NTUC Vivocash

[dmc2016]

Hi,
A friend recommended me this plan, saying this is a plan that can be passed on to the next generation. Anyone here bought this plan or can tell me if this NTUC Vivocash plan is a good plan?
Thanks.

 

[NoobTraveller]

Info from NTUC Income website states that after the 5th year, they will payout 2% of the sum assured as a guaranteed yearly cash benefit plus a non-guaranteed yearly cash bonus.

With low coverage of death and TPD payout at 105% and 120% of net premium paid during the 1st 5 years and after 5 years respectively.

Sounds like a a very long endowment plan to me as it covers till 100 years old.

Do note also the high premiums for this plan as quoted in the example in the range of $7073 paid yearly for 20 years to cover only $100K and $9424 paid yearly for 10 years to cover only $80K.

Unless u earn a high income, I dun think u need to pay such a high premium for term plans or even traditional wholelife plans.

Just my 2 cents.

 

[xiao.xin]

This plan can be passed on to the next generation in a way if life assured if your children, they'll be able to continue to reap the benefit of the year cash bonus and survial benefit even after youre long gone. This can be even stretch to your grandchildren when your kid actually passed on.

GE do have a similar plan for legacy planning which was the first in the market iirc. NTUC has more flexibility in terms of the payment term.

However, if coverage is your concern, then this might not be a suitable plan for you given the coverage and and the premium paid