Introduction
In today's uncertain world, securing your financial future and that of your loved ones is paramount. Singlife Legacy Income offers a flexible whole life savings insurance plan designed to provide long-term financial security and peace of mind. This innovative product not only ensures guaranteed income for a lifetime but also allows you to customize your coverage to suit your unique needs. With Singlife Legacy Income, you can safeguard your finances and create a lasting legacy for generations to come.
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Type of Endowment Plan
Singlife Legacy Income is a participating whole life savings insurance plan. This means it combines life insurance coverage with a savings component that has the potential to earn dividends. The plan offers flexibility in premium payment terms, including single premium, 3-year, 5-year, and 10-year options. As a participating plan, policyholders may benefit from both guaranteed and non-guaranteed returns, with the latter dependent on the performance of Singlife's participating fund. This structure allows for potential growth in your savings while providing the security of guaranteed benefits.
Coverage Customization
Singlife Legacy Income offers a range of features that allow you to tailor your coverage to your specific needs. From guaranteed maturity benefits to potential bonuses, this plan provides various options to secure your financial future. Let's explore the key aspects of coverage customization available with this product.
Guaranteed Maturity Benefit
Lifetime Income: Receive guaranteed monthly payouts that increase over time, split into three tiers. The income starts as early as the 13th month for single premium plans and continues for life, capped at 100 policy years.
Non-guaranteed Bonuses
Potential Growth: Enjoy non-guaranteed cash bonuses paid monthly alongside your guaranteed income. These bonuses range from 1.30% to 2.38% of the sum assured per annum, depending on your premium term and payout year.
Historical Performance
Fund Track Record: While historical performance is not provided in the product details, it's important to note that as a participating plan, returns are influenced by the performance of Singlife's participating fund.
Return Factors
Variable Elements: Non-guaranteed returns are affected by factors such as investment performance, claims experience, and expenses of the participating fund. These elements can impact the actual benefits received over time.
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Riders and Additional Benefits
Singlife Legacy Income comes with several additional features and benefits to enhance your coverage and provide greater financial security. These options allow you to customize your plan to better suit your individual needs and circumstances. Let's explore the key riders and benefits available with this product.
Change of Life Assured
Flexible Coverage: You can change the life assured up to 2 times for individual policies and unlimited times for corporate policies. This feature allows you to adapt your coverage as your family circumstances change.
Centennial Benefit
Long-term Reward: If the life assured survives to the end of the policy term, you'll receive 105% of total premiums paid plus any terminal bonus. This benefit ensures a substantial return on your investment if you live to 100.
Death and Terminal Illness
Comprehensive Protection: The policy provides a lump-sum benefit in case of death or terminal illness, ensuring financial protection for your loved ones. The benefit includes 101% of total premiums paid or the guaranteed cash surrender value, whichever is higher.
Supplementary Benefits
Additional Coverage: You can enhance your policy with riders such as Easy Term, Cancer Premium Waiver II, and Critical Illness Premium Waiver II for more comprehensive protection against various life events.
Surrender Value and Partial Withdrawals
Understanding the surrender value and partial withdrawal options of your Singlife Legacy Income policy is crucial for managing your long-term financial planning. These features provide flexibility in accessing your funds if needed, but it's important to be aware of any associated charges or limitations. Let's examine the key aspects of surrender value and partial withdrawals for this product.
Surrender Value Calculation
Policy Worth: While specific details aren't provided, the surrender value is likely based on the guaranteed cash value plus any accumulated non-guaranteed bonuses, less any outstanding amounts owed to Singlife.
Withdrawal Options
Access to Funds: The product details don't specify partial withdrawal options. It's advisable to consult with a Singlife representative for information on any available withdrawal features and their potential impact on the policy.
Surrender Charges
Early Termination Costs: The product brochure warns that early termination usually involves high costs, and the surrender value may be zero or less than the total premiums paid. Specific fee structures are not provided.
Claims and Customer Service
Singlife is committed to providing excellent customer service and a smooth claims process for Singlife Legacy Income policyholders. While specific details about the claims process are not provided in the product brochure, you can expect support through various channels. For any inquiries or to file a claim, you can contact Singlife's customer service team at (65) 6827 9933. Additionally, you can visit their website at singlife.com for more information or to access online services. Singlife's office is located at 4 Shenton Way, #01-01, SGX Centre 2, Singapore 068807, where you can seek in-person assistance if needed.
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Conclusion
Singlife Legacy Income is an excellent choice for individuals seeking long-term financial security with the flexibility to adapt to changing circumstances. This product is particularly well-suited for those planning for retirement, individuals looking to create a lasting financial legacy for their loved ones, and those who value the combination of guaranteed income and potential growth through bonuses. The plan's unique features, such as the ability to change the life assured and the centennial benefit, make it an attractive option for multi-generational financial planning.
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