The NTUC Income Single premium Sail is now available. The NTUC Income SP SAIL is a single premium endowment plan to help the policyholder to save for the medium to long term.
The NTUC Income Single Premium SAIL also provides protection against death and total & permanent disability (TPD). This plan is a participating life insurance policy. It allows the policyholder to participate in the performance of the Cooperative’s Life Participating Fund, by the addition of bonuses.
Key changes in the design from the previous version of Single Premium SAIL (before 01 July 2013) are as follow:
- Guaranteed annual bonus rate set at 1.3% pa for first 5 policy years.
- No 'refund of single premium’ for surrender. The total surrender value can be lower than the single premium investment.
- Minimum single premium investment and conversion value is set at $10,000
- Other payment frequencies during payout period, e.g. monthly instead of yearly, is allowed if the amount of conversion value is $50,000 and above.
Note that the NTUC Income SAIL may not be suitable for certain individuals.
Like this article? Subscribe to my newsletter below for more.