POSB provides the ManuProtect Term Insurance policy listed under its Protection insurance policies. This policy provides coverage for you, your close ones, and your home. Besides, this policy is quite affordable, and is coupled with several benefits. This benefits also stretch across critical illness and total and permanent disability.
Features and Benefits
The primary features of the POSB ManuProtect Term Insurance policy include:
- In cases involving death or you being diagnosed with a terminal illness, this policy will pay you a lump sum amount of the insured sum.
- This policy can be automatically renewed for a term between 5 and 10 years. This doesn’t depend on your health conditions.
- You have the option of converting your policy into another. This feature is also independent of your health status.
- You have the option of choosing a term from 5 to 40 years under this policy.
- Additionally, you’re provided with a unique benefit called Quit Smoking Incentive. This feature encourages policyholders to give up smoking.
- Under this policy, you can add several riders including the following: Critical Illness, Personal Accident, Total and Permanent Disability (TPD), Payor Premium Waiver.
POSB ManuProtect Term Life Insurance Coverage
The following table illustrates the coverage scheme for this policy:
|Type of benefit||Coverage provided|
|Terminal Illness benefit||Coverage provided for up to S$1 million|
|Coverage for personal assets||This benefit is covered under the policy|
|Critical Illness benefit||This benefit is covered under the policy|
|Personal Accident benefit||This benefit is covered under the policy|
|Total and Permanent Disability benefit||This benefit is covered under the policy|
How to Apply for POSB ManuProtect Term Life Insurance
Visit the bank’s website and fill the Life Insurance - Contact Form, based on which a Wealth Planning Manager will get in touch with you. You can also opt for a preferred time and date for the bank to contact you. Besides, you can always visit your nearest POSB branch in person in order to apply for this policy.
How to Claim POSB ManuProtect Term Life Insurance?
POSB Bank makes it easier for its policyholders to make a claim. All you have to do is contact the bank by calling on 1800 111 111. An expert from POSB will guide you through the process for making claims. Alternately, you can walk in directly to the nearest bank branch, in case you need to make a claim on your policy.
Frequently Asked Questions
Q. What is the minimum premium I have to pay on a daily basis for the POSB ManuProtect Term Insurance policy?
A. Your basic premium for each day starts from S$1.90 for this policy.
Q. What is the criteria enlisted to enjoy a premium of S$1.90 per day?
A. S$1.90 per day for this plan is an illustration based on a 30 year old non-smoking male. Besides, you have to purchase a policy with a minimum tenure of 30 years, and the sum insured has to be S$600,000.
Q. What is the aggregate maximum coverage I will receive for terminal illness and critical illness under this policy?
A. You will receive a total amount of S$2 million under this policy.
Q. What are the regular premium life insurance policies into which I can convert my POSB ManuProtect Term Insurance policy?
A. You can convert your policy into the following plans:
- Whole Life policy
- Endowment policy
- Investment-linked policy
Q. What is the sum insured under the Quit Smoking Incentive?
A. The sum insured under this benefit stands at a minimum amount of S$500,000.