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LIC (S) Wealth Plus 7 Plan
Target Market
This product is designed for individuals who prefer a short-term product with protection of capital and guaranteed returns.
Features And Benefits
LIC(S) Wealth Plus 7 provides the following benefits during the term of policy.
Single Premium is returned with guaranteed simple interest.
In the event of death in the first year of the policy, subject to the policyholder being under age 70,
an additional 10% of the single premium will be payable.
Single Premium is returned with guaranteed simple interest upon diagnosis of Disability before age 65.
(1) If the Life Assured is Age 65 and below, and due to accident or sickness, suffers total and irrecoverable loss of the effective use of:
a) The entire sight of both eyes; or
b) Any two limbs at or above the wrist or ankle; or
c) The entire sight of one eye and any one limb at or above the wrist or ankle.
(2) If the Life Assured, is under Age 18 and due to accident or sickness, is permanently disabled to such an extent as to;
a) Require confinement to a home, hospital, or other institution; and
b) Require constant care and medical attention; and such permanent disability must have persisted for a continuous 6 months.
(3) If the Life Assured is between Age 18 and 65 and due to accident or sickness:
a) has suffered a disability which renders the Life Assured to be totally and permanently unable to perform any work, or engage in any occupation, business or activity for income, remuneration or profit and such disability must have persistent for a continuous period of 6 months; or
b) Has become totally and is permanently unable to perform at least 3 of the 6 “Activities of Daily Living” (despite the aid of special equipment) and requires the physical assistance of another person throughout the entire activity for at least 6 continuous months. A Medical Examiner must confirm and certify the diagnosis of Total and Permanent Disability before LIC Singapore admit the claim for TPD benefit.
A Life Assured under age 18 will be considered to have suffered TPD, if TPD Definitions (1) or (3) is satisfied. A Life Assured between age 18 (last Birthday) and 65 (next Birthday) will be considered to have suffered TPD if TPD Definitions (2) or (3) is satisfied.
If the insured survives at the end of the policy term and this policy has not ended, we will
pay the guaranteed maturity benefit at the end of the policy term.
An early termination before maturity of the policy involves high costs and the Surrender Value payable may be less than the Single premium paid. If policy is terminated before maturity, please refer to the table below for Surrender Value for each respective policy year. Surrender Values are calculated as a percentage of the single premium paid as shown in the Table below.
| Year |
Surrender payable for 3-year term |
| 1 | 80.0% |
| 2 | 90.00% |
| 3 | 95.00% |
“i” represents the guaranteed simple interest rate.
Any payment to be received under the Policy will be paid either by cheque or credited into your bank account with any bank in Singapore, details of which are to be provided by you. All payments by LIC(S) will be made in Singapore Dollar.
Submission & Underwriting
No medical examination is needed. Acceptance will dependent on other applicable checks.
Please be informed that application and making payment for LIC(S) Wealth Plus 7 does not guarantee acceptance by the company. The Company reserves the right to withdraw the plan earlier or reject applications, whenever tranche limit is reached, without prior notice.
Customers whose current annual income is below S$30,000 including students, housewives, and unemployed individuals, have to provide details of source of funds & wealth along with Application Form. If the funds and wealth originate from a person other than the customer, e.g. spouse, parent, please furnish identification details of that person.
The Premium under the policy can be paid either by Cheques or Cashier's Order.
Cheques/Cashier's Order should be made payable to Life Insurance Corporation (Singapore) Pte Ltd.
Requirements for Cashier Order:
i) Copy of Banker.s Slip for the cashier Order purchased.
ii) Certified copy of NRIC of the person who purchased the Cashier order( if the person is different from the Proposer)
* Note: Life Insurance (Corporation Singapore Pte Ltd) accepts insurance premiums payments from the Proposer or from the legal spouse, parent or grandparent of the Proposer only.
All completed and signed documents listed under .Proposal submission check list to be forwarded/ handed over at our office before the close of Office hours on any working day.
Completed proposals along with payment may also be mailed / sent by courier to our office.
LIC(S) ) Wealth Plus 7 More application is accepted from the Nationals of the following countries.
But they must be a resident of Singapore as on the date of application.
They are also required to submit proof of residence for both Singapore and Country of origin.
| Australia, Austria, Belgium, Canada, China, Denmark, Finland, France, Germany, Hong Kong, Hungary, India, Indonesia, Italy, Japan, Liechtenstein, Luxembourg, Malaysia,
Monaco, Netherlands, New Zealand, Norway, Philippines, Singapore, South Africa, South Korea, Spain, Sri Lanka, Sweden, Switzerland, Taiwan, Thailand, United Kingdom. |
ALTERATIONS IN POLICY
No. Backdating is not allowed for LIC(S) Wealth Plus 7.
Subject to the Insurance (Nomination of Beneficiaries) Regulation 2009 of the Insurance Act: i. You can nominate your spouse or children as beneficiaries under the irrevocable trust nomination. ii. You can also nominate any person or Organisation as a beneficiary under Revocable Nomination.
The rights and benefits of the policy can be assigned (transferred) in exchange of a benefit (consideration) to another person or organisation. The assignment will come in effect only after we issue an endorsement based on the notice of assignment given to us. In acknowledging the notice of assignment, we do not assume any responsibility for the legality, validity and consequences of the assignment.
No. Policy loan is not payable under the policy.
