Tokio Marine Life Insurance Singapore has launched their latest product, TM Legacy VIP, on 1st December 2011.
The difference between TM Legacy VIP and their traditional whole life plan, TM Legacy, is that TM Legacy VIP is designed to be a single premium whole life policy with high death benefit limits (S$3,000,000 for age 1-18, no limit for other ages).
It is meant to be offered as a S$ alternative to the universal life products which are usually offered in US$. However, take note that the structure of the TM Legacy VIP is still essentially a participating whole life plan, and is completely different from the structure of a universal life policy.
Thus, the plan will participate in the reversionary bonuses that are declared every year, with a termination bonus on death/terminal illness or surrender.
There is a maximum entry age of 70 (next birthday) for acceptance into the plan and premiums are to be funded by S$ cash (No CPF or SRS) only.
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