• Tokio Marine Life Insurance

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    Tokio Marine Life Insurance Introduction:

    Tokio Marine provides an array of insurance policies to its customers, which stretch across life insurance, health insurance, and motor insurance plans. Besides, it covers you in scenarios involving accidents or disabilities. The plans are extremely comprehensive and customisable to fit different customer requirements. Moreover, these policies span across various levels of coverage. They have different products ranging across both term and whole life plans.

    Types of Tokio Marine Life Insurance Plans

    There are seven insurance plans listed under Tokio Marine Life Insurance plan. These are:

    Insurance Plan About Coverage Period
    KidAssure GIO Rider This policy covers illnesses in children. Children are covered up to the age of 19
    TM Term Assure This term policy offers cover against death, Terminal Illness (TI) and Total and Permanent Disability (TPD) Coverage up to a maximum age of 80
    TM Legacy LifeFlex This policy is ideal for actively employed applicants who want a regular income source during retirement with cover against death, TPD and TI. Whole life plan
    TM FlexiAssurance This policy allows you to enhance protection while growing the investments you make. Whole life plan with coverage terms of up to age 70 or 99
    DIRECT - TM Basic Term This policy is a regular premium protection insurance plan that can be purchased directly. It provides cover against death, terminal illness, and permanent disability. Five-year term plan
    DIRECT - TM Basic Whole Life This policy can be purchased directly and provides coverage in cases involving death, terminal illness, and permanent disability. Whole life plan with coverage terms of up to age 70 or 85
    TM FlexiCover This policy is investment-linked and can be adjusted according to your lifestyle. Whole life plan

    Features and Benefits

    The primary features and benefits of Tokio Marine Life Insurance plans include:

    • With KidAssure GIO Rider plan, you have to pay premium for only 5 years and no medical underwriting is needed for the application. Besides, once the child reaches 19 years of age, 80% of the total yearly premiums is refunded, regardless of any claims made earlier.
    • The TM Term Assure plan offers protection right from the early phase of your career when you have a tighter budget. Moreover, you can enhance your coverage. This plan is renewable and convertible, and offers protection for a period of 5 or 10 years, or even up to the age of 85. It is a non-participating term plan that can also be converted into an endowment plan.
    • You can enhance your coverage to fit your needs with the TM Legacy LifeFlex plan. This insurance can provide 10 times the coverage amount and you can get income up to the age of 65. This plan also comes with critical illness cover. Besides, the EarlyCare feature covers 117 medical conditions.
    • In case you take a break from paying premiums, you will be ensured of continued coverage with TM FlexiAssurance. It can provide coverage to a maximum of 300 times the annual premium. Besides, you can switch funds or make withdrawals from this plan.
    • With the DIRECT - TM Basic Term, you’re not only provided financial protection against unforeseen incidents, but also given the guarantee that your plan can be renewed. The plan covers you up to age 85. You can either opt for a five-year tenure where you’re guaranteed renewal up to age 85; or you could choose a 20-year term. You can also choose a plan that covers you up to age 65. Besides, it offers added protection in the form of features such as Critical Illness (CI) Accelerator Rider which reimburses you for 30 critical illnesses up to age 65.
    • The DIRECT - TM Basic Whole Life plan provides you with better financial security and option to choose from several payment tenures. You can also add the Critical Illness (CI) Accelerator Rider to this policy.
    • The TM FlexiCover plan gives you the option to add or reduce your regular premium at any point. Besides, the plan also gives a ‘quit-smoking’ discount. This investment-linked plan allows you to access several investment funds. Additionally, you have the option to adjust the ratio of your investment and protection.

    Tokio Marine Life Insurance Coverage

    The following table illustrates the various benefits covered under each plan:

