Introduction
In today's uncertain world, financial security is paramount. The Singlife MyLifeIncome III product offers a unique solution to help you achieve lifelong financial stability. This innovative savings plan provides guaranteed yearly payouts for as long as you live, creating a reliable stream of passive income. Whether you're planning for retirement, looking to supplement your current income, or seeking a way to fund future family expenses, MyLifeIncome III offers a flexible and secure approach to long-term financial planning. With its combination of guaranteed benefits and potential bonuses, this product aims to provide peace of mind and financial freedom for years to come.
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Type of Endowment Plan
Singlife MyLifeIncome III is a participating endowment plan that offers both guaranteed and non-guaranteed benefits. As a participating plan, it allows policyholders to potentially benefit from the performance of Singlife's participating fund through non-guaranteed bonuses. The plan offers flexibility in premium payment terms, ranging from a single premium option to regular premium payments over 3, 5, 10, 15, 20, or 25 years. This versatility allows customers to choose a payment structure that best fits their financial situation. The participating nature of the plan means that while you have a guaranteed base benefit, there's also potential for higher returns through bonuses, albeit with some investment risk.
Coverage Customization
Singlife MyLifeIncome III offers a range of features that allow you to tailor your coverage to your specific needs. From guaranteed benefits to potential bonuses, this plan provides various options to enhance your financial security. Let's explore the key aspects of coverage customization available with this product.
Guaranteed Lifetime Income
MyLifeIncome III provides a guaranteed cash benefit of 1.20% of the sum assured annually. This ensures a stable, lifelong income stream regardless of market conditions.
Potential Bonus Boost
In addition to the guaranteed benefit, you may receive a non-guaranteed cash bonus of up to 4.40% of the sum assured annually. This can significantly increase your yearly income, potentially up to 5.6% of the sum assured.
Capital Protection
The plan offers 100% capital guarantee from the start of your Yearly Income payout or earlier, depending on your premium payment period. Single premium policyholders are assured of at least 80% of premiums from day one.
Booster Bonus
Starting from 20 years after your first income payout or age 60 (whichever is later), you'll receive an additional non-guaranteed 0.35% of your sum assured annually, potentially increasing your yearly payout to 5.95% of the sum assured.
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Riders and Additional Benefits
Singlife MyLifeIncome III goes beyond basic income provision by offering additional benefits and rider options. These features enhance the plan's value and provide comprehensive coverage for various life situations. Let's explore the key additional benefits that come with this product.
Death and Terminal Illness Coverage
The plan provides a lump-sum payout in the event of death or terminal illness. This benefit includes 101% of total premiums paid or the guaranteed cash surrender value, whichever is higher, plus any applicable bonuses and reinvested income.
Flexible Accumulation Period
You can choose an accumulation period of 0 to 20 years, allowing you to start receiving income when it suits your needs best. The maximum age to start receiving yearly income is 80 years old.
Reinvestment Option
If you don't need immediate income, you can reinvest your yearly payouts at a non-guaranteed interest rate. This option allows for potential higher returns in the future.
Additional Rider Options
For more comprehensive protection, you can add riders for critical illness, total and permanent disability, and other coverage options. Refer to the respective Product Summaries for details on available riders.
Surrender Value and Partial Withdrawals
Understanding the surrender value and withdrawal options of your Singlife MyLifeIncome III policy is crucial for financial planning. These features provide flexibility and access to your funds if needed. Let's delve into the key aspects of surrender value calculation and withdrawal options available with this product.
Guaranteed Surrender Value
The plan offers a guaranteed cash surrender value equivalent to total premiums paid, available from a specific policy year depending on your premium payment term. This value increases by 0.25% per annum (compounded) from the 5th policy year after the accumulation period ends.
Withdrawal Flexibility
You can make partial withdrawals from reinvested yearly income and booster bonuses. The minimum withdrawal amount is S$1,000 (in multiples of S$10) or the balance available, whichever is lower.
Total Surrender Value
The total surrender value includes the Basic Cash Value (Guaranteed Surrender Value) and any Terminal Bonus. Early surrender may result in a value less than total premiums paid. Refer to the Policy Illustration for detailed surrender value projections.
Claims and Customer Service
Singlife is committed to providing excellent customer service and a smooth claims process for MyLifeIncome III policyholders. To file a claim or seek assistance, you can contact Singlife's customer service team at (65) 6827 9933. Their website, www.aviva.com.sg, also offers comprehensive information and may provide online claim submission options. For specific policy inquiries or to make changes to your policy, it's recommended to speak directly with your financial adviser representative. Singlife aims to process claims efficiently, ensuring you receive the support you need when it matters most.
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Conclusion
Singlife MyLifeIncome III is an excellent choice for individuals seeking long-term financial security and a stable income stream. It's particularly well-suited for those planning for retirement, individuals looking to supplement their current income, or parents wanting to secure funds for their children's future education. The plan's flexibility in premium payments and accumulation periods makes it adaptable to various financial situations and life stages.
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