TM Protect Cancer If You Want More Cancer Coverage

Concerned about the rising rate of Cancer incidents affecting many in Singapore? For those who still do not know, Cancer is the number one killer disease in Singapore. See this link.

That is why Tokio Marine Life Insurance Singapore has launched the TM Protect Cancer, which is a non-participating term plan that provides financial aid when one is diagnosed with early and advanced stage cancer, so you can stay 100% focused on recovery. This plan also provides a $5,000 death benefit.

This yearly renewable plan provides up to S$150,000 insurance coverage for cancer and is specially designed for adults between the ages of 30 and 65, with coverage extending until the age of 85.

The key features of the plan are:

Maximising your SRS with an Endowment Plan

SRS (Supplementary Retirement Scheme) was once a household word when it was introduced and somehow now it has lost its pizazz. However, it is still a worthwhile consideration for your retirement and tax planning in Singapore

For people who are beginning to set aside money for their retirement plus tax planning and are not familiar with SRS, here're some examples:

                                              Another Example:

In a nutshell , the things you need to know if you are utilising your money for SRS are:

1. There will be annual savings in your income tax if you belong to the higher tax bracket.
2. Your SRS contribution can be used to buy Insurance policies which appreciates with time & get you more for retirement.
3. Upon withdrawal, only 50% is subject to tax & you can expect greater savings should you spread your withdrawals over a 10 years period.
4. The interest rate on balances in the Supplementary Retirement Scheme (SRS) Account which are not invested is currently approximately hovering at 0.05% p.a. (POSB 2012)
5. Moves you into lower tax bracket
6. SRS contributions must be made by 31st December each year
7. Singaporeans annual cap-$12,750, Foreigners annual cap-$29,750 (as they do not have CPF)

So that leads us to the reason why this post is written. Tokio Marine has launched a single premium endowment policy called TM Retirement@63 on 8 January 2015. It basically provides 10 annual Cash Benefits starting from policy anniversary at which the assured reaches age 63 on next birthday (which is also the payout date). Once the client receives all 10 annual payouts, the policy then terminates.
The nice thing about the plan is that it is also available in cash mode & is a guaranteed acceptance policy. As with most insurance, there is also some form of death benefit unlike other SRS investments which basically returns you whatever is left in the account at the point of death (which at times can mean a loss in capital).

If you are still wondering which insurance plan is suitable for SRS, then look no further and contact this FPC for more details about TM Retirement@63 !