NTUC Income “Towards a Better Future” Regular Premium Promotion

NTUC Income has launched TOWARDS A BETTER FUTURE pro­mo­tion from 13 Feb­ru­ary 2017 to 31 March 2017.

Cus­tom­ers who suc­cess­fully sub­mit their new applic­a­tion for Reg­u­lar Premi­um Life Policies includ­ing any applic­able rider(s) between 13 Feb­ru­ary to 31 March 2017 (inclus­ive of both dates), and their policies issued not later than 31 May 2017, 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
$1,800 Cap­ita­Vouch­er

$1500

Cap­ita­Vouch­er

$750

$1,200 Cap­ita­Vouch­er

$750

Cap­ita­Vouch­er

$300

$600 Cap­ita­Vouch­er

$300

Cap­ita­Vouch­er

$100

$400 Cap­ita­Vouch­er

$100

N.A.

 

The qual­i­fy­ing policies are as fol­lows:

  1. LIMITED PAY REVOSAVE
  2. REVOSAVE
  3. CANCER PROTECT
  4. VIVOCHILD
  5. ENDOWMENT
  6. VIVOCARE 100
  7. FAMILY INSURANCE PLAN
  8. REVOSECURE
  9. VIVOLIFE 125/180/350
  10. MORTGAGE PROTECTION PLAN
  11. PROTECTION
  12. LIMITED PREMIUM PROTECTION
  13. FLEXRETIRE
  14. SENIOR PLAN
  15. DREAMSAVER
  16. SILVER PROTECT
  17. SILVER SECURE
  18. ITERM
  19. VIVOLINK
  20. VIVALINK
  21. VIVOCASH
  22. LADY 360
  23. TERMLIFE SOLITAIRE

 

Terms and Con­di­tions 

  1. Qual­i­fy­ing policies for this Pro­mo­tion are Reg­u­lar Premi­um Life Policies includ­ing any applic­able rider(s) (the “Qual­i­fy­ing Policies”).
  2. Applic­a­tions for the Qual­i­fy­ing Policies must be sub­mit­ted and received by Income from 13 Feb­ru­ary to 31 March 2017 (inclus­ive of both dates) (the “Pro­mo­tion Peri­od”) and, if the applic­a­tions are approved, the policies must be issued not later than 31 May 2017 for the cus­tom­er to be eli­gible for the Pro­mo­tion.
  3. A cus­tom­er who suc­cess­fully signs up for a Qual­i­fy­ing Policy will be entitled to the cor­res­pond­ing Cap­ita­Vouch­ers (“Vouch­ers”) as set out in the table above.
  4. Adding togeth­er premi­um amounts from mul­tiple policies, or divid­ing the premi­um amount inten­ded for a single policy into premi­um amounts for mul­tiple policies under the same plan type, to qual­i­fy for the Vouch­ers is not allowed.
  5. Cus­tom­ers are entitled to receive the Vouch­ers only once, upon the issu­ance of the rel­ev­ant policies. Sub­sequent increase in sum assured or premi­ums, top-ups or applic­a­tions for riders, even if made dur­ing the Pro­mo­tion Peri­od, for such policies will not entitle the cus­tom­ers to any addi­tion­al Vouch­ers. For avoid­ance of doubt, cus­tom­ers with any Reg­u­lar Premi­um Life Policies includ­ing any rider(s) issued, wheth­er before or dur­ing the Pro­mo­tion Peri­od and wheth­er with any Vouch­ers enti­tle­ment, who sub­sequently increase their sum assured or premi­um, top-ups or apply for riders dur­ing the Pro­mo­tion Peri­od will not be entitled to any Vouch­ers under this Pro­mo­tion.
  6. At least 1 month’s premi­um for the Qual­i­fy­ing Policies must be paid upfront and received by Income dur­ing the Pro­mo­tion Peri­od for a cus­tom­er to be eli­gible for this Pro­mo­tion.
  7. Income reserves the right to demand from the cus­tom­er the full value of the Vouch­ers for Qual­i­fy­ing Policies which are issued but ter­min­ated or lapsed with­in 6 months from the policy issue date by the cus­tom­er, and the cus­tom­er shall imme­di­ately pay Income such amount deman­ded. The full value refers to the stated worth price or the face value of the Vouch­ers.
  8. Income will issue a redemp­tion let­ter for the Vouch­ers to eli­gible cus­tom­ers 1 month after the policy issue date, provided that the policy is inforce as of that date. The redemp­tion let­ter will be mailed to cus­tom­ers at their address registered with Income. The cus­tom­er must bring along the redemp­tion let­ter for the Redemp­tion of the Vouch­ers and the Vouch­ers must be col­lec­ted with­in the redemp­tion peri­od spe­cified in the redemp­tion let­ter. Fail­ing which, the cus­tom­er shall be deemed to have for­feited his/her right to the Vouch­er and no com­pens­a­tion will be giv­en or paid in lieu.
  9. The Vouch­ers are not exchange­able for cash or any bene­fits-in-kind.
  10. Income reserves the right to replace the Vouch­ers with items of sim­il­ar value or change the terms and con­di­tions for this Pro­mo­tion at any time without pri­or notice to the cus­tom­er.
  11. This Pro­mo­tion does not affect or change any term of the policy con­tract for the Qual­i­fy­ing Policies and is not val­id in con­junc­tion with oth­er incent­ives and pro­mo­tions offered by Income.
  12. Income’s decision on all mat­ters relat­ing to this Pro­mo­tion (includ­ing the issu­ance of the vouch­ers) shall be final, con­clus­ive and bind­ing. No appeal will be enter­tained.
  13. Under no cir­cum­stance shall Income be liable to any cus­tom­er or party, wheth­er in con­tract or tort (includ­ing neg­li­gence) or oth­er­wise, for any liab­il­it­ies, losses and dam­ages, claims, costs and expenses (includ­ing any spe­cial or con­sequen­tial dam­ages or losses) in con­nec­tion with, related to or res­ult­ing from this Pro­mo­tion and/or use of the Vouch­ers.
  14. Usage of the Vouch­ers is sub­ject to terms and con­di­tions imposed by the mer­chant.
  15. Income is not the man­u­fac­turer or mer­chant of the Vouch­ers or any Replace­ment Item, and provides no war­ranty in respect of it. Income shall not be respons­ible for all war­ranties, expressed or implied, includ­ing implied war­ranties of mer­chant­ab­il­ity, and fit­ness for a par­tic­u­lar pur­pose and against infringe­ment of intel­lec­tu­al prop­erty rights in respect of the Vouch­ers or any Replace­ment Item.
  16. No joint ven­ture, spon­sor­ship, tie up, agency or any oth­er rela­tion­ship is inten­ded or cre­ated between Income and mer­chants or man­u­fac­tur­ers of the Vouch­ers or replace­ment items. Neither is this Pro­mo­tion inten­ded or deemed to be a con­nec­tion with or use of the brand name of mer­chants or replace­ment item(s).

