• POSB Whole Life Insurance

    POSB provides insurance policies to its customers which not only help them address unforeseen circumstances, but they also help in weaving a safety net for the future. It not only covers you but also your close kin. POSB Whole Life Insurance policies have several benefits which cover you against death, disablement and critical illness, among other unpredictable circumstances. These policies ensure that you have sufficient income for yourself and your family.

    Types of POSB Whole Life Insurance

    There are three primary plans listed under this policy - ReadyPayout Plus, ManuFlexi Growth, and Manulife ReadyIncome. The following table illustrates what these plans are about:

    Insurance Plan About Coverage Period
    ReadyPayout Plus plan This plan gives you payout annually. It helps in fulfilling your saving targets, and you can receive the annual fixed cash benefit beginning from the end of the first year of policy. This plan covers your personal goals or your child’s education. This is a whole life endowment plan with policy term of 13, 15, or 20 years.
    ManuFlexi Growth plan This plan provides you with options to utilise and increase your savings. You get fixed cash benefits on an annual basis for the last five years of this policy, the value of which equals the yearly premium. This is a whole life plan with a fixed policy term.
    Manulife ReadyIncome plan This plan provides a fixed supplementary annual income payouts, using which you can take up a new passion, or even finance your personal interests. Policyholders will be paid at the end of the second year of your policy. This plan helps you guarantee financial stability for your children on a long-term basis. This is a whole life plan.

    Features and Benefits

    • With ReadyPayout Plus plan, you can choose policy tenures of 13, 15, and 20 years.
    • You are provided with the flexibility to get fixed cash benefit with ReadyPayout Plus plan. It initiates from the end of the first year of policy, until the year when the policy matures. Besides, you receive up to 10% of the insured amount.
    • The ManuFlexi Growth plan provides you with payouts in the form of annual cash privileges which are equal to yearly premiums for the last five years of the policy. You can use this cash privilege to cancel the premiums on your plan.
    • You can also make use of bonus cash with the ManuFlexi Growth plan, or even increase your savings.
    • If you opt for the Manulife ReadyIncome plan, you can transfer the ownership of your policy to your children when they turn 18.
    • With Manulife ReadyIncome plan, you’re guaranteed an additional income source, where you will receive an annual sum of up to 2.25% of the amount insured, beginning from the 2nd year of policy, and extending until the 9th year. Besides, your future is secured as you could receive a sum of up to 18% of the insured amount, once your policy completes a 10-year tenure.
    • The application process is pretty simple, and you’re guaranteed approval without a need for a medical check-up, for Manulife ReadyIncome plan. You can select premium payment tenures of 5, 10, 15, and 20 years. You can also withdraw the sum accumulated partially or in full under this policy.
    • When you’re diagnosed with total and permanent disability, the Manulife ReadyIncome policy allows you to stop payment of the premium. However, you still receive the annual income amount.
    • The Payor Premium Waiver Rider that comes along with the Manulife ReadyIncome plan allows you to enjoy waiver of premiums in instances involving death, total and permanent disability, or a terminal illness. However, for the waiver to be applicable, you must have purchased the policy for your wife or children.

    POSB Whole Life Insurance Coverage

    The table below shows the various features covered under all the plans:

    Policy Type Coverage Provided
    ReadyPayout Plus plan
    • Coverage provided in cases involving death
    • Coverage provided in cases involving a terminal illness
    • Premiums waived in cases involving total and permanent disability (TPD)
    • Includes fixed values of maturity standing at 80%, 76%, or 50% for terms of 13, 15, and 20 years respectively
    • Comprises reversionary bonus and maturity bonus, if there’s any
    • Includes 100% of fixed cash benefit. Besides, if there’s any fixed cash benefit aggregated, an interest amount at a non guaranteed rate of 3% p.a. will be provided to you.
    • You can enhance your coverage with add-on riders:
      • If the policyholder suffers from TPD or a terminal illness, all the future premium payment will be waived as part of the Payor Premium Waiver Rider
      • You can receive a bonus lump sum amount which stands up to five times your yearly premiums, or a sum of S$250,000, depending on whichever is lower. This benefit is called Level Term Rider and you can make use of it in case of death, TPD or a terminal illness.
    ManuFlexi Growth plan
    • 100% coverage guaranteed for the amount assured. Besides, you receive reversionary bonus and maturity bonus, in case there’s any aggregated.
    • Includes 100% of fixed cash benefit. Besides, if there’s any fixed cash benefit aggregated, an interest amount at a non guaranteed rate of 3% p.a. will be provided to you.
    • You can enhance your coverage with add-on riders:
      • If the policyholder suffers from disability or a terminal illness, all the future premium payment will be waived as part of the Payor Premium Waiver Rider.
      • Premium payment for the future is also waived in case of a critical cancer under Cancer Care Premium Waiver Rider.
      • You can receive a bonus Level Term Rider and you can make use of it in case of death, disability, or a terminal illness.
    Manulife ReadyIncome plan
    • Coverage for policyholder for instances involving death or terminal illness
    • Upon reaching the age of 99, the policyholder shall receive a maturity benefit in the form of a lump sum amount.

    How to Apply

    You can apply for this policy by visiting the website for POSB and filling the Life Insurance Contact Form. A Wealth Planning Manager will call and assist you based on your completed form. POSB provides you with an option to choose a preferred time and date for the bank to get in touch with you. Alternately, you always have the option to directly walk in to your nearest POSB branch in person so that you can facilitate the application process.

    Check your Eligibility

    You have to either be a Singapore citizen or a permanent resident in order to be eligible to apply for a POSB Whole Life Insurance policy.

    How to Make a Claim

    It’s a pretty easy and straightforward process to make an insurance claim for POSB policyholders. You must get in touch with the bank by calling on the number for Help & Support Portal, following which an expert from POSB will walk and assist you with the process for filing claims. Besides, you can also walk in person to your nearest branch, and file for the claims based on your policy.

    FAQs

    Q. Is ManuFlexi Growth plan an Endowment plan?

    A. Yes, ManuFlexi Growth plan is an Endowment plan.

    Q. What is the number for Help & Support Portal, in case you have queries surrounding POSB Whole Life Insurance?

    A. You can reach the bank by calling on 1800 111 111, in case you have queries.

    Q. What is the policy term for ManuFlexi Growth plan?

    A. The policy term for ManuFlexi Growth plan is 10 years.

    Q. What are the tenure choices if you want to pay your premiums?

    A. The premiums can be paid in tenures of 10, 15, or 20 years.

    Q. Is Cancer Care Premium Waiver Rider provided under the ReadyPayout Plus plan?

    A. Yes, Cancer Care Premium Waiver Rider is included in the ReadyPayout Plus plan.

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