• Tokio Marine Term Insurance

    TOKIO MARINE TERM INSURANCE

    Save for the rainy days while the sun still shines. Future financial protection against unforeseen circumstances can make a bad situation better. As life goes on, we save for major events like marriage and children’s education. But when you need it the most, financial security for yourself and your loved ones will help lessen the burden by reducing your financial strains should anything happen to you.

    About Tokio Marine Term Insurance

    Tokio Marine, headquartered in Tokyo, was established in 1879 and was the first insurance company in Japan. Over the decades, the company has diversely grown and created a network in 37 countries spanning 486 cities. Tokio Marine offers a wide selection of life and general insurance products. It is a customer-first company that works to ensure full-on coverage with minimal disparities.

    TM Enhanced Term Assurance

    The term insurance offered is known as “TM Enhanced Term Assurance’ and is a comprehensive protection plan with affordable premiums. This especially enables the younger population to avail a protection plan on a limited budget and later switch to a permanent plan. This plan provides peace of mind by offering fixed financial protection and the flexibility of improving it later on in life.

    Features and benefits of TM Enhanced Term Assurance

    • Provides coverage in the event of death, total and permanent disability (TPD), terminal illness (TI) and dread disease
    • Renewal privileges without medical evidence
    • 10-year policy terms available up to the ages of 70, 75 or 99
    • Conversion privileges to convert the policy to a regular premium whole life or endowment plan, before the age of 60 and without further medical evidence
    • Longevity benefit of 10% of the sum assured if you survive to the age of 99

    Additional benefits or riders

    • Waiver of Premium and Payer Benefit Rider.
    • In the event of TPD, death, or upon diagnosis of any critical illness, future premiums will be waived.

    • Critical Illness Accelerator
    • Upon diagnosis of critical illness, this rider accelerates the death benefit of a basic plan to the rider’s sum assured.

    Premium

    The annual premium payable depends on the policy term and the entry age. The profile illustrated below is a general male, non-smoker, for a sum assured of $1,000,000, with the compulsory TPD rider.

    Policy term 10 years Up to 70 years Up to 75 years Up to 99 years
    Entry age 25 S$628 S$1156 S$1336 S$2133
    Entry age 35 S$842 S$1745 S$2215 S$3656

    DIRECT- TM Basic Term

    Another insurance policy offered by Tokio Marine is the DIRECT – TM Basic Term and is categorized under Direct Purchase Insurance (DPI), which are simple insurance plans you can buy directly through the customer service centres or the websites of life insurance companies. The plan is free of any commission charges as no financial advice is provided. The plan aims at easing the financial strains on your loved ones in the event of any unforeseen circumstances.

    Features of DIRECT- TM Basic Term

    • Regular premium coverage
    • Protects you against death, TPD and TI. Lump sum pay out to the family
    • Premium rates are guaranteed and level throughout the term
    • Renewal privileges for 5-year term policies up to the age of 80
    • Conversion privileges without medical proof
    • Optional Critical Illness Accelerator Rider provides coverage up to the age of 65 for over 30 critical illnesses

    Terms available

    There are three premium payment terms available.

    • 5-year term renewable up to the age of 85
    • 20-year term
    • Up to the age of 65

    If you prefer shorter coverage and the flexibility to renew your policy, a 5-year term is suitable. On renewal, your age may factor into the premiums you pay causing them to be higher than before. Any medical conditions diagnosed after the start of the policy will continue to be covered after renewal. If you prefer longer coverage, the 20-year term or paying premiums up to the age of 65 would be preferable.

    Important terms and conditions for Tokio Marine Term Insurance

    • All ages mentioned mean the age as on the next birthday.
    • CI accelerator premium rates are not guaranteed and are subject to change by Tokio Marine by giving 30 days’ written notice.
    • The TPD rider is compulsory to TM term plan. The TPD benefit paid will reduce the basic sum assured.
    • Renewal privilege can be availed on 10-year term policies up to the age of 70 years. Premiums at the time of renewal are based on the attained age of the life insured.
    • Renewal privilege on DIRECT basic 5-year term is up to the age of 80.
    • The maximum TI benefit payable is S$2,500,000, inclusive of all other policies issued by Tokio Marine on the same life.
    • To claim insurance you must write to Tokio Marine within 30 days (or as soon as reasonably possible).

