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Media Releases - 2009

12 January 2009

NTUC Income Spearheads ‘Back to Basics' Campaign
with First-in-Market Savings and Endowment Plan

Offering up to six times returns*, it complements Enhanced Incomeshield and i-term term insurance plan in ‘basic' product line-up

Singapore, 12 January 2009 – In tough times, home is the safest place to be. And when people at home rely on you, you can rely on us. To underscore this message to weary Singaporeans seeking psychological refuge from the financial firestorm, NTUC Income will be kicking off the New Year with a ‘Back to Basics – Fundamentals" campaign featuring a trio of best value products. The latter offer essential insurance coverage no one should be without, even and especially in such times.

This campaign will be anchored by the homegrown insurer's latest product, a new single premium endowment and retirement plan which offers up to six* times returns. Named SAIL, short for ‘Save As I Like', the latter covers the saving needs of customers with the option of a regular payout stream at the end of the accumulation period.

SAIL is the only single premium endowment plan that combines the best of both saving and retirement plans by extending the endowment to a regular income stream after the accumulation period. The regular payouts are intended to cover core retirement spending on basic necessities such as healthcare, transport and communications, fuel and utilities, clothing and food.  

SAIL will be featured in the campaign with NTUC Income's Enhanced Incomeshield and i-Term plans, which cover health and protection needs respectively. These offer the value and simplicity Singaporeans have come to appreciate in the wake of the financial turmoil, banking on NTUC Income's sound reputation as a safe and stable company known for its simple products offering best value for money.

NTUC Income Chief Executive Tan Suee Chieh described the timing of the campaign as opportune, saying: "Singaporeans are becoming more prudent and discerning with their spending in the current economic downturn, as well as more risk adverse when it comes to buying complex financial products."

He added: "NTUC Income's products have always emphasised the fundamentals and best value to the man-in-the-street. In this economic climate, our social purpose of making essential insurance affordable, accessible and sustainable is more relevant than ever. We pair that with our intimate understanding of Singaporeans' needs as a homegrown insurer to deliver what truly matters to them – best value insurance coverage for health, protection and retirement."

SAIL (Save As I Like)

SAIL is NTUC Income's new single premium endowment and retirement plan. The term of this plan is divided into an accumulation phase and a payout phase. The former may be 10, 15, 20, 25 or 30 years, while the latter is fixed for 20 years.

During the accumulation phase, the product is similar to a conventional single-premium endowment plan with protection and surrender value growing with bonuses. At the end of the accumulation period, the policyholder can choose to redeem the lump sum investment. Alternative, the policyholder may choose to convert it to a stream of regular payout for 20 years, to cover core retirement spending on necessities such as healthcare, transport and communications, fuel and utilities, clothing and food.  

SAIL offers up to six* times returns and currently is the only endowment plan in the market to offer a payout phase, combining the best of both worlds with savings and retirement elements in it.

In summary, the benefits are:

  • Ability to earn up to six* times your initial investment when you convert the maturity sum into regular payout for 20 years
  • Peace of mind from capital guarantee from the 6th year onwards
  • Convenience of a one time investment
  • Flexibility to choose savings tenure ranging from 10 to 30 years up to age 65

For more information, please visit the following link: http://www.income.com.sg/insurance/SAIL/

* 6X returns is projected based on a male, aged 35 with a single premium of $50,000 with a 30 years savings tenure and 20 years fixed payout period.  The projected values are non-guaranteed and the values are projected based on a level of bonus rates deemed supportable given that the Life Participating Fund earns an average of 4.8% p.a. in the future.

2. The guaranteed surrender values during accumulation period include the minimum annual bonus rate of 1.6% p.a. in the first 10 policy years of the accumulation period. Future bonus rates are not guaranteed. The actual benefits payable will vary according to the future experience of the Life Participating Fund.

3. The annual payment during pay out period consists of a regular payment amount and bonus.

  • The regular payment is set at 5.5% of the conversion value. The actual amount of regular payment depends on the total conversion value, which is not guaranteed.
  • The bonus is projected at 2.5% of the total conversion value, assuming that the Life Participating Fund earns a long term average of 4.8% p.a. in the future. Bonuses during the pay out period are not guaranteed and shall be determined by the Appointed Actuary.

Enhanced Incomeshield

Enhanced Incomeshield is NTUC Income's Medisave-approved health insurance plan offering the following benefits:

  • Guaranteed unlimited lifetime cover
  • Best-value premiums
  • As-charged coverage which pays for actual incurred costs
  • Unique letter of guarantee to assist in the waiver of a hospitalization deposit.

For more information, please visit http://www.income.com.sg/insurance/enhancedshield/

i-Term

i-Term is a regular premium term policy designed for people seeking high insurance protection at the lowest possible cost. It provides insurance coverage against death, terminal illness and permanent & total disability (PTD) during the term of the policy.

New i-Term Feature – Preferred Premium Rates

NTUC Income has introduced a new feature in the form of Preferred Premium Rates for applicants who are non-smokers and whose sum assured is at least $1 million.

Preferred premium rates are more competitive than standard non-smoker rates, given only if the applicant meets more stringent underwriting requirements. There are no preferred premium rates for smokers.

For more information, please visit http://www.income.com.sg/insurance/iTerm

Call 63INCOME / 6788 1777 Email csquery@income.com.sg
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