AXA RETIRE HAPPY PLUS BY AXA
This product helps offset the impact of inflation and provides a stream of guaranteed and non-guaranteed income for customers concerned about outliving their savings. Capital (the premiums paid) is guaranteed when the insured reaches his selected retirement age.
This is possible as customers can opt to have payouts increase at 3.5 per cent a year from retirement age.
The plan also offers customers the flexibility of customising plans with a selection of retirement ages, premium payment terms and payout periods.
If a total and permanent disability occurs, the plan provides a lump sum amount equivalent to five times the policyholder's first guaranteed income payout.
AXA LIFE MULTIPROTECT BY AXA
This plan caters to customers who want higher levels of protection in their golden years, with customisable critical illness coverage to suit varying levels of protection needs.
It comes with a multiplier benefit that allows you to multiply your coverage up to five times in case of death, terminal illness and total and permanent disability, until age 80.
Options to multiply the coverage by 21/2 times or 31/2 times are available.
Furthermore, up to 10 times of the sum assured is paid in case of accidental death. This is equivalent to two times the prevailing death benefit if death occurs from an accident.
You may receive 100 per cent of your total and permanent disability benefit once you are unable to carry out only two of six activities of daily living, such as dressing, feeding and washing. Other insurers do offer this but for a shorter coverage period only.
AXA said it provides the longest coverage period in the market for this "two activities of daily living" eligibility for disability claims.
The plan offers an optional early critical illness cover as a rider that provides comprehensive protection covering 132 medical conditions - one of the highest in the market. These include selected juvenile conditions like autism of specified severity and insulin-dependent diabetes mellitus to age 18, while special conditions like osteoporosis and specified diabetic complications are covered until 99.
The insured person will receive additional payouts upon diagnosis of the conditions.
You can select from a range of premium payment terms of 15, 20 or 25 years, or to age 65.
JADE LEGACY AND JADE ULTRA LEGACY BY HSBC INSURANCE
These are two enhanced Universal Life insurance plans for the well-heeled who have concerns about the transfer of their wealth.
Jade Legacy is aimed at customers looking to protect their legacy, with a minimum of $750,000 sum insured; Jade Ultra Legacy is for those looking at a minimum of $5 million sum insured.
Mr Ian Martin, chief executive at HSBC Insurance (Singapore), said the firm has come across a lot of customers, especially first-generation business owners, thinking about the transfer of their wealth, including the ownership of their business, to successive generations.
Jade Legacy and Jade Ultra Legacy offer guaranteed crediting rate lock-in for the first year. Depending on the plan and policy currency, there are also other guaranteed crediting rate lock-in options.
Upon the completion of the guaranteed crediting rate lock-in period, the general crediting rate, which is subject to changes, will kick in.
Jade Ultra Legacy offers an additional loyalty feature - customers can get 0.5 per cent, 1 per cent and 1.5 per cent of the account value paid out at the end of the 10th, 15th and 20th policy year respectively.
It also includes a built-in philanthropic feature allowing customers to nominate a charity and donate up to 1 per cent of the sum insured or equivalent of US$100,000.
HEIRLOOM V BY MANULIFE
This is a universal life insurance plan (denominated in US dollars) aimed at high-net-worth individuals looking for ways to grow and protect their wealth, provide liquidity, diversify their portfolios and ensure business continuity.
It offers a suite of benefits designed to give them greater flexibility while increasing the cash value of their policy.
Besides death coverage, it provides a guaranteed minimum crediting annual interest of 2 per cent and an additional guaranteed loyalty bonus crediting interest of 0.25 per cent a year from year 16 or after age 70, whichever is later, until age 100.
Its key features include flexible changes to the life insured.
For instance, for up to two years after the policy is issued, you can make unlimited changes to your life insured if the policy owner is a corporation; or make up to two changes if the policy owner is an individual.
You can opt for flexible payments such as choosing when to make a payment and how much to pay within preset limits based on policy value, death benefit and policy in-force duration.
Free partial withdrawals are allowed without incurring surrender charges.
SIGNATURE INCOME BY MANULIFE
Signature Income is a single-premium whole life plan specifically designed to provide income payouts for wealthy individuals and their generations to come.
A key feature is its flexible payments, where you can receive either yearly or monthly income payouts, or even accumulate income payouts to grow your wealth for higher returns.
Income payouts can start from the fifth policy year up to age 99. The product offers coverage for death and terminal illness, and the option to transfer the policy to your next generation.
This ensures that your second, or even third, generation continues to receive financial support. Your policy has cash value from Day 1, at 80 per cent of your single premium, said Manulife.
Note that the total monthly or yearly income consists of guaranteed and non-guaranteed portions. The non-guaranteed monthly or yearly income is based on a projected investment rate of return of 4.75 per cent a year for Manulife's participating fund.
The actual benefits payable may vary according to the future performance of this fund.
Applying is hassle-free and no medical underwriting is required. You can choose to pay your premiums in US or Singapore dollars.
