The Gen XY Lifestyle

Tokio Marine Launches TM Retirement PaycheckLife

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Tokio Marine Life Insurance Singapore Ltd has recently launched a customer-centric retirement plan known as the TM Retirement PaycheckLife.

Ideal for customers seeking higher guaranteed payouts and an option to plan for their retirement with their spouse, TM Retirement PaycheckLife provides customers with guaranteed lifetime retirement income through two income sources: guaranteed monthly paychecks and non-guaranteed yearly bonuses of up to 12 times their monthly paychecks.

Mr. Lance Tay, Chief Executive Officer of TMLS, said: “It is never too early to plan for retirement. With the higher cost of living and a fast ageing population in Singapore, we recognise that Singaporeans are increasingly concerned if they can still enjoy a comfortable retirement lifestyle. To fill this gap, we have designed TM Retirement PaycheckLife as a lifetime retirement income solution to supplement customers’ CPF LIFE payouts and other savings for an adequate and sustainable retirement funding. As one of the dominant providers of retirement plans in Singapore to meet customers’ retirement and legacy planning needs, we are very focused on improving their retirement positions. In fact, we are one of the few insurers in Singapore who can provide lifetime income retirement plans for our customers.”

Addressing this growing financial pressure of longer life expectancies and inadequate savings as a recent report has discovered that women in Singapore can expect to outlive their spouses as well as the possibility of them facing inadequate funds during retirement or old age, TM Retirement PaycheckLife provides a joint life option that can ease their financial stress by providing the same income stream to meet their self-retirement funding needs. The same benefits also apply for individuals purchasing the plan.

TM Retirement PaycheckLife also offers the option for customers to enhance their coverage through riders.

The other key features of TM Retirement PaycheckLife include:

  • Capital guaranteed – Once the customer reaches his selected retirement age, he or she can receive at least 100 per cent of the total annual premiums in the form of a guaranteed surrender value plus the guaranteed monthly paychecks
  • Choices of retirement age and premium payment terms – Retirement age options are 55, 60 or 65 years. Customers can also choose to pay their premiums over 5, 10 or 15 years based on their financial comfort level.
  • Guaranteed acceptance of application – No medical check-ups and health declaration needed.
  • Added security – Customers can enjoy enhanced protection with optional riders. Tokio Marine’s new Cancer Waiver Rider is available from as low as 1% of their basic plans’ premiums.

To find out more, visit Tokio Marine’s at http://www.tokiomarine-life.sg/individual-solutions/8-key-financial-needs/retirement-funding/tm-retirement-paycheck/.

 

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