LIC(S) Future Plus Plan
- What is the target Market of LIC(S) Future Plus?
This product is designed for individuals who prefer a guaranteed returns and insurance protection.
Features and Benefits
- What are the benefits provided under LIC(S) Future Plus?
LIC(S)Future Plus provides the following benefits during the term of policy.
- Death Benefit
In the event of death of the Insured during the term of the policy,102% of Sum Assured plus 2.25% of Sum Assured for each completed policy year until Maturity less survival benefits payment. The Policy terminates thereafter.
- Terminal Illness (TI) Benefit
In the event of Terminal Illness of the Insured during the term of the policy, 102% Sum Assured plus 2.25% of Sum Assured for each completed policy year until Maturity less survival benefit payment. The Policy terminates thereafter.
- c) Total and Permanent Disability (TPD) Benefit
Upon the Life Insured being diagnosed with TPD (before the age 65 next birthday)102% of Sum Assured plus 2.25% of Sum Assured for each completed policy year until Maturity less survival benefits payment will be paid. The Policy terminates thereafter.
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.
- a) Survival Benefit
The survival benefit is guaranteed to be payable annually, beginning at the end of policy year 3 until the end of policy year 9.The survival benefit rate is 10% Sum Assured.
End of policy year end
Survival benefit payable as a percentage of single premium 3 10% 4 10% 5 10% 6 10% 7 10% 8 10% 9 10%
PLEASE NOTE that the survival benefit amount will be paid to you and there is no option of reinvesting survival benefit with LICS.
- b) Maturity Benefit
If the insured survives the policy term and policy has not terminated otherwise, the Company will pay the guaranteed maturity benefit equal to 45.0% of Sum Assured. The Policy terminates thereafter.
- What happens if I need to terminate my LIC(S) Future Plus 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 Years
Cash surrender Value ( expressed as a percentage of Single Premium)* 1 70% 2 80% 3 85% 4 80% 5 70% 6 60% 7 50% 8 40% 9 35% 10 30%
*Surrender value is multiple of the values in the table, depending on the single premium paid.
- Can I reinvest the Cash Payout with LIC(S)?
No. The cash payout benefit amount will be paid to you and there is no option of reinvesting Cash payouts with LIC(S).
- What are Medical requirements for LIC(S) Future Plus?
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) Future Plus?
All completed and signed documents listed under "Proposal submission check list".
- Can Future Plus plan be sold to foreigner(s)?
LIC(S) Future Plus application is accepted from the Nationals of the following countries.
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) Future Plus.
- 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 Future Plus?
No. LIC(S) does not grant Policy loan under this product.
- Is this plan available for ongoing sales?
Yes. The product is available for sale on ongoing basis. However, the Company reserves the right to withdraw the plan, without prior notice.
- Will all LIC(S) Future Plus applications with payments submitted to LIC(S) be accepted?
Please be informed that application and making payment for LIC(S) Future Plus does not guarantee acceptance by the company. The Company reserves the right to withdraw the plan earlier or reject applications, without prior notice.
- What are the guidelines for Anti Money Laundering (AML) for LIC(S) Future Plus?
Customers whose current annual income is below S$30,000 including students, housewives, and unemployed individuals, have to provide details of source of funds & wealth along with Application Form. If the funds and wealth originate from a person other than the customer, eg spouse, parent, please furnish identification details of that person.
- Tell me about Life Insurance Corporation (Singapore) Pte Ltd.
Life Insurance Corporation (Singapore) Pte Ltd is Wholly Owned Subsidiary of Life Insurance Corporation (LIC) of India. LIC of India is fully owned by the government of India and has network of more than 3,500 offices in India with customer base of more than 400 million. It is the largest life insurer in India with total assets exceeding US$ 390 billion. 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
- 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