Retirement Legacy (Accumulation of Payout)

1. Can the Monthly Cash Benefit be accumulated with the company to accumulate interest?

The plan is designed to pay out the MCB. However, the policy owner may choose to accumulate the Monthly Cash Benefit with the respective insurers at a non-guaranteed interest rate. China Taiping's current non-guaranteed interest rate is 3.5% p.a. while NTUC Income's current non-guaranteed interest rate is 3.25% p.a..

 

2. Can the policy owner request to change the Monthly Cash Benefit from a paid-out option to accumulated option and vice versa after the policy is incepted?

Yes, the policy owner may request to change the paid-out option to accumulated option anytime during the payout period and vice versa.

 

3. Can the accumulated Monthly Cash Benefit be withdrawn at any time?

Yes. Partial or full withdrawal of the accumulated Monthly Cash Benefit is allowed at anytime during the policy term.

 

4. Does the policy owner need to provide proof of survivorship on the life insured to receive the Monthly Cash Benefit?

The insurer reserves the right from time-to-time to request for satisfactory proof that the life insured is alive before paying the Monthly Cash Benefit.

 

5. What happens if the insuerer is not notified immediately of the life insured’s death and continues to pay out the Monthly Cash Benefit?

Any Monthly Cash Benefit paid on or after the date of the life insured’s death will be deducted from the death benefit proceeds

 

6. Can I change the Life Insured?

No, once the policy is incepted, the Life Insured cannot be changed. 

 

7. What is the purpose of appointing different Policy Owners and is there a limit to the number of times the Policy Owner can be changed?

The Policy Owner will be the person receiving the Monthly Cash Benefits. No, there is no limit to the number of times the Policy Owner can be changed. 

 

8. I want to purchase this plan with the intention of passing on my legacy to my Grandchild. How can I do this? 

This can be done by setting up the policy with your Grandchild as the Life Insured and your son/daughter (your Grandchild's parent) as the Policy Owner. The policy can immediately be assigned* to yourself upon inception. This transfers the ownership rights to you and will mean that the Monthly Cash Benefits will be received by yourself. This allows you to enjoy the Monthly Cash Benefits in your retirement. 

You can also be the payor of the policy, and this will be clearly stated in the policy documents. 

The policy can be assigned back to your son/daughter at any point over the policy term, and even directly to the your Grandchild if he/she is above the age of 18. 

* Subject to T&Cs on absolute assignment. 

InsureDIY is a Broker licensed by the Monetary Authority of Singapore and is an Exempt Financial Adviser. This advertisement has not been reviewed by the Monetary Authority of Singapore.