This whole life insurance income plan from DSB offers an additional stream of income in the form of fixed as well as non-guaranteed yearly payouts. With Manulife ReadyIncome, you will start receiving payouts after the end of second year of your policy. This means that you will start earning while you are still paying your premiums.
Features and Benefits of Manulife ReadyIncome Insurance Plan
- Additional income: Earn extra income while you are still paying premiums for your policy. After the second policy year, you will earn yearly payout (including fixed and non-guaranteed components) until the age of 99 or until the policy terminates, whichever comes earlier. Till the ninth anniversary of the policy, you will receive up to 2.25% (including 1% fixed) of the sum assured and from 10th policy anniversary onwards, you will receive up to 18% (including 8% fixed) of the sum assured.
- Lump sum maturity benefits: When you reach the age of 99, you will get a lump sum amount as maturity benefit, including a fixed payout worth 105% of the total amount of premium paid till date, non-guaranteed bonus, and yearly payout for the last year as well as any other accumulated payout amount.
- Flexible premium term: With this policy, you get the flexibility to choose a premium term that suits your requirements and budget. You can choose to pay your premium over 5, 10, 15, or 20 years.
- Accumulate yearly payouts to earn interest: If you wish to, you can accumulate your yearly payouts with this policy to earn non-guaranteed interest of up to 3% p.a. Also, when you accumulate your yearly payouts, you still have the option to withdraw the full/partial amount.
- Policy transfer: The policy allows you to transfer the ownership of the policy as well as your yearly payouts to your child when he/she turns 18.
- Premium waiver in the event of permanent disablement: In case you are diagnosed with total/permanent disability, your premium payments will stop while you will continue to earn the payouts every year.
- Death/terminal illness coverage: The policy provides you with complete protection against death and terminal illness.
- Premium waiver in the event of death of payor: The policy comes with compulsory Payor Premium Waiver Rider. With this rider, the premium on the policy purchased for your spouse or child will be waived off in case of death or permanent disablement or terminal illness of the premium payor.
- Stress-free application: You can apply for this policy without undergoing any medical check-up.
How Manulife ReadyIncome Works
Assume that you are 35 years old. You want an additional stream of income to maintain your lifestyle or to secure the financial future of your children and you buy this policy. You choose the pay the premium for 10 years. Take a look at the benefits you will get under this policy:
- After the second policy anniversary year, you will start earning yearly payouts at a rate of up to 2.25% of the sum assured.
- From the 10th anniversary of your policy, you will start earning yearly payouts at a rate of up to 18% of the sum assured. Meanwhile, your premium payments would stop when you turn 45.
- In the event of your death before the age of 99, your family will receive a lump sum amount as death benefit, along with your total yearly payouts.
- In you live till the age of 99, you will receive a maturity benefit as well as total of your yearly income payouts. The maturity benefit would include a fixed payout, non-guaranteed bonus, and the last year’s income payout.
How to Apply for Manulife ReadyIncome
You can apply for this policy by visiting any nearest branch of the DBS Bank. Alternatively, you can get in touch with the bank’s wealth planning managers by filling an online form. Once you have provided your personal details, the bank will contact you.
How to Cancel Manulife ReadyIncome
If you wish to terminate the policy before maturity, you can write to Manulife. The surrender value payable by the bank in the event of early termination could be less than the premiums you have paid. However, if you cancel your policy within 14 days of receiving it, you will be entitled to full premium refund left after deducting the expenses related to issuing the policy.