Frequently Asked Questions
iTerm
General 123
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Q:Is there guaranteed renewal for this policy? Test 123
A:If there is no claim on this policy and the insured is below age of 80 at the time of renewal, we will allow renewal without underwriting up to the same amount of sum assured. We will renew the policy in multiples of 5 years. Each renewal term will not exceed the original contract term and the insured's 84th birthday. Test 123
Death & Terminal Illness Benefit
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Q:What is payable under the death benefit?
A:If the insured dies during the term of the policy, we will pay the sum assured. The policy will end when we make this payment. We will not pay the Death Benefit if the insured commits suicide within the first year of policy commencement. The policy will cease with immediate effect and we will refund the total premium payments received without interest. .
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Q:What is payable under the terminal illness benefit?
A:When the insured is certified to be terminally ill, we will pay the sum assured in one lump sum. The policy will cease after the benefit is paid.
Terminal illness means an illness which, in the opinion of the Registered Medical Practitioner involved and subject to acceptance by a registered medical practitioner appointed by us, is highly likely to lead to death within 12 months.
We will not pay this benefit if the claim arises from a terminal illness in the presence of Human Immunodeficiency Virus (HIV).
Total and Permanent Disability Benefit
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Q:What is the definition of “total and permanent disability”?
A:Total and permanent disability means the inability to take part in any paid work for the rest of the insured’s life, or total physical loss.
The insured must be unable to carry out any occupation. We do not pay if the insured is merely unable to perform the same job as before, or is unable to perform a job to which his or her training, education or experience is suited for.
Total physical loss means:
- the total and permanent loss of sight in both eyes;
- the loss of, or total and permanent loss of use of, two limbs at or above the wrist or ankle; or
- the total and permanent loss of sight in one eye and the loss of, or total and permanent loss of use of, one limb at or above the wrist or ankle.
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Q:What is payable under the total and permanent disability benefit?
A:In the event the insured is diagnosed as totally and permanently disabled before the age of 70 (last birthday), we will pay the sum assured. The policy will cease after the benefit is paid. We will pay this benefit in a lump sum, subject to a maximum payment of $1 million each year. If the benefit is more than $1 million, we will pay in yearly installments, provided that the insured remains in TPD. The maximum aggregate TPD benefit payable on the insured is $6.5 million (excluding any bonuses), inclusive of all in forced policies issued by us and by any other insurer.
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Q:What are the exclusions of total and permanent disability benefit?
A:We will not pay this benefit if your claim arises from:
- deliberate acts such as self-inflicted injuries, illnesses or attempted suicide;
- unlawful acts, provoked assault, or deliberate exposure to danger; or
- effects of alcohol or drug.
We do not pay if the insured is merely unable to perform the same job as before, or is unable to perform a job due to the limitations of his training, education or experience.
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Q:What is required when I submit a total & permanent disability claim?
A:You will need to provide us with a medical certificate by a registered medical practitioner certifying that the insured is totally and permanently disabled for at least six consecutive months.
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Q:Do I need to continue paying premiums while I am receiving the total & permanent disability benefit in instalments?
A:No, once we begin paying the Total and Permanent Disability Benefit, your policy and all riders (except for Extended Total and Permanent Disability Benefit) will cease immediately and you do not have to pay premiums.
Riders / Supplementary Benefits
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Q:What are riders / supplementary benefits?
A:Riders, also known as supplementary benefits, can be attached to a basic insurance policy to provide additional protection at lower cost.
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Q:Can Riders / Supplementary Benefit be added to this plan?
A:The following riders / supplementary benefits can be added to iTerm:
List of available riders Can riders be added after policy is in force? Essential Protect Yes Total Protect Yes Payor Premium Waiver Yes Enhanced Payor Premium Waiver Yes Dread Disease Premium Waiver Yes -
Q:When will the riders cease?
A:The riders will be automatically renewed at the end of its contract term, subject to the conditions as stated in the policy document. The renewal premiums are calculated based on the attained age of the Insured at time of renewal.
The rider will cease immediately when the basic policy is terminated.
Cash Value, Bonuses & Maturity Benefit
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Q:Is there any cash value or maturity value under this policy?
A:No, there is no cash or maturity value for this policy.
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Q:Is there any bonus given to this policy?
A:No, this policy is not eligible for bonus.
Eligibility and Premium Payments
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Q:What are the entry age and policy terms available?
A:The entry age is from 0 to 79 last birthday, with the following available policy terms:
Policy term Minimum entry age (last birthday) Maximum entry age (last birthday) Between 5 & 35 years, in multiples of 5 years 1 0 79 Up to age 54 (last birthday) 0 49 Up to age 64 (last birthday) 0 59 Up to age 74 (last birthday) 0 69 1 Note: Subject to the maximum coverage age is up to age 84 (LB)
If there is no claim on this policy and the insured is below age of 80 at the time of renewal, we will allow renewal without underwriting up to the same amount of sum assured. We will renew the policy in multiples of 5 years. Each renewal term will not exceed the original contract term and the insured's 84th birthday.
Premium payable upon renewal will be based on attained age.
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Q:Are premium rates guaranteed?
A:Premium rates are guaranteed throughout the policy term and applicable to standard lives.
Premium discount on larger size sum assured is applicable and reduces the premium payable. Premium discounts are already taken into account in the calculation of the premiums reflected in the benefit illustration. The premium discounts are not guaranteed and subject to review.
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Q:Can I use funds in Central Provident Fund or Supplementary Retirement Scheme to buy this policy?
A:No, you can only use cash to buy this policy.
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Q:What is the minimum and maximum sum assured for this policy?
A:The minimum sum assured is $10,000 or a monthly premium of $5.00 per policy, whichever is higher. The maximum sum assured for the policy is $499,999.
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Q:Can I backdate my policy?
A:Yes, you can backdate your policy up to six months, so that you can pay premiums based on a lower entry age.