Guaranteed Income for a lifetime

All ages mentioned refer to age next birthday.
 

1. We will pay the Cash Bonus monthly together with the with the Guaranteed Income during the Income Payout Period while the policy is in force and the life assured is alive. The Cash Bonus is based on a percentage of the sum assured. Cash Bonus is non-guaranteed and depends on the performance of our participating fund.
   
   
2. The Sum Assured is used to determine the Guaranteed Income and non-guaranteed Cash Bonus and is not the Death Benefit.
   
   
3. Your income is made up of Guaranteed Income (1.37% of sum assured) and a Cash Bonus (up to 2.38% of sum assured) from Payout year 16 onwards.
   
   
4. Change of Life Assured is allowed:
   a) after the 1st policy year, up to 2 times for individual owned policies and unlimited times for corporation owned policies;
   b) subject to satisfactory proof that the new life assured has sufficient insurable interest (in relation to the policyholder); and
   c) subject to the new life assured meeting the eligible entry age.
   For policy funded by Supplementary Retirement Scheme (SRS) monies, the policyholder must be the Life Assured covered under the policy.
   
   
5. For Centennial Benefit - If your policy is in force at the end of the policy term and no claim for benefits has been made, you will receive a Centennial Benefit that consists of: 105% of the total premiums paid; the Terminal Bonus (if any); and the reinvested Guaranteed Income and Cash Bonus with earned interest (if any, and not already withdrawn); less any amounts you owe us. For Supplementary Retirement Scheme (SRS) payment method, the Centennial Benefit will be credited back to the SRS account as per prevailing SRS Guidelines.
   
   
6. For Death Benefit - In the event of the Life Assured’s death while the policy is in force, the lump-sum Death Benefit payable will comprise:
   a) the higher of:
    i. 101% of Total Premiums Paid for the basic plan (excluding advance premiums and premiums for riders (if any) attached to the policy) less the total Guaranteed Income paid out to date;
    ii. the Guaranteed Cash Surrender Value;
   b) Terminal Bonus as declared by Singapore Life Ltd. (if any); and
   c) any reinvested Guaranteed Income and Cash Bonus (if any) with non-guaranteed interest (if not previously withdrawn); less any amount owing to Singapore Life Ltd.
   
   For Terminal Illness Benefit - Upon diagnosis of Terminal Illness of the Life Assured while the policy is in force, Singapore Life Ltd. will pay the Terminal Illness Benefit in one lump sum, as an advancement of the Death Benefit. 
   
   
7. Supplementary Benefits available include Easy Term, Cancer Premium Waiver II, EasyPayer Premium Waiver, Critical Illness Premium Waiver II and Payer Critical Illness Premium Waiver II. For more details, please refer to the respective Product Summaries
   
   
8. Premium is rounded up to the nearest dollar.
   
   
9. Illustrated rate of return of 3% p.a. for Jason's example:
   From Policy Year 2: Guaranteed Income S$83 | Cash Bonus S$45 | Total S$128
   From Policy Year 4: Guaranteed Income S$106 | Cash Bonus S$96 | Total S$202
   From Policy Year 17: Guaranteed Income S$114 | Cash Bonus $115 | Total S$229
   Centennial Benefit: Guaranteed 105% of Premiums Paid S$ 105,000 | Non-guaranteed Terminal Bonus S$2,000 | Total S$107,000
   
   
10. Illustrated rate of return of 3% p.a. for Fanny's example:
    From Policy Year 4: Guaranteed Income S$125 | Cash Bonus S$65 | Total S$190
    From Policy Year 6: Guaranteed Income S$160 | Cash Bonus S$137 | Total S$297
    From Policy Year 119: Guaranteed Income S$171 | Cash Bonus $156 | Total S$327
    Centennial Benefit: Guaranteed 105% of Premiums Paid S$ 157,499 | Non-guaranteed Terminal Bonus S$10,499 | Total S$167,998