Didn’t had the opportunity previously to post about this new plan which was launched in April 2011 by Tokio Marine but here we go.
TM Wealth Enhancement (EnRICH) is a participating single premium 5-year endowment policy.
The maturity benefit payable will result in the following guaranteed and projected total yields:
Single Premium $20,000 to $199,000
Guaranteed Yield : 1.01% p.a.
Projected Yield: 3.02% p.a.
Single Premium $200,000 and above
Guaranteed Yield : 1.05% p.a.
Projected Yield: 3.06% p.a.
Upon death or TPD, 125% of single premium plus any attaching bonus will be payable in one lump sum. For those who do not meet the criteria of the simplified underwriting, the sum assured will be 100% of premium with attaching bonus.
The guideline for issue of a TM Wealth Enhancement (EnRICH) policy is as follows:
Min age at entry (min) : 1 age next birthday (Cash), 22 age next birthday (SRS)
Max age at entry (max) :70 age next birthday
Minimum premium: $20,000 single premium
Term : 5 years
This product is a strong rival to NTUC’s Growth plan, also a single premium endowment plan but of varying duration from 5 years onwards.