here's some exciting news for consumers. ntuc-income has launched the new i-term TAN4 which is the re-priced version of the previous i-Term TAN2.
what is i-Term TAN4?
this is a non-participating regular premium plain vanilla term plan with coverage for death/total & permanent disability and terminal illness.
some details on the product:
entry age is pretty encompasing from age 0 to age 70 (last birthday).
term of coverage from a minimum of 5 years and from 5 years to 35 years or till age 54, 59, 64 last birthday.
Renewability – Upon expiry of the policy term, the policy will be renewed automatically without further underwriting. The premium payable upon renewal will be based on the prevailing age of the life insured, the prevailing premium rates and the policy term chosen at the time of renewal.
The policy can be renewed up to age 84 (previously age 79) only.
my comments:
one obvious question to ask: how does the new i-Term TAN4 sit amongst the competition?
answer: there has been a hefty cut in the re-pricing of premiums and generally, i-Term TAN4 is one of the most competitively priced term products currently available.
For example, the current pricing is just $180.85 (i-Term TAN4) versus $446.25 from another insurer.
note: the pricing for i-Term TAN2 was $245.20 or 36% higher.
Profile: Female, ALB 25 Years, Non-Smoker for sum assured of $500,000.00 and term of 10 years. That’s a hefty difference of $265.40 or 147% higher!
with the current inflation rate coming in at close to 5%, isn't it good to know that term rates have come down significantly and kudos to ntuc-income to continue to deliver on it's role as a co-operative insurer.
in fact, ntuc-income has embarked on a massive advertising compaign to inform consumers that everyone can afford to take up basic and essential insurance in the form of an integrated shield plan and term assurance.
the ntuc-income ads rightly dispels the myth that insurance is unaffordable because it only cost a mere 75 cents daily for a male, age 30 years, non-smoker to take up an i-term TAN4 plan with a sum assured of $250,000 (term of 5 years) and an enhanced incomeshield basic plan.
bearing in mind that the majority of the indigenious working population are cpf members, the total cash outlay for the same profile to take up the i-term TAN4 plan will amount to less than 43 cents a day because medisave can be used to pay for the premiums of the integrated shield plan.
because daily essentials like bread, milk and rice cost more than basic and essential insurance, no one should rely on the argument that taking up insurance is expensive (whatever that means).
No use one. Ntuc agents won't even talk about it.They only talk about vivolife or flavour of the month, vivocare whcih can make more commission for them. Also the company reduced for show and marketing publicity. NTUC knows only a handful of good agents will recommend, the rest will push and peddle the vivos.It is all marketing wayang so that it can say honesty is the best policy about their agents. You only have to be inside to know whetehr the company is speaking the truth or not. Anyway which company will say dishonesty is the best policy?
ReplyDeleteEven a dictator will say he is most democratic .
I-term is very good but it will die from under usage.