TMLS Launches TM Term Assure (II) | Tokio Marine Life Insurance Singapore

TMLS Launches TM Assure (II)

New protection insurance plan tailored to life’s changing needs.

TMLS’s latest protection plan, TM Term Assure (II), is a regular-premium term insurance providing Singaporeans guaranteed flexibility to increase coverage at various life stages.

Tokio Marine Life Insurance Singapore Ltd. (TMLS) today launched TM Term Assure (II), a new regular-premium term insurance plan that offers customers Guaranteed Insurability for Additional Insurance (GIAI). This allows plan holders to increase coverage at four of life’s milestones: change in marital status, parenthood, graduation from tertiary education, and property purchase.

According to a study by the Life Insurance Association of Singapore (LIA)¹, protection needs nation-wide have risen 25% since 2012, where an average mortality protection coverage of nine to 10 times of one’s annual income is required to be adequately protected. The study also highlighted that Singaporeans will require about 3.9 times their annual income to cover any income gap due to critical illness. Furthermore, a recent study by TMLS² found that millennials aspired first towards basic protection before building assets, with the desire for products that were customisable to their needs such as protection against work-related circumstances.

“Understanding the growing protection needs and demand for flexibility, we have refined our product benefits to adapt to the diverse and evolving needs of Singaporean millennials and their families,” said Christopher Teo, CEO, TMLS. “With TM Term Assure (II), we are offering consumers a product that matches their needs at every stage in life. Whether it’s a young mother with a critical illness, or a business owner that faces the sudden loss of a valued partner, TM Term Assure (II) has been thoughtfully designed to protect Singaporeans’ aspirations and help them and their loved ones achieve a better quality of life."

Beyond what is commonly offered in the market, TM Term Assure (II) provides a lump sum pay-out due to total and permanent disability (TPD) till age 85 ; allows for the add-on of the Early Critical Illness (ECI) Accelerator Rider, which provides pay-outs upon diagnosis of Juvenile Conditions and Special Conditions, in addition to Early, Intermediate, and Major Stages of Critical Illnesses and also ensures guaranteed insurability for additional insurance as one progresses through life .

Key features of TM Term Assure (II) include:

Affordability – It is designed to provide a high level of protection at an affordable price of as little as 3S$2.20 a day.
Guaranteed Conversion Privilege – The flexibility to convert the term policy into either a regular premium whole life or endowment plan.
Guaranteed Renewal Privilege – The ability to renew coverage term after the original coverage term has ended.
Wide range of coverage terms – The choice of a five or 10-year renewable policy term, and even greater flexibility with a coverage term from 11 years up to age 85. The premium will remain the same throughout the policy term.
Multi-currency – It is available in four major currencies (SGD, AUD, GBP and USD)

Optional features of TM Term Assure (II):

Disability Rider – The Protect 1 Lite Rider pays out a monthly disability benefit should one lose the ability to perform just one of the six Activities of Daily Living (ADL). A monthly disability benefit will be provided for a continuous period of up to 72 months.
Critical Illness Rider – The Critical Illness (CI) Accelerator Rider provides a pay-out upon diagnosis of Major Stage C.
Early Critical Illness Accelerator Rider – The rider covers Juvenile conditions and special conditions, in addition to early, intermediate and major stages of CI.