Several insurers (not NTUC Income) sold large numebrs of Prime Life policies about 20 years ago. They paid a low rate of annual bonus, but promises special bonus of 300%, 400% and 500% of the accunmulated bonus on the 20th, 25th and 30th year.
They were not able to meet their projection. In reality, special bonus rates were something reduced to 100%, 150%, 200% respectively.
The policyhoholders who bought these plans suffered several cuts in their expected bonus payouts.
NTUC Income refused to issue this type of policy. We prefer to pay a higher rate of annual bonus, and to keep our special bonus at 25%. Our policyholders have enjoyed much better bonus compared to Prime Life plans.
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