29 Jan 2008
Four features Separate NTUC Incomes latest Vivolife from Other Whole Life With-Profits Plans in Singapore
Singapore, 29 January 2008 Rid yourself of the basic financial worries so that you can celebrate life thats the alluring proposition of NTUC Incomes latest savings and investment insurance product, Vivolife.
A with-profits whole life plan that covers death, permanent total disability and critical illness, Vivolife comes with several innovative features that mark an industry-first in its product category.
Vivolife offers peace of mind by going high on protection value. To maximise the protection value provided, it offers a minimum protection benefit available in the first 15 years. Its accidental death benefit is up to three times the original sum assured plus bonus the highest in the market. Vivolife is also the first whole life plan to incorporate an unemployment waiver of premiums for policyholders who get retrenched. The plan comes with full paying and limited pay premium terms comprising 10, 15, 20 or 25 years.
In short, Vivolife is a multi-faceted plan that gives you security for a protected lifestyle, savings to enjoy retirement and even lifetime income, on top of the freedom to tailor your plan according to your financial needs, said NTUC Income Chief Executive Tan Suee Chieh.
He added: Vivolife is part of the suite of products that represents NTUC Incomes transformation into an organization that is more professional, commercial and progressive in mindset. Along with our anticipated endowment product Revosave which was successfully launched in August 2007, Vivolife is a key part of our strategy to position NTUC Income as a key and serious player in the Singapore financial services industry.
NTUC Income has taken the lead to be the first insurer in Singapore to publish actual yields, as opposed to projected yields, of our products. This signals our commitment to transparency and to strive to provide the best. Going forward, consumers can look forward to even more innovative products with superior value propositions that seek to complement their lifestyles and address their needs.
Vivolife will appeal to an increasingly discerning segment of the market that wants to enjoy peace of mind from maximum protection and savings, without losing the flexibility to tailor their plan to their finances.
The following are key features of Vivolife:
Minimum Protection Value
There is a minimum protection value in first 15 years. If death, critical illness or PTD were to occur in the first 15 years of coverage, the benefit payable is the higher of the sum assured plus bonuses, or 125% of the original sum assured.
Accidental Death Benefit
In the event of death by accident, an additional two times the original sum assured will be paid to the beneficiaries as an extra accidental death benefit.
If the policyholder is retrenched and remain involuntarily unemployed for a continuous period of 3 months, premiums on his policy will be waived up to a maximum of 6 months of premium. This wavier can only be exercised once.
Vivolife can be converted to an immediate annuity after age 60, based on the enhanced surrender value of the policy. An additional 5% on the surrender value will be given at the time of conversion. The annuity rates will be based on the prevailing annuity plan and rates at the time of the conversion.
About NTUC Income
Established in 1970 in response to the growing needs for affordable insurance, NTUC Income has become a leading life, health and general insurer, earning the trust of 1.8 million customers.
The $20 billion company has been rated AA by independent credit ratings agency, Standard & Poor's since 1999, the highest accolade given to a domestic insurer in Asia, reflecting a strong financial profile, flexibility and capacity to meet new challenges.
NTUC Income's insurance plans benefit large numbers of Singaporeans from all strata of society, and the company supports the community through financial contributions to charities and other worthy causes.