Introduction
In today's uncertain world, financial planning and protection are more crucial than ever. The Income Gro Cash Flex Pro is an innovative insurance savings plan designed to help you build wealth and secure your future. This flexible product offers yearly cash payouts, capital guarantees, and customizable premium and policy terms. Whether you're saving for retirement, planning for your child's education, or simply want to grow your wealth, the Gro Cash Flex Pro provides a versatile solution to meet your financial goals while offering protection for you and your loved ones.
Type of Endowment Plan
The Income Gro Cash Flex Pro is a participating regular premium endowment plan. As a participating policy, it allows policyholders to share in the profits of the insurer's participating fund through non-guaranteed bonuses. The regular premium structure means you pay premiums at fixed intervals throughout the policy term, offering a disciplined approach to savings. This type of plan combines the benefits of insurance protection with potential investment returns, providing a balance between guaranteed benefits and the opportunity for higher returns based on the performance of the participating fund.
Coverage Customization
The Income Gro Cash Flex Pro offers a range of features that allow you to tailor your coverage and benefits to your specific needs. From guaranteed maturity benefits to non-guaranteed bonuses, this plan provides various options to help you maximize your savings potential. Let's explore the key aspects of coverage customization available with this product.
Guaranteed Maturity Benefit
Capital Guarantee. The policy provides a capital guarantee upon maturity for policies paid yearly. This ensures you receive at least the total premiums paid, excluding rider premiums, in the form of guaranteed cash benefits and maturity benefit.
Non-Guaranteed Bonuses
Potential for Higher Returns. The plan offers non-guaranteed yearly cash bonuses of up to 5.40% of the sum assured, based on a 5-year premium term and a policy term until age 120. These bonuses depend on the Life Participating Fund's performance.
Historical Fund Performance
Long-Term Average Returns. The illustrations provided are based on the Life Participating Fund earning a long-term average return of 4.25% per annum. However, actual returns may vary based on future fund performance.
Factors Affecting Returns
Variable Bonus Rates. Bonus rates are not guaranteed and will fluctuate based on the future performance of the Life Participating Fund. The actual benefit payable may differ from illustrated figures.
Riders and Additional Benefits
The Income Gro Cash Flex Pro offers various riders and additional benefits to enhance your coverage and provide extra financial security. These options allow you to customize your policy to better suit your individual needs and circumstances. Let's explore the key riders and benefits available with this product.
Savings Protector Pro
Premium Waiver Benefit. This rider waives future premiums in case of Total and Permanent Disability (TPD) before age 70. It also provides a lump sum benefit equal to two years of annual premiums.
Retrenchment Benefit
Financial Support During Unemployment. If retrenched, premiums are waived for 6 months, with an option to defer payments for an additional 6 months if still unemployed.
Cancer Premium Waiver
Protection Against Major Illness. This rider waives future premiums if diagnosed with major cancer during the rider term, providing financial relief during treatment and recovery.
Guaranteed Insurability Option
Flexibility for Life Changes. Allows purchase of additional life coverage without health reassessment at specific life events, such as marriage or becoming a parent.
Surrender Value and Partial Withdrawals
Understanding the surrender value and partial withdrawal options of your Income Gro Cash Flex Pro policy is crucial for managing your financial flexibility. These features allow you to access your funds if needed, but it's important to be aware of the potential impacts on your policy's benefits. Let's explore the key aspects of surrender values and partial withdrawals available with this product.
Surrender Value Calculation
Policy Cash Value. The surrender value is based on the policy's cash value, which includes guaranteed and non-guaranteed components. The exact amount depends on various factors, including policy duration and fund performance.
Partial Withdrawal Options
Flexible Access to Funds. The policy allows for partial withdrawals, giving you access to a portion of your policy's value while keeping the policy in force. Specific limitations and impacts on benefits may apply.
Surrender Charges
Early Termination Fees. Surrendering the policy early may result in charges that reduce the amount you receive. These charges typically decrease over time as the policy matures.
Claims and Customer Service
Income Insurance Limited is committed to providing excellent customer service and a smooth claims process for Gro Cash Flex Pro policyholders. To file a claim or seek assistance, you can contact Income's customer service team at 6788 1122. For instant support, you can also use the online chat feature at www.income.com.sg/advisor-connect. Income's website (www.income.com.sg) offers comprehensive information and resources for policyholders. In the event of a claim, it's advisable to gather all relevant documentation and contact Income promptly to ensure a swift and efficient claims process.
Conclusion
The Income Gro Cash Flex Pro is an excellent choice for individuals seeking a flexible savings plan with insurance protection. It's particularly well-suited for young professionals looking to start their wealth accumulation journey, parents planning for their children's future, and those nearing retirement who want to ensure a steady income stream. The plan's customizable features and potential for both guaranteed and non-guaranteed returns make it a versatile financial tool for various life stages and goals.
who can provide you with diverse perspectives on your insurance options. This approach ensures you make an informed decision tailored to your specific needs. Plus, by participating, you'll be entered into our 'Premiums On Us' campaign, where you could win your quarterly insurance premiums paid by Whatins. Don't miss this opportunity to secure your financial future with expert guidance and the chance to save on your premiums!
