NTUC Income has just introduced a new tranche of Capital Plus (CPN13) with effect from 29 July 2009.
Capital Plus is a single premium non-participating endowment policy which matures in 2 years. At maturity, a guaranteed benefit based on annual returns of 1.8% p.a. is payable in one lump sum. The minimum single premium is $10,000 and is available using cash or SRS only.
The maximum entry age is 80 years old and the maximum amount that can be invested is S$1 million.
Capital Plus provides limited protection against death and total & permanent disability (TPD). Upon death or TPD within the first policy year, the single premium will be refunded. The benefit payable thereafter till maturity is 105% of single premium. For TPD, the benefit is payable if it occurs before age 65 or maturity, whichever is earlier.
In the event of surrender before maturity, a surrender benefit will be paid. The illustration for cash value based on a male, aged 45 with $10,000 single premium investment is as follows:
End of year :
1 – $9,162
2 – $10,363
Capital Plus is available till 21 August 2009 or when NTUC has received $80 million, whichever is earlier.