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Term Life

Introduction

In today's uncertain world, protecting your loved ones financially is more important than ever. Term life insurance offers an affordable way to provide that protection, and the LUV plan from Income Insurance Limited stands out as an excellent option for NTUC members and their families. Designed to offer comprehensive coverage at competitive rates, LUV provides peace of mind against life's uncertainties. With flexible plans and loyalty discounts, LUV ensures that you can secure your family's future without breaking the bank.

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Coverage and Benefits

The LUV plan offers a range of benefits to protect you and your loved ones. From death coverage to disability protection and critical illness benefits, this plan is designed to provide comprehensive financial security. Let's explore the key features and benefits that make LUV an attractive option for NTUC members.

Death Benefit

Financial Protection. LUV provides a lump sum payment of the sum assured to your beneficiaries in the event of your passing. The sum assured ranges from $10,000 to $200,000, allowing you to choose the level of protection that suits your needs.

Total and Permanent Disability

Extended Support. If you suffer total and permanent disability before age 65, LUV pays out the full sum assured. Additionally, you'll receive a monthly payout of 1% of the sum assured for up to 12 months, providing ongoing financial support during challenging times.

Partial and Permanent Disability

Accident Coverage. LUV offers protection for partial and permanent disability due to accidents before age 65. The benefit amount is based on a percentage of the sum assured, as outlined in the table of compensation.

Critical Illness Coverage

Comprehensive Protection. The Deluxe cover option provides coverage for 30 critical illnesses, including major cancer, heart attack, and stroke. This benefit pays out the full sum assured upon diagnosis, helping you focus on recovery without financial stress.

Hospital Cash Benefit

Daily Support. If you're hospitalized, LUV provides a daily cash benefit of $5 for every $10,000 of sum assured, up to 365 days per hospital stay. This benefit helps offset additional expenses during your recovery.

Policy Terms and Conditions

Understanding the terms and conditions of your LUV policy is crucial for making an informed decision. This section outlines key aspects of the policy, including eligibility, renewability, and premium guarantees. These features ensure that your coverage remains relevant and accessible throughout different stages of your life.

Entry Ages

Wide Eligibility. LUV is available for NTUC members aged 16 to 64, their spouses aged 16 to 64, and dependents aged 15 days to 17 years. This broad age range allows families to secure coverage for multiple generations.

Policy Terms

Flexible Duration. The policy term for LUV is annually renewable. If you take up the policy at or before age 60, you're covered until age 70. For those who join after 60, coverage extends until age 65.

Renewability

Automatic Continuation. LUV offers automatic renewal at the same terms, conditions, and plan type if there are no claims during the policy term and premiums are paid. This feature ensures continuous coverage without the need for reapplication.

Premium Guarantees

Potential Adjustments. While LUV strives to maintain stable premiums, rates are not guaranteed and may be reviewed periodically. Premium changes may occur when the insured enters a higher age band or if Income adjusts the premium rates.

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Riders

The LUV plan does not offer additional riders. Its comprehensive coverage, especially in the Deluxe option, includes benefits that are often offered as riders in other policies. This all-in-one approach simplifies your insurance coverage and potentially reduces overall costs.

Claims and Customer Service

Filing a claim or seeking customer support for the LUV plan is designed to be straightforward. Policyholders should contact Income Insurance Limited directly through their customer service hotline at 6332 1133 or via email at [email protected]. Claims must be submitted within six months of the event giving rise to the claim, along with all necessary documentation. For specific claim requirements or assistance, it's advisable to visit Income's website or speak directly with their customer service representatives. Remember, prompt and accurate communication is key to ensuring a smooth claims process.

Conclusion

The LUV plan from Income Insurance Limited offers an excellent term life insurance option for NTUC members and their families. It's particularly well-suited for those seeking comprehensive coverage at competitive rates, including young families looking for affordable protection, mid-career professionals wanting to supplement their existing coverage, and older adults nearing retirement who need extended coverage. With its flexible plans, loyalty discounts, and additional benefits like hospital cash payouts, LUV provides a robust safety net for various life stages and needs.

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