DBS RetireSavvy Long Term Endowment Plan Review 2024

1. Retirement Benefit

The Retirement Benefit comprises Retirement Income and Lump Sum Retirement Payout. You have the flexibility to select a Retirement Income Rate between 10% to 100%. It will determine the ratio of Retirement Income to Lump Sum Retirement Payout payable to you.

Note: If you select a retirement income rate of 100%, the retirement benefit will be paid to you as retirement income over the income payout period and the lump sum retirement payout will not be applicable.

(A) Retirement Income

A retirement income on a monthly basis will be paid out based on your selected retirement income rate as shown below, starting one month after the policy anniversary immediately after the life insured reaches his or her selected retirement age:

(i) The guaranteed monthly income (GMI); and

(ii) Any non-guaranteed monthly income (NMI),

less any amount owing to Manulife.

This benefit will be paid out throughout your selected income payout period or until the policy is terminated, whichever is earlier.

You have the following option:

(a) Receive the retirement income; or

(b) Accumulate the retirement income with Manulife at a non-guaranteed interest rate of 3.00% per annum (at an illustrated investment rate of return of 4.25% per annum)

(B) Lump Sum Retirement Payout

Manulife will pay you a lump sum retirement payout based on your selected retirement income rate as shown below on the policy anniversary immediately after the life insured reaches his or her selected retirement age:

(i) The guaranteed lump sum retirement payout (GRP); and

(ii) Any non-guaranteed lump sum retirement payout (NRP),

less any amount owing to Manulife.

2. Flexibility to defer the retirement age

You have the flexibility to request to defer your selected retirement age to any later retirement age. You must submit the request to Manulife after the policy effective date and 2 years before the selected retirement age.

Once you have made the change to the retirement age, the following will apply:

(i) The start date and end date of income payout period will be deferred;

(ii) The last year to perform premium top-up will be deferred;

(iii) The retirement income and lump sum retirement payout will be revised; and

(iv) The subsequent premiums (if any) on the basic plan remain unchanged.

The request is subject to Manulife's approval and conditions that may change from time to time.

3. Flexibility to change the retirement income rate

You have the flexibility to adjust your retirement income rate. You must submit the request to Manulife after the policy effective date and 2 years before the selected retirement age.

Once you have made the change to the retirement income rate, the following will apply:

(i) The retirement income and lump sum retirement payout will be revised;

(ii) The claim bonus, surrender bonus and guaranteed surrender value shall follow the revised retirement income rate;

(iii) The death benefit and terminal illness benefit shall follow the revised retirement income rate; and

(iv) The subsequent premiums (if any) on the basic plan remain unchanged.

The request is subject to Manulife's approval and conditions that may change from time to time.

4. Flexibility to change the income payout period

You have the flexibility to request to change your selected income payout period to a longer or shorter period. You must submit the request to Manulife after the policy effective date and 2 years before the selected retirement age.

Once you have made the change to the income payout period, the following will apply:

(i) The retirement income will be revised;

(ii) The coverage term for death benefit and terminal illness benefit shall follow the revised income payout period; and

(iii) The subsequent premiums (if any) on the basic plan remain unchanged.

The request is subject to Manulife's approval and conditions that may change from time to time.

5. Retrenchment payout benefit

For basic plan:

If the life insured is retrenched and remains unemployed for a minimum period of 30 consecutive days from the date of retrenchment, during the premium payment term or up to the policy anniversary immediately after the life insured’s 68th birthday, whichever is earlier, Manulife will pay you an amount equivalent to 50% of the sum insured in 1 lump sum.

This benefit is applicable once per policy during the policy term and this benefit will be terminated after Manulife has paid the retrenchment payout benefit.

6. Waiver of premium on total and permanent disability (TPD) benefit

If the life insured suffers a TPD before the policy anniversary immediately after his or her 70th birthday (TPD expiry date), or before the end of the premium payment period of the policy (whichever is earlier), Manulife will not charge the future premiums on the basic plan.

The disability must last for a minimum period of six consecutive months before a claim can be admitted.

7. Terminal illness (TI) benefit

If the life insured is diagnosed with a terminal illness during the policy term while the policy is still in force, Manulife will pay the TI benefit as an acceleration of the death benefit in a lump sum. TI is defined as an illness which, in the opinion of a medical examiner and with the agreement of Manulife's appointed medical examiner, is likely to lead to death within 12 months from the date of diagnosis.

8. Death benefit

If the life insured dies before the income payout period and the policy is in force,

Manulife will pay the following after taking off any amount owing to Manulife:

(i) The higher of

(a) 105% of total premiums paid (including any premium top-up); or

(b) the guaranteed surrender value; and

(ii) Any claim bonus.

If the life insured dies during the income payout period and the policy is in force,

Manulife will pay the following after taking off any amount owing to Manulife:

(i) The higher of

(a) 105% of total premiums paid (including any premium top-up) multiplied by the selected retirement income rate, less the total GMI declared;

(b) the guaranteed surrender value; or

(c) 12 times of the GMI; and

(ii) Any claim bonus and any accumulated retirement income which has built up with interest (if not previously withdrawn).

Upon payment of the death benefit, this policy will end.

9. Maturity benefit

If the life insured is alive on the maturity date and the policy is in force, you will receive the following after taking off any amount owing to Manulife:

(i) the last GMI;

(ii) the last NMI; and

(iii) any accumulated retirement income which has built up with interest (if not previously withdrawn).

Upon payment of the maturity benefit, this policy will end.

How to apply for DBS RetireSavvy

Visit DBS website for more details on the policy and the exclusions

Insurer's Contact Information

• Tel: +65 6833 8188
• Email: [email protected]