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.