TMLS Launches TM Atlas Series

New products to adapt to modern consumer needs.

TM Atlas Classic and TM Atlas Wealth investment-linked policies (ILPs) offer customers flexibility in meeting their wealth accumulation needs.
Launch of TM FAST, a mobile friendly eSubmission platform that eliminates the hassle of lengthy documentation processes and shortens time of policy approval for the customer.

Tokio Marine Life Insurance Singapore Ltd. (TMLS) has launched their TM Atlas investment-linked policy (ILPs) range, expanding its suite of comprehensive wealth accumulation and protection solutions.

The new offering comprises of TM Atlas Classic and TM Atlas Wealth, which are limited-pay, whole of life ILPs that give customers the flexibility to customise their plan according to their needs.

According to a recent report by The Boston Consulting Group (BCG), Southeast Asia’s consumer economy will be transformed by the rise of the “mass affluent”, a group that is projected to more than double from 57 million to 136 million in ASEAN by 2030. The study also found that 64% of this growing affluent group are under the age of 40, with 86% being salaried professionals in Singapore[1]; this represents a clear opportunity to meet this segment’s rapidly changing needs.

“Against this landscape, we saw a gap in our suite of products where we believed we could offer value for this group of consumers, where it concerns their wealth accumulation needs,” commented Bevan Cheong, Chief Transformation Officer at TMLS. “Consumers today not only have to juggle multiple priorities, but they also take a more active role in reviewing their plans periodically at different stages of their lives. For example, the father of a young family may want to further his education by pursuing a Masters’ degree; he would need additional funds, which he could withdraw from his TM Atlas policy.”

As such, TM Atlas was designed to offer clients options for flexibility where it concerns liquidity and their wealth accumulation goals.

TM Atlas accelerates customers’ wealth through attractive yearly bonus units, helping them to enjoy multiple degrees of liquidity such as partial withdrawals without penalty to provide for current needs or important milestones like purchasing their first property. Additionally, there is an option for premium holidays should customers need to take a break from premium payments.

The policy also provides coverage in the event of death and no medical underwriting required.

Other key features of TM Atlas include:

Initial bonus and yearly loyalty bonus – TM Atlas accelerates customers’ wealth with bonuses. An initial bonus of up to 22% p.a. and 19.5% p.a. of annualised regular premium will be paid annually over the first five years and a yearly loyalty bonus of up to 0.5% and 0.3% per annum of the accumulated units account[1] value will be paid out thereafter, for TM Atlas Classic and TM Atlas Wealth respectively.
Multi-currency – TM Atlas is available in four major currencies (SGD, AUD, GBP and USD).
Choices of preferred fund opportunities and premium payment terms – Customers can build an ideal investment portfolio with access to curated ILP sub-funds.
Premium payment term of between 5 and 25 years, with the flexibility of going on a premium holiday from as early as year 2.
Multiple lives application – Up to 2 Policy Owners (Assureds) and 4 Lives Assureds. Customers can add, remove and/or change life assureds at any time depending on the stage of their lives.

At the same time, TMLS is launching TM FAST (Tokio Marine Financial Advisory Speedy Transaction portal), a mobile friendly eSubmission platform that allows advisors to submit customers’ applications on a digital device instantly.

TM FAST will incorporate a real-time Direct Debit Authorisation (DDA) by DBS to allow instant GIRO set up and approvals, with immediate collections for DBS or POSB consumer banking account holders, thus significantly reducing the policy application approval time and improving the TMLS customer experience.

“We are pleased to partner Tokio Marine Life Insurance, one of the first few life insurers in Singapore to enable instant GIRO set-up and approvals. This is a huge milestone for them, and we are honoured to support them in improving their service experience for their customers,” said Benjamin Yeo, Head of Insurance Coverage at DBS Bank.

TM Atlas will be the first product offered on this portal.

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[1] https://www.bcg.com/publications/2018/beyond-crazy-rich-mass-affluent-southeast-asia.aspx

[2] Accumulation units account refers to the account for units purchased using the regular premium due from the 13th month of the commencement date as well as any recurring single premium, any top-up premiums and the loyalty bonus.