Tokio Marine Life Insurance Singapore Ltd Hot
Tokio Marine Life Insurance Singapore is one of Singapore’s most dynamic life insurance companies. It is a subsidiary of Tokio Marine & Nichido Fire Insurance Co. Ltd. and a member of Tokio Marine Holdings Inc.
Its reputation in Singapore as a leading life insurer has been gained through our strong historical investment returns, disciplined underwriting, and careful expense management. It remains the only life insurer in Singapore that has honoured all its bonus payments on its participating policies since it was established in 1948.
This insurer was awarded the inaugural ‘Best Employee Benefits Insurance Company of The Year 2008′ award by the Singapore Insurance Brokers’ Association. This award recognises an insurer for, inter-alia, having consistently excelled in services, plan selection and for providing first-class employee benefit solutions to the General and Employee Benefits brokers in Singapore.
- < $400
- > $400
User Ratings Summary
User rating summary from: 2 user(s)
Last resort car insurance
My car had a very big amount claimed for its car insurance last year when my wife crashed our car into a Mercedes. When it came to car insurance renewal, the original car insurance company refused to let us renew and when I asked around from the other more well known insurance company in Singapore, most of them also refused.
Then my friend recommended this insurance company to me. When I asked from Tokio Marine, they actually gave me a quotation. Although the premium was very much higher than our last year insurance but that was expected because there was a large sum claimed to our insurance before. At least this company was willing to take the risk with us and provide us with the required car insurance for road tax renewal.
Fantastic Benefits with Competitive Premiums
Reviewing an insurance company is difficult, because you experience their most important service (claims, of course!) only when something bad has happened to you. Also, it is difficult to assess a company based on the service of only one insurance agent or financial adviser rep, since a company can have many agents. Furthermore, most insurance policies require long-term commitment, which means there will be a period of bad service followed by another period of good service. So, I will review the company based on their products, or rather, their star products.
Tokio Marine Life (TM Life) started began their business in Singapore as Asia Life, which was little unknown compared to giants like AIA, GE and Prudential, who spend a lot of money on advertisements and other forms of marketing. However, as one financial adviser rep has told me, it is because Asia Life spent very little on marketing that it is able to pay the total amount of projected bonuses as promised to policyholders in both good times and bad. In fact, Asia Life, is the only insurance company in Singapore that was able to pay out bonuses as projected in its quotations; all other companies in the past had reduced bonuses during bad times. Today, Asia Life is known as Tokio Marine Life as it had been bought over by a Japanese Insurer called Tokio Marine.
Other strengths of TM Life insurance plans:
- some whole-life plans provide whole-life cover with limited-pay options and additional guaranteed minimum claim payout of 0.4x to 1.5x till age 70
- some endowment plans have higher guaranteed maturity values than total premiums paid
- waiver of premiums for child policies when either one parent passes away, or is diagnosed with total & permanent disability or critical illness
- term plans that cover as long as till age 99
- term plans including critical illnesses cover that are convertible to whole-life plans (without health underwriting)
- competitive premium rates
TM Life is not considered an innovator, but it is very good in building on concepts that other insurers had pioneered and offer much better benefits than the pioneer companies. The following are what I consider to be their star products with great benefits and/or competitive premiums:
1) TM EarlyCare: Early-payout critical illness term plan
2) TM Legacy Plus with EarlyCare and Dread Disease Accelerator Riders: Limited-pay whole-life participating plan with critical illnesses rider(s)
3) TM Retirement Life: Limited-pay whole life participating plan with lifetime guaranteed cash payouts
4) TM Education: Child education endowment plan
5) TM Nest Egg (Rewards15): 25-year endowment plan with 10-year limited pay
6) TM Enhanced Term Assurance or TM Term Assurance: Level term plans
7) TM Mortgage Protection: Mortgage insurance which includes 30 critical illnesses cover (ladies enjoy competitive rates)
Note that buying insurance is not retail therapy, so do not treat my review as my recommendation for you to buy these products. If you are searching for such products, you may look into them as one of your options for consideration. Please consult your licensed financial adviser rep first before making your decision. I cannot and will not advise you on what you should do in your situation.