Tag Archives: whole-life insurance

NTUC Income temporary underwriting guidelines and Mooncake Fiesta

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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.

Update to Critical Illnesses definitions and coverage

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Life Insur­ance Asso­ci­ation Singa­pore (LIA) has just made two changes to the Crit­ic­al Ill­nesses (CIs) bene­fits offered under new indi­vidu­al and group insur­ance policies. These changes take imme­di­ate effect.

Firstly, the defin­i­tions to the “severe stage” of the cur­rent 37 CIs are updated. This is to reflect the advances in clin­ic­al prac­tices, med­ic­al sci­ence and tech­no­logy.

Secondly, LIA now allows more than 30 CIs to be covered in a crit­ic­al ill­ness plan. Cur­rently, only 30 out of the 37 CIs are selec­ted by each insurer to be included in a life insur­ance plan.
Addi­tion­al crit­ic­al ill­nesses out­side the 37 stand­ard CIs will be set and defined by indi­vidu­al insurer. Insurer is also allowed to offer single-ill­ness CI plan such as can­cer.

The cur­rent defin­i­tion of the 37 CIs will not be sold from 1 Feb 2014.