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Long Term Endowment Plans/DBS SavvySpring (II)
Long Term Endowment Plans/DBS SavvySpring (II)
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Summary

DBS SavvySpring (II) is a 12-year endowment plan.

Features of the plan:

  • Be covered against Death, Total and Permanent Disability and Terminal Illness
  • Offset future premiums from end of policy year 3 or 6 with Yearly Guaranteed Cash Benefits
  • Guaranteed acceptance with no health questions asked
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DBS SavvySpring (II)

12 years

POLICY TERM

Regular

PREMIUM TERM TYPES

Death, TPD, and Terminal Illness

COVERAGE

N/A

MIN. GUARANTEED REGULAR PAYOUTS

100% of insured amount

LUMP SUM MATURITY BENEFIT

DBS SavvySpring (II)

12 years

POLICY TERM

Regular

PREMIUM TERM TYPES

Death, TPD, and Terminal Illness

COVERAGE

N/A

MIN. GUARANTEED REGULAR PAYOUTS

100% of insured amount

LUMP SUM MATURITY BENEFIT

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      Detailed Coverage of DBS SavvySpring (II)

      Maturity Benefit:

      If the life insured is alive on the maturity date and the policy is still in force, Manulife will pay the (maturity benefit) sum of the following after taking off any policy debt:

      (a) Guaranteed Maturity Value;

      (b) Accumulated Reversionary Bonus (if any); and

      (c) Maturity Bonus (if any); and

      (d) Accumulated Guaranteed Cash Benefit with non-guaranteed interest (if any).

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

      Surrender (Cash-In) Benefit:

      The policy will acquire a surrender (cash-in) value at the start of the second policy year, as long as the premiums are paid up-to-date and less any policy debt (or any amount owing to Manulife). In the event of non-payment of renewal premiums, the policy will lapse (ends due to not paying the premiums) if it does not have a surrender value.

      Death Benefit:
      In the event of death of the Life Insured during the policy term, the sum of the following will be paid in one lump sum:
      (a) Higher of
      (i) 105% of (the total premiums paid to date on the basic plan, less any Guaranteed Cash Benefit declared); or
      (ii) the guaranteed surrender (cash-in) value; and

      (b) Accumulated Reversionary Bonuses (if any);
      (c) Claim Bonuses (if any); and
      (d) Accumulated Guaranteed Cash Benefits with Manulife with non-guaranteed interest (if any);
      less any policy debt (or any amount owing to Manulife).

      Note: In (a)(ii) above, the guaranteed surrender value shall exclude accumulated Guaranteed cash Benefit with Manulife (if any). For added clarity, it also excludes the surrender value of any Reversionary Bonuses that have become declared and vested at the point of claim.

      Terminal Illness (TI) Benefit:

      If the Life Insured is diagnosed with TI before the end of policy term, 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 on agreement of Manulife appointed Medical Examiner, is likely to lead to death within twelve months from the date of diagnosis

      Total and Permanent Disability (TPD) Benefit:
      In the event of TPD before the policy anniversary immediately after the life insured’s 70th birthday, Manulife will pay the TPD benefit as an acceleration of the Death Benefit in a lump sum. The disability must last for a minimum period of six consecutive months before a claim can be admitted.

      How to apply for DBS SavvySpring (II)

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

      Insurer's Contact Information

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