The Sunday Times highlights three new insurance products and a new income fund
GREAT PROTECTOR BY GREAT EASTERN
Launched yesterday - which was also insurer Great Eastern's (GE) 109th anniversary - Great Protector is a personal accident (PA) plan that provides coverage of up to $3 million in the event of accidental permanent disablement.
Benefits include offering the market's highest multiple of up to three times the sum assured for payouts under accidental major permanent disablement. The premiums are as low as $1 a day ($365 a year) for $500,000 sum assured (Great Protector Classic plan) and $1.50 a day ($545 a year) for $1 million sum assured (Great Protector Elite plan).
It is offered to existing GE customers as well as their spouse and children. Only Singapore citizens or permanent residents are eligible.
If a customer already has an existing PA plan with GE and he buys the Great Protector plan, GE will pay claims beyond the limits imposed on other PA plans in GE up to the limits stipulated in the Great Protector plan.
Acceptance is guaranteed for all occupational classes with no premium differentiation across jobs. Great Protector is available until Dec 12.
TRAVEL PROTECT360 BY HONG LEONG ASSURANCE
Save & Invest seminar
The next seminar in the Save & Invest Portfolio Series, which will include a portfolio construction exercise, will be held on Sept 2 from 9.30am to 3pm at the NTUC Auditorium.
Travel Protect360 is a travel insurance plan whose main features include payouts for flight delays of up to $1,000, as well as loss and theft of cash, personal travel documents, air tickets and baggage.
It also offers personal accident cover of up to $300,000, overseas medical coverage of up to $500,000, unlimited emergency medical evacuation, hospitalisation, surgery, physiotherapy, ambulance services, dental treatment as a result of injuries sustained overseas, and continued medical treatment in Singapore. It also covers rental car excess and your home while you are away.
The maximum cover per single trip is up to 182 days. Other travel plans typically cover up to 180 days per single trip. Its unique features include free access to Changi Airport Lounge if you buy the multiple trip annual plan, or an overseas Internet Wi-Fi voucher for every single-trip plan purchased.
PURPOSE SAVER BY FRIENDS PROVIDENT INTERNATIONAL
Insurer Friends Provident International (FPI), part of the Aviva group, has rolled out Purpose Saver, an investment-linked savings insurance plan targeted at helping affluent individuals meet their short-term savings goals. It also marks the 10th-year anniversary of FPI's presence here.
The new plan enables consumers to save in several selected currencies. This is particularly suitable for those keen to minimise exchange rate risk.
The product provides access to a range of investment-linked funds with underlying funds. Consumers who want simpler investment options can access expert support by choosing from one of the five risk-rated model portfolios advised by independent asset consultant Morningstar.
It is structured as a five-year plan with options for three or four years. Consumers can also consider various preferences after the target saving period. These include continuing to save, full or partial withdrawal of savings, or taking on new investment opportunities.
An online portal provides ease of access to policy information at all times, allowing consumers to track their savings as well as perform core functions such as fund switches and redirection online.
Purpose Saver also rewards persevering consumers. If you stick with your plan, you get a savings bonus of between 1 and 3 per cent of the savings amount, at the end of the target saving period, depending on how long you save for.
The minimum amount is determined by the currency you choose to save in. The minimum Singdollar monthly amount is $2,000.
ALLIANZ SGD INCOME FUND BY ALLIANZ GLOBAL INVESTORS
Rolled out by investment manager Allianz Global Investors, the Allianz SGD Income Fund aims to provide long-term income and/or capital appreciation in Singapore dollar terms. It is available to both retail and institutional investors.
The Allianz SGD Income Fund aims to capture opportunities in Singapore's growing fixed-income market by investing mainly in Singdollar (SGD) bonds, with additional sources of returns and diversification through US dollar-denominated bonds. It seeks to provide stability through a diversified portfolio investing primarily in investment-grade credits, with selective allocation to high-yield credit.
Non-SGD bond exposures will be hedged to minimise currency volatility. The fund intends to provide a payout of 3 to 5 per cent per annum, distributable on a monthly basis.
INSTANT IN-PRINCIPLE APPROVAL FOR CITI CREDIT CARD APPLICATIONS
Citi and SingSaver.com.sg are offering Singaporeans, permanent residents and employment pass holders a convenient and seamless way to apply for Citi credit cards with instant in-principle approval through the latter's website.
Simply complete the online application form and you will receive an instant in-principle approval almost immediately upon qualification. This is made possible as the integration of SingSaver.com.sg's platform with Citi's application programming interface enables real-time assessment of your eligibility for the Citi credit card.
Users who do not receive an in-principle approval will be requested to furnish additional information to support their application or will be contacted by the bank.
A version of this article appeared in the print edition of The Sunday Times on August 27, 2017, with the headline 'Income fund, 3 insurance products being offered'. Print Edition | Subscribe
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