NTUC Income has just launched Vivocash, a limited-premium but whole-life endowment plan that gives you cash benefit from end of 5th year till you are 100 years old!
Vivocash, is a regular savings plan that provides yearly cashflow from the end of 5th year till you are 100 years old! Not only it offers better interest rate, it provides protection against death and Total permanent Disability (Lost of sight, two legs etc.) regardless of your current health. It is 100% guarantee to be accepted with no underwriting required. You will be covered for 105% of the net premium paid for the first 5 years and 120% of all net premium paid from the sixth year onwards!
- Death and Total Permanent Disability (TPD before age 70) – 105% of net premium paid for first 5 years and terminal bonus, 120% of net premium paid from 6th year onwards plus any of the accumulated cash benefits and cash bonuses and a terminal bonus.
- Accidental Death and TPD (before age 70) – additional 100% of the sum assured, in addition to the death/TPD benefit.
- Retrenchment Benefit – 2% of the sum assured is payable if policyholder is unemployed for at least 3 months and after 6 months policy start date. This benefit can be claimed once.
This is how Vivocash works.
- You save a fixed sum of money to NTUC Income for 5,10, 15 or 20 years.
- At the end of fifth year, NTUC Income will return up to 4.25% of the Sum Assured (called cash benefit) to you till you are 100 years old. You can choose toa) Spend it.b) Save with us at current 3.5% per annum interest in deposit account issued by Income
- At any point in time, you can withdraw the money from the Deposit account.
- On the 20th and 30th policy year, you will receive additional 4% of the Sum Assured for your spending.
- If insured survives till 100 years old, the policy will pay centennial maturity benefits of 120% of all net premium paid plus terminal bonus.
Michael, age 40, is planning for his retirement. He signs up for Vivocash, paying yearly premium of $9,424 for 10 years with sum assured of $80,000. At age 45, he will receive $3,400 yearly cash benefits till 100 years old. He will receive additional $3,200 at 60 and 70 years old. He will also receive centennial maturity benefit of $139,491 if he survives till 100 years old.
Note : The above projection is based on NTUC Income achieving 4.75% investment rate of returns.