Legacy Income | USD Single Premium Endowment Plan

Legacy Income (USD) is a single premium participating endowment insurance plan with a policy term of 100 years.

Starting from the 13^th policy month, it provides monthly payouts consisting of:

• Guaranteed Survival Benefit (also known as monthly income); and

• Non-guaranteed cash bonuses (if declared).

This plan provides financial protection against death, accidental death (only within first 12 months from date of issue of policy) and terminal illness. It also pays a maturity benefit when the policy matures.

As a participating plan, this plan allows you to share in the performance of the participating fund through non-guaranteed bonuses. It also allows continuity across generations through the Universal Wealth Transfer Option (UWTO). 

Legacy Income (USD) provides financial protection against death, accidental death and terminal illness.

This plan provides both guaranteed and non-guaranteed benefits:

• Guaranteed benefits, including bonuses which have already been declared, will be paid regardless of how the participating fund performs.

• Non-guaranteed benefits are in the form of future bonuses, which have yet to be declared and are dependent on the performance of the participating fund. These bonuses are not guaranteed. Each year, bonuses are reviewed and approved by our Board of Directors based on the appointed actuary’s recommendation.

There are two main types of bonuses for this plan:

• cash bonus; and
• terminal bonus

Please refer to the product summary and policy contract for more details.

From the 13^th policy month (1^st policy anniversary) onwards, you will receive a payout at the end of each policy month until a claim is admitted, the plan matures or the plan is terminated—whichever happens first.

Each monthly payout includes:

• Survival Benefit, which is also known as monthly income (guaranteed); and

• 1/12 of the Cash Bonus that is declared yearly, if any (non-guaranteed).

You may withdraw these payouts or keep them with us to earn non-guaranteed interest. Please note that the non-guaranteed interest is subject to change without prior notice. If there is any debt attached to the policy at the time we are due to pay the payouts, we will first use these payouts to reduce any debt you have with us before the balance amount is paid.

The Universal Wealth Transfer Option lets you pass your policy to anyone, allowing unlimited generational transfer for up to 100 years, subject to the applicable terms and conditions.

At any time after the freelook period and while the policy is in force, provided that all the premiums have been fully paid, the current policyholder^‡ may request in writing to either:

• Option A: Effect a change in policyholder and life assured while the current policyholder^‡ is still alive; or

• Option B: Appoint a Policy Successor^¶, where the change in policyholder and life assured shall be effected upon the death of the current life assured^‡.

Please refer to the product summary and policy contract for more details.

^‡ Current policyholder, who is also the current life assured, refers to the person who is both the policyholder and life assured of the policy as at that point in time.
^¶ Refers to a person appointed by the current policyholder to be the new policyholder and life assured for the policy in exercise of the Universal Wealth Transfer Option. This allows for the continuity of the policy upon the death of the current policyholder and life assured, provided that the appointment has not been revoked or invalidated on or prior to the death of the current policyholder and life assured.

You will receive an annual bonus update that will include the following:

· The performance of the participating fund and its future outlook, which the policyholder should receive around the second quarter of each year after the bonus is declared for the policy; and

· An annual statement regarding bonuses for the policy, which the policyholder should receive around the second quarter of each year after the bonus is declared for the policy.  

When there is a change in the rate of bonuses declared, you can ask for an update of the illustrated values.

If you surrender your policy after the 14 days free-look period, you may lose part or all of the premiums paid. This is because the surrender value, if any, that is payable to you may be zero or less than the total premiums paid.

As Legacy Income (USD) is denominated in US Dollar, you should be aware that if US Dollar is not your home currency, you will be exposed to foreign exchange volatility risks between the time you purchase the policy to the time the policy benefits are payable. You must therefore recognise and accept this foreign exchange exposure.

Please refer to the product summary for more details. Alternatively, you may also speak to your financial representative or call us at 1800 248 2888 (Monday to Friday, 9am to 5.30pm).