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Whole Life

Introduction

Whole life insurance is a crucial financial tool that provides lifelong protection and wealth accumulation. The Income Provenance Solitaire stands out as a premium single-payment participating whole life plan designed for those seeking comprehensive coverage and investment opportunities. This innovative product offers a unique combination of protection, guaranteed cash value, and potential for long-term growth. With its focus on legacy planning and financial security, Income Provenance Solitaire aims to safeguard your family's future while potentially enhancing your wealth over time.

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Coverage and Benefits

Income Provenance Solitaire offers a comprehensive suite of benefits designed to provide robust financial protection and peace of mind. From substantial death benefits to guaranteed cash values and potential bonuses, this product is tailored to meet diverse financial needs. Let's explore the key coverage elements and benefits that make this plan stand out.

Substantial Death Benefit

Provides up to 320% of sum assured as minimum protection value before age 85. After 85, benefit is 100% of sum assured plus bonuses.

Guaranteed Cash Value

Immediate 80% of single premium guaranteed as cash value. Grows over time, enhancing wealth accumulation potential.

Non-Guaranteed Bonuses

Annual and terminal bonuses may be added, increasing potential benefits. Bonus rates vary based on participating fund performance.

Terminal Illness Coverage

Matches death benefit, providing financial support in case of terminal illness diagnosis. Helps manage medical expenses and family needs.

Optional TPD Benefit

Available through Provenance Disability Accelerator rider. Covers total and permanent disability up to age 70, with minimum protection value of 320%.

Investment and Savings Components

Income Provenance Solitaire combines protection with potential for wealth growth through its investment and savings features. The plan's participating fund is professionally managed to balance risk and returns, aiming to enhance your policy's value over time. Let's examine the key aspects of the investment strategy and historical performance.

Balanced Investment Strategy

37% in risky assets (equities, properties), 63% in fixed income and cash. Aims for stable returns with growth potential.

Historical Fund Performance

10-year average return of 3.24%, 5-year average of 2.05%. Past performance not indicative of future results.

Projected Value Growth

Illustrated death benefit at age 86: $2,115,560 (4.25% return) or $1,213,162 (3% return). Actual benefits may vary based on fund performance.

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Riders

Income Provenance Solitaire offers an optional rider to enhance your coverage and tailor the policy to your specific needs. This rider provides additional protection against total and permanent disability, complementing the base policy's benefits. Let's take a closer look at the available rider and its features.

Provenance Disability Accelerator

Covers total and permanent disability (TPD) before age 70. Pays up to 320% of sum assured as minimum protection value.

Policy Loan and Surrender Options

Income Provenance Solitaire provides flexibility through policy loan and surrender options, allowing you to access your policy's value when needed. These features can be crucial in managing unexpected financial needs or changing circumstances. Let's explore the details of these options and how they compare to typical whole life insurance products.

Policy Loan Terms

Loan option available against policy value. Interest rates and specific terms not provided in the given information.

Surrender Value Calculation

Comprises guaranteed and non-guaranteed components. Immediate surrender value available upon premium payment.

Competitive Performance

NTUC Income's participating fund shows lower expense ratios (0.83% in 2019) compared to industry average (2.58% in 2019), potentially leading to higher maturity benefits.

Claims and Customer Service

Income Insurance Limited is committed to providing efficient claims processing and responsive customer support for Provenance Solitaire policyholders. To file a claim or seek assistance, you can contact their customer service team at 6788 1122. For convenience, you can also use their online chat service at www.income.com.sg/advisor-connect. Income offers a dedicated claims process, ensuring prompt and fair evaluation of all claims. Additionally, policyholders with a minimum protection value of $3 million can enjoy a complimentary one-time medical concierge service, streamlining the medical check-up process.

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Conclusion

Income Provenance Solitaire is particularly well-suited for high-net-worth individuals seeking comprehensive life coverage with a single premium payment. It's an excellent choice for those prioritizing legacy planning and wealth transfer to future generations. Additionally, business owners looking for asset equalization strategies may find this product beneficial. The plan's combination of protection, potential growth, and flexibility makes it a strong contender for those wanting to secure their family's financial future while maintaining liquidity.
who can provide you with tailored advice and diverse options. By participating, you'll also enter our 'Premiums On Us' campaign, where you could win your quarterly insurance premiums paid by Whatins. Don't miss this opportunity to secure your future and potentially save on premiums!