Singapore Whole Life Insurance limited payment
Product Summary - Whole Life Insurance 20 years limited payment (a.k.a. Flexilife 20)
1. Plan Description
This is a Whole Life plan with Reversionary Bonus and Terminal Bonus that provides
lifetime insurance protection against death and
protection against TPD until age 65 next birthday. Premiums shall be payable
for 20 years.
2. Benefits
2.1 Death Benefit
The sum assured together with the attaching bonus, if any, will be payable upon
death.
2.2 Total and Permanent Disability (TPD) Benefits before age 65 next birthday
(subject to a maximum Sum Assured of S$2,000,000 on any one life)
For TPD before the policy anniversary on which the Life Assured's age is 65
next birthday, all future premiums will be waived from the
next policy anniversary following the date of TPD and the death benefit will
be payable in 3 annual instalments of 10%, 10% and 80%. If
death of the Life Assured occurs before the payment of the last instalment,
the remaining instalment(s) will be paid in one lump sum. The
death benefit will be payable in one lump sum if TPD is caused by:
(a) total and irrecoverable loss of the sight in both eyes;
(b) total and irrecoverable loss of the use of two limbs at or above the wrist
or ankle; or
(c) total and irrecoverable loss of the sight in one eye and total and irrecoverable
loss of the use of one limb at or above the wrist or ankle.
If TPD happens before age of 1 year or is caused by (a), (b) or (c) above before
age of 1 year, 20% of the death benefit will be payable in
one lump sum and the policy will terminate.
2.3 Special Benefits
. The projected special benefit of $3 per 1000 basic sum assured will be issued
at inception as premium voucher.
. The premium voucher can be used to pay premium(s) of a new policy upon a life
milestone event (marriage, birth of child or purchase
of a new home).
. However, there is a waiting period of 12 months, meaning that the premium
voucher can only be used 12 months after date of issue of
the policy even if the new policy is purchased within the first 12 months because
of a milestone event.
. After 5 years, if the premium voucher has not been used it can also be used
to pay premiums of the same policy without the occurrence
of a milestone event, provided that premiums are paid up to date.
3. Premium Rates Guaranteed
Please note that premium rates for FlexiLife 20 are guaranteed.
4. Exclusions
4.1 Death Benefit
If the Life Assured dies by suicide, while sane or insane, within one year from
the date of issue of this policy or from the date of
reinstatement, whichever is later, this Policy will be rendered void.
4.2 TPD Benefit
Waiver of premiums and annual payments will not be made for TPD resulting from:
(a) self.inflicted injury, while sane or insane;
(b) bodily injury sustained while in or on an aircraft other than
(i) as a fare.paying passenger or a crew member on an aircraft licensed for
passenger service and operated by a
regular airline on a scheduled route or
(ii) as a member of the armed forces travelling as a passenger in a military
transport aircraft; or
(c) any physical or health impairment or disease which existed but was not disclosed
to the Company at the date of issue of the Policy or
at the date of any reinstatement.
Note: This summary is meant for general information only. It does not serve
as an insurance contract. The precise terms and
conditions of this insurance plan are specified in the policy.
