Introduction
Investment-linked plans (ILPs) have become increasingly popular for those seeking a blend of insurance protection and investment opportunities. Singlife Sure Invest is a versatile ILP that offers this unique combination, allowing policyholders to potentially grow their wealth while maintaining life coverage. This product stands out for its flexibility, diverse investment options, and comprehensive benefits. Whether you're planning for long-term financial goals or looking to enhance your insurance coverage, Singlife Sure Invest provides a customizable solution to meet your evolving needs.
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How ILPs Work
Investment-linked plans (ILPs) combine life insurance coverage with investment opportunities. With Singlife Sure Invest, your premium is allocated between insurance protection and investment in ILP sub-funds. The investment portion is used to purchase units in your chosen sub-funds, which are 100% invested in underlying funds. These funds offer various risk levels and investment strategies, allowing you to tailor your portfolio to your risk appetite and financial goals. The value of your policy fluctuates based on the performance of the chosen funds, and you bear the investment risks. This structure provides the potential for higher returns compared to traditional life insurance policies, but it's important to understand that returns are not guaranteed.
Insurance Coverage
Singlife Sure Invest offers essential insurance coverage to protect you and your loved ones. The policy provides benefits for critical life events, ensuring financial support when it's needed most. Let's explore the key insurance components of this plan.
Death Benefit
Comprehensive Protection: In the event of the life assured's death, Singlife Sure Invest pays out a death benefit. This benefit is the higher of 101% of net premiums or the account value, less any outstanding charges.
Terminal Illness Benefit
Advanced Support: If diagnosed with a terminal illness, the full death benefit is paid out as a terminal illness benefit. This provides crucial financial assistance during challenging times.
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Investment Component
The investment aspect of Singlife Sure Invest offers policyholders the opportunity to grow their wealth over time. With a range of investment options and flexibility, you can tailor your investment strategy to align with your financial goals and risk tolerance. Let's delve into the key features of the investment component.
Fund Options
Diverse Choices: Singlife Sure Invest offers a range of ILP sub-funds, each acting as a feeder fund that invests 100% into an Underlying Fund. These funds cater to various investment objectives and risk profiles.
Fund Management
Professional Oversight: The Underlying Funds are managed by experienced investment managers who determine the investment objectives and strategies. This ensures your investments are in capable hands.
Switching Flexibility
Easy Adjustments: You have the freedom to conduct unlimited free switches between investments, allowing you to adapt your portfolio as market conditions or personal circumstances change.
Unit Pricing
Transparent Valuation: Units are priced on a forward pricing basis every dealing day, based on the net asset value of the Underlying Fund. This ensures fair and up-to-date valuations of your investments.
Fees and Charges
Understanding the fees and charges associated with Singlife Sure Invest is crucial for making an informed decision. These costs cover various aspects of policy administration, fund management, and other services. Let's break down the key charges you should be aware of when considering this investment-linked plan.
Management Charge
Quarterly Fee: A management charge of 0.25% per quarter is applied to the account value. This charge is accrued daily and deducted quarterly to cover administrative costs.
Fund Charges
Underlying Costs: Additional charges may apply at the fund level. These can vary depending on the specific ILP sub-funds chosen and are detailed in the respective fund prospectuses.
No Insurance Charge
Cost-Effective Coverage: There is no explicit cost of insurance for the base benefits, making the insurance component more affordable.
Withdrawal Charges
Flexible Access: While partial withdrawals are allowed, they may impact your benefits. There's no mention of specific withdrawal charges, but minimum account value requirements apply.
Flexibility and Customization
Singlife Sure Invest offers a high degree of flexibility, allowing you to adapt your policy to changing financial needs and market conditions. This adaptability is a key feature that sets it apart from traditional insurance products. Let's explore the various ways you can customize and adjust your policy over time.
Premium Options
Flexible Contributions: You can start with a single premium of SGD1,000 and have the option to make recurring single premiums (RSP) of at least SGD100 monthly. Ad-hoc premiums of minimum SGD100 are also allowed.
Partial Withdrawals
Access When Needed: You can withdraw up to 95% of your account value, with a minimum withdrawal of SGD1,000. The remaining account value must be at least SGD1,000 to keep the policy active.
Investment Switches
Portfolio Adjustments: Enjoy unlimited free switches between investments, allowing you to rebalance your portfolio or change your investment strategy as needed.
Coverage Flexibility
Adaptable Protection: While the document doesn't specify adjustable insurance coverage, the policy's structure allows for changes in investment allocation, indirectly affecting your overall financial protection.
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Conclusion
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