LIC(S) Grow Fast Endowment Plan
- What is the target Market of LIC(S) Grow Fast?
This product is designed for individuals who prefer a short term product with guaranteed returns.
Features and Benefits
- What are the benefits provided under LIC(S) Grow Fast?
LIC(S) Grow Fast provides the following benefits during the term of policy.
- Death Benefit
Single Premium is returned with guaranteed interest rate of 2.01% /2.10% (depending on the premium size) each year from policy commencemant to the date of death.
- Total and Permanent Disability (TPD) Benefit
Single Premium is returned with guaranteed interest rate of 2.01% /2.10% (depending on the premium size) each year from policy commencemant to the date of diagnosis of disability.
Definition of Total & Permanent Disability (TPD)
(1) The Life Assured, due to accident or sickness, is disabled to such an extent as to: a) require confinement to a home, hospital or other institution; and b) require constant care and medical attention; and such disability must: c) have persisted for a continuous period of at least 6 months; and d) in the view of a medical examiner appointed by the Company, be deemed permanent .
(2) The Life Assured, due to accident or sickness, is disabled to such an extent as to be rendered totally unable to engage in any occupation, business or activity for income, remuneration or profit; and such disability must in the view of a medical examiner appointed by the Company, be deemed permanent. Such disability must have persisted for a continuous period of at least 6 months.
(3) The Life Assured, due to accident or sickness, suffers total and irrecoverable loss of the effective use of: a) The entire sight in both eyes; or b) Any 2 limbs at or above the wrist or ankle; or c) The entire sight in 1 eye and any 1 limb at or above the wrist or ankle.
A Life Assured under age 18 will be considered to have suffered TPD, if TPD Definitions (1) or (3) is satisfied. A Life Assured between age 18(last Birthday) and 65 (next Birthday) will be considered to have suffered TPD if TPD Definitions (2) or (3) is satisfied.
- Maturity Benefit
If the insured survives the policy term and policy has not terminated otherwise,the Company will pay the guaranteed maturity benefit. The Policy terminates thereafter. The Maturity value will depend on the quantum of investements.
Illustrations for different premium range
Single Premium in S$
Maturity Value 20,000 21206 50,000 53150 100,000 106300
- What happens if I need to terminate my LIC(S) Grow Fast before end of the policy term?
An early termination before maturity of the policy involves high costs and the Surrender Value payable may be less than the Single premium paid. If policy is terminated before maturity, please refer to the table below for Surrender Value for each respective policy year. Surrender Values1 are calculated as a percentage of the single premium paid as shown in the Table below.
End of Policy Year
3 year Term 0 80.00% 1 90.00% 2 95.00% 3 (100+3i)%
Here 'i' denotes the applicable guaranteed interest rates.
1) For Annual Premium from S$20,000 to S$ 45,000: Guaranteed Simple Interest rates of 2.01 %
2) For Annual Premium from S$50,000 to S$150,000: Guaranteed Simple Interest rates of 2.10 %
- What are my returns LIC(S) Grow Fast at Maturity?
For Single Premium from S$20,000 to S$45,000:
Single Premium is returned with guaranteed addition of 2.01% per year (simple interest) on Single Premium from policy commencement to the date of maturity.
(After deduction of the insurance costs and expenses incurred, the yield at maturity is 1.97% p.a.)
For Single Premium from S$ 50,000 to S$150,000:
Single Premium is returned with guaranteed addition of 2.10% per year (simple interest) per year on the Single Premium from policy commencement to the date of maturity.
(After deduction of the insurance costs and expenses incurred, the yield at maturity is 2.06%.p.a.)
- What are Medical requirements for LIC(S) Grow Fast?
No medical examination is needed.
- What is the premium payment method?
It is a Single Premium Payment mode - Only Cheques /Cashier's Order are acceptable and should be made payable to Life Insurance Corporation (Singapore) Pte Ltd. Requirements for Cashier Order:
i) Copy of Banker's Slip for the cashier Order purchased.ii) Certified copy of NRIC of the person who purchased the Cashier order( if the person is different from the Proposer)
* Note: Life Insurance (Corporation Singapore Pte Ltd) accepts insurance premiums payments from the Proposer or from the legal spouse, parent or grandparent of the Proposer only. The underwriting department reserves the right to request for further requirement, if deemed necessary.
- What are the Submission Procedures for LIC(S) Grow Fast?
All completed and signed documents listed under "Proposal submission check list" to be forwarded/ handed over at our office before the close of Office hours on any working day. Completed proposals along with payment may also be mailed / sent by courier to our office.
- Can Grow Fast plan be sold to foreigner(s)?
LIC(S) Grow Fast application is accepted from the Nationals of the following countries.But they must be a resident of Singapore as on the date of application.
Australia, Austria, Belgium, Canada, China, Denmark, Finland, France, Germany, Hong Kong, Hungary, India, Indonesia, Italy, Japan, Liechtenstein, Luxembourg, Malaysia, Monaco, Netherlands, New Zealand , Norway, Philippines , Singapore, South Africa, South Korea, Spain, Sri Lanka, Sweden, Switzerland, Taiwan, Thailand, United Kingdom.
- Can I date back the policy commencement date?
No. Backdating is not allowed for LIC(S) Grow Fast.
- Can I make Nomination?
Yes. You can nominate
i. Your spouse and/or children as beneficiaries under the irrevocable trust nomination. ii. Any person or Organisation as a beneficiary under revocable nomination.
- Can I take Policy loan on LIC'S Grow Fast?
No. Policy loan is not payable under the policy.
- Is this plan available for ongoing sales?
No. This plan is available on limited period/tranche basis. The offer ends when tranche size is reached. The Company reserves the right to withdraw the plan earlier or reject applications, whenever tranche limit is reached, without prior notice.
- Will all LIC(S) Grow Fast applications with payments submitted to LIC(S) be accepted?
Please be informed that application and making payment for LIC(S) Grow Fast does not guarantee acceptance by the company. The Company reserves the right to withdraw the plan earlier or reject applications, whenever tranche limit is reached, without prior notice.
- What are the guidelines for Anti Money Laundering (AML) for LIC(S) Grow Fast?
Customers whose current annual income is below S$30,000 including students, housewives, and unemployed individuals, have to provide details of source of funds & wealth along with Application Form. If the funds and wealth originate from a person other than the customer, eg spouse, parent, please furnish identification details of that person.
- Tell me about Insurance Corporation (Singapore) Pte Ltd.
Life Insurance Corporation (Singapore) Pte Ltd is Wholly Owned Subsidiary of Life Insurance Corporation (LIC) of India. LIC of India is fully owned by the government of India and has network of more than 4000 offices in India with customer base of more than 400 million. It is the largest life insurer in India with total assets exceeding US$ 390billion. LIC of India consistently tops the Insurance sector in all Brand Surveys as the most trusted brand in India.
- How can I buy this Product Policy
This product is distributed through selected Financial Advisory Firms only. For the details of Financial Advisory Firms, please refer our website: www.licsingapore.com
The details are also printed in the brochure/ad mailer and other publicity materialsfor the product.
- Is this Policy covered under Policy Owners' Protection Scheme?
Yes. This policy is covered under Policy Owners' Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). LIC(S) is a member of Policy Owners' Protection Scheme. Coverage for your policy is automatic and no further action required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage where applicable, please visit the SDIC web site: www.sdic.org.sg