Ntuc Income Star Assure is a regular premium whole life insurance plan with "minimum protection levels". Will explain more on it.
Recently while working on a case, I realised two of it's unique features. In this article, I'd share details of it and suggestions on how to use this plan to cover for your child against illnesses.
Unique feature 1) Major Impact Benefit
This major impact benefit could cover for COVID-19 infection.
Event for claim "Surgery or infection and require 5 days or more in ICU" as shown below.
Another example mentioned is the 52-year old salesman who was in critical condition and stayed in the ICU for nearly 10 days by just eating raw fish. He would have fulfilled the claimable event.
This feature is definitely useful as future viruses, which cause the claimable event, will be claimable.
Unique feature 2) Advanced Restoration Benefit
The advanced restoration benefit comes with the Early Assure Accelerator rider and limits it to be at most 50% of plan sum assured.
If there is a successful claim of the early and intermediate stage dread disease and if the basic policy has not ended, the advanced restoration benefit will provide an extra coverage (for stroke, major cancers and heart attack of specific severity) as shown below.
This makes total claimable amounts potentially more than base plan.
How to plan for your child
Do you know that there are about 6,000 to 8,000 known rare diseases worldwide and three-quarters of them affect children? (Source NTUC INCOME)
That makes the major impact benefit a great coverage for your child because claim need not be from a listed critical illness condition.
Premium can be as short as 5years and as long as 30years. Below is a screen shot of a minimal starting level plan that is inexpensive and short in premium payment.
Star assure offers a minimum protection value of 100%, 200%, 300%, 400% or 500% of the sum assured to be selected at the start of the policy.
I'd advocate choosing the highest 500% minimum to get more coverage at a potentially cheap rate at the expense of less surrender value. One of the reasons is wholelife plan in my opinion helps you the best as permanent insurance coverage. More details in the article below!
I do rate the NTUC Income Star Assure well in coverage and easy starting premium levels. However, do engage a qualified planner to find a suitable coverage level to meet your needs.
If you're wondering about NTUC Income's PAR return rate, I've it for you as shown below.
But as always, wholelife plan in my opinion helps you the best as permanent insurance coverage.
And locking in the cheap rates at a younger age works to your advantage!