• 3-year non-par, single premium endowment plan
• Guaranteed yield of 2.30% pa
• Capital guaranteed upon maturity
• No medical underwriting required
• Minimum amount required $20,000
• Cash and SRS only, no CPF

The benefit illustration (based on $10k) for the Capital Plus is shown below:

As a form of comparison, the current month’s Singapore Savings Bond is giving 2.08% simple interest over 3 years.

Added: As of 5pm on 6th June, 2018, the tranche is fully sold out and no longer available.

To leave your comments, please go to : NTUC Capital Plus (CPN35) June 2018

The list is as follows:

(The left column shows the list of conditions while the right column gives some examples of conditions in the list)

Medical conditions that develop after the start of an individual’s MediShield (or integrated shield plan) cover are not considered to be pre-existing conditions and will not be subject to additional premiums.

These are some scenarios where the pre-existing condition loading is applicable:

1) If you are currently not covered by Medishield and suffer from one of the conditions in the list above.

2) If you were previously covered under Medishield only and an exclusion was imposed due to one of the conditions in the list.

3) If you had previously applied for an integrated shield plan (without being enrolled into Medishield first) and an exclusion was imposed due to one of the conditions in the list.

4) You were previously declined for Medishield cover due to one of the conditions.

The extra loading will not apply if:

1) You are enrolled into Medishield and one of the above conditions happened after you were covered under Medishield.

2) You were previously accepted into Medishield with no exclusions, subsequently develop one of those conditions and then apply for an integrated shield plan which imposes an exclusion on you.

Those affected will receive a letter from CPF board informing them that they need to pay extra premiums.

For more information and examples, you can refer to this MOH press release:

Less than 1% of Singaporeans will need to pay Additional Premiums

Some additional reading on Medishield Life:

Medishield Life and What It Means
Medishield Life summary
Medishield Life full report

Feel free to ask any questions in the comments section below.

To leave your comments, please go to : Who Needs to Pay Additional Premiums for Medishield Life?

Eligibility Criteria for MediShield Life Premium Subsidies for Lower- to Middle-Income Households

• Have a household monthly income per person of $2,600 or less per month; and
• Annual Value of residence is $21,000 or less; and
• Individuals who own multiple properties will not be eligible.

No application for the subsidies is required, as existing information in Government databases will be used to determine your subsidies.

However, as some of the information in official records may not be fully updated, you may wish to verify your household members using the online Household Check tool here: 

Household check for Medishield Life Subsidies

This will help to ensure that you and your family members receive the correct amount of Premium Subsidies for which you are eligible.

Today (19 June) is the last date to verify your household members so you may want to do it today if you haven’t done so. Only one member in each household is required to do so.

To leave your comments, please go to : Household Check for Medishield Life Subsidies

This is a single premium 5-year endowment product with an annualized yield of 1.92%.

Eligibility:

• 18 to 70 years old
• Minimum of S$50k cash, maximum of S$1 mil
• No medical underwriting required

In simple mathematical terms, a yield of 1.92% will mean an investment of $50k will grow to $55k in 5 years time.

The yield is slightly higher than a similar product Wealth Plus Plan that they launched last year which gave a return of 1.6% p.a. This is not surprising given that interest rates have been going up.

This is a limited tranche product and application will close once $15 million has been received.

So how does this compare to the soon to be launched Singapore Savings Bonds (SSB)?

The current 5-year Singapore government bond is giving a yield of around 1.65% p.a.

So if you were to buy both of them now and hold them to 5 years, the LIC Wealth Plus 2 will offer a slightly higher yield.

However, the SSB has its advantage in that it’s fully guaranteed by the Singapore government and also you can terminate it at any time without any penalty. We also currently do not know what’s the maximum amount of SSB that an individual can buy.

For LIC Wealth Plus 2, if you surrender before year 3, you will suffer a slight capital loss. So this product is only suitable if you do not intend to use the money for the next five years and want to diversify some of your money.

To leave your comments, please go to : LIC Wealth Plus 2

SpecialCare (Down Syndrome) is a new insurance plan launched by NTUC Income designed to give coverage to children with Down Syndrome.

Besides having the common features of a personal accident insurance plan, this plan also offers benefits such as paying for medical expenses to treat specific infectious diseases (eg. hand, foot and mouth disease and dengue fever), paying for physiotherapy and psychiatric treatment when the child suffers trauma after an accident.

Anyone aged 30 and below with Down Syndrome is eligible for the SpecialCare (Down Syndrome) plan. He must be a Singaporean or Singapore Permanent Resident and living in Singapore. He must also not have any of the following medical conditions:

• Mobility problems requiring mobility aids such as walking stick, wheelchair, walker or crutches for daily movements and activities
• Epilepsy
• Total blindness and/or deafness
• Diabetes requiring insulin treatments.

For more details of this plan, you may refer to this page:

SpecialCare (Down Syndrome)

If you are a parent of a child with Down Syndrome who would like more specific advice about insurance planning for your child, feel free to contact me here.

To leave your comments, please go to : NTUC SpecialCare (Down Syndrome) Insurance