Frequently Asked Questions

Silver Secure

Death benefit

  • Q:How much is payable for the death benefit?

    A:

    If the insured dies during the policy term, we will pay:

    • 100% of the total premiums paid if death happens within one year from the cover start date; or
    • $10,000 if death happens after one year from the cover start date.

    The policy will end when we make this payment.

  • Q:What happens if the insured commits suicide?

    A:

    The policy is invalid if the insured commits suicide within one year from the cover start date. We will refund the total premiums paid, without interest, from the cover start date.

Senior disease benefit

  • Q:How much is payable for the senior disease benefit?

    A:

    If the insured is diagnosed with any of the specified senior diseases during the policy term, we will pay you a monthly benefit from the date of the diagnosis until your policy ends.

    This benefit can be claimed only once.

    The monthly benefit is the ‘sum assured’ amount shown in the policy schedule.

    Please refer to the policy contract for the full definitions of each senior disease and the circumstances in which the insured can claim.

  • Q:How are the monthly benefits paid?

    A:

    We will pay the monthly benefit to you by directly crediting the monthly benefit to a bank account in Singapore (via GIRO) provided by you. We will not pay the monthly benefit via telegraphic transfer, cheque, bank draft or any other payment modes.

  • Q:Do I need to continue paying premiums?

    A:

    If you succeed in claiming the senior disease benefit, we will waive premiums that are due from the date the insured is diagnosed with the senior disease until your policy ends.

    The policy will continue to apply for the remaining unclaimed benefits during this period even though you are not paying the premiums.

Support benefit

  • Q:How much is payable for the support benefit?

    A:

    If you succeed in claiming the senior disease benefit, we will also pay you a lump sum amount which is equal to six times your monthly benefit.

    This benefit can be claimed only once.

Special benefit

  • Q:How much is payable for the special benefit?

    A:

    If the insured is diagnosed with any of the conditions covered under special benefit during the policy term, we will pay you a lump sum amount that is equal to three times your monthly benefit (where the lump sum amount is subject to a maximum of $6,000).

    For those conditions covered under special benefit requiring surgery or procedure, we will pay you the lump sum amount only when the insured has undergone the surgery or procedure.

    This benefit can be claimed only once.

Care benefit
Eligibility and premium payments

  • Q:What is the entry age?

    A:

    The entry age is from 40 to 74 years old (last birthday).

  • Q:What is the minimum and maximum monthly benefit for this policy?

    A:

    The minimum and maximum sum monthly benefits are $500 and $10,000 respectively. The insured may choose any amount in multiples of $100. The insured cannot be covered for more than $10,000 monthly benefit by buying multiple policies.

  • Q:Can I change the monthly benefit?

    A:

    Increase of monthly benefit is not allowed. You can increase your coverage by buying another Silver Secure policy. The insured cannot be covered for more than $10,000 monthly benefit by buying multiple policies.

    You can decrease the monthly benefit subject to the minimum monthly benefit of $500 per policy. Please complete the Alteration form for your life policy to submit your request. Underwriting will not be required for decrease in monthly benefit.

  • Q:What are the premium payment frequencies available?

    A:

    The premiums can be paid monthly, quarterly, half-yearly or yearly.

Application & processing

  • Q:Can I backdate my policy application?

    A:

    Yes, you can backdate your policy application to one day before the insured’s birthday if all of the following conditions are met:

    • Policy applications cannot be back dated earlier than 01 Jan 2016; and
    • Policy applications cannot be back dated for more than 6 months.

  • Q:What are the documents to be submitted for application?

    A:

    These are the standard documents needed for all applications:

    • Application form
    • Benefits Illustration and Product Summary
    • My Financial Portfolio / Fact Find Form
    • Copy of proposer’s / insured’s NRIC
    • Cash or cheque (Payable to “NTUC Income”) where applicable
    • GIRO form, where applicable

    Additional documents may be required, depending on the health condition of the insured and amount of coverage.

  • Q:When will the insurance coverage commence?

    A:

    Cover commences upon underwriting approval and receipt of premium payment. We will inform you the date of commencement of cover in writing.

  • Q:Will there be any insurance coverage while the application is being processed?

    A:

    We will refund the premium paid if the insured dies while the application is being processed.

  • Q:What are the methods of payment available?

    A:

    We offer the following payment methods for your convenience:

    • By GIRO deduction
    • By direct payment e.g. cheque, cash, NETS, credit card. Credit card payment is restricted to first premium payment for regular premium life insurance application. Subsequent premium payments have to be made using GIRO, cash or cheques.
    • By internet banking, AXS, ATM or phone banking.

    We encourage payment by GIRO deduction for regular premium payment as it reduces the administrative work for all parties involved.

  • Q:Can all types of credit card be used to make payment for first premium?

    A:

    Currently we only accept Master and Visa cards. Other cards such as Diners or American Express are not accepted.

  • Q:When will the premiums be deducted from credit card for first premium?

    A:

    Once the life insurance application has been approved and credit card details have been entered in our system, the premiums will be deducted within 5 working days.

  • Q:What is the arrangement for GIRO deduction?

    A:

    The arrangements are as follows:

    • GIRO Form
      1. You have to submit the GIRO form to authorise GIRO deduction.
      2. Kindly have the form verified by an insurance adviser / servicing staff before submission.
    • Commencement
      1. After receiving the GIRO form, we will arrange with the bank to start the deduction as early as possible. We will inform you in writing as soon as the arrangement is confirmed.
    • Deduction Dates
      1. The deduction dates in each month are the 6th day of the month (first attempt) and 18th day of the month (second attempt)
      2. The deduction date will be rescheduled to the next working day if the 6th or 18th day of the month falls on Sunday or Public Holiday.
      3. We will send you a notice if any premium cannot be deducted due to insufficient funds in the account.
    • Receipt

    We will not issue any receipt for premiums deducted through GIRO. The deduction will be shown in the bank statement.

  • Q:Can I request for the policy document to be hand delivered instead of being sent by post?

    A:

    Please note that the default option will be by post (i.e. policy document sent directly to policyholder – via normal/non-registered mail). If you wish the policy document to be hand delivered, please select “By Hand” option on the top right-hand corner of the application form.

Cash value & bonuses

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

    A:

    No, there is no cash value for this policy as this is a non-participating policy.

  • Q:Is this policy eligible for any bonus?

    A:

    No, this policy is not eligible for any bonus as this is a non-participating policy.

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

    A:

    No, there is no surrender value as this is a non-participating policy.