NTUC INCOME 1- yr Fixed Deposit
July 17th, 2008 by ALVIN SOONG
NTUC INCOME has capital plus 1 yr fixed deposit for 2%pa. Limited Period and open to selected policyholders. For those interested, pls let me know. Info as below:
1. What is the term of this plan and guaranteed yield?
This is a 12 months plan with a guaranteed yield of 2%. If the policyholder were to
surrender this plan, the single premium will be refunded without interest.
2. Is there any insurance coverage provided?
Sum assured equivalent to 105% of the single premium will be paid in the event of
death, or in the event of TPD before age of 65.
3. Who are the policyholders eligible for this campaign?
This campaign is only available to policyholders whose Growth Plan had matured
between 1st Jan 2006 to 31 July 2008. Please refer to the email listing for details
of policyholders.
4. Can policyholders with Growth Plan maturing after 31 July 2008 be included in
this campaign?
They are not included in this campaign because LI Dept will be handling the
reinvestment of these policies in a different exercise.
5. Can this product be bought by other policyholders who are not included in the
mailing campaign?
This campaign is only for the specified policyholders only.
6. Original policyholder has already assigned the Growth Plan to another person
(assignee). Who will be allowed to purchase Capital Plus?
The assignee who received the maturity proceeds of the Growth Plan will be allowed
to purchase Capital Plus.
7. How can adviser know what is the maximum single premium investment for each
eligible policyholder?
This information can be found in the email listing of policyholder details sent to
advisers.
8. Can eligible policyholder purchase Capital Plus and place it under the name of
another person, eg spouse?
The Capital Plus must be purchased using the name of the stated policyholder, as
pre-printed in the application form.
9. Can policyholder invest more than the maximum investment amount?
As a guide, we will allow policyholders to round up to the nearest $10,000. Eg, if
the maturity proceeds stated is $24,835, they can invest up to $30,000. For
policyholders with Growth Plan maturity amount less than $10,000, they can invest up
to $10,000.
Investment for higher amount requires prior approval from LI Dept.
10. If policyholder cannot afford to invest $10,000 in Capital Plus, can we consider
accepting a smaller amount?
We can consider the application on a case by case basis.
11. Policyholder’s funds are tied up now, can he make a reservation for the
investment in Capital Plus and pay later?
This is not allowed and the application will close on 23 July or once we reach the
cap of $200 million.
12. Will we continue to ‘roll over’ the proceeds of Capital Plus next year?
Management will review and decide next year.
13. Can extra copies of the application form and product summary be given to
advisers just in case policyholder misplaced forms?
LI Dept needs to control the use of these special application forms to prevent
miscommunication and abuses. Adviser can request LI Dept to reprint the application
form for specific policyholder, with endorsement from their SM.
14. The current campaign period is between Now to 23rd July, can adviser have
more time to follow-up with policyholders to cross sell other products?
Extending the campaign period would not help because we will close Capital Plus
application once we have reached the cap of $200 million. A recommended approach is
to prioritise the policyholders and reach out to them as soon as possible.
Please contact or email me at asoongch@income.com.sg if interested. Limited period only.
