Retirement Legacy (Accumulation of Payout)

 
 

Plan your legacy  
Receive up to 4.2% p.a. in monthly cash payouts and leave lifelong income for your children or grandchildren

 

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Get your Legacy Retirement Quotation
I would like to choose my cover by:(*)

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I would like a Monthly Cash Benefit of:(*)
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This is the Monthly Cash Benefit you will receive from the 5th Policy Anniversary for as long as the life insured is alive and while the policy is in-force.

To estimate the premium amount, a Monthly Cash Benefit of $1,000 will require an investment amount of about $280,000.

The Maximum Single Premium Amount I would invest is(*)
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I will like to invest a Single Premium Amount of(*)
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This is the single premium you would like to pay for such a product. A higher single premium will mean a higher Monthly Cash Benefit. For example a Single Premium of S$200,000 will provide a lifetime Monthly Cash Benefit of around $700.

 
About the Life Insured
The Life Insured of this policy is(*)

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The Monthly Cash Benefits will payout from the 5th Policy Anniversary and every month thereafter as long as the Life Insured is alive and the policy remains in-force. Once the policy is issued, the Life Insured cannot be changed.

Full Name of Life Insured(*)
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Date of Birth(*)
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Gender(*)
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Smoker Status of the Life Insured(*)
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About the Policyowner
The Policyowner of this policy is(*)

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As you are applying for this product for your Grandchild, the Policyowner at issuance can be your Child (i.e. Mother or Father to your Grandchild) or your Grandchild (if he/she is at least age 19 and above).

We will arrange for an assignment of the policy to yourself, which transfers the ownership rights of the policy to you. You can also be the Payor of the policy.

The Monthly Cash Benefits will be paid to the Assigned Owner (i.e. yourself) from the 5th Policy Anniversary and every month thereafter as long as the Life Insured is alive.

The Assigned Owner can be changed at any point over the policy term and the policy can be assigned back to your Child or to your Grandchild.

There are no restrictions on the number of Policyowner changes that can be effected.

The Policyowner of this policy is(*)

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The Monthly Cash Benefits will be received by the Policyowner from the 5th Policy Anniversary and every month thereafter as long as the Life Insured is alive.

The Policyowner can be changed at any point over the policy term and the policy can be assigned back to your Child or to your Grandchild.

There are no restrictions on the number of Policyowner changes that can be effected.

Full Name(*)
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Date of Birth(*)
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Gender(*)
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Smoker(*)
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About You
Do you want the policy to be assigned to you? (*)

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By choosing to assign the policy to yourself, you will receive the Monthly Cash Benefit once it starts paying out after Policy Year 5.

Are you the Payor of the Policy?(*)

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Full Name(*)
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Gender(*)
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Do you smoke?(*)
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Your Contact Details
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Key features for Our Top 2 Legacy Products
NTUC Income: Wealth Solitaire & China Taiping: Infinite Harvest (II) 

 

4%-4.2% p.a. indicative yield

Up to 4.2% p.a. cash benefit after Year 5.

hands pass

Pass on cash benefit to future generations

Investment grade credit rating

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Single Premium & Guaranteed acceptance

InsureDIY Online Application

Online application


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Why Apply for Wealth Solitaire or Infinite Harvest (II)

Wouldn't it be nice to have a growing asset that gives you both liquidity and the ability to gift lifelong income to your next generation?

 

If you are looking to secure your income in your retirement and pass on lifelong income to your children/grandchildren, you can consider NTUC Income's Wealth Solitaire or China Taiping's Infinite Harvest (II). Why these products are great:

 

  • Cash benefits of up to 4.2% p.a. of your single premium after Year 5
  • Choice to receive the monthly payout or accumulate it with the insurer at the prevailing non-guaranteed interest rate
  • Pass on this lifelong income to the next generation. Maximise the payouts!

 

Check out our side by side comparison below and then get started by getting a quote above!

