$1,000 cashback for Singaporean fresh graduate

Good news to the recent loc­al gradu­ates! You will get $1,000 cash­back if you apply for any reg­u­lar premi­um policy with annu­al premi­um of at least $2,000 from 20 July 2015 till 31 Decem­ber 2015.

You must be a Singa­pore Cit­izen and gradu­ated from any of the Singapore’s Insti­tute of Tech­nic­al Edu­ca­tion, Poly­tech­nics, or Uni­ver­sit­ies, from gradu­ation year of 2012 or later.

But do note that this pro­mo­tion is applic­able to the first 6,600 applic­able policies issued by NTUC Income. The $1,000 cheque will be mailed to the poli­cy­hold­er with­in 45 days, one year after the policy is issued and one year premi­um has been fully paid.

NTUC Income temporary underwriting guidelines and Mooncake Fiesta

Pro­mo­tion One: High­er Non-med­ic­al lim­it
You can now insure yourselves with high­er sum assured without hav­ing to go for med­ic­al checkup. The high­er non-med­ic­al lim­it for the two age groups are as fol­lows:-

Age Last Birth­d­ate Sum Assured for Cur­rent Non-med­ic­al lim­it Tem­por­ary Sum Assured for Non-med­ic­al lim­it till 30 Septem­ber 2015
16 to 45 $600,000 $1,000,000
46 to 50 $350,000 $500,000

Please note that the aggreg­ate sum assured will be based on the cur­rent applic­a­tion togeth­er with those policies pur­chased over the last 3 years.

Pro­mo­tion Two : Waiver of extra premi­um up to 50% on Extra Mor­tal­ity
Applic­a­tions will be waived up to 50% load­ing Extra Mor­tal­ity for those sub­stand­ard cases due to declared med­ic­al con­di­tions. Apply now till 30 Septem­ber 2015 in order to be eli­gible for this wavi­er.

Pro­mo­tion Three : Moon­cake Fiesta
For new applic­a­tion of any NTUC Income insur­ance plans from 1 July 2015 to 31 August 2015, you will receive 1 box of tra­di­tion­al Halal cer­ti­fied moon­cake from Con­corde Hotel that con­tains 4 pieces of lotus, single yoke moon­cakes.
The cri­ter­ia are as fol­lows:-

Type of plan Min­im­um premi­um Eli­gib­il­ity after ful­filling min­im­um threshold
Reg­u­lar premi­um with 5 years pay­ment term $20,000 yearly No cap
Reg­u­lar premi­um with 3 years pay­ment term $33,334 yearly No cap
Reg­u­lar premi­um with at least 10 years pay­ment term $10,000 yearly No cap
Single Premi­um $100,000 lump sum No cap

Please note that the policy has to be issued by 7 Septem­ber 2015 in order to be eli­gible for this pro­mo­tion. Policies that are issued dur­ing the qual­i­fy­ing peri­od but free-looked, lapsed or sur­rendered before 7 Decem­ber 2015 will res­ult in non-qual­i­fic­a­tion and each box will be charged at $50.

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.

SG 50 Celebration from NTUC Income

Enhanced Incomeshield New Sign-up

To cel­eb­rate Singapore’s 50th birth­day, you will receive Cap­it­aMall vouch­ers, when you sign up for a new Enhanced IncomeSheild plan dur­ing the pro­mo­tion peri­od from 10 May 2015 to 31 Decem­ber 2015.

For chil­dren (aged 12 years and below)
Enhanced IncomeShield plans Vouch­er amount
Pre­ferred (SG/PR/FR) $195
Advant­age (SG/PR/FR) $120
Basic (SG) $100
Basic (PR) $110
Basic (FR) $115
For all oth­er new sign-ups
Enhanced IncomeShield Main plans Vouch­er amount
All plan types $100

SG – Singa­por­ean; PR – Per­man­ent Res­id­ent; FR – For­eign­er
Terms and Con­di­tions apply. Click here for more inform­a­tion.

Med­ic­al Sub­sidy for Chil­dren hold­ing CHAS Blue Card
Chil­dren, aged 12 and below and hold­ing the Com­munity Health Assist Scheme (CHAS) Blue Card, now enjoy a Med­ic­al Sub­sidy at all Health­way Med­ic­al Group Clin­ics. NTUC Income OrangeAid reaches out to fam­il­ies on the CHAS Blue scheme to reduce their expenses for GP med­ic­al treat­ment.
Each child can claim a total amount of $100.00 (exclud­ing GST), on top of the CHAS Blue Card sub­sidy.

This Sub­sidy is val­id for all CHAS Blue child card­hold­ers (born in 2003 and there­after). If your child is ill, to receive the sub­sidy, simply take the fol­low­ing steps:
1. Bring your child and 2 neces­sary doc­u­ments (child’s CHAS Blue card and Birth Cer­ti­fic­ate) to a Health­way Med­ic­al Group clin­ic.
2. Fill in the Patient Con­sent Form at the clin­ic. For your ref­er­ence, a copy of the form is here.
With the com­pleted Patient Con­sent Form, NTUC Income will sub­sid­ise your child’s GP med­ic­al bills up to $100.00 (exclud­ing GST) in cel­eb­ra­tion of SG50.

View the list of par­ti­cip­at­ing clin­ics

 

SG50 Reward­ing First Gen­er­a­tion Policy Own­ers
NTUC Income will be reward­ing its poli­cy­hold­ers who own policies which are issued in 1970s and 1980s.  Cus­tom­ers who are eli­gible for this reward will be noti­fied by end June 2015.
For policies issued between 1 Jan 1970 t0 31 Dec 1979, the Cap­it­aMall vouch­er amount is equi­val­ent to the cal­cu­lated annu­al premi­um of the reg­u­lar premi­um policy, roun­ded up to the nearest $100. The table below shows some examples:

Cal­cu­lated annu­al premi­um of the policy Amount of Cap­it­aMall vouch­ers per policy
$100.00 and below $100
$100.01 to $200.00 $200
$500.01 to $600.00 $600
$1,500.01 to $1,600.00 $1,600
$2,000.01 to $2,100.00 $2,100

For policies issued between 1 Jan 1980 to 31 Dec 1989, the vouch­er amount is fixed at $50, regard­less of the annu­al premi­um amount.
Please note that the reg­u­lar premi­um NTUC Income Life Insur­ance Policies issued in 1989 or earli­er must be in force as of 1 Janu­ary 2015.
How­ever, cer­tain policies are excluded for this reward as stated below:

  • Where policy own­ers are deceased;
  • Where policy own­ers are undis­charged bank­rupts;
  • Sub­ject to trusts under sec­tion 73 of Con­vey­an­cing and Law of Prop­erty Act;
  • With irre­voc­able nom­in­a­tion under sec­tion 49L of the Insur­ance Act; or
  • Without any val­id Singa­pore billing address.

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

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.

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.