Tokio Marine Life Insurance Promotion 2015

Tokio Marine Life Insurance Singapore (TMLS) is having a promotion till December 2015 and for policies $200 per month and more, you will be given fabulous gifts and shopping vouchers! This is not a contest nor lucky draw. It is a confirmed giveaway, as long as you sign up for a policy based on the required premiums stated. (Which company doesn't want to be part of the SG50 Jubilee Celebration?)

The attached poster is self explanatory and no, you don't need to get the policies from a road show, just email us and we will help you get your dream product!

Early Detection Critical Illness Policy from Tokio Marine Group

Product will Be Terminated from 29 Jan 2018

So much talk has been made on Critical Illness plans from Singapore insurance companies since most pay out only during the last or final stages of the chronic illnesses; to which many clients rebutted saying that they won't have any use for the money since it's as good as a death benefit. Well you will be happy to know that Tokio Marine Life Insurance has a product to resolve this issue and the plan is called TM Early Care, which pays on early, intermediate or advanced stages of the stated Critical Illness*. The product can be sold as a stand alone or as a rider.

What is so special about TM Early Care?

• Extra 25% of Sum Assured will be paid out if Critical Illness happens before age 65 next birthday.
• Future premiums are waived if there's remaining coverage after early diagnosis of the critical illness.
• Extra payout will not reduce the Sum Assured (Early Stage Maximum Limit is $75,000) *
• Multiple claims for different critical illness or dread disease are allowed.
• Another Extra 20%, subject to a maximum limit of $25,000 can be paid out for the following 5 Special Benefits:                                                                                                                          (i) Diabetic Complications
  (ii) Osteoporosis
  (iii) Severe Rheumatoid Arthritis
  (iv) Dengue Haemorrhagic Fever
  (v) Breast Reconstructive Surgery following a Mastectomy
  Payment of Dread Disease Benefit will not reduce the amount payable under Special Benefits
•  A Death Benefit of S$20,000 will be paid out in a lump sum regardless of the Sum Assured.
• A biennial cash benefit of S$100 is payable starting from the 2nd Policy Anniversary till the end of the coverage term, even when there are claims.
• Critical Illness Benefit or Special Benefit must have the client survive for 7 days from the date of diagnosis before being able to disburse payout to them
• Customer can buy from as young as age 1 till age 65 and coverage can be remain up till 85 age next birthday for the insured.

* Please refer to policy or product summary for details. If you want to find out more about the product or want to have a more comprehensive cover in your insurance portfolio, do contact us.

As at 08 January 2016, the Tokio Marine Group has launched another rider to assist in the recovery process if Cancer were to strike.

TM Protect PA - Another New Personal Accident Policy From Tokio Marine

In our earlier post, we shared on TM PA, which some clients thought was a pretty good plan with its unique extensions, but there were a handful who felt that the sub limits were pretty confusing when it came to claims. Well, it is still with mixed reactions, that Tokio Marine's product team has once again launched another personal accident policy known as TM Protect PA. This is not a replacement of the old plan, but to complement the existing TM PA. What makes TM Protect PA stand out?

PRO

1. One of the few PA plans which you can have Outpatient Claims for HFMD, Food Poisoning, Dengue Fever, Insect Bites. Many other companies only allow it for Inpatient claims.
2. Covers Weekly Income - this time with no need for proof of employment (Great for homemakers & Self Employed!)
3. Double Indemnity is now extended to Private Cars (most policies only cover public conveyance)
4. Definition on what is deemed as an accident is less stringent in its policy wordings, compared to its predecessor, TM PA.
5. Child cover is more comprehensive compared to TM PA..which means they can enjoy same cover as an adult. (less the weekly income)
6. Housewife is under Class 1, other insurers will normally place them under class 2 for PA.
7. Singapore PR, Work Permit Holders Class 1 and 2 can be covered.
8. Monthly premiums are available via GIRO, compared to many personal accident plans, which normally have annual modes of payment only. 
9. Coverage can start for babies as young as 1 month old!
10. Once the child is 19 years old (ANB) and above, he/she is entitled to the accidental weekly income benefit. (No other personal accident plans offer this)! This benefit lasts till the client is 65 years old (ANB)
11.  The policy last entry age is 70 years old (Age Next Birthday). This means the policy really covers a wide spectrum of ages!
12.  People who work On Board Vessel (OBV) can finally buy a PA policy! (Most of the time, these class of people are declined risk)

CON
No more FREE child cover
Weekly Indemnity is not payable for HFMD, Dengue Fever & Food Poisoning


The product is to be launched on 5 May 2015, so if you like what you see above and want to get one for yourself, do contact us now!

NTUC Income brings back the Enhanced Incomeshield Rider is a PLUS !

