Frequently Asked Questions

Senior Plan testing

Death Benefit

• Q:What is the exclusion for death benefit?

  A:

  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 received without interest.

Total and permanent disability benefit

• Q:Do I need to continue paying premiums while I am receiving the total and permanent disability benefit in instalments?

  A:

  No, once we begin paying the total and permanent disability benefit, your policy will cease immediately and you do not have to pay premiums.

• Q:How does Income pay the total and permanent disability benefit?

  A:

  In the event the insured is diagnosed as totally and permanently disabled or dies before the age of 70 (last birthday), we will pay the benefit as follows:

  When the total and permanent disability or death happens	Benefit
  During the 1st policy year	20% of sum assured
  During the 2nd policy year	40% of sum assured
  During the 3rd policy year	60% of sum assured, and 100% of bonuses
  During the 4th policy year	80% of sum assured, and 100% of bonuses
  Future years	100% of sum assured, and 100% of bonuses

  
  However, if the total premiums paid are more than the benefit, and the policy is not already paid-up, we will refund the premiums paid instead. We count the policy year from the policy entry date.
  
  We will pay this benefit in a lump sum, up to $1 million each year. If the benefit is more than $1 million, we will pay in yearly installments. The policy will cease after the benefit is paid. The maximum aggregate total and permanent disability benefit payable on the insured is S$6.5 million (excluding any bonuses), inclusive of all in forced policies issued by us and by any other insurer.
   

• 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
  • effects of alcohol or drugs

  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.

  We will also not pay this benefit unless the insured is certified by a registered medical practitioner to have been totally and permanently disabled for at least six months in a row.

• Q:What is required when I submit a total and 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 months consecutively.

• 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
  • 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

Riders / supplementary benefits

• Q:Can I add or remove riders after the policy is in force?

  A:

  No, you cannot add riders for this plan.

Cash value and bonuses

• Q:Is there any cash value for this policy?

  A:

  Yes, your policy will have a cash value when premiums have been paid for at least two years.

• Q:Is there a surrender value for my policy?

  A:

  Yes, your policy has a surrender value after you have paid premiums for two years. However, buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value may be less than the total premiums paid.

• Q:Is this policy eligible for any bonus?

  A:

  Yes, your policy is eligible to bonuses after the end of the second policy year. There are two types of bonuses.

  • Annual Bonus is added to your policy each year.
  • Terminal Bonus is an extra bonus that we pay at the time of claim or when you surrender your policy.

  Bonuses are not guaranteed. They are recommended by our Appointed Actuary and approved by our Board of Directors.

Eligibility and Premium Payments

• 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.

• 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.

• Q:Is the premium payable for this policy guaranteed?

  A:

  Yes, the premium payable is guaranteed.

• Q:What is the minimum and maximum sum assured for this policy?

  A:

  The minimum sum assured is $10,000. The maximum sum assured is set at $15,000 per Insured.

Policy loan

• Q:Can I take a policy loan?

  A:

  Yes, you can take a policy loan subject to the prevailing terms and conditions.