Vivolife: Whole life plan with innovative features
March 9th, 2008 by ALVIN SOONG
LAUNCHED in January, Vivolife is a whole life plan that covers death, permanent total disability and critical illness. It comes with some innovative features that are an industry first.
One of them is the minimum protection value in the first 15 years.
This is how it works: If death, critical illness and/or permanent total disability should occur in the first 15 years of coverage, the benefit payable is the higher of the sum assured plus bonuses, or 125 per cent of the original sum assured.
This is higher than what other plans can offer in the first 15 years.
Vivolife also offers a unique unemployment waiver. This means that if the policyholder is retrenched and remains involuntarily unemployed for a continuous period of three months, premiums on his policy will be waived for up to a maximum of six months.
This waiver can be exercised only once.
Vivolife can also be converted to an immediate annuity after age 60, based on the enhanced surrender value of the policy.
An additional 5 per cent on the surrender value will be given at the time of conversion.
Sunday Straits Times 9th March 2008
