• POSB Life Insurance

    POSB Life Insurance

    POSB Life Insurance helps people protect themselves, their families and their most valuable assets. The bank does that by offering various protection plans that are designed to benefit the policyholders. Policyholders can choose any plan as per their requirements for a term of their choice.

    Protection Plans

    ManuProtect MoneyBack – Full refund of premiums:

    Apart from protecting you, this plan will refund the full premium that you had paid for the policy during maturity. This plan will also protect you in case you suffer from total and permanent disability.

    Benefits:

    • The underwriting of the policy is very simple and easy to understand.
    • Avail 100 percent of the sum insured and also the total premiums in case of terminal illness, death, permanent or total disability during the term of the policy.
    • People can select any term of their choice. It can be for 15 years, 20 years, 25 years or 30 years.
    • Double protection will be provided in case of accidental death. In this case people can avail 200 percent of the sum insured and total premiums.
    • The premium will be fixed for the full term.

    ManuProtect Life – Up to 3 times coverage:

    ManuProtect Life offers increased protection to you and your family by providing a coverage of up to 3 times of the sum insured. The plan will protect you in case of total and permanent disability and it will also protect your assets.

    Benefits:

    • Minimum Protection Benefit (MPB) is 3x of the Sum Insured.
    • From the end of 3rd year, people can make use of cash value accumulation.
    • People can choose to pay premium till they reach 99 years of age or they can select a term of their choice. They can choose a period of 10 years, 15 years, 20 years or 25 years.

    Supplementary/ Add on:

    People can choose to add any of the following coverages to their policy:

    • Payor Premium Waiver
    • Critical Illness
    • Personal Accident

    ManuProtect Term – Term Life Insurance:

    ManuProtect Term is an affordable life insurance plan that offers protections to you and your home.

    Benefits:

    • People can select any term from 5 years to 40 years.
    • In case of death or terminal illness, a lump sum amount of the sum insured will be paid to the insured.
    • The policy will be automatically renewed between 5years and 10 years.
    • People can choose to convert their plan to another plan.
    • The plan offers Unique QSI (Quit Smoking Incentive) to motivate people to quit smoking.

    Supplementary/ Add on:

    People can choose to add any of the following coverages to their policy:

    • Payor Premium Waiver
    • Critical Illness
    • Personal Accident
    • Total and Permanent Disability

    ManuProtect Decreasing – Mortgage Insurance:

    ManuProtect Decreasing helps you protect your home by automatically reducing your insurance coverage as and when you pay your mortgage, ensuring that you only take insurance as per your requirements. The plan offers protection to you and allows you to select the policy term and the rate of interest.

    Benefits:

    • People can take this plan for new and existing mortgage.
    • In case the insured passes away or suffers from terminal illness, his/her home will be protected by the plan.
    • People can select the rate of interest and the term of the policy. They can select an interest rate of 1 percent, 2 percent, 3 percent, 4 percent, 5 percent, 7 percent or 9 percent.
    • The premium will be fixed for the entire term.
    • People can use this policy to provide protection to their family members. They will get a discount on their joint lives application.
    • The underwriting of the policy is written in a very simplified way.

    Supplementary/ Add on:

    People can choose to add any of the following coverages to their policy:

    • Payor Premium Waiver – For single life application and ManuProtect Decreasing.
    • Critical Illness – For ManuProtect Decreasing only.
    • Total and Permanent Disability

    How to Apply for POSB Life Insurance?

    Applying for POSB Life Insurance is very easy. People can do to by visiting any branch of the bank or they can request the Relationship Manager of the bank to contact them. They can make the contact back request on the website of the bank.  

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