aboutfinancialplanning.net

  • Increase font size
  • Default font size
  • Decrease font size

Reach (Limited Premium Endowment Plan)

Monday, 10 May 2010 15:38 Ginny Lim
E-mail Print PDF

NTUC Income has launched a new short-term regular savings endowment plan, Reach.

Reach is a limited premium payment term of 5 years which matures in 8 years or 10 years and provides guaranteed cash benefits and protection. The projected returns for a male, age 30, with Sum Assured of $50,000 for a 8-years term is 2.8% and 3.1% for the 10-years term.

This is how Reach works.

  1. You save a fixed sum of money to NTUC Income for 5 years.
  2. At the end of fifth year, NTUC Income will provide guaranteed cashback of 10% of Sum Assured 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.

Reach not only offers better interest rate, it also provides protection against death, Total permanent Disability (lost of sight, two legs etc.) and the coverage for accidental death is also doubled.

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

Last Updated on Monday, 24 May 2010 16:33
 

NTUC Income pay out $415.5m bonus to policyholders , 30 Apr 2010

Friday, 30 April 2010 08:00 Ginny Lim
E-mail Print PDF

Insurer NTUC Income are pleased to declare an additional special anniversary bonus to complement your annual bonus. As well as a cash bonus1 for our long-standing policyholders.

Once again, NTUC Income has resolutely published thier yields for one reason – to be transparent.

 Actual Yield: Endowment

Policy Term For males & females, entry age: 25 years old, S$100 monthly premium2
Maturing in 2010 Average Maturity Yield (2006 - 2010)
20 5.47% 5.88%
25 5.95% 6.03%
30 5.90% 5.92%


Actual Yield: Whole Life

Gender Entry age: 30 years old with Sum Assured of S$50,000
At age 55 in 2010 Average Yield (2006 - 2010)
Male 4.72% 4.72%
Female 5.41% 5.41%

1 This cash bonus is paid out on your oldest policy, which must have been in force for at least 10 years as at 31 December 2009. If you are residing overseas, or if the policy has been placed under a trust or is under the care of the Official Assignee, this cash bonus will be credited to your policy to offset future premium payments; or if no premiums are payable, the cash bonus will be paid out when the policy matures, is surrendered or if a claim is made. This cash bonus is not included in the calculations for actual yield.

2 Yields are calculated based on annual premium equivalent to S$100 monthly. Yield calculations are audited by Towers Watson. Actual yields may not be indicative of future policy yields.

Read more...
Last Updated on Thursday, 17 June 2010 14:43
 

Insurance Relief for Motorists

Thursday, 18 March 2010 08:00 Ginny Lim
E-mail Print PDF

Finally, motorist can expect either no or marginal increase in the car insurance premium this year. General Insurance Association of SIngapore (GIA) announced on 17 Mar 2010 that the industry losses narrowed sharply from $214 million in 2008 to $44.5 million last year . This is probably due to higher premium collected last year and the positive result from the New Motor Claims Framework introduced  in June 2008. The framework requires motorists to report accidents - even minor ones - within 24 hours, and to supplement these reports with photographs.

 

Free Insurance for 13, 000 Families

Monday, 12 April 2010 08:00 Ginny Lim
E-mail Print PDF

NTUC Income has just launched the Income Family Micro-Insurance Scheme (IFMIS) for the 13,000 families which have children receiving childcare, kindergarten and student care subsideis under the Comcare umbrella.

IFMIS provides insurance coverage for the main income earner. A payout of $5,000 will be made to the family if the main income earner dies or becomes totally and permanently disabled. The families do not need to sign up for the scheme as the insurance coverage is extended automatically to the families of the recipients in the three Comcare subsidy schemes. And there is NO underwriting and no exclusion of pre-existing illness!

This scheme is inline with NTUC Income's Social Enterprise role to help the society through its core epxertise in insurance and its social mission.

NTUC Income is also channelling $3 million towards other charity and community projects, besides the IFMIS scheme. The beneficiaries include U Care Fund, The Singapore Childen's Society, Assumption Pathway School and Moral Home.

 

New CPF Changes in 2010

Saturday, 13 March 2010 08:00 Ginny Lim
E-mail Print PDF

CPF LIFE
From 2013, CPF members born in 1958 or later with at least $40,000 in their Retirement Account (RA) at age 55 will be automatically included in CPF LIFE. Those with less than $40,000 will not be automatically included at 55. However, such members will be automatically included at DDA if they have $60,000 in their RA then. This $60,000 is equivalent in value to $40,000 at age 55, compounded at 4% over 10 years.

Read more...
Last Updated on Friday, 30 April 2010 04:56
 
More Articles...


Page 3 of 5

Main Menu



Popular

Newsflash

Bankruptcy May Now Be Prevented

With effect from 18th 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!