To provide yourself and your loved ones in case of a crisis situation is very important. Especially in cases of death or disability, the coverage from the insurer will help you/your family members cope with life in an easier way. The best way to prepare for the future is to start right now. Life insurance policy can help you plan and prepare for future unfavourable circumstances, if any.
CIMB Bank Singapore offers various insurance products such as life, mortgage and credit protection. The life insurance policy provided by CIMB – the NTUC Income VivoLife – is underwritten by NTUC Income.
Types of Life Insurance Policies Offered by CIMB
There are 3 types of plans within VivoLife that you can choose according to your needs. The table below will give you an idea of what these levels are and how they work out:
|VivoLife 125||Gives 125% of the assured amount in case of death/total and permanent disability (TPD)/critical illness (CI) before you turn 70.||Till the age of 70|
|VivoLife 180||Gives 180% of the assured amount in case of death/TPD/CI before you turn 70.||Till the age of 70|
|VivoLife 350||Gives 350% of the assured amount in case of death/TPD/CI before you turn 70.||Till the age of 70|
Features and Benefits of the NTUC Income VivoLife
Here are some of the general features of the policy:
- You have the option of converting the policy into an annuity plan after you cross the age of 60. The cash value of your policy will go up by 5% when you choose to do so.
- It offers many tenures for payment of premiums. You can pay premiums for 5 years, 10 years, 15 years, 20 years or 25 years. You could also pay premiums till you turn 64 or 84.
- You have the option of paying your premium once a month, once in 3 months, once in 6 months, or once a year.
- There is an additional payout of 200% of the sum in case the insured passes away within a year of being involved in an accident. This additional sum will be paid only if the insured is below the age of 69 and did not participate in an activity where there was a chance of getting injured. If so, the percentage of the additional sum will be decreased to 60%.
- Retrenchment benefit: In case you were terminated from work or are unable to find employment for 3 consecutive months, your premiums could be waived on the basic policy, without disturbing your present coverage.
CIMB Life Insurance Coverage
The various plans under this policy provide the following coverage:
|VivoLife 125||Before you turn 70
|VivoLife 180||Before you turn 70 years
|VivoLife 350||Before you turn 70 years
You can enhance the coverage by adding riders to the plan. The details of these riders are given below:
VivoLife Early Cancer Waiver:
- This rider will waive off the future premiums should you be diagnosed with the early stage of cancer during the term of the rider.
- However, this involves a waiting period of 3 months (90 days).
- In the case you have bought the NTUC Income VivoLife for your family members, you’ll have to add any one of the 2 other riders – the Special Waiver of Premium or the Enhanced Waiver of Premium rider.
- Early Protect Accelerator: It promises to cover critical illnesses diagnosed at an early as well as intermediate stage up to S$350,000 before you turn 70.
- Payor Premium Waiver: In case of the death/TPD of any of the insured (except the policyholder), the future payments are waived off.
- Enhanced Payor Premium Waiver: In case of the death/TPD/diagnosis of a dreaded disease of any of the insured (except the policyholder), the future payments of the basic coverage plan are waived off.
- Dread Disease Premium Waiver: In case the policyholder is diagnosed with a critical illness during the term of the rider, all the subsequent premiums of the basic plan are waived off.
How to Apply for CIMB Life Insurance
You can visit any CIMB branch to apply for the life insurance. Or, you could call up their hotline (CIMB At-your-service) +65 6333 7777 on any day of the week between 9:00 a.m. to 9:00 p.m.
Check Your Eligibility for CIMB Life Insurance
|Payment term of premium||Minimum age to maximum age|
|5||0 to 64 years|
|10||0 to 64 years|
|15||0 to 64 years|
|20||0 to 64 years|
|25||0 to 59 years|
|Up to 64 years (as on your last birthday)||0 to 54 years|
|Up to 84 years (as on your last birthday)||0 to 64 years|
How to Claim CIMB Life Insurance
- For submitting a claim, you need to visit the website of NTUC, as this insurance is underwritten by NTUC. You may download the relevant claim form, print it and fill it out.
- Arrange for the necessary documents according to the claim you wish to make. For example, death certificate is needed in case of death of the individual.
- Submit the claim form and documents at an NTUC branch or CIMB Bank branch.
Q. Can I apply for a retrenchment benefit twice in a year?
A. You can apply for a retrenchment benefit only once during the entire coverage period. Your VivoLife policy should be active at the point in time.
Q. Will the premiums on my riders be waived under the retrenchment benefit?
A. No, the premiums on your riders will not be waived. The waiver is applicable only on the basic coverage.
Q. Is my insurance protected by the SDIC?
A. Yes, your insurance policy is protected by the Singapore Deposit Insurance Corporation (SDIC). The coverage is automatic and will be effective as soon as you sign up for the policy.
Q. Is there any provision of helping me during retirement?
A. Yes, you can use the policy as an annuity after you are 60 years old. This could help you after retirement.