The pre­cise terms, con­di­tions and exclu­sions of these plans are spe­cified in their respect­ive policy con­tract. All our products are developed to bene­fit our cus­tom­ers but not all may be suit­able for your spe­cif­ic needs. If you are unsure if this plan is suit­able for you, we strongly encour­age you to speak to a qual­i­fied insur­ance adviser. Oth­er­wise, you may end up buy­ing a plan that does not meet your expect­a­tions or needs. As a res­ult, you may not be able to afford the premi­ums or get the insur­ance pro­tec­tion you want. Buy­ing a life insur­ance plan is a long-term com­mit­ment on your part. If you can­cel your plan pre­ma­turely, the cash value you receive can be sub­stan­tially less than the premi­ums you have paid for the plan.

Inform­a­tion is cor­rect as of 13 Feb­ru­ary 2017

New savings and protection plans from NTUC Income

NTUC Income has just launched two new insur­ance plans, Term­Life Solit­aire and Lim­ited Premi­um Revosave with bet­ter cov­er­age and lower premi­um, for insured up to 75 years old.

Term Insur­ance

Term­Life Solit­aire is a reg­u­lar premi­um term insur­ance that will cov­er the insured (age 74 last birth date or below) against Death and Ter­min­al Ill­ness for at least $1 mil­lion, up to a max­im­um age of 100 years old. The pro­tec­tion value is con­stant through­out the years of cov­er­age as it is not entitled to any bonus declared by NTUC Income. There is no cash value at any point in time since this is a pure pro­tec­tion plan. For sum assured of $1,500,000 and below, there is no med­ic­al exam­in­a­tion required!

There are 5 riders that can be added to this plan:-

  1. Dis­ab­il­ity Accel­er­at­or – cov­ers Total and Per­man­ent Dis­ab­il­ity (TPD) before age 70 with min­im­um sum assured of $1,000,000.
  2. Dread Dis­ease Accel­er­at­or – cov­ers the 39 dread dis­eases with min­im­um sum assured of $500,000.
  3. Dread Dis­ease Premi­um Waiver – waive future premi­um when poli­cy­hold­er is dia­gnosed with dread dis­ease.
  4. Pay­or Premi­um Waiver – waive future premi­um when poli­cy­hold­er dies or is dia­gnosed with TPD.
  5. Enhanced Pay­or Premi­um Waiver — waive future premi­um when poli­cy­hold­er dies or is dia­gnosed with TPD or crit­ic­al ill­ness.

 

Lim­ited Pay Revosave

Lim­ited Pay Revosave is a reg­u­lar sav­ings plan that 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 through­out the cov­er­age! If it is acci­dent­al death or TPD before age 70, an addi­tion­al 100% of the sum assured on top of the death/TPD bene­fit will be paid out too. You are eli­gible to apply if you are 75 years old and below.

This is how Lim­ited Pay Revosave works.

1) You save a fixed sum of money to NTUC Income for 3,5,10 or 15 years.

2) At the end of second year, NTUC Income will return part of the premi­um back (5% of the sum assured 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.

4) The policy will end at the chosen policy term of 10, 15,20 or 25 years. All matur­ity pro­ceeds will be paid out, togeth­er with the cash­back and interest earned in the depos­it account.

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.