We Singaporeans work hard to live a happy and better life. But, we should prepare our family in terms of financial stability during our absence. It is very important to have a life insurance policy to secure your family’s future and provide the financial assistance which they might need in the event of your demise. OCBC MaxLife Multiplier is a whole life insurance issued by OCBC. We shall understand in details about this life insurance policy.
Key Features of MaxLife Multiplier
As said earlier OCBC MaxLife Multiplier is a whole life insurance and it comes with a mandatory Critical Illness Protector Multiplier. This policy multiplies your coverage in order to provide you with maximum protection.
In order to make the best utilisation of MaxLife Multiplier, it is better to start with it as early as possible. You can get up to 3x coverage if you start early. The features and benefits of this policy are given below:
- If you pay premiums for 15 years, you will get lifetime protection.
- You can get coverage up to 3 times the sum assured.
- You will receive higher coverage if you start early.
The table below shows how the coverage multiplies with your age:
|Your next birthday age||Multiplier factor|
|1 to 35 years||3 times of the basic amount assured|
|36 to 45 years||2.5 times of the basic amount assured|
|46 to 50 years||2 times of the basic amount assured|
Before you turn 65 years, you will get 3 times the basic amount assured (sometimes even more) or you will get the basic amount assured and the projected accumulated bonuses, higher of the two. The accumulated bonus depends on projected investment rate of return which is 4.75% p.a.
On or after you turn 65 years, you will get the basic amount assured and the projected accumulated bonuses. The benefits related to the multiplier expires on the day of policy anniversary when you turn 65 years old (age next birthday).
How to Apply for MaxLife Multiplier
In order to apply for OCBC MaxLife Multiplier, you have to leave your contact details by filling the form which is available on OCBC Bank’s official website. After this, you will get a call from OCBC to take the application process forward. You can also directly call OCBC on (65)6722 2293 from Monday to Friday between 9:00 a.m. to 6:00 p.m.