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Singlife Flexi Life Income

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

MyLifeIncome III_simplified

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. 

SRS approved

Pay premiums using cash or Supplementary Retirement Scheme (SRS) funds

Lifetime yearly payouts

Guaranteed Yearly Income for life as long as the policy is in force. The Yearly Income comprises a Guaranteed Cash Benefit and a potential Cash Bonus.

100% capital guaranteed

You have the assurance that you'll get back the money you put into the plan, by the time your yearly payouts start, depending on your chosen premium payment term and Accumulation Period.

Increasing payouts

Receive a Booster Bonus which will increase the yearly payouts starting from the 21st income payout or when you turn 60, whichever is later.

Option to reinvest

Reinvest your yearly payouts for higher returns Your reinvested Yearly Income and Booster Bonus can be withdrawn subsequently.

Bonuses Upside

Receive more than just Guaranteed Cash Benefit and Surrender Value.
The policy participate in the performance of the Life Participating Fund in the form of bonuses.
And, the Non-Guaranteed Bonuses will be announced yearly and once announced become guaranteed.

Protection Cover

Comes with Death Benefit & Terminal Illness Benefit

No medical check-up required

This plan requires no medical underwriting

Flexibility to customise

Decide when to start receiving Yearly Income by picking Accumulation Period that best suits your needs.
Refer to commonly asked question for details.

Singlife Flexi Life Income
Using Cash

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

Premium Term

The premium terms available are single premium, 3, 5, 10, 15, 20 or 25 years

Flexibility to customise

Decide when to start receiving Yearly Income by picking Accumulation Period that best suits your needs.
Refer to commonly asked question for details.

Add-ons for extra protection

Options to attach these riders: Cancer Premium Waiver II, EasyTerm, EasyPayer Premium Waiver

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. 

This page Is published for general information only and does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person.

The information contained in this webpage, including any data, projections and underlying assumptions are based upon certain assumptions, and analysis of information available as at the date of the webpage. 

Please refer to Important Info / disclaimer here.

Date: 12th May 2022

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