis­trib­ute monthly dividend pay­out of 4.5%-5.5% per annum.

The Asi­an Bond Fund aims to provide a medi­um to long-term rate of return by invest­ing mainly in Asi­an Fixed Income Secur­it­ies. The sub-fund is inves­ted in the Black­Rock Glob­al Funds- Asi­an Tiger Bond Fund A6 SGD Hedged Share Class (the under­ly­ing fund).

The under­ly­ing fund will invest at least 70% of its total assets in the fixed income trans­fer­able secur­it­ies of issuers dom­i­ciled in, or exer­cising the pre­dom­in­ant part of their eco­nom­ic activ­ity in, Asi­an Tiger coun­tries (i.e. South Korea, the People’s Repub­lic of China, Taiwan, Hong Kong, the Phil­ip­pines, Thai­l­and, Malay­sia, Singa­pore, Viet­nam, Cam­bod­ia, Laos, Myan­mar, Indone­sia, Macau, India and Pakistan). The under­ly­ing fund may also invest in the full spec­trum of avail­able secur­it­ies, includ­ing non-invest­ment grade. It may use fin­an­cial deriv­at­ive instru­ments for effi­cient port­fo­lio man­age­ment or to hedge mar­ket, interest rate and cur­rency risk.

The sub-fund offers a monthly pay­out fea­ture and intends to provide a monthly dis­tri­bu­tion with effect from 27 May 2016. The Man­ager intends to pay the dis­tri­bu­tion with­in 45 days from the declar­a­tion date. The declar­a­tion date is set on the 3rd last busi­ness day of every month. The declar­a­tion date is sub­ject to review and the Man­ager has the sole dis­cre­tion to determ­ine the rate and fre­quency of the dis­tri­bu­tion. Dis­tri­bu­tions are not guar­an­teed and can be made out of income, cap­it­al gains, and/or cap­it­al of the sub-fund.

More import­antly, NTUC Income will guar­an­tee 105% of the invest­ment amount or cash value, whichever is high­er, in the event of untimely death or Total Per­man­ent Dis­ab­il­ity (TPD before age 70) before age 65. After age 65, it is 100% of the invest­ment amount or cash value, whichever is high­er, in the event of untimely death. This is on top of the monthly with­draw­al of the dividends over the years.

The min­im­um single premi­um to invest is $10,000.

Fund Man­ager: NTUC Income

Sub-Invest­ment Man­ager: Black­Rock (Lux­em­bourg) S.A.

Ini­tial Sales Charge: 3% (For single premi­um and top-up)

Annu­al Man­age­ment Fee: 1% p.a.

Annu­al Policy Fee from 2nd year onwards: $50, waive if invest­ment amount is $25,000 and above.

For example, below is the hypo­thet­ic­al illus­tra­tion of how the dividend will be cal­cu­lated.

Invest­ment $100,000
Offer Price $1
Num­ber of units $100,000/$1 = 100,000
Dividend Rate $0.004053 per unit
Dividend pay­able 100,000*0.004053 = $405.30

Sub­scrip­tion Meth­od: Cash/SRS

Asi­an Bond Fund Factsheet is here at http://www.income.com.sg/fund/pdf/2016/asianbond(may).pdf

Asi­an Bond Fund Product High­light Sheet is here at http://www.income.com.sg/fund/phs/2016/asianbond(dec).pdf

NTUC Income #StartRetiring Consumer Promotion

NTUC Income has launched “#StartRe­tir­ing Con­sumer Pro­mo­tion” from 1 April 2016 to 31 May 2016.

Cus­tom­ers who suc­cess­fully sub­mit their Reg­u­lar Premi­um Life Policies includ­ing any applic­able rider(s) between 1 April and 31 May 2016 (inclus­ive of both dates), and their policies issued not later than 31 July 2016, will be entitled to a gift as set out in the rel­ev­ant tiers below.

Min­im­um monthly premi­um Premi­um pay­ment term of 10 years and above Premi­um pay­ment term of 5 to 9 years Premi­um pay­ment term of 3 to 4 years
$1,800 Cap­ita­Vouch­er

$1650

Cap­ita­Vouch­er

$800

Cap­ita­Vouch­er

$450

$1,200 Cap­ita­Vouch­er

$750

Cap­ita­Vouch­er

$350

PHILIPS Air Pur­i­fi­er worth $279
$500 Cap­ita­Vouch­er

$250

PHILIPS Slow Juicer worth $229 N.A.
$250 Cap­ita­Vouch­er

$50

N.A. N.A.