AVAILABILITY OF THE PLAN
No. This plan is available on limited period/tranche basis. The offer ends when tranche size is reached. The Company reserves the right to withdraw the plan earlier or reject applications, whenever tranche limit is reached, without prior notice.
Life Insurance Corporation (Singapore) Pte Ltd is Wholly Owned Subsidiary of Life Insurance Corporation (LIC) of India. LIC of India is fully owned by the government of India and has network of more than 4500 offices in India with customer base of more than 300 million. It is the largest life insurer in India with total assets exceeding US$ 450 billion.
This product is distributed through selected Financial Advisory Firms only. For the details of Financial Advisory Firms, please refer our website: www.licsingapore.com The details are also printed in the brochure.
Yes. This policy is covered under Policy Owners' Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). LIC(S) is a member of Policy Owners' Protection Scheme. Protection Coverage for your policy is automatic and no further action required from you. For more information on the types of benefits that are covered under the Policy Owners’ Protection scheme as well as the limits of protection coverage where applicable, please visit the LIA and the SDIC websites: (www.sdic.org.sg or www.lia.org.sg)
DIRECT-LICS NEW SECURE FUTURE TERM PLAN
It is a term product available to customers who are buying direct without any financial advice.
Term Insurance Plan Provides you Insurance Protection for a fixed period. It pays the sum assured up on death of the life insured or if the insured becomes totally and permanently disabled or when the insured suffers from critical illness(if these benefits are included) during this period.
Selected Client is one who meets at least 2 of the following criteria:
a) Is 62 years of age or older
b) Is not proficient in spoken or written English; and
c) Has below GCE .O. Level or .N. level certifications, or equivalent academic qualifications
A Trusted Individual is defined as an individual who meets all of the following criteria:
a) At least aged 18;
b) Possess at least GCE .O. or .N. level certifications or equivalent academic qualifications;
c) Be proficient in spoken or written English; and
d) Be a person who has the trust of the Selected Client.
Yes, your application will be subject to underwriting. We will keep you informed on the outcome of the underwriting.
Insurance coverage commences upon underwriting approval and receipt of premium payment. We will inform you the date of commencement of cover in writing.
We offer the following payment methods:
a) By direct payment e.g. cheque, cashier.s cheque.
b) Subsequent premium payments have to be made using GIRO, cashier.s cheque or cheques.
The Life Assured due to accident or sickness, suffers total and irrecoverable loss of use of:
a) The entire sight in both eyes;
b)Any two limbs at or above the wrist or ankle; or
c) The entire sight in one eye and any one limb at or above the wrist or ankle.
Terminal Illness is the situation in which you have a medical condition that, in a medical professional opinion, will lead to death within the next 12 months.
You have been asked to undergo a medical check-up as we require further medical evidence to assess your policy application. This is required due to either your health condition or the amount of coverage that is being applied for.
You do not need to pay for the medical examination and test fees which are requested by LIC Sinagpore.
Yes, the recent test report can be submitted as it is valid for one year.
Medical examination and tests must be conducted at our panel clinics.
Life Insurance Corporation (Singapore) Pte Ltd is Wholly Owned Subsidiary of Life Insurance Corporation (LIC) of India. LIC of India is fully owned by the government of India and has network of more than 4500 offices in India with customer base of more than 300 million. It is the largest life insurer in India with total assets exceeding US$ 450 billion.
This product can only be purchased directly from LICS. It is not available for sale through other distribution channels and no financial advice will be provided.
Yes. This policy is covered under Policy Owners' Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). LIC(S) is a member of Policy Owners' Protection Scheme. Coverage for your policy is automatic and no further action required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage where applicable, please visit the SDIC web site: www.sdic.org.sg
LIC (S) NEW SECURE FUTURE PLAN
Term Insurance Plan Provides you Insurance Protection for a fixed period. It pays the sum assured up on death of the life insured or if the insured becomes totally and permanently disabled or when the insured suffers from critical illness(if these benefits are included) during this period.
The Life Assured due to accident or sickness, suffers total and irrecoverable loss of use of:
a) The entire sight in both eyes;
b)Any two limbs at or above the wrist or ankle; or
c) The entire sight in one eye and any one limb at or above the wrist or ankle.
Terminal Illness is the situation in which you have a medical condition that, in a medical professional opinion, will lead to death within the next 12 months.
You have been asked to undergo a medical check-up as we require further medical evidence to assess your policy application. This is required due to either your health condition or the amount of coverage that is being applied for.
You do not need to pay for the medical examination and test fees which are requested by LIC Sinagpore.
Yes, the recent test report can be submitted as it is valid for one year.
Medical examination and tests must be contected at our panel clinics.
Life Insurance Corporation (Singapore) Pte Ltd is Wholly Owned Subsidiary of Life Insurance Corporation (LIC) of India. LIC of India is fully owned by the government of India and has network of more than 4500 offices in India with customer base of more than 300 million. It is the largest life insurer in India with total assets exceeding US$ 450 billion.
This product is distributed through selected Financial Advisory Firms and State Bank of India,Singapore. For the details, please refer the partners details on our website: www.licsingapore.com.
Yes. This policy is covered under Policy Owners' Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). LIC(S) is a member of Policy Owners' Protection Scheme. Coverage for your policy is automatic and no further action required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage where applicable, please visit the SDIC web site: www.sdic.org.sg