 

Apply now and enjoy our special InsureDIY promotion! Get up to $500 cashback on your application. Valid for successful applications up to 31 Dec 2020.

 

 

Downloads:

Wealth Solitaire brochure

Infinite Harvest brochure

            

Have a question you need answered?  

Email us (best way to reach us): sg_service@insurediy.com

Text us:  +65 8241 0688 (Mon to Fri: 9am - 5pm) 

Call us: +65 3138 6784 (Mon to Fri:  9am - 5pm)
 

Wealth Solitaire & Infinite Harvest (II)

Hassle-free application and guaranteed issuance (No medical underwriting requirements!)

 

Features

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Wealth Solitaire

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Infinite Harvest (II)

 Expected cashback after Year 5

4.2% p.a. of Single Premium

(1.56% p.a. guaranteed + 2.64% p.a. non-guaranteed)

4.2% p.a. of Single Premium

(1.58% p.a. guaranteed + 2.62% p.a. non-guaranteed)

 Capital Guaranteed

No

No

Surrender Value

Flat at: 80% Single Premium

Day 1: 80% Single Premium, keeps growing every year.

Policy Term 

 Up to Age 100

Whole of Life

Leave a legacy of Lifelong Income to future generations

Transfer policy ownership to your child to continue to receive the cash benefits.

Transfer policy ownership to your child to continue to receive the cash benefits.

Maturity Benefit

105% of Single Premium + Terminal Bonus

Not applicable as policy pays out monthly cash benefit for life

Redeposit Facility

Yes, prevailing interest rate is 3.25% p.a. 

Yes, prevailing interest rate is 3.5% p.a.

Others

 Special cash benefits payable at policy year 21 and policy year 31.  

-

 

 

 

Case Study - Accumulation of Monthly Cash Benefit


Ms. A, age 35 signs up for a legacy retirement product with a Single Premium of $200,000. She names her daughter, Miss B, who is aged 1 as the Life Insured. From the start of the 6th policy year, the policy begins to pay monthly cash benefits. 

  


Year 0

Ms. A purchases a product with a Single Premium of $200,000 with her daughter as the Life Insured

Mrs E

Ms. A (Age 35)

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 Year 6

As the Policy Owner, Ms. A starts enjoying the Monthly Cash Benefit. 

 

She chooses the Cash Accumulation option and the Cash Benefit earns at the prevailing interest rate. (Click here to see a Case Study with the Cash Payout option.) 

Mrs E

Ms. A (Age 41)

Policy Owner

NTUC Income

Wealth Solitaire

Monthly Payment

Guaranteed: $260 

Non-Guaranteed: $440

Total Monthly Payment: $700
Prevailing Non-Guaranteed Interest Rate: 3.25% p.a.

China Taiping

Infinite Harvest

Monthly Payment

Guaranteed: $263.34 

Non-Guaranteed: $436.66

Total Monthly Payment: $700
Prevailing Non-Guaranteed Interest Rate: 3.5% p.a. 

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 Year 10

In the event that Ms. A decides to surrender her policy in policy year 10, the relevant policy values are:

Mrs E

Ms. A (Age 45)

Policy Owner

 

NTUC Income

Wealth Solitaire

China Taiping

Inifinite Harvest (II)

Guaranteed Surrender Value

$175,600

$175,800

Non-Guaranteed Surrender Value

(Illustrated at 4.75% investment return)

$73,605

$42,693

Total Surrender Value

$249,205

$218,493

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 Year 21 & Year 31

Ms. A receives the Special Cash Benefit in the 241st and 361st policy month for her NTUC Income Wealth Solitaire policy, equivalent to 1.56% of the Single Premium invested per Special Cash Benefit paid.  

 

She chooses to continue accumulating this Special Cash Benefit. 