NTUC Income must have been losing big time market share to their nearest rival, that they are now forced to bring back their PLUS rider (with a catch) :

You can only buy the PLUS rider if you are on their Preferred plan (the highest plan) the Enhanced Incomeshield Plans; PLUS rider is not offered to the basic incomeshield plans (it has to be the ENHANCED incomeshield);  you will need to continue with their Assist rider for their basic incomeshield plans.

Assist Rider Benefits 
(Click on image to enlarge)

The difference between the Plus & Assist rider?
Zero deductible and co-insurance

Actually NTUC Income was selling the PLUS rider years back but decided to pull it out, probably after they felt that people were abusing the health insurance and since they were the only company offering the rider at that time; it must have burned a hole in their wallet and now that Aviva is proving to be successful with it, NTUC Income decided to put it back.

For those who bought the PLUS rider years back; remember to keep your payment of the Plus rider up to date as back then, you can add it to ANY plan but once you lapse it this time, you can't reinstate it back to your original plan, but only to buy the highest (Preferred) plan before Income will allow you to add the Plus rider back.

OK, enough of history lessons. If you want to have a comparison of the rates, here's a snapshot of BOTH riders. (as at 23 April 2015) The rates may change, so kindly contact us if you are interested in getting the plan for the updated premiums.

Assist Rider Premiums 
(Click on image to enlarge)

PLUS Rider Premiums
(Click on image to enlarge)

For those who are new to this: Please note that the riders' premiums are payable by cash; whilst the premiums for the Basic plan, Enhanced Incomeshield is paid by your Medisave. You can read more about Enhanced incomeshield in my previous post or just check out their brochure.

One BIG advantage of NTUC Enhanced Incomeshield is that they offer LOG (Letter of Guarantee), which ensures you do not have to cough out your own cash upon admission to a hospital, unlike many of the other insurers (which works on a reimbursement basis; you pay first and the insurer pays you back on approval of claims).

However, if you are currently unsatisfied with your servicing agent or are currently served by NTUC direct but prefer to speak to a LIVE person; please read my other post.

For HR Managers who want us to share more about Integrated Shield plans with your staff, feel free to contact us too.

Singapore Yacht Show Having QBE As One Of Their Preferred Yacht Insurers?

Singapore Yacht Show is in town once again; this time from 23rd to 26th April 2015. As usual, market leader, QBE Singapore will be participating as one of the preferred insurers for this pleasure craft exhibition. The event will be hosted at  ONE°15 Marina Club, Sentosa Cove. 

Many connoisseurs of the high-life will probably be there to view as well as to purchase or even to bid for their dream boat or pleasure crafts. While we are at the topic on yachts and boats; let's take a look at what QBE Singapore has to offer for their pleasure craft insurance to the owners of these "toys".

• Comprehensive All Risks cover for your boat
• No requirement to prove forcible entry in the event of theft of your boat
• Up to S$200,000 of sudden and accidental pollution liability cover
• No deductible for total loss of your boat
• “No Claim Bonus” available
• Get your insurance policy ready
  within 24 hours 
•  QBE can also underwrite if your pleasure craft is registered in countries like Hong Kong.

If you need more information as to why QBE Singapore is the market leader for this hull insurance or pleasurecraft insurance, feel free to contact us.

TM Legacy LifeFlex - Tokio Marine's (TMLS) Booster?

It's finally out! Ever since Tokio Marine Life Insurance Singapore (TMLS) withdrew their flagship product, TM Legacy Plus..clients and peers alike have been asking why and waiting patiently for the company's product team to come up with another unique life plan which can cover critical illness and maybe early detection riders and finally the wait is over as TM Legacy LifeFlex is born! Since it's so fresh from the oven, we will just share what we know about it and maybe over time, post some updates on the pros and cons of the product
  

• Limited premium term.
• Early, Intermediate & Advance stages of Critical Illness (CI) can be claimed.
• Flexibility to buy & CHOOSE BETWEEN Early Care (EC-early detection) & CI riders or both.
• Early Care limit has been raised to $150,000 from the previous $75,000
• GUARANTEED CI premium rates.
• Multiplier available up to 10x or what they call "boosters" to increase your coverage (if you are on a tight budget).
• ANNUAL DIVIDEND (1% of sum assured) from @65 for retirement income (non guaranteed)~the only plan in the market to offer this currently.
• Up to 50% off medical underwriting (for high multiplier).
• Some companies can only claim 25-50% of Sum Assured for Early Detection.. The EC in this plan can claim full (up to the limit stated*).
• Boosters stop at age 65.
• Early Care Pays for life on wellness* benefit, while its booster does not have this benefit at all.
• Once Basic booster terminates, all boosters will lapse.
• Minimum CI Rider to be purchased is $15k.
• Must have rider before purchasing rider boosters.
• Riders must be added within the 1st 6 months of policy being incepted.

*For more details, please refer to policy.
Even though there are puns about it being known as "lie flat"; we are very sure this product is going to take the market by storm with its flexibility! Contact us now for more info! If you need us to elaborate the product to your company's employees, feel free to contact us using the above link as well.

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 !