Hong Leong Assurance has launched "HLA Golden Prime" in Malaysia and NTUC Income has launched "Family Protect" in Singapore.
HLA Golden Prime
HLA Golden Prime offers Malaysian between ages of 45 and 70 the essential protection they need with hassle free enrolment that do not require any medical examinations or answer any health questions. This plan pays up to 4 times Sum Assured upon accidental death and policyholders are protected at no loss, as they are guaranteed to receive 108% of the total premium paid upon policy maturity at age 80.
HLA Golden Prime is a non-participating endowment plan. This plan is available for limited period only from 30th November 2017 to 28th February 2018.
Family Protect
Income has developed Family Protect with the “sandwiched” generation in mind to enhance the financial security of those who are supporting intergenerational dependants.
Family Protect offers two options of coverage – S$50,000 and S$100,000 sum assured – across a term of 10 years in the event of death, total permanent disability (TPD), terminal illness (TI) and upon diagnosis of dreaded diseases such as major cancers, stroke, specific heart disease, as well as, end-stage lung and liver disease, amongst others.
Additionally, Family Protect plugs the life and critical illness protection gap of the “sandwiched” generation in the following ways.
Firstly, monthly premiums of ‘Family Protect’ are kept affordable, and in turn sustainable. For example, a 40-year-old man (non-smoker) will pay a monthly premium of S$23 for Family Protect for a sum assured of S$50,000. For a coverage of S$100,000, the monthly premium will be $45.
More significantly, ‘Family Protect’ offers a Dependant Booster Benefit that pays an additional 25 per cent of sum assured for each surviving dependant of the insured (up to 100% of sum assured, or four dependants) in the event of death, TI or TPD. This benefit, which is first in the market, provides the insured and his or her dependants greater peace of mind should such events take place.
Family Protect also features a Retrenchment Benefit that provides a pay-out of one per cent of the sum assured for every complete month of unemployment in the event of retrenchment. This pay-out is made after each complete month of unemployment instead of only after three months of joblessness like most typical benefits of such nature. This helps the insured tide over the crucial job-search period without tapping their limited savings.
Additionally, if there is no claim due to death, TPD, TI or dreaded diseases, the insured receives a return of 20% of all net premiums at the end of the 10-year policy term.
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