AXA launches the only suite of retirement solutions in the market designed to mitigate inflation post-retirement.
AXA Life Insurance Singapore has launched “Retire Happy”, the only suite of retirement solutions that exists today in the market to offer guaranteed increasing retirement payouts. This is an inflation-management retirement product for clients seeking a stable investment option in today’s volatile markets. Retire Happy helps clients to maintain their current lifestyles and indulgences, with a guaranteed increasing payout at 3.5 percent each year.
Glenn Williams, CEO of AXA Life Insurance Singapore, said, “We’re quietly confident of its appeal to the target market, especially with its guaranteed increasing payouts; highly competitive overall guaranteed returns of up to 2.75 percent per annum; flexibility and guaranteed issue for a hassle-free experience.” The new solutions also offer coverage for death and terminal illness.
Retire Happy is highly customisable. Clients can choose from a variety of features, such as six premium options from a single premium all the way to 25 years; five retirement ages from age 50 to age 70; a minimum of five years accumulation period; and four payout types with level and inflating options. Another feature of the solution is the Longevity Benefit, a lump sum payout which would be paid at maturity, so that customers can enjoy an additional benefit should they live beyond their planned retirement period.
Williams added, “At AXA, we understand that endowment is only part of the picture, when it comes to retirement. … With Retire Happy, clients can enjoy the peace of mind, knowing that their asset value enjoys some level of protection, buffered by increasing income post-retirement over the next 15, to 20 years.”
Illustration on how Retire Happy works:
Mary Wong is a 35-year-old sales manager, who is married with three children. She took up the AXA Retire Happy to allow herself a comfortable lifestyle after her retirement, and to manage post-retirement inflation.
Mary chose the 15-year increasing retirement payout option, paying S$1,220 per month. As such, she will pay a total of S$219,600 over 15 years. At the age of 65, she will be able celebrate the start of her retirement happily, receiving a guaranteed increasing payouts of 3.5 percent per annum, and a projected Longevity Benefit (LB) of S$659,377 at maturity.
How Retire Happy works:
More information about Retire Happy can be found at www.axa.com.sg/retire or 1800 880 4888.