Mrs E

Ms. A (Age 56, Age 66)

Policy Owner

NTUC Income

Wealth Solitaire

Special Cash Benefit 

Month 241: $3,120

Month 361: $3,120

China Taiping

Infinite Harvest

Not Applicable

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 Year 35

When Miss B turns 36, Ms A decides to withdraw the accumulated Cash Benefits for Miss's A purchase of her dream house.  

 

Mrs E  

Ms. A (Age 70)

Policy Owner

 

Ms F

 

Miss B (Age 36)

The Insured

 

NTUC Income

Wealth Solitaire

Guaranteed Accumulated Cash Benefit: $99,840 

Non-Guaranteed Accumulated Cash Bonus^: $158,400

Non Guaranteed Accumulated Interest^: $173,972

Total Accumulated Cash Payout: $432,212

^ Cash Bonus projected is at illustrated investment return of 4.75%

Accumulated Interest of: 3.25% p.a.

China Taiping

Infinite Harvest (II)

Guaranteed Accumulated Cash Benefit: $94,802 

Non-Guaranteed Accumulated Cash Bonus^: $157,197

Non Guaranteed Accumulated Interest^: $189,808

Total Accumulated Cash Payout: $441,807

^ Cash Bonus projected is at illustrated investment return of 4.75%

Accumulated Interest of: 3.5% p.a.

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Year 35

Ms. A (age 70) changes the Policy Owner to Miss B, her daughter. 
Miss B begins to receive the Monthly Cash Benefit and she chooses to withdraw these.

 

The current policy cash values, should she choose to surrender the policy are as follows: 

 

NTUC Income 

Wealth Solitaire

China Taiping

Infinite Harvest (II)

Guaranteed Surrender Value

 $163,120

$212,952

Non-Guaranteed Surrender Value (Illustrated at 4.75% investment return) 

 $89,280

$89,399

Total Surrender Value* at the end of this policy year 40

 $252,400

$302,351

Ms F

 

Miss B (Age 36)

Policy Owner, the Insured

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Miss B keeps enjoying the Monthly Cash Benefit even after Ms. A passes away.

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Year 85

Scenario 1: Death of Miss B at Age 86

 

Assuming Miss B passes away at age 86, her children (Ms. A's grandchildren) will receive a death benefit and the policy terminates thereafter.  

 

 

NTUC Income 

Wealth Solitaire

China Taiping

Infinite Harvest

Guaranteed Death Benefit

 $213,120

$241,269

Non-Guaranteed Death Benefit (Illustrated at 4.75% investment return) 

 $544,080

$313,596

Total Death Benefit at Age 86

 $757,200

$554,865

Total Monthly Cashbacks withdrawn

- Withdrawn at Age 36: 

- Withdrawn Monthly thereafter: 

- Total: 

 

$432,212

$420,000

$852,212

 

$449,168

$426,600

$875,768

Total Payout Received 

(Total Cash Benefits Received + Death Benefit)

 $1,609,412 $1,430,633

Ms F


Miss B (Age 86)

Policy Owner, the Insured

   

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Year 99

Scenario 2: Miss B survives to Age 100

 

Miss B will continue to receive the Monthly Cash Payout until Age 100 for NTUC Income's Wealth Solitaire, upon attainment of Age 100, she will receive a Centennial Maturity Benefit.

 

Miss B continues receiving the Monthly Cash Payout for the rest of her life under China Taiping's Inifinite Harvest. Upon Death, a Death Benefit will be paid out. Assuming she passes away at Age 100, the Death Benefit is $630,072 (Guaranteed = $250,476 + Non-Guaranteed = $379,596)

 

 

NTUC Income 

Wealth Solitaire

Maturity Benefit at Age 100

China Taiping

Infinite Harvest

Death Benefit at Age 100

Guaranteed Benefit

 $213,120

$250,476

Non-Guaranteed Benefit (Illustrated at 4.75% investment return) 

 $1,067,280

$379,596

Total Maturity / Death Benefit at Age 100

 $1,280,400

$630,072

Total Monthly Cashbacks withdrawn

- Withdrawn at Age 36: 

- Withdrawn Monthly thereafter: 

- Total: 

 

$432,212

 $537,600

$969,812

 

$449,168

$546,048

$995,216

Total Payout Received 

(Monthly Cashback Received + Surrender Value)

$2,250,212

$1,625,288

Ms F


Miss B (Age 100)

Policy Owner, the Insured

 

* For reference only, all figures shown in the graph above are rounded to the nearest whole number. The figures include non-guaranteed components illustrated assuming that the insurers earn an investment return of 4.75%. 

