1. The plan provides increasing guaranteed yearly retirement income and non-guaranteed yearly retirement income starting from the policy anniversary immediately after the life insured's 55th, 60th, 65th or 70th birthday till the policy anniversary immediately after the life insured's 99th birthday. The first guaranteed yearly retirement income payout is the sum insured value, and we will increase the guaranteed yearly retirement income by 4% of the sum insured value each year. The sum insured is a notional value and is not the benefit that will be paid upon the death of the life insured. The non-guaranteed yearly retirement income, which may be paid with the guaranteed yearly retirement income each year, is not guaranteed and the actual amount payable is dependent on the future performance of the participating fund.
2. The capital guarantee, which is derived based on yearly premium payment mode, applies only after the 8th, 9th and 14th policy year for plans with a premium payment term of 5, 10 and 15 years respectively; and if all yearly premiums due on the policy have been paid before the end of the grace period.
3. The policy will mature on the policy anniversary immediately following the life insured's 99th birthday, and will automatically terminate on the maturity date. Upon maturity, we will pay the guaranteed maturity value and a non-guaranteed terminal bonus, less amounts owing (if any).
4. In the event of death of the life insured while the plan is in force, we will pay the higher of 108% of the total yearly premiums due to-date or the guaranteed cash value and a non-guaranteed terminal bonus, less amounts owing (if any), outstanding premium (if any) and future instalment premiums which are required to make up the full year's premiums (if any).