Retirement Gro Retire Ease

 
 

Provide for your retirement 
Guaranteed Yield of up to 2.7% p.a. at Maturity and Capital Guarantees 

 

 

Join our webinar on 27 Oct 2020, 8pm.
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Get your Legacy Retirement Quotation
I would like to choose my cover by:(*)

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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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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.

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Smoker Status of the Life Insured(*)
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About the Policyowner
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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.

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About 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.

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Key features of 
NTUC Income: Gro Retire Ease 

 

4%-4.2% p.a. indicative yield

Guaranteed Yield of up to 2.7% p.a. with additional non-guaranteed returns

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Flexibility to choose and change the payout period of your Monthly Cash Benefit

Investment grade credit rating

Capital guaranteed at the end of the Accumulation Period

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Additional peace of mind with Death and Disability Benefits 

InsureDIY Online Application

Online application
 


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Why Apply for Gro Retire Ease

If you are looking for a retirement product with capital guarantees, high guaranteed yield to maturity and the flexibility to customise the product to your needs:

 

  • Capital Guaranteed after at the end of the Accumulation Period 
  • Guaranteed yield to maturity of up to 2.7% p.a.  
  • Flexibility to customise the product in terms of premium term, accumulation period and payout period  
  • Additional peace of mind with Disability Care Benefit - Simple and easy to claim conditions 
  • Hassle-free application 
  • Guaranteed Issuance - No medical check-up needed! 

 

Check out our case studies 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:

Gro Retire Ease 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)
 

Gro Retire Ease

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

 

Features

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Gro Retire Ease

 Premium Term

5 Years, 10 Years or 

Regular Pay (up to 5 years before the start of the Payout Period)

 Accumulation Period

10 Years, 15 Years or

Up to Age Last Birthday 50, 55, 60 or 65

Payout Period

10, 20 or 30 Years

Capital Guaranteed

Yes, at the end of the Accumulation Period

Death Benefit

During the Accumulation Period: 105% of Net Premiums* paid + Terminal Bonus

During the Payout Period: 105% of Net Premiums* paid + Terminal Bonus. less all Monthly Cash Benefits and any Cash Benefits paid out under the Disability Care Benefit
Accidental Death Benefit Before the age of 70: An additional 105% of net premiums paid will be payable in addition to the Death Benefit

Disability Benefit

If any of these conditions are met:

1. Loss of use of one limb

2. Loss of sight of one eye

3. Loss of speech

4. Loss of hearing

During the Accumulation Period: Lump sum benefit equivalent to 6 times the Monthly Cash Benefit will be paid out

Premiums will be waived for the remaining term of the policy

Additional one month cash benefit will be paid in addition to the Monthly Cash Benefit during the payout period 

During the Payout Period: Additional one month cash benefit will be paid in addition to the Monthly Cash Benefit for the the remainder of the payout period 

Redeposit Facility

Yes, prevailing non-guaranteed interest rate is 3.25% p.a. 

 

 

 * Net premiums means the regular premium amount as shown in the schedule, or the reduced regular premium if a part ofthe policy has been cashed in earlier. If you change the frequency of your regular premium amount, the then current regularpremium amount will be used to work out all net premiums paid. Net premiums exclude the premiums paid on riders.

 

Case Study 1 


Ms. A, age 40 signs up for a Gro Retire Ease plan. She plans to retire at age 65 and chooses a cash benefit of $1,000 payable for 20 years.  

  


Year 0

Ms. A purchases a Gro Retire Ease product with a Regular Annual Premium of $6,900 for 20 years. 

Total Premiums Paid at the end of 20 years is: $138,000. 

Total Accumulation Period = 25 Years 

Mrs E

Ms. A (Age 40)

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 Year 20

After 20 Years of Premium Payment, there is a 5 more years of the Accumulation period before the Monthly Cash Benefit payout will commence. 

Mrs E

Ms. A (Age 60)

  

 

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 Year 25

Ms. A starts enjoying the Monthly Cash Benefit. 

 

She chooses the Cash Payment option and withdraws this every month. 

Mrs E

Ms. A (Age 65)

Non-Guaranteed Monthly Cash Bonus:

$657 

 

Guaranteed Monthly Cash Benefit:

$1,000
Total Monthly Payment: $1,657

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 Year 45

The policy matures and terminates. 

Mrs E

Ms. A (Age 85)

Policy Owner

Total Premiums Paid

$168,000

  

Total Guaranteed Monthly Cash Benefit Withdrawn

$1,000 * 12 * 20 = $240,000

 Yield to Maturity = 2.2% p.a.

Total Non-Guaranteed Monthly Cash Benefit Withdrawn (Illustrated at 4.75%)

$657 * 12 * 20 = $157,680

  

Total Monthly Cash Benefit Withdrawn

$397,680 

  

Total Payout Received

(Monthly Cashback Received + Surrender Value)

$296,000

  

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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 withdraw this Special Cash Benefit in full. 

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 40

Ms. A (age 75) changes the Policy Owner to Miss B, her daughter. 
Miss B continues to receive the same Monthly Cash Benefit. 

 

NTUC Income 

Wealth Solitaire

China Taiping

Infinite Harvest

Guaranteed Surrender Value

 $163,120

$215,627

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

 $125,880

$115,598

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

 $289,000

$331,225

Total Monthly Cashbacks withdrawn 

$336,000

$341,280

Total Payout Received 

(Monthly Cashback Received + Surrender Value)

 $625,000

$672,505

Ms F

 

Miss B (Age 41)

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

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

$789,600

$802,008

Total Payout Received 

(Monthly Cashback Received + Surrender Value)

$2,070,000

$1,432,080

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%. This increases to be at least 100% of the Single Premium amount by Year 10, providing a Capital Guarantee by Year 10. 
  • 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
$200,000 and above $500
$100,000 to $199,999 $250
$99,999 and below DIY$100


 

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

 

Join us on 27 Oct 2020, 8pm where we will explain the features of Wealth Solitaire, Infinite Harvest and Gro Retire Ease:

 

 

7.50pm - 8.00pm

Please join 5-10mins before

8.00pm - 8.15pm

Welcome and Introduction

8.15pm - 8.45pm

Features of Wealth Solitaire and Infinite Harvest

8:45pm - 9.00pm

Features of Gro Capital Ease

9.00pm - 9.30pm

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. 

 

RSVP Now!
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Please let us know if you have any specific questions on retirement solutions. We will try to address these in the webinar:
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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. 

 

 

 

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