Introduction
In today's uncertain world, financial security is more important than ever. While we can't predict the future, we can take steps to protect our income and build a stable financial foundation. The Singlife Flexi Life Income product offers a unique solution that combines life insurance protection with guaranteed income and potential bonuses. This innovative plan provides lifelong payouts, capital guarantees, and the flexibility to customize your coverage to meet your specific needs. Whether you're planning for retirement, saving for your children's education, or simply want to boost your savings, Singlife Flexi Life Income offers a comprehensive approach to financial security.
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Type of Endowment Plan
Singlife Flexi Life Income II is a participating whole life insurance plan. As a participating policy, it allows policyholders to share in the performance of Singlife's Participating Fund through non-guaranteed bonuses. This means that while you have a guaranteed component, there's also potential for higher returns based on the fund's performance. The plan offers flexibility in premium payment, allowing you to choose between a single lump sum payment or regular payments over 3, 5, 10, 15, 20, or 25 years. This versatility enables you to align the plan with your financial capabilities and long-term goals, making it suitable for various life stages and financial situations.
Coverage Customization
Singlife Flexi Life Income II offers a range of features that allow you to tailor your coverage and potential returns. From guaranteed benefits to non-guaranteed bonuses, this plan provides multiple ways to grow your savings and secure your financial future. Let's explore the key aspects of coverage customization available with this product.
Guaranteed Maturity Benefit
Capital Protection. Your initial capital is guaranteed by the time your yearly income payouts start. The Guaranteed Cash Surrender Value increases at 0.25% per annum (compounded) starting from the 5th policy year after the Accumulation Period ends.
Non-guaranteed Bonuses
Potential for Higher Returns. You may receive Cash Bonuses of up to 3% of the Sum Assured annually, and a Booster Bonus of 0.5% of the Sum Assured starting from age 60 or 20 years after the Accumulation Period, whichever is later.
Historical Fund Performance
Past Returns. The Participating Fund's investment returns over the past years have varied, with rates of 8.04% in 2020, 1.46% in 2021, and -13.57% in 2022. The 10-year average return stands at 2.59%.
Factors Affecting Returns
Performance Influencers. Non-guaranteed returns are affected by factors such as investment performance, operating costs, tax obligations, policyholder claims, and other profits or losses in the Participating Fund.
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Riders and Additional Benefits
Singlife Flexi Life Income II goes beyond basic income protection by offering additional benefits and rider options. These features enhance your coverage and provide extra financial security in various scenarios. Let's explore the key additional benefits and riders available with this product.
Death Benefit
Comprehensive Protection. In the event of death, beneficiaries receive the higher of 101% of total premiums paid or the Guaranteed Cash Surrender Value, plus any declared Terminal Bonus and reinvested income.
Terminal Illness Benefit
Early Payout Option. If diagnosed with a terminal illness, you receive an early payout of the Death Benefit as a lump sum, providing financial support when needed most.
Supplementary Benefits
Customizable Coverage. You can add various riders to your policy for extra protection, tailoring the plan to your specific needs. Note that these are not available for single premium policies.
Surrender Value and Partial Withdrawals
While Singlife Flexi Life Income II is designed as a long-term savings and protection plan, life's circumstances may require accessing your funds earlier than planned. Understanding the surrender value and partial withdrawal options is crucial for making informed decisions about your policy. Let's explore the key aspects of policy surrender and withdrawals.
Surrender Value Calculation
Total Value Assessment. The surrender value consists of the Basic Cash Value (Guaranteed Cash Surrender Value) and any Terminal Bonus. The guaranteed component increases by 0.25% per annum after the 5th policy year following the Accumulation Period.
Partial Withdrawal Options
Flexible Access. You can partially withdraw reinvested Yearly Income and Booster Bonus. The minimum withdrawal amount is S$1,000 (in multiples of S$10) or the available balance, whichever is lower.
Surrender Charges
Early Termination Costs. Early policy termination may result in high costs, and the surrender value could be zero or less than the total premiums paid. Specific charges are not detailed in the provided information.
Claims and Customer Service
Filing a claim or seeking customer support with Singlife is designed to be straightforward and accessible. To initiate a claim, policyholders can contact their Financial Adviser Representative or visit the Singlife website at https://singlife.com/en/make-a-claim/ for detailed claim procedures. It's important to note that Singlife will only process claims once they have received the full premium payment. For general inquiries or customer support, you can reach out to Singlife's customer service team at their office located at 4 Shenton Way, #01-01, SGX Centre 2, Singapore 068807, or call them at (65) 6827 9933. Their website, www.singlife.com, also offers comprehensive information and support resources.
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Conclusion
Singlife Flexi Life Income II is an excellent choice for individuals seeking a combination of life insurance protection, guaranteed income, and potential for higher returns. This plan is particularly well-suited for those planning for retirement, individuals looking to supplement their income in later years, and parents wanting to secure their children's financial future. The flexibility in premium payments and customizable features make it adaptable to various financial situations and goals.
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