Citibank has joined hands with Eagle Star International Life to launch InvestPlus, a 10-year plan combining long-term savings with fund investing and built-in life and disability insurance protection.

The scheme offers a choice of investing in five risk-graded funds - Guaranteed Accumulation Fund, Secure Fund, Blue Chip Fund, Performance Fund and Enhanced Growth Fund - and allows planholders to invest in any number of these funds in any proportion, with the freedom of switching funds at any time at no extra cost.

The life and disability insurance cover protects the plan in case of death or long-term disability. "The built-in life and disability protection component offers planholders the security of knowing that their original objectives can be met, even in the case of an unforeseeable event," said S.V. Rangan, Citibank's regional insurance director.

The minimum contribution is $200 per month or $2,000 per year. Planholders new to Citibank can open a no-minimum-balance account. All the applicable charges on InvestPlus cease on completion of the 10-year period, when holders can either redeem the accumulated value, maintain the accumulated investments for further growth, or continue contributions.

"With InvestPlus, investors can now take advantage of a highly versatile and flexible plan which allows them to prepare for specific future needs such as retirement or a child's education," chief executive Ahmed Bin Brek said.