NTUC Income Living Policy: The Best Love Letter You Can Give To Your Love Ones

Mon, Sep 24, 2007


Today I am going to touch on NTUC Whole Life Insurance known as the “Living Policy”.

The Living Policy is a regular premium life insurance plan that covers
1) Death
2) Total Permanent Disability
3) 30 critical illnesses for whole life.

You invest a regular premium and receives sum assured and accumulated bonus payable on death, total permanent disability or diagnosis of a critical illness.

Cover against 30 dread diseases
• Cancer
• Heart attack
• Coronary artery by-pass surgery
• Stroke
• Kidney failure
• Coma
• Paralysis (Loss of use of limbs)
• Heart valve surgery
• Blindness
• Deafness (Loss of hearing)
• Loss of speech
• Multiple sclerosis
• Fulminant hepatitis
• Major organ/bone marrow transplantation
• Primary pulmonary hypertension
• Alzheimer’s disease/severe dementia
• Surgery to aorta
• Major burns
• Terminal illness
• HIV due to blood transfusion & occupationally acquired HIV
• End stage lung disease
• End stage liver failure
• Muscular dystrophy
• Parkinson’s disease
• Aplastic anaemia
• Angioplasty (partial payment) & other invasive treatment for coronary artery
• Bacterial meningitis
• Benign brain tumour
• Encephalitis
• Motor neurone disease


Each year you will get bonus based on our financial results, the amount is not guaranteed and may fluctuate each year.

This amount is calculated by an appointed actuary and has to observe several principles to ensure fair distribution to our policyholders.

All living plans under the LP series enjoy the same rate of bonus, which is calculated at a certain percentage of the sum assured and a certain percentage of the accumulated bonus.

The rates of bonus declared for the Living LP during 2003 to 2005 are 1.4%, 1.8% and 2% of the sum assured.

The existing bonus is compounded at 1.5% for most years.

A special bonus of 25% will be given in the event of death. Although this arrangement is discretionary, it has been unchanged since implemented 20 years ago and we expect to continue this practice in the near future.

Living Policy Coverage

In the event of death, the sum assured, accumulated bonus and special bonus are payable immediately.

In the event of critical illness, policyholder needs to meet the following conditions:
– Diagnosed of any 1 of the 30 critical illness with proper medical evidence
– The illness need to meet the definition stated in the policy document
– For cancer, heart attack, coronary artery by-pass surgery and angioplasty and other invasive treatment for coronary artery, the diagnosis of illness or advice for survey have to be more than 3 months from the date of policy issued

In the event of total permanent disability, NTUC Income will pay a annual installment over 5 years.

The installments are 10% of the total benefits for each of the first 4 years with the remaining 60% payable at the end of 4 years.

On each installment, NTUC Income have to check that the disability continues to be total and recovery is unlikely.

NTUC Income adopt prompt and fair settlement of claims; will settle all legitimate life claims within 14 working days.

In case of larger claim, NTUC Income will pay an advance to tide over financial difficulty and settle the balance as soon as possible.

NTUC Income will only ask for documents that are necessary to check the legitimacy of the claim.

For critical illness and total permanent disability, NTUC Income will need claimants’ doctors to fill up the Attending Physician’s Statement Form and will reimburse claimants for the medical report fee.

🙂 If you have in doubt in anything pertaining to our living policy, do drop me an email at helmihakim (at) hotmail.com…

Have a good day 🙂


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This post was written by:

- who has written 438 posts on The Official Helmi Hakim Website.

A certified financial consultant, Helmi Hakim has won praise for his patience, perseverance and practicality when solving his clients' financial concerns. For more information on how you can manage your finances better, contact Helmi Hakim at 96520134.

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