• OCBC MaxRetire Income Insurance Plan

    OCBC is one of the top banks in Singapore that offers innovative financial products and services. They design their products in such a way that they can meet all your requirements. The OCBC MaxRetire Income is an endowment insurance plan that ensures the retirement funds you have give you greater returns in the golden years of your life.

    Features and Benefits

    • You can choose 3 different ages for payout under this plan.
    • You can enjoy a steady flow of retirement income every month.
    • Enjoy 4.18% returns every year on your retirement funds.
    • The application process is hassle-free and you do not have to submit any medical underwriting to get this plan.
    • This plan offers coverage in the unfortunate event of death. It comes with a mandatory rider (Premium Waiver TPD). This rider waives off all the future premium payments in case you suffer from any permanent disability while the policy is active.
    • The policy is covered by the Policy Owners’ Protection Scheme of the Singapore Deposit Insurance Corporation (SDIC). You don’t have to enrol for this; the coverage is automatic.

    How OCBC MaxRetire Works

    Let’s say Mrs. Sharon is aged 45 and has a son. She purchased the MaxRetire Income 10 (Pay-to-85) along with the Premium Waiver TPD Rider. She wishes to get a retirement income on a monthly basis till the age of 85.

    What Mrs. Sharon pays:

    Age next birthday Annual premiums
    45 years S$10,750
    54 years S$10,750
    Total (45 years to 54 years) S$1,07,500 (S$10,750 x 10)

    What Mrs. Sharon gets if she starts receiving the retirement income every month at the age of 65:

    Age at the time of payout Retirement income received every month till 85 years of age Total income received up to 85 years of age
    65 years S$492 (Non-guaranteed) Maturity benefit of S$25,000 + bonus of S$123,900 + interest on the unpaid cash bonus of S$2,496 = S$151,396.
    65 years S$1,000 (Guaranteed) S$240,000
    Total   S$391,396

    What Mrs. Sharon gets when she changes the payout age:

    In case of 67 years:

    Age at the time of payout Retirement income received every month till 85 years of age Total income received up to 85 years of age
    67 years S$580 (Non-guaranteed) Maturity benefit of S$25,000 + bonus of S$132,240 + interest on the unpaid cash bonus of S$2,569 = S$159,809.
    67 years S$1,180 (Guaranteed) S$254,880
    Total   S$414,689

    In case of 70 years:

    Age at the time of payout Retirement income received every month till 85 years of age Total income received up to 85 years of age
    70 years S$747 (Non-guaranteed) Maturity benefit of S$25,000 + bonus of S$143,360 + interest on the unpaid cash bonus of S$2,630 = S$170,990.
    70 years S$1,520 (Guaranteed) S$273,600
    Total   S$444,590

    What happens when Mrs. Sharon cancels the policy:

    Within a period of 14 days Full refund
    Within a period of 3 years No refund
    At the age of 65 years or beyond Receives whatever she has paid

    What happens in case of an unfortunate event:

    Total and permanent disability All the future premiums are waived off and the plan stays in effect.
    Demise The beneficiaries of Mrs. Sharon will get a lump sum amount that consists of the non-guaranteed and the guaranteed portions.

    The numbers mentioned above are for illustrative purposes only.

    Eligibility

    • Citizens of Singapore and permanent residents – 25 years to 55 years.
    • Foreigners with valid documents – 25 years to 54 years.

    Promotion

    You can get cash rewards of up to S$2,000 and a Gold Bar (limited edition) when you insure or invest with OCBC during the Chinese New Year. Offer valid till stocks last. To know more about this promotion, please visit the bank website.

    How to Apply

    • You can call the bank at 65 6722 2293 between 9:00 a.m. and 6:00 p.m. on all weekdays (Monday to Friday), excluding the public holidays.
    • You can leave the contact details on the bank’s official website.

    FAQs

    Q. What is the return rate of the investment for the non-guaranteed income?

    A. The non-guaranteed income is calculated on an expected investment return rate of 4.75% p.a. The benefits payable depend on the performance of the participating fund in the future.

    Q. What are the 3 ages that can be chosen for the payout under the OCBC MaxRetire Income plan?

    A. The 3 ages that you may choose from are 65 years, 67 years, and 70 years. As per your convenience, you will start receiving the monthly payouts from the payout age you choose.

    Q. What should I do to notify my insurer about the payout age I wish to choose?

    A. You must provide the instructions 6 months prior to the first retirement income roll-out. The instructions must be provided to The Great Eastern Life Assurance Company Limited.

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