    Compare Tokio Marine Term Insurance With Other Insurance Companies Offering Term Insurance in Singapore

    FAQs - Tokio Marine Term Insurance

    1. What is the difference between critical and terminal illness cover?
    2. Terminal illness means that you have been diagnosed with an incurable illness with less than 12 months to live. You will receive a pay-out upon being diagnosed to help you cope with the financial strains of the illness and to maybe provide for your family or loved ones during this period.

      Critical illness covers a comprehensive range of conditions. You do not require to be given a short amount of time to live to receive a pay-out. You can use the pay-out during the period of your illness to pay any debts, provide finance to your dependents, and recover from your illness and so on.

    3. How many critical illnesses are covered under Tokio Marine Term plan?
    4. Terminal illnesses are covered under the basic plan and 36 critical illness are covered if the CI Accelerator Rider is opted for.

    5. What documents do I require to apply for insurance?
    6. Insurers might require ID and address proof, subject to the insurer’s discretion.

      You will be required to fill out a comprehensive form in which you will have to disclose your medical and health history, along with information about certain aspects of your lifestyle and habits that could affect your health, such as consuming alcohol and smoking.

    7. I’m unsure of the policy details, can I request for more information?
    8. Before applying for insurance, you will be provided with the following documents with complete details which should clear any doubts you have.

      • Your Guide to Life insurance
      • Product Summary
      • Benefit Illustration
      • Direct Purchase Insurance Fact Sheet and Checklist

      If you have further doubts you can call customer care.

    9. Does Tokio Marine offer a free trial period or free cancellation period?
    10. Yes. If in case you are not happy with the policy document you received, you can send a written request within 14 days to cancel the policy. The premium paid minus any medical or other expenses met will be refunded. Note, the policy sent by post is assumed to be delivered 7 days after the date of posting.

    11. Can I cancel my insurance plan?
    12. Yes, you can terminate the policy but it generally involves high costs, and the surrender value payable may be less that the total premiums you paid.

    13. I am on a basic plan, but my health has deteriorated and I want to switch to a more comprehensive plan. Is this possible?
    14. If you are not yet 60 years of age, you can convert your policy to a regular premium whole life plan. You can also renew a 10-year term policy up to the age of 70, and a 5-year term policy up to the age of 80. No medical evidence is required.

    15. How much insurance coverage will I need?
    16. Insurance coverage depends on how much you can afford. There is no estimate as the future is uncertain. Coverage depends on your financial commitments, regular expenses existing insurance coverage and your ability to pay premiums. You can use insurance estimators or EMI calculators available online to estimate how much insurance will be optimal for you.

    17. What are the exclusions for which the insurance will not apply?
    18. The general exclusions are death by suicide within one year, self-inflicted injury or misuse of drugs or alcohol for TPD, waiting period or any pre-existing medical conditions for CI benefit.
      TI benefit is not paid if the TI is diagnosed in the presence of HIV.

      In case of suicide, the premiums paid without interest, less any benefits already paid, will be refunded.

    19. When does the coverage start?
    20. The coverage starts after the date of the Letter of acceptance, the issue date as per the policy schedule, or the initial premium received by Tokio Marine.

    21. How do I make premium payments?
    22. You can make payments at the Tokio Marine office or through any other approved payment method.

    23. How can I make changes to the policy?
    24. For changes such as increasing or decreasing the sum assured, changing the method of payment, including or excluding riders, you must apply to Tokio Marine in writing.

    25. Is there a grace period for paying premiums?
    26. There is a 30-day grace period within which you must pay the premium or the policy will automatically terminate.

    27. Can I renew a policy which was terminated due to non-payment of premiums?
    28. If a policy was terminated due to non-payment, you can request to be reinstated by applying in writing within 2 years, and paying all overdue payments with interest accrued up to the reinstated date. You will need to provide assurance of financial stability. The approval for reinstatement is subject to approval of Tokio Marine and different terms and conditions may be applicable.

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