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Surprise Bonus fo NTUC Income Policyholders

Monday, 15 February 2010 08:00 Ginny Lim

NTUC Income Policyholders can expect a surprise extra bonus in 2010 to commemorate its 40th anniversary. Details will be announced in March/April 2010 when the investment results are finalised.

Besides bringing this good news to the policyholders, NTUC Income also posted stellar sales performance in 2009. Income’s weighted life insurance new business premiums grew to $275million last year, up 7 percent from $256 million in 2008. In comparison, the industry contracted by an estimated 14 per cent last year. This result is top compared to Great Eastern Life’s $270 million and Prudential’s $265 million. The weighted premium measure is used by insurers here to benchmark performance and it takes into account just 10% of a single premium and all of a year’s premiums for annual premium plans.

Aging Crisis: Are you prepare for it?

Wednesday, 10 February 2010 08:00 Ginny Lim

The number of people aged over 60 by 2050 is projected to be 1.2 billion, the same population as in China today. This will pose critical economic problem when there are fewer young people in the workforce to support the increasing population of the elderly.

In Singapore, the population of those aged 65 and above is expected to treble to a million by 2030, which is one in every five people. By 2050, the world’s population of those aged 65 and over will be one in every six people. Japan, Singapore, South Korea and Hong Kong are the four Asian countries among the world’s 10 fastest aging populations.

Last Updated on Friday, 30 April 2010 04:57

Savings and Investment Plans

Thursday, 19 July 2007 08:00 Ginny Lim

Savings and investment can be done through either regular or lump sum investment. For those who are risk averse, you may invest with those traditional endowment plans that will give consistent rate of returns between 3-6%. For those who do not mind short-term fluctuation but potentially may attract much better returns may consider investment-linked policy. The capital is protected upon death, total permanent disability of the insured as the insurance coverage is at least 5 times the annual premium.

Last Updated on Thursday, 29 April 2010 10:05

Life Protection

Thursday, 19 July 2007 08:00 Ginny Lim

Life protection insurance is a life insurance policy that is designed to cover the insured for life. It pays a lump sum of money upon death, and about 5 installments of payout upon Total Permanent Disability of the insured. Life insurance policy usually also comes with Critical Illness coverage that also pays a lump sum upon the diagnosis of the covered critical illness defined by the insurer.

The following three types of life insurance are currently sold in the market.

Type of Life Policy	Coverage
Traditional Whole Life Policy	Whole life
Term Policy	Up to a specified age, say 60
Investment-linked Life Policy	As long as it is in-force

Last Updated on Friday, 30 April 2010 05:02

Retirement Planning

Thursday, 19 July 2007 08:00 Ginny Lim

Insurance offers a very attractive option of buying an insurance called Annuity that pay us a regular sum of money monthly/yearly from age 60 or 62 till our last day with our loved ones. You can invest a lump sum of money into annuity and the insurance company will compute the regular payout. And when unfortunate event happen to you, and the payout you received so far is less than the amount that you have invested in the annuity, the insurer will return the remaining amount with some interest to your beneficiary. However, if you outlive the amount invested, it is a blessing as you will be paid for life. Hence, by investing in annuity, we have no worry of not receiving consistent income for life. Moreover, some annuity declare bonus every year, hence your payout will increase each year to compensate for the inflation. So you get income increment even during your retirement years!

Last Updated on Thursday, 29 April 2010 10:10

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