today, we have been notified through an email from tokio marine life insurance singapore on the official launch of their latest product, tm wealth enhancement (enrich).
what is tm wealth enhancement (enrich)?
this is a 5 year term single premium participating endowment plan open to cash and srs only.
product specifications:
death/tpd benefit - On Death or TPD, 125% of Single Premium (SP) plus any attaching bonus will be payable in one lump sum.
With respect to TPD benefit only:
a. The TPD benefit is payable in one lump sum up to a maximum of $2 million per life, inclusive of all other insurance
taken up with Tokio Marine Life Insurance Singapore Ltd. (TMLS).
b. TPD cover is provided up to the policy anniversary preceding the age of 65.
accidental death benefit - On Accidental Death, an additional benefit equivalent to the Death / TPD Benefit (excluding bonuses) is payable.
Accidental Death Benefit coverage is up to the policy anniversary preceding the age of 65.
structure of bonuses - Reversionary bonus rate is projected to be $10 per $1,000 SA, compounded at 1% per annum.
Terminal bonus on Death, TPD or Maturity expressed as a percentage of the attached bonus is projected at 71%.
Terminal bonus on Surrender expressed as a percentage of the non-guaranteed surrender value is projected at 65% for end of year 3 and above.
underwriting - Simplified issue underwriting applies.
A specific Simplified Issue Proposal Form – Single Premium is to be used for proposal application.
The Death / TPD Benefit will be 100% of single premium plus any attaching bonus if any of the conditions exist:
a. age next birthday is more than 60;
b. any answer to underwriting questions in proposal form is a “yes”; or
c. policyholder is not a Singaporean, Singaporean PR or Malaysian with a work permit or Foreigner holding an
Employment Pass with at least 6 months’ validity
If the Sum-At-Risk (i.e. the 25% of the SP) exceeds TMLS’ Non-Medical Limit (NML), the client will be subject to our usual medical assessment. If the client does not wish to go for the relevant medical examination/test, the death/tpd cover will be reduced to 100% of single premium.
proposal guidelines:
Age at entry (min) - 1 age next birthday (22 age next birthday for SRS)
Age at entry (max)- 70 age next birthday
Minimum single premium - $20,000
Payment - SGD only
Policy Term options - 5 years
Backdating - Not available
my comments:
tm wealth enhancement (enrich) is a bold initiative by tokio marine life insurance singapore to compete with the entrenched market leader in a similar class product, growth which is ntuc-income's flagship single premium participating endowment plan.
ever since mr david beynon took over the reins of tokio marine life insurance singapore, i noticed the company has continued in its strategy of being consumer focused and their latest product surely enhances this.
for tm wealth enhancement (enrich), i have done a comparison with ntuc-income's growth purely on returns and here's how the statistics stack-up:
tm wealth enhancement (enrich)
sp gcvom (yield) trom (yield)
$20k - $199k 1.01% 3.02%
$200k and above 1.05% 3.06%
ntuc growth
$20k 0.98% 2.99%
$30k 1.00% 3.007%
$40k 1.006% 3.016%
$50k 1.011% 3.02%
$100k 1.02% 3.03%
$200k 1.026% 3.037%
$500k 1.029% 3.04%
$1 million 1.03% 3.041%
note: sp = single premium, gcvom = guaranteed cash value on maturity and trom = total return on maturity.
additional compelling factors in tokio marine's camp - the yields are based on a more conservative piror (projected investment rate of return) of 4.50% versus ntuc-income's 5.25%.
and of course, tokio marine's distinctive record of never cutting bonuses since the company's existence in 1948.
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so do you recommend putting 30k here?
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