Singapore Endowment Saving Insurance
Product Summary - Endowment with limited 5 years payment (a.k.a. Endowment 5)
1. Plan Description
This is an Endowment plan with Reversionary Bonus and Terminal Bonus. Premiums
shall be payable for 5 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)
In the event of TPD prior to the policy anniversary on which age next birthday
is 65 years, all future premiums will be waived and the
sum assured will be payable in one lump sum up to $650,000, plus proportionate
amount of bonuses to date. The remaining balance, if
any, are payable in one lump sum in any of the following events, whichever occurs
first
i) 12 months from the date of the first TPD payment
ii) upon the event of death
iii) upon maturity of the policy
The TPD Benefit will be payable in one lump sum under the following circumstances:
(a) loss of sight of both eyes,
(b) loss of two limbs at or above the wrist or ankle, or
(c) loss of sight of one eye and loss of one limb at or above the wrist or ankle.
However, if TPD occurs 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.
The following amounts will be deducted upfront from TPD Benefit before the payment(s)
are made
(a) Outstanding installment premiums up to Policy Anniversary following Disability
Date
(b) Cash or Automatic Loan
2.3 Maturity Benefit
The sum assured plus attaching bonus, if any, will be payable at the end of
the policy term.
3. Premium Rates Guaranteed
Please note that premium rates for Endowment 5 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 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.
