NTUC Income Life Insurance: Pick Out Your Ideal Insurance Policy

We never know what the future brings to our table as we cannot predict and as a result, we can be constantly bothered for the well-being of our loved ones and family member. There are some life incidents that we cannot control or take charge of. The best way to protect your family is to take a reliable life insurance plan with Income Singapore.

We’ll discuss the permanent life insurance plans offered by Income Singapore, their benefits and why it’s necessary to be insured in today’s fast-paced world where nothing is certain. Once you are covered and insured, you can secure the future of your loved ones financially without letting them go through any setbacks. 

Income provides cost-efficient life insurance policies. From whole life insurance to term life plans that can meet different requirements of individuals, they have a variety of plans that will suit your preferences. For instance, whole life insurance protects you your whole life, has a higher premium, is best to secure retirement and the sum assured in this policy is higher. Whereas term life insurance protects you for a fixed period, premiums may start lower, have no cash value and has a lesser sum assured.         

Income was established as the only insurance co-operative in Singapore in 1970 to fulfil and cover the lives of individuals and to let them live stress-free life. Their policies help people with better financial planning and secure their wealth. Income offers plans for health, automobile, corporate, travel, life and pet insurance. 

Let's dive deep into three kinds of whole life insurance also known as permanent life insurance offered by Income SG.

Star Secure Pro for Ultimate Protection 

This plan is stated under the category of whole life insurance which covers the maximum benefits. Some of the key benefits include:

  • Flexibility to choose your sum assured up to the age of 75 to 80 for death, terminal illness, and total and permanent disability. 
  • Covers accidental death immediately once you have taken the policy. 
  • You can choose how long you want to pay premiums from 5 to 30 years. 
  • You will not be required to pay for premiums if you are retrenched and not unable to find employment for 3 months in a row. 
  • Future premiums are waived, and a lump sum of 24 months' premiums is received upon the death, diagnosis of terminal illness, or total and permanent disability of a family member. 
  • You can include additional benefits for more protection against early dread diseases, mental conditions, future unknown diseases, and Covid-19. 

You can purchase the plan from its webpage or Income branches in Singapore. In case you need financial advice, you can get in touch with an advisor. 

Direct Star Protect Pro for Untimely Incidents

As we cannot anticipate our futures, it’s necessary that we stay covered of our life’s untimely incidents and any unfortunate events that can make us and our family members suffer.

You can get protection against death, terminal sickness, or total and permanent disability before the age of 65, with a payment insured ranging from $50,000 to $200,000.

  • You can choose a premium term that lasts up to 69 or 84 years old.
  • Obtain bonuses based on the Life Participating Fund's performance.  
  • To receive better defense against terrifying diseases you may add a rider. 
  • You have the option of making payments every month, quarter, half-year, or annually.

Provenance Solitaire Life Insurance 

This is the last plan in the category of permanent life insurance with its key features described for you to make an informed decision whenever you are choosing a plan.

  • With a high minimum protection value of up to 320% of the sum assured until the age of 85, you can be protected against death and terminal illness.
  • When your application has a minimum protection value of $3 million, you can take advantage of a complimentary one-time medical concierge service.
  • From the day your policy begins, you'll be safe with a guaranteed cash value of 80% of your single premium.
  • You can receive benefits from bonuses based on the Life Participating Fund's performance.

Eligibility Criteria for the Plan 

A policyholder must be at least 16 years of age (as of last birthday). Children who are 18 years of age or older cannot have policies imposed on their lives by their parents. A single premium payment is required for a minimum sum assured of $250,000. Underwriting may affect the maximum sum assured.

You can apply for the plan through Income's website or by contacting an adviser. You can either chat online or call to get your question answered.