Life Insurance Corporation’s Wealth Plus 3.1

1. Who is suitable for LICS's Wealth Plus 3.1?

   LICS's Wealth Plus 3.1 is suitable for individuals who prefer guaranteed returns and capital protection, with a short-term investment horizon.

2. What are the benefits covered under LICS's Wealth Plus 3.1?

   LICS's Wealth Plus 3.1 provides death benefit, accidental death benefit, Total Permanent Disability (TPD) benefit and maturity benefit.

3. What is the minimum and maximum premium size for LICS’s Wealth Plus 3.1?

   LICS's Wealth Plus 3.1 has a minimum premium of S$20,000 and maximum premium of S$200,000.

4. What are the minimum and maximum ages for LICS’s Wealth Plus 3.1?

   Individuals from ages 18 to 70 (next birthday) are eligible to apply for LICS's Wealth Plus 3.1.

5. Is there a limit to the number of policies you can purchase?

   No, there is no limit. Multiple policies are allowed under the same life insured, subject to a maximum aggregate single premium of S$200,000 per tranche.

6. If I am a foreigner, can I apply for LICS’s Wealth Plus 3.1?

   Yes, if you are residing in Singapore at the time of application, with a valid pass that has a minimum validity period of 6 months from the proposal signed date. However, foreigners from sanctioned countries will be turned down.

7. What are the acceptable source of funds for LICS’s Wealth Plus 3.1?

   The Single Premium payment can be made via internet banking, Cheque or Cashier's Order only, payable to " Life Insurance Corporation (Singapore) Pte Ltd".

   If submitting a Cashier's Order, please submit a copy of cashier’s order application form or a copy of the debit advice showing the payer’s details.

8. Can I use my SRS funds to apply for LICS’s Wealth Plus 3.1?

   No, SRS funds cannot be used for LICS's Wealth Plus 3.1. The Single Premium payment has to be made via internet banking, Cheque or Cashier's Order.

9. Is there any medical requirements for LICS’s Wealth Plus 3.1?

   No medical examination is needed.

10. Can I make nomination?

    Yes, you can assign or nominate anyone as a beneficiary.

InsureDIY is a Broker licensed by the Monetary Authority of Singapore and is an Exempt Financial Adviser. 

This policy is underwritten by LIC (Singapore) Pte. Ltd. (UEN: 201210695E) This content is for reference only and is not a contract of insurance. Full details of policy terms and conditions can be found in the policy contract. The information contained on this product advertisement is intended to be valid in Singapore only and shall not be construed as an offer to sell or solicitation to buy or provision of any insurance product outside Singapore. As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid. You should seek advise from a financial adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you.

This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC).​ Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact your insurer or visit the LIA or SDIC websites (www.lia.org.sg or www.sdic.org.sg).

Information accurate as at 4th March 2024. This advertisement has not been reviewed by the Monetary Authority of Singapore.