    Policy Type Coverage Provided
    KidAssure GIO Rider
    • Sum assured up to S$150,000.
    • 16 medical conditions in case of children covered under Child Illness Benefit.
    • 8 medical conditions covered for children under Child Hospitalisation Benefit.
    • 100% coverage provided under Death Benefit.
    • Children are covered until age 19 by paying premium for only the first 5 years.
    TM Term Assure
    • Coverage provided against death, total and permanent disability and terminal illness.
    • Better coverage with bonus rider:
      • Critical Illness (CI) Accelerator Rider: Death benefit is accelerated in case you’re diagnosed with a critical illness.
      • KidAssure GIO Rider: Coverage in case of death, hospital admission, and illness for children.
      • Protect 1 Lite Rider: Monthly benefits for 6 years, in case you can’t perform any one of the primary activities of daily living.
    TM Legacy LifeFlex
    • Coverage provided against death, total and permanent disability and terminal illness.
    • Up to 10 times the protection cover.
    • Better coverage with bonus rider:
      • EarlyCare Rider: Coverage in the form of payout when you have medical conditions at different stages of a critical illness. It covers 117 procedures or conditions.
      • Waiver of Premium Rider and Payer Benefit and Spouse Riders (Enhanced plans): Waiver of future premiums in the event of TPD, death or critical illness covered under the plan.
      • CI Accelerator Rider
      • KidAssure GIO Rider
    TM FlexiAssurance
    • Coverage provided against death, total and permanent disability and terminal illness.
    • Coverage up to 300 times the annual premiums you pay for this policy.
    • Better coverage with bonus rider:
      • Waiver of Premium Rider and Payer Benefit and Spouse Riders (Enhanced plans)
      • CI Accelerator Rider
      • EarlyCare Rider
      • KidAssure GIO Rider
      • Protect 1 Lite Rider
    DIRECT - TM Basic Term
    • Lump sum amount in case of death, terminal illness and TPD.
    • Choose coverage up to 85 years of age with guaranteed renewal every 5-year term. OR choose a 20-year term OR coverage up to 65 years of age.
    • Bonus coverage for 30 critical illnesses up to age of 65, under an optional Critical Illness Accelerator Rider
    TM FlexiCover
    • Protection coverage provided against death, TPD and terminal illness. Get guaranteed protection in case of death.
    • Option of maximise your investment returns from the 10th year by allocating 105% of your premiums into investments.
    • You can reduce or increase your premium amount at any given point.
    • This policy comes with a quit smoking discount.
    • Enjoy the following riders:
      • Unit-reducing riders: Death, TPD rider, Critical Illness rider, EarlyCare rider and Protect 1 Lite rider.
      • Premium-paying riders: Waiver of Premium Rider and Payer Benefit and Spouse Riders (Enhanced plans) rider and KidAssure GIO Rider

    TM Insurance Promotions

    For TM Term Assure, you can get a discount of 28% on the premium for first year. This discount can be made use of for all attachable riders. Your premium can go as low as 50 cents per day. This will, however, depend on the tenure of the plan, your age, and gender. This promotion will expire on 29 June 2018. The policy must be issued by 1 October 2018.

    How to Apply for Tokio Marine Life Insurance

    You can apply for Tokio Marine Life Insurance by getting in touch with the company. You can reach their customer care hotline by calling +65 6592 6100. You can also email lifesolutions@tokiomarine-life.sg to enquire about new policies. You can write to the company or visit them directly as well. You can also register your interest by filling the Online Enquiry Form.

    How to Claim TM Life Insurance

    It’s pretty convenient and simple to file for claims with Tokio Marine. All types of claims are generally processed in four basic and simple steps. These include:

    • You have to start by downloading the relevant form.
    • In the subsequent step, you must submit the form along with the relevant documents.
    • Next, the claim will be evaluated.
    • Following the evaluation, Tokio Marine will reach a closure about your claim and contact you.

    To report a claim you must either call 62216111 or report a claim directly from Tokio Marine’s website. You can submit the claim documents either through your servicing adviser, or you can mail it to the respective branch.

    FAQs

    Q. What are the administrative charges I would be paying for a duplicate policy?

    A. Tokio Marine will charge you a fee of S$15 to issue a duplicate policy.

    Q. What are the administrative charges I would be paying for a lost policy?

    A. You will be charged a fee of S$15 in case you lose the original policy document.

    Q. How frequently can I pay my premiums for the insurance plan?

    A. You can pay the premiums on a monthly, quarterly, half-yearly, or annual basis.

    Q. What should I do in case the policy document is lost, but I want to surrender my policy?

    A. You have to complete the Indemnity Form for Loss of Policy Document in order to surrender your policy in such a case.

    Q. Is it possible for me to surrender part of the policy?

    A. Yes, you can opt to bring down the amount insured, which will make your premium more affordable.

    News About Tokio Marine Life Insurance

    • Tokio Marine Named Tier 1 Significant Insurer by MAS

      The Monetary Authority of Singapore or MAS has named Tokio Marine Life Insurance Singapore Limited or LMLS as a Tier 1 Significant Insurer after recognizing S$5 billion worth assets associated with this insurance company.

      TMLS now maintains a leading position in the life insurance sector and has also contributed to the expansion of the Japanese Group Business Segment (J-Business). TMLS is not only the first but it is also the only Life Insurer to be successful in Singapore. The main focus of this “direct life insurer” according to this new status being assigned is ‘group insurance in-force business’ that has yielded positive results for TMLS.

      18th August 2016

       
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