 

The qual­i­fy­ing policies are as fol­lows:

  1. LIMITED PAY REVOSAVE (3-PAY-10)
  2. LIMITED PAY REVOSAVE (5-PAY-10)
  3. REVOSAVE
  4. LIMITED PAY REVOSAVE
  5. CANCER PROTECT
  6. VIVOCHILD
  7. ENDOWMENT
  8. VIVOCARE 100
  9. FAMILY INSURANCE PLAN
  10. REVOSECURE
  11. VIVOLIFE 125/180/350
  12. MORTGAGE PROTECTION PLAN
  13. PROTECTION
  14. LIMITED PREMIUM PROTECTION
  15. FLEXRETIRE
  16. SENIOR PLAN
  17. DREAMSAVER
  18. SILVER PROTECT
  19. ITERM
  20. VIVOLINK
  21. VIVOCASH

Terms and Con­di­tions can be found at http://www.income.com.sg/promotions/life-insurance/start-retiring-promotion#main

New Short-term savings plan LP Revosave (3-pay-10)

NTUC Income has just launched a new short-term sav­ings plan, LP Revosave (3 pay 10) with the fea­ture of allow­ing you to with­draw cash­back (5% of Sum Assured) from the end of 2nd year onwards.
This plan provides a very good altern­at­ive to sav­ings in a bank. Not only it offers bet­ter interest rate, it provides pro­tec­tion against death, Total per­man­ent Dis­ab­il­ity (Lost of sight, two legs etc.) regard­less of your cur­rent health. It is 100% guar­an­tee to be accep­ted. You will be covered for 105% of the premi­um paid-to-date through­out the term.

This is how LP Revosave (3 Pay 10) works.
1) You save a fixed sum of money to NTUC Income for 3 years.

2) At the end of second year, NTUC Income will return part of the premi­um back (called cash­back) 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.

The policy will mature in 10 years’ time.
Sample : Male age 40 years old with Sum Assured $25,000

Pay­ment Term Monthly Sav­ings Yearly Premi­um Yearly Cash­back (From 2nd year onwards) Total Premi­um Paid Total Cash upon matur­ity (Non-with­draw­al) Total Cash upon matur­ity (With yearly with­draw­al)
3 years $861.50 $9,940 $1,250 $29,820 $39,382 $37,671

($1250 yearly plus $27,671 upon matur­ity)

Com­par­is­on between SP SAIL and LP Revosave (3 Pay 10)
Single Premi­um Plan SP SAIL with lump sum sav­ings of $29,820, the matur­ity amount is $38,577 after 10 years. So if your inten­tion is to with­draw the matur­ity amount after 10 years, LP Revosave will give bet­ter returns. Moreover, you have the flex­ib­il­ity to with­draw 5% of the Sum Assured from the end of second year. SP SAIL does not have this flex­ib­il­ity.

Launch of Global Income Fund from NTUC Income

NTUC Income has just launched a new fund, Glob­al Income Fund that intends to dis­trib­ute monthly dividend pay­out of 4–5% per annum.

The Glob­al Income Fund aims to provide income and cap­it­al growth over the medi­um to longer term by invest­ing primar­ily in glob­al equit­ies and glob­al fixed income secur­it­ies dir­ectly or indir­ectly through the use of Invest­ment Funds or fin­an­cial deriv­at­ive instru­ments (includ­ing, but not lim­ited to, futures, options and cred­it default swaps). The under­ly­ing Fund is act­ively man­aged between asset classes, allow­ing it to achieve the object­ive of achiev­ing yield and max­im­iz­ing total returns dur­ing all phases of the eco­nom­ic cycle.

The sub-fund aims to provide a sus­tain­able level of income. It invests in a broad range of assets from around the world, and seeks to identi­fy attract­ive sources of income whilst diver­si­fy­ing risk. The sub-fund intends to achieve this object­ive by invest­ing all or sub­stan­tially all of its assets in Sch­roder Inter­na­tion­al Selec­tion Fund Glob­al Multi-Asset Income which is man­aged by Sch­roder Invest­ment Man­age­ment Lim­ited.