 

Product Analysis

 

What are the key strengths and weaknesses of these two Legacy Retirement products?

 

 

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Wealth Solitaire

Infinite Harvest

Key Strengths

 Higher Total Payout at the older ages 

1. Higher Total Guaranteed + Non-Guaranteed Surrender Value at older ages, approximately after Policy Year 70-75 

2. Higher Total Guaranteed + Non-Guaranteed Death Benefit at the older ages, approximately after Policy Year 70-75. 

3. Higher Maturity Payout when the Life Insured attains age 100. 

Higher Guarantees  

1. Slightly higher Guaranteed Monthly Cash Benefit Component 

2. Higher Guaranteed Surrender Value.

  • Day 1 Surrender Value of 80%.  
  • Guaranteed Surrender Value continues to grow yearly at a rate of 0.25% p.a. after policy year 10, for as long as the policy in-force.  

3. Higher Guaranteed Death Benefit. The Guaranteed Death Benefit Component grows yearly. 

Higher Total Payout in the policy years before 70-75 on Surrenders and Death as Terminal Bonuses are higher than NTUC Income's Wealth Solitaire in the early years. 

 

Key Weaknesses

Does not provide Capital Guarantees as the Guaranteed Surrender Value remains at 80% of Single Premium throughouth the policy term. 

Guaranteed Death Benefit stays level and does not increase throughout the policy term. 

Total Non-Guaranteed components make up a large component of the Surrender, Death and Maturity Payout. This is mainly comprises of Terminal Bonuses and could be reduced at any time by the insurer.  Unlike Reversionary Bonuses, Terminal Bonuses do not vest regularly. 

Total Non-Guaranteed Components are lower in the later years after Policy Year 70-75 relative to NTUC Income's Wealth Solitaire. This means the total Surrender / Death Benefits are not as high. 

Who is this product ideal for

Customers who prefer a strong and stable local insurer brand name and are looking to hold the product for a long term in order to enjoy the high surrender or death benefits after policy years 70-75. 

Customers who prefer a product that can provide higher guarantees and guaranteed capital returns in the early years of the policy. 

 

 

 

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Exclusive InsureDIY Promotion

 

Get up to $500 cashback on your policy! Valid for sucessful applications up to 31 Dec 2020.

 

 

Single Premium Cash Rebate / DIY Points
$300,000 and above $500
$100,000 to $299,999 $250


 

You can now also use your existing DIY$ to get cash rebates on Wealth Solitaire and Infinite Harvest and get 25% boost up on your points!

 

Redeemable Cash Rebate
DIY$8 $10
DIY$40 $50
DIY$80 $100

   

 

 

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Referral Program

Wealth Solitaire and Infinite Harvest are also eligible for the Refer a Friend program. Refer your friends and family and get DIY$10 for each referral.

 

DIY$ can be exchanged for vouchers including InsureDIY vouchers, NTUC Fairprice and Cold Storage vouchers. Check out our rewards catalogue here.

 

How to refer:
Simply ask your friend to select "Referral" when getting a quote and key in your email address or referral code in the Referral Code box.

 

Referral Reward
DIY$10 each

 

 

Only applicable if your friend has not bought any insurance policy or unit trust through InsureDIY before. DIY$ will only be awarded after the free-look period.

 

 

retirement products long webinar

A recording of the webinar will be available soon! Check back here tomorrow. 

