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Features & Benefits

Lifetime Income Choice Of Payment Term 100% Capital Guaranteed Optional Add-ons Additional Features
Lifetime Income
Choice Of Payment Term
100% Capital Guaranteed
Optional Add-ons
Additional Features

CIMB CONSULT-ONTHEGO

Schedule a consultation with a Personal Banker remotely from the comfort of wherever you are, via Web Conferencing!  

 

Underwritten by Singlife with Aviva

Terms & Conditions

All ages mentioned refer to age at next birthday.

 

1. Yearly Income will be payable at the end of every policy year starting from the end of the Accumulation Period, less any amount owing to Singapore Life Ltd, as long as the Life Assured is alive and while the policy is in force. The Yearly Income consists of:

       a) Guaranteed Cash Benefit at 1.20% of the Sum Assured; and

       b) Cash Bonus (non-guaranteed), if any, at 4.40%^ or 2.40%^ of the Sum Assured.

^ Cash Bonus rates indicated above are based on illustrated investment rates of return of 4.25% and 3.00% per annum respectively as illustrated in the Policy Illustration. Please refer to the Policy Illustration for more details.

Note: Accumulation Period refers to the period from the end of the premium payment term until the first payment of Yearly Income

 

2. The Guaranteed Cash Surrender Value is equivalent to Total Premiums Paid as at the end of the Accumulation Period or the end of:

a) 8th policy year for policy with Single Premium payment term;

b) 13th policy year for policy with 3 years premium payment term;

c) 15th policy year for policy with 5, 10 or 15 years premium payment term; or

d) 25th policy year for policy with 20 or 25 years premium payment term; whichever is earliest, subject to policy terms and conditions.

The Guaranteed Cash Surrender Value will increase at 0.25% per annum (compounded) from the 5th policy year after the end of the Accumulation Period.

 

3. The Booster Bonus is non-guaranteed and at 0.35%^ or 0.20%^ of the Sum Assured.

It will be payable every policy year starting from the Policy Anniversary immediately following:

a) the date on which the Life Assured attains age 60; or

b) the end of the 20th policy year after the Accumulation Period ends, whichever is later, as long as the Life Assured is alive and while the policy is in force.

^ Booster Bonus rates indicated above are based on illustrated investment rates of return of 4.25% and 3.00% per annum respectively as illustrated in the Policy Illustration. Please refer to the Policy Illustration for more details.

 

4. For policy funded by Supplementary Retirement Scheme (SRS) monies, the policyholder must be the Life Assured covered under the policy.

The Yearly Income, Booster Bonus and any cash proceeds will be credited back to the SRS account as per prevailing SRS guidelines.

 

5. Death and Terminal Illness coverage is subject to the following conditions:

For Death Benefit

In the event of the Life Assured’s death while the policy is in force, the lump-sum Death Benefit payable will comprise:

 

a) the higher of:

i. 101% of Total Premiums Paid for the basic plan (excluding advance premiums and premiums for riders (if any) attached to the policy); or

ii. the Guaranteed Cash Surrender Value;

b) Terminal Bonus as declared by Aviva Ltd (if any); and

c) any reinvested Yearly Income and Booster Bonus with non-guaranteed interest (if not previously withdrawn);

less any amount owing to Aviva Ltd.

 

For Terminal Illness Benefit

Upon diagnosis of Terminal Illness of the Life Assured while the policy is in force, Singapore Life Ltd will pay the Terminal Illness Benefit in one lump sum, as an advancement of the Death Benefit.

Important Notes & Disclaimer

This information is intended for general circulation and does not take into account the specific investment objectives, financial situation or needs of any particular person. Advice should be sought from a financial adviser regarding the suitability of the investment product, taking into account the specific investment objectives, financial situation or particular needs of any person in receipt of the recommendation, before the person makes a commitment to purchase the investment product. Any misstatement or non-disclosure of material facts may affect the validity of the policy. In the event that the person chooses not to seek advice from a financial adviser, he/she should consider whether the product in question is suitable for him/her.

 

This information is not a contract of insurance. The precise terms, conditions and exclusions of this plan are specified in the Policy Contract. Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value payable may be less than the total premiums paid.

 

 This policy is protected under the Policy Owners' Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact the insurer or visit the GIA/LIA or SDIC website (www.gia.org.sg or www.lia.org.sg or www.sdic.org.sg).

 

This product is underwritten by Singapore Life Ltd and distributed by CIMB Bank.

 

This advertisement has not been reviewed by the Monetary Authority of Singapore.

 

Information is correct as at 01 Jan 2022.