LIC Money More is a new single premium, non-participating endowment plan denominated in Singapore dollar (SGD) offered by Life Insurance Corporation (Singapore) Pte Ltd. LIC Money More pays out guaranteed returns while also letting you enjoy the benefit of life insurance coverage. The minimum entry is S$20,000.
Image is taken from licsingapore.com
There are two policy term options of 3 or 6 years. For the choice with a 3-year maturity, the guaranteed return you enjoy is 1.15% p.a. (simple return) for a total of 3.45% returns after 3 years. For the option with the 6-year maturity, the guaranteed return you enjoy is 2.1% p.a. (simple return) for a total of 12.6% returns after 6 years. The yields are higher than a similar product previously – LIC Grow More.
For example, Person A purchases LIC Money More with a single payment of S$20,000. Upon maturity, he will receive a guaranteed amount of $20,690 (3-year) or S$22,520 (6-year). The effective yield is 1.14% p.a. (3-year) and 2.00% (6-year).
There is also death/TPD benefit provided at 105% (3-year) or 115% (6-year) of sum assured.
LIC Money More is suitable for customers who:
- Want to enjoy capital guarantee and a guaranteed return.
- Have a short to medium term investment horizon.
- May have pre-existing medical conditions that do not qualify for endowment policies.
LIC Money More is NOT suitable for customers who:
- Are looking for substantial coverage against death.
- Are looking for long-term investments.
- Require liquidity during the 3/6-year policy term. Early termination before maturity may result in a loss.
Do note that LIC Money More is a limited period offer and may be withdrawn once the tranche is filled.
Life Insurance Corporation (Singapore) Pte Ltd is a wholly owned subsidiary of Life Insurance Corporation of India. LIC of India is wholly owned by the Government of India and has a network of more than 4,500 offices in India with a customer base of more than 290 million. It is the largest life insurer in India with total assets exceeding US$300billion. LIC of India consistently tops the Insurance sector in all Brand Surveys as the most trusted brand in India.
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Besides LIC Money More, you may also be interested to find out more about Manulife’s Signature Income that provides LIFETIME monthly payout.