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Key features of NTUC Income: Gro Retire Ease
Guaranteed Yield of up to 2.7% p.a. with additional non-guaranteed returns
Flexibility to choose and change the payout period of your Monthly Cash Benefit
Capital guaranteed at the end of the Accumulation Period
Additional peace of mind with Death and Disability Benefits
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.
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Downloads:
Gro Retire Ease brochure
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Have a question you need answered?
Email us (best way to reach us): [email protected]
Text us: +65 8241 0688 (Mon to Fri: 9am - 5pm)
Call us: +65 3138 6784 (Mon to Fri: 9am - 5pm)
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Gro Retire Ease
Hassle-free application and guaranteed issuance (No medical underwriting requirements!)
* 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.
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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
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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
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Ms. A (Age 40)
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Year 20
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After 20 Years of Premium Payment, there is a 5 more years of the Accumulation period before the Monthly Cash Benefit payout will commence.
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Ms. A (Age 60)
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Year 25
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Ms. A starts enjoying the Monthly Cash Benefit.
She chooses the Cash Payment option and withdraws this every month.
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Ms. A (Age 65)
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Non-Guaranteed Monthly Cash Bonus:
$657
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Guaranteed Monthly Cash Benefit:
$1,000
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Total Monthly Payment: $1,657 |
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Year 45
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The policy matures and terminates.
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Ms. A (Age 85)
Policy Owner
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Total Premiums Paid
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$168,000
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Total Guaranteed Monthly Cash Benefit Withdrawn
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$1,000 * 12 * 20 = $240,000
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Yield to Maturity = 2.2% p.a. |
Total Non-Guaranteed Monthly Cash Benefit Withdrawn (Illustrated at 4.75%)
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$657 * 12 * 20 = $157,680
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Total Monthly Cash Benefit Withdrawn
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$397,680
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Total Payout Received
(Monthly Cashback Received + Surrender Value)
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$296,000
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Year 21 & Year 31
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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.
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Ms. A (Age 56, Age 66)
Policy Owner
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NTUC Income
Wealth Solitaire
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Special Cash Benefit
Month 241: $3,120
Month 361: $3,120
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China Taiping
Infinite Harvest
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Not Applicable
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Year 40
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Ms. A (age 75) changes the Policy Owner to Miss B, her daughter. Miss B continues to receive the same Monthly Cash Benefit.
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NTUC Income
Wealth Solitaire
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China Taiping
Infinite Harvest
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Guaranteed Surrender Value
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$163,120
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$215,627
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Non-Guaranteed Surrender Value (Illustrated at 4.75% investment return)
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$125,880
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$115,598
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Total Surrender Value* at the end of this policy year 40
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$289,000
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$331,225
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Total Monthly Cashbacks withdrawn
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$336,000
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$341,280
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Total Payout Received
(Monthly Cashback Received + Surrender Value)
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$625,000
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$672,505
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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
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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.
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NTUC Income
Wealth Solitaire
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China Taiping
Infinite Harvest
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Guaranteed Death Benefit
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$213,120
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$241,269
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Non-Guaranteed Death Benefit (Illustrated at 4.75% investment return)
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$544,080
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$313,596
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Total Death Benefit at Age 86
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$757,200
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$554,865
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Miss B (Age 86)
Policy Owner, the Insured
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Year 99
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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)
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NTUC Income
Wealth Solitaire
Maturity Benefit at Age 100
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China Taiping
Infinite Harvest
Death Benefit at Age 100
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Guaranteed Benefit
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$213,120
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$250,476
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Non-Guaranteed Benefit (Illustrated at 4.75% investment return)
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$1,067,280
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$379,596
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Total Maturity / Death Benefit at Age 100
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$1,280,400
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$630,072
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Total Monthly Cashbacks withdrawn
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$789,600
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$802,008
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Total Payout Received
(Monthly Cashback Received + Surrender Value)
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$2,070,000
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$1,432,080
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Miss B (Age 100)
Policy Owner, the Insured
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* 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%.
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Product Analysis
What are the key strengths and weaknesses of these two Legacy Retirement products?
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Exclusive InsureDIY Promotion
Get up to $500 cashback on your policy! Valid for sucessful applications up to 31 Dec 2020.
You can now also use your existing DIY$ to get cash rebates on Wealth Solitaire and Infinite Harvest and get 25% boost up on your points!
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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.
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.
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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
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Please join 5-10mins before
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8.00pm - 8.15pm
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Welcome and Introduction
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8.15pm - 8.45pm
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Features of Wealth Solitaire and Infinite Harvest
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8:45pm - 9.00pm
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Features of Gro Capital Ease
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9.00pm - 9.30pm
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Q&A
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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.
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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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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.
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