Live life on your own terms with Tokio Ma­rine Life In­surance Sin­ga­pore’s suite of wealth and pro­tec­tion plans

Singapore Business Review - - EXECUTIVE EDUCATION FEATURE -

Tokio Ma­rine Life In­surance Sin­ga­pore (TMLS) has decades of ex­per­tise in the in­dus­try, and its prod­ucts are de­signed to ad­dress evolv­ing needs of the grow­ing mass af­flu­ent mar­ket.

“Our rep­u­ta­tion as a lead­ing life in­surer has been gained through our strong his­tor­i­cal in­vest­ment re­turns, dis­ci­plined un­der­writ­ing and care­ful ex­pense man­age­ment. From fi­nan­cial se­cu­rity to in­vest­ment to legacy plan­ning, our pri­or­ity is to meet the key fi­nan­cial needs of in­di­vid­u­als through a com­pre­hen­sive suite of in­surance plans,” says Be­van Cheong, Chief Trans­for­ma­tion Of­fi­cer at TMLS.

A re­cent sur­vey by Tokio Ma­rine Asia (TMA) shows that Mil­len­ni­als are re­luc­tant to in­vest time and money in some­thing which yields no im­me­di­ate and tan­gi­ble ben­e­fit. “What we found was that lack of un­der­stand­ing is a key rea­son for mil­len­ni­als who have not started their fi­nan­cial plan­ning,” notes Cheong.

Hence, to ad­dress the needs of this mar­ket which makes up a sig­nif­i­cant per­cent­age of the grow­ing mass af­flu­ent group, TMLS is com­mit­ted to help drive aware­ness on the role in­surance plans play in per­sonal fi­nan­cial plan­ning and also to de­vel­op­ing prod­ucts that cater to their chang­ing pri­or­i­ties.

“We are fo­cused on the devel­op­ment of prod­ucts that in­cor­po­rate el­e­ments of flexibilit­y and liq­uid­ity to cater to dif­fer­ent life stages of an in­di­vid­ual and the need to ac­cess to cash,” Cheong said.

TM At­las: Em­pow­er­ing con­sumers

Com­ple­ment­ing TMLS’ suite of wealth ac­cu­mu­la­tion and pro­tec­tion so­lu­tions, the TM At­las in­vest­ment-linked pol­icy (ILP) com­pris­ing of TM At­las Clas­sic and TM At­las Wealth are lim­ited-pre­mium, whole of life ILPS that give cus­tomers the flexibilit­y to cus­tomise their plan ac­cord­ing to their needs.

“We found from the TMA study on mil­len­ni­als that, trig­gered by their lifestages, con­sumers are tak­ing a more ac­tive role in re­view­ing their plans to help jug­gle mul­ti­ple pri­or­i­ties. For ex­am­ple, the fa­ther of a young fam­ily may want to pur­sue a Masters’ de­gree; he would need ad­di­tional funds, which he could with­draw from his TM At­las pol­icy.” Cheong added.

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 en­joy mul­ti­ple de­grees of liq­uid­ity such as par­tial with­drawals with­out penalty to pro­vide for cur­rent needs or im­por­tant mile­stones like pur­chas­ing their first prop­erty.

TM At­las se­ries of­fers an ini­tial bonus of up to 22% and 19.5% per an­num of an­nu­alised reg­u­lar pre­mium paid over the first five years; and a yearly bonus there­after of up to 0.5% and 0.3% per an­num of the ac­cu­mu­lated units ac­count value, for TM At­las Clas­sic and TM At­las Wealth re­spec­tively.

“Cus­tomers can con­tinue to in­vest even after the pre­mium pay­ment term has ended. Other flex­i­bil­i­ties in­clude the op­tion to choose their pre­ferred fund op­por­tu­ni­ties as well as the cur­rency to in­vest in,” Cheong says.

Safe­guard­ing health

De­spite want­ing to fo­cus on their as­pi­ra­tions, mil­len­ni­als in Sin­ga­pore also ex­pressed a lack of con­fi­dence in manag­ing un­ex­pected costs due to di­ag­no­sis of a crit­i­cal ill­ness and/or heavy in­jury due to ac­ci­dents.

Ad­dress­ing this need and ca­ter­ing to the glob­ally mo­bile, TMLS, to­gether with the Hen­ner Group of­fers Care & Health plans that cover both pre- and post hos­pi­tal­i­sa­tion charges and any pre-ex­ist­ing med­i­cal con­di­tions fol­low­ing acceptance of the con­di­tion by the in­surer.

It also cov­ers treat­ment for cancer, chronic con­di­tions and crit­i­cal con­di­tions. It in­sures against un­fore­seen ill­nesses or ac­ci­dents out­side the zone of cover for up to 90 con­sec­u­tive days. For prospec­tive par­ents, new­borns are cov­ered from date of their birth and med­i­cal un­der­writ­ing is not re­quired.

Meet­ing con­sumers’ fi­nan­cial plan­ning needs

Liv­ing life on your own terms is TMLS’ commitment to pro­vid­ing best in class prod­ucts, ca­ter­ing to the needs of ev­ery stage of their cus­tomers’ life. “We also hope with our out­reach efforts, we can help bridge the gap on the lack of un­der­stand­ing to­wards in­surance amongst mil­len­ni­als.” Cheong says.

“What we found was that lack of un­der­stand­ing is a key rea­son for mil­len­ni­als who have not started their fi­nan­cial plan­ning.”

TMLS is com­mit­ted to de­vel­op­ing flex­i­ble prod­ucts that cater not only to mil­len­ni­als but also to other con­sumers.

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