Singlife Flexi Life Income
SingLife Flexi Life Income (previously known as MyLifeIncome III) is a savings plan that gives you yearly payouts for as long as
you live, just like lifelong passive income.
And, a guarantee that you’ll get
your principal sum back.
How Singlife Flexi Life income works
Single Premium Using SRS
Mr Tan, age 53, purchases Singlife Flexi Life Income (previously known as MyLifeIncome III) with a single premium of S$30,332 using his SRS fund.
He chooses to start receiving his Yearly Income from age 63 upon starting his SRS penalty-free withdrawal age.
His Yearly Income comprises a Guaranteed Cash Benefit of S$300 and a Cash Bonus of $1,000 (based on the illustrated investment rate of return of 4.25% p.a.).
Mr Tan can continue to receive the Yearly Income for as long as he lives or surrender the policy for a lump sum surrender value at anytime. If he surrendered the policy at age 83, he gets S$36,852 back (based on the illustrated investment rate of return of 4.25% p.a.).
As a result, Mr Tan diversified his SRS fund investment and added more flexibility to optimise his tax planning during his 10 years penalty-free withdrawal period.
Singlife Flexi Life Income
This plan can also be purchased using Cash.
On top of the benefits & features listed above, Cash Policy Owner can also enjoy other flexibility and benefits as listed below
Singlife Flexi Life Income _ Commonly Asked Questions
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 the insurer, 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.
2. The Sum Assured is used to determine the Guaranteed Cash Benefit, Cash Bonus (non-guaranteed) and Booster Bonus (non-guaranteed) payable and is not the Death Benefit.
3. The Guaranteed Cash Surrender Value is equivalent to Total Premiums Paid for the basic plan 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.
4. 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.
5. The minimum amount for a withdrawal of the reinvested Yearly Income and Booster Bonus is S$1,000 (in multiples of S$10) or the balance available, whichever is lower.
6. 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 the insurer (if any); and
c) any reinvested Yearly Income and Booster Bonus with non-guaranteed interest (if not previously withdrawn);
less any amount owing to the insurer.
For Terminal Illness Benefit: Upon diagnosis of Terminal Illness of the Life Assured while the policy is in force, we will pay the Terminal Illness Benefit in one lump sum, as an advancement of the Death Benefit.
7. 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.
8. The sum of your entry age (in years) and your preferred premium payment term must not exceed 75 years.
9. For more details on the riders, please refer to the respective Product Summaries.
Decide when you want to start receiving your Yearly Income
Pick the premium payment term and Accumulation Period that best suits your needs. Payouts start after the end of the premium payment term and Accumulation Period.
- Premium payment term options:
Single premium or regular premium payment term of 3, 5, 10, 15, 20 or 25 years8
- Accumulation Period options (based on premium payment term):
– For Single Premium: 4 to 20 years
– For 3 years premium payment term: 2 to 20 years
– For 5, 10, 15, 20, 25 years premium payment term: 0 to 20 years
Note: Accumulation Period is the period from the end of the premium payment term until the first payment of Yearly Income. The latest you can start receiving your Yearly Income is at 80 years old.
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Date: 12th May 2022