AXA Life Singapore launches AXA DIMENSIONS

AXA Life Insurance Singapore Private Limited announced the launch of GoldenSaver and TargetSaver, collectively known as AXA DIMENSIONS, to offer clients 110 percent guaranteed cash payouts, up to 150 percent of insurance protection and unlimited potential investment returns.

Steady Growth of Wealth
With GoldenSaver, clients will receive five guaranteed cash payouts from age 61 to age 65. The first four cash payouts will each amount to 20 percent of the targeted retirement amount, and the final cash payout at age 65 will be 30 percent of the targeted retirement amount.

For TargetSaver, clients will receive 110 percent of their targeted savings amount over four guaranteed cash payouts, from policy year 18 to 21. The first three cash payouts will each amount to 25 percent of the targeted savings amount and the final payout will be 35 percent of the targeted savings amount.

In addition, clients have three options when to receive the guaranteed cash payouts. They can either withdraw the cash, let it accumulate non-guaranteed interest with AXA or reinvest their cash payouts into any of AXA’s sub-funds to enjoy potentially greater returns.

Returns with Unlimited Growth Potential
TargetSaver and GoldenSaver clients may choose to grow their wealth by investing in any of the 15 investment-linked sub-funds offered by AXA Life Singapore. Unlike with traditional whole life or endowment plans where investment decisions are made by insurers, AXA DIMENSIONS clients will enjoy the freedom of choice among various funds that cover different geographical locations, sectors and asset classes to suit their specific risk preferences, time horizons and financial goals.

Both savings solutions are versatile to adapt to clients’ changing needs and goals across different life stages. If clients wish to set aside more savings, they can top up their investment at any time. Clients also gain bonus units, when the fund value reaches S$30,000 or more, which helps to boost their wealth further. In addition, clients can make unlimited fund switches at no extra charge whenever their risk preference changes or when they wish to capitalise on market opportunities. They can also make ad hoc withdrawals to meet specific needs.

Whole Life Insurance Coverage
With AXA DIMENSIONS, clients stand to enjoy whole life insurance coverage up to age 99 for protection against loss of life or terminal illness, and total and permanent disability cover up to age 65.

With TargetSaver, clients will enjoy insurance coverage equivalent to their targeted savings sum. For GoldenSaver, clients can look forward to protection of up to 150 percent of their targeted retirement sum, depending on their entry age.

Gilbert Pak, Chief Executive Officer of AXA Life Singapore, said, "Currently, most savings vehicles in the market, such as traditional whole life and endowment plans, offer a fixed sum of money based on the regular savings that clients set aside and potentially minimal returns over the years. In the case of endowment plans, the insurance coverage for a client terminates once the policy matures. This is not advantageous to a client, as it does not optimise his savings through the years, and his need for financial protection does not necessarily become less important as he gets older."

"This led us to innovate and think out of the box, to develop solutions which could help clients achieve the 3Cs - to enjoy certainty over their savings, be able to capitalise on market opportunities to grow their wealth, and enjoy coverage up to age 99. With TargetSaver and GoldenSaver, we are in fact bringing together the best of both worlds by drawing from the guarantee feature offered by traditional whole life and endowment plans, and the potential returns and continued coverage that clients find attractive about investment-linked plans,” Pak added.