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CO-WRITTEN / PARTNER | Staff Reporter, Singapore

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

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 life-stages, 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 among millennials,” Cheong says.

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