More import­antly, NTUC Income will guar­an­tee 105% of the invest­ment amount or cash value, whichever is high­er, in the event of untimely death or Total Per­man­ent Dis­ab­il­ity (TPD) before age 65. After age 65, it is 100% of the invest­ment amount or cash value, whichever is high­er, in the event of untimely death.  This is on top of the monthly with­draw­al of the dividends over the years.

The Cur­rent Pro­mo­tion offers a 10% bonus on the net amount of the new dis­tri­bu­tion declared for Glob­al Income Fund and will be giv­en each month, up to 22 Septem­ber 2015. This bonus is only pay­able once for each dis­tri­bu­tion arising from net new invest­ments and top-ups. It is not applic­able to monthly dis­tri­bu­tion arising from switches into this fund. The declar­a­tion of the dividend rate will be announced on the fourth Tues­day of the month, start­ing from 28 April 2015. NTUC Income will pay or re-invest the dis­tri­bu­tion with­in 45 days from the declar­a­tion date.

The min­im­um single premi­um to invest is $10,000.

For example, if Mr Lee invests in Glob­al Income Fund and gets a monthly dis­tri­bu­tion of $500 per month. The 10% bonus pay­able for each dis­tri­bu­tion is $50 dur­ing this pro­mo­tion peri­od as shown below:

Declar­a­tion Date in 2015 28 April 26 May 23 June 28 July 25 August 22 Septem­ber
Monthly Dis­tri­bu­tion $500 $500 $500 $500 $500 $500
10% Bonus $50 $50 $50 $50 $50 $50

The extra bonus pay­able based on the above example is $300.

Sub­scrip­tion Meth­od: Cash/SRS

Glob­al Income Fund Factsheet is here at http://www.income.com.sg/fund/pdf/2015/globalincome(jan).pdf

Glob­al Income Fund Product High­light Sheet is here at http://www.income.com.sg/fund/phs/2014/globalincome(jun).pdf

Lease Buyback Scheme extended to 4-room HDB flat

On 3rd Septem­ber 2014, the Min­istry of Nation­al Devel­op­ment (MND) and the Hous­ing & Devel­op­ment Board (HDB) announced four enhance­ments to the Lease Buy­back Scheme (LBS) with effect from 1 April 2015.
Only house­hold with at least one of the own­er a Singa­por­ean and all own­ers must be at least at CPF Draw-Down Age in order to par­ti­cip­ate in this LBS.

Firstly, the LBS will be exten­ded to 4-room HDB flats. On top of the pro­ceeds the own­ers receive from selling the tail-end lease of their flat to HDB, they will receive a fur­ther $10,000 cash bonus per house­hold if the total CPF top-up is $60,000 or more. If the total CPF top-up is less than $60,000, the house­hold gets a pro-rated bonus of $1 for every $6 CPF top-up.

Secondly, the income ceil­ing for par­ti­cip­at­ing in the LBS will be raised from $3,000 to $10,000 per month. The income ceil­ing for the Sil­ver Hous­ing Bonus (SHB) scheme will be raised from $3,000 to $10,000 cor­res­pond­ingly.

Thirdly, each own­er of a house­hold will only be required to top up his/her CPF RA to half the age-adjus­ted pre­vail­ing CPF Min­im­um Sum (MS), instead of the full age-adjus­ted pre­vail­ing MS cur­rently. There­fore, they will be able to retain more cash upfront from par­ti­cip­at­ing in the LBS. How­ever, for any cash pro­ceeds above $100,000, the own­ers will still be required to top up the excess amount into their respect­ive CPF RAs. How­ever, if you are a sole-own­er of the HDB flat, this rule does not apply to you and you will still be required to top up your CPF RA to the full age-adjus­ted pre­vail­ing CPF MS.

Fourthly, eld­erly house­holds will have the flex­ib­il­ity to choose the length of lease to retain, based on their age and pref­er­ences, instead of hav­ing one stand­ard 30-year lease for all. Those aged 70 to 74 will have the option of a 25-year lease, those aged 75 to 79 will have the option of a 20-year lease, and those aged 80 or older will have the option of a 15-year lease. On the oth­er hand, those who prefer longer leases can choose to retain more than the min­im­um required for their age, in 5-year incre­ments, up to a max­im­um of 35 years. Any uncon­sumed lease will be refun­ded to the owner’s estate. A house­hold must have lived for at least 5 years and have at least 20 years of lease to sell to HDB to be eli­gible for the LBS.

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.

 

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.