With effect from 18^th May 2009, if you are in debt of less than $100,000, bankruptcy may be avoided if Insolvency and Public Trustee’s Office (IPTO) approved your repayment plan over the next 3-5 years. Statistically, about 42% of the bankrupts declared each year owes less than $100,000. So with an average of 3,200 bankrupts per year, 1,300 of debtors will be considered for the new Debt Repayment Scheme (DRS) administered by IPTO.

This is good news for Singaporeans amid the current recession. DRS benefits both the debtors and creditors in its own ways. Debtors will be able to avoid the stigma of bankruptcy and continue his work without the disruption brought about by the bankruptcy act, as long as he is able to fulfil the repayment plan. Creditors will also get his debts repaid from the debtors, albeit over a longer period of time.

The debtors must cooperate with the Official Assignee (OA) of IPTO in the administration of the plan. The debtor can make his payment at any SingPost branch or SAM machine, which is being monitored by OA. Dishonesty, failure to cooperate with the OA or comply with the terms of the plan may result in the OA issuing a Certificate of Failure on the debtor in the DRS. Creditors may then proceed to initiate fresh bankruptcy proceedings against the debtor. OA will issue you the Letter of Completion if you complete all repayment in accordance of the approved DRS plan. And you are now out of debt without being made a bankrupt!

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NTUC Income now offers all children in Singapore a one-year free upgrade from MediShield to its Standard Incomeshield Plan B. You do not need to pay the increased premium rate of $52 for the upgraded plan inthe first year. Even if your child is not covered under Medishield now, you can still receive the benefits of Incomeshield Plan B. Simply pay $33, the annual premium rate for Medishield, to get your child covered under the new plan.

 With the annual premium rate of $52 for Incomeshield Plan B (based on the rate for Singaporean), you will be getting a discount of $19. If you wish to opt for a higher plan type to further enhance your child's medical insurance protection, you will also be entitled to the $19 discount!

Exclusively for NTUC members, NTUC Income offers free upgrade from MediShield to its Enhanced Incomeshield Basic plan. If your child is not covered under Medishield, simply pay $33, the annual premium rate for Medishield. With the annual premium rate for Enhanced Incomeshield Basic Plan of $70 (based on rate for Singaporean), a discount of $37 is given. The discount is still valid even if you opt for higher plans under Enhanced IncomeShield.

The above offer is valid till end September 2009 and available to members’ children who are Singapore citizens and permanent residents aged 16 and below, and who do not hold an integrated Shield plan by NTUC Income or other insurers.

How does Incomeshield compare to Medishield for key benefits?

^ Subject to a waiting period of 24 months from the Commencement Date.

Contact your agent or AskGinny to find out more on the free upgrade.

As a result of the bonus restructuring last year, NTUC Income is able to maintain yields and payouts for life policies in 2009, despite the financial crisis. This year, the restructuring will be extended to other participating policies.

The bonus rates for annuities have been moderated but a $1 million "Income Cares Fund" has been launched to help annuitants tide over the financial crisis.

For the full media release, please go to
www.income.com.sg/aboutus/releases/2009/mar27.asp

For Frequently Asked Questions, please go to
www.income.com.sg/aboutus/bonus/2009

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Yes, it is true! Though the Motor Reporting Framework was implemented in mid last year to control the motor premium increase, the result is yet to be seen and felt.

The main culprit is the two-fold increase in the injury claims arising from road accidents. There were 17% more accidents last year, resulting in 473 of scrapes per day. The motor industry has lost a record $214.1 million in 2008, up from $103.2 million in 2007. Claims paid out hit $742 million, up from $582 million in 2007. All three major motor insurers, NTUC Income, AIG and AXA, will increase the premium substantially this year.

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Following the fiasco of the failure of the Lehman Minibonds and DBS High Notes 5, Monetary Authority of Singapore (MAS) will be tightening the rules and implement tougher laws to protect consumers. All new investment products will have a 3-4 pages of summary sheet called “Product Highlight Sheet”  that answers 12 tough questions that investors may have. These will include minimum investment amount, fees and charges, the worst case scenario and  how the investment can be exited. The financial advisors are expected to go through the summary sheet with the investor in detailed too.

Singapore National LIFE Long Income Scheme, CPF LIFE, is a new scheme that will provide lifelong income for citizens from age 65 onwards. This annuity scheme will be implemented in year 2013 for those who are age 50 and below in 2008. Citizens will need to set aside Minimum Sum (MS) in their CPF Retirement Account when they reach 55 years old. The MS can be made up all in cash, or part cash and part property, with the property forming up to 50% of MS. Part of this MS will be used to pay for the CPF LIFE premium at age 55.

There are twelve options available for CPF LIFE, as shown below, when it was first introduced in 2008:

What is SAiL? 

SAIL (Save As I Like) is a single premium endowment plan specially designs for retirement planning. You will need to accumulate your savings for at least 10 years and enjoy 20 years of constant streams of Annual Income.

It is a very safe endowment plan whereby NTUC Income will help to manage your savings during the Accumulation Period of 10-30 years. At the end of Accumulation Period, you may withdraw the maturity amount or convert it to a conversion value with 1-2% extra cash value given.

The conversion value will generate 20 years of Annual Payout. You may use cash or Supplementary Retirement Scheme (SRS) savings for SAIL. The maximum age to start your retirement savings with SAIL is 55 years old last birth date. You also get 105% of the single premium for protection against death and Total Permanent Disability.

The annual payment works like this:

Annual Payment =  Regular Payment + Bonus

•  
  • Regular Payment = Guaranteed 5.5% of the conversion value.
  • Bonus = 2.5% of the conversion value, non-guaranteed and declare yearly, depending on the performance of the life fund.

Hence, the annual payout fluctuates due to bonus declaration yearly.

SAIL offers you a very good solution for your retirement with the SRS money. Not only do you save Income Tax with contribution to SRS, you are also getting a plan that pays you constant streams of income during your retirement.

E.g. Male, age 35 save for 30 years and receive 20 years of Annual Payout

| Read more... | FAQ | Ask Ginny | Source: NTUC Income | 

Many people buy travel insurance only one or two days before departure. But do you know that it should be bought once you made payment for your trip! Why so? Travel Insurance covers risks associated with pre-departure events such tour agency’s bankruptcy, you or your family members fell sick and hence cannot proceed with the travel. Travel insurance will cover the loss of non-refundable deposits or other charges paid in advance.

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One piece of good news in this economic downturn! NTUC Income has just announced a year-long initiative to help the lower-income and elderly policyholder with a $6m special assistance scheme.

Singapore Government has just announced that all local and foreign currecies deposit of individuals and non-bank customers with banks, finance companies and merchant banks in Singapore until 31 December 2010.  The list of banks, finance companies and merchant banks licensed by the MAS can be found on the following link:
http://www.mas.gov.sg/fi_directory/index.html

This is so much more re-assuring than the $20,000 guarantee per financial institution under the Singapore Deposit Insurance Scheme. However, do note that he accounts not covered under the Government Guarantee on Deposits are:
         Dual currency deposits 
         Any deposit that is pledged / secured as collateral
         Structured deposits
         Structured products
         Dual currency investments
         Preference shares
         Shares
         Bonds
         Insurance
         Unit trusts

I must emphasize that thought insurance is not guaranteed under the scheme, everyone should still have at least the health and life insurance. NTUC Income, backed up NTUC Labour Movement, is a very reliable and extraordinary insurance cooperative that exists to serve the Singapore Residents.

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