 

Wouldn't it be nice to have a growing asset that gives you both liquidity and the ability to gift lifelong income to your next generation?

Join our webinar on 28 Oct 2020 8pm where InsureDIY will share how our clients have been using insurance products to pass on wealth to the next generation and PreceptsGroup will share about what to look out for when planning your estate.

 

 

7.50pm - 8.00pm

Please join 5-10mins before

8.00pm - 8.05pm

Welcome and introduction

8.05pm - 8.35pm

How to receive life-long income and leave a legacy for future generations

- Step through and compare the features of Infinite Harvest and Wealth Solitaire

8.35pm - 9.05pm

PreceptsGroup: Writing a will: What do I need to know when planning my estate?

9.05pm - 9.35pm

Q&A

 

If you are keen on this product, please do get a quote before the webinar so that you can ask questions related to your quotation. 

 

About PreceptsGroup International

PreceptsGroup International (previously known as Rockwills Singapore Group of Companies) is an established full-fledged estate and succession planning service provider, covering wills, trusts, estate administration, corporate services and education. Headquartered in Singapore and as a pioneer in providing estate and succession planning services in the region, clients are served by a team of over 600 Estate and Succession Practitioners.

 

 

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Here are some common questions
about Wealth Solitaire and Infinite Harvest

1. Can the Monthly Cash Benefit be accumulated with the company to accumulate interest?


The plan is designed to pay out the MCB. However, the policy owner may choose to accumulate the Monthly Cash Benefit with the respective insurers at a non-guaranteed interest rate. China Taiping's current non-guaranteed interest rate is 3.5% p.a. while NTUC Income's current non-guaranteed interest rate is 3.25% p.a..

 

2. Can the policy owner request to change the Monthly Cash Benefit from a paid-out option to accumulated option and vice versa after the policy is incepted?

 

Yes, the policy owner may request to change the paid-out option to accumulated option anytime during the payout period and vice versa.

 

3. Can the accumulated Monthly Cash Benefit be withdrawn at any time?

 

Yes. Partial or full withdrawal of the accumulated Monthly Cash Benefit is allowed at anytime during the policy term.

 

4. Does the policy owner need to provide proof of survivorship on the life insured to receive the Monthly Cash Benefit?

 

The insurer reserves the right from time-to-time to request for satisfactory proof that the life insured is alive before paying the Monthly Cash Benefit.

 

5. What happens if the insuerer is not notified immediately of the life insured’s death and continues to pay out the Monthly Cash Benefit?

 

Any Monthly Cash Benefit paid on or after the date of the life insured’s death will be deducted from the death benefit proceeds

 

6. Can I change the Life Insured?

 

No, once the policy is incepted, the Life Insured cannot be changed. 

 

7. What is the purpose of appointing different Policy Owners and is there a limit to the number of times the Policy Owner can be changed?

 

The Policy Owner will be the person receiving the Monthly Cash Benefits. No, there is no limit to the number of times the Policy Owner can be changed. 

 

8. I want to purchase this plan with the intention of passing on my legacy to my Grandchild. How can I do this? 

 

This can be done by setting up the policy with your Grandchild as the Life Insured and your son/daughter (your Grandchild's parent) as the Policy Owner. The policy can immediately be assigned* to yourself upon inception. This transfers the ownership rights to you and will mean that the Monthly Cash Benefits will be received by yourself. This allows you to enjoy the Monthly Cash Benefits in your retirement. 

 

You can also be the payor of the policy, and this will be clearly stated in the policy documents. 

 

The policy can be assigned back to your son/daughter at any point over the policy term, and even directly to the your Grandchild if he/she is above the age of 18. 

 

* Subject to T&Cs on absolute assignment. 

 

 

 

InsureDIY is a Broker and Exempt Financial Adviser licensed by Monetary Authority of Singapore. This advertisement has not been reviewed by the Monetary Authority of Singapore.