Frequently Asked Questions

Smart Secure

Product Coverage

• Q:What is Smart Secure?

  A:

  Smart Secure is a 4-year non-participating, single premium endowment insurance plan.

  Cash benefits are payable each year, starting from the end of the first policy year till the end of the third policy year. If there is no claim from the policy, it will pay a maturity benefit at the end of the policy term. This plan also provides protection against death and total and permanent disability (TPD before the age of 70) during the term of the policy.

• Q:Is there guaranteed acceptance for this plan?

  A:

  Yes, there is guaranteed acceptance for this plan regardless of the insured’s health condition. However, financial underwriting is applicable.

Death Benefit

• Q:What is the death benefit payable?

  A:

  Upon death of the insured during the term of the policy, we will pay 105% of the sum assured, less all cash benefits paid.

  Any policy loan and interest will be deducted from the benefit amount payable.

  The policy terminates thereafter.

• Q:What are the exclusion(s) for death benefit?

  A:

  We will not pay the death benefit if the insured commits suicide within one year from the date:

  • we issue the policy
  • we issue an endorsement to include or increase a benefit or
  • we reinstate the policy

  whichever is latest. The policy will cease with immediate effect and we will refund the total premiums paid without interest.

Total and permanent disability (TPD) benefit

• Q:What is the TPD benefit payable?

  A:

  Upon diagnosis of the insured with a TPD (before the age of 70) during the term of the policy, we will pay 105% of the sum assured, less all cash benefits paid.

  Any policy loan and interest will be deducted from the benefit amount payable.

  The policy terminates thereafter.

• Q:What is the definition of TPD, Total physical loss and Severe disability?

  A:

  TPD, and totally and permanently disabled, mean any of the below.

  • If the insured is under 65 years old, TPD, and totally and permanently disabled mean total physical loss, or the inability to take part in any paid work for the rest of a person’s life.
  • If the insured is 65 years old and above (but under 70 years old), TPD, and totally and permanently disabled mean total physical loss, or severe disability.

  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.

  Severe disability means the inability to perform at least three of the following activities of daily living, even with the aid of special equipment and always needing the help of another person throughout the entire activity.

  • Washing – the ability to wash in the bath or shower (including getting into and out of the bath or shower) or wash satisfactorily by other means;
  • Dressing – the ability to put on, take off, secure and unfasten all garments and, as appropriate, any braces, artificial limbs or other surgical appliances;
  • Transferring – the ability to move from a bed to an upright chair or wheelchair and vice versa;
  • Mobility – the ability to move indoors from room to room on level surfaces;
  • Toileting – the ability to use the lavatory or otherwise manage bowel and bladder functions so as to maintain a satisfactory level of personal hygiene;
  • Feeding – the ability to feed oneself once food has been prepared and made available.

• Q:What are the exclusion(s) for TPD 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
  • the effects of alcohol, drugs or any dependence.

  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.

Cash Benefit

• Q:What is the cash benefit payable?

  A:

  If the insured survives at the end of one year from the policy entry date, we will begin to pay out a cash benefit.

  Each cash benefit is 25% of the sum assured and we pay it every year till the end of the third policy year as long as the insured is still alive and this policy has not ended. We will pay the first cash benefit one year from the policy entry date.

• Q:What can I do with my cash benefit?

  A:

  You can choose to use the cash benefit to fund premiums of a specified savings plan or receive it as a payout.

  You can use the cash benefit to fund premiums of a specified savings plan if all of the following conditions are met:

  • the policy number of the specified savings plan is stated in the application for this policy;
  • the cash benefit amount is the same amount as the annual premium of the specified savings plan;
  • the policy entry date for this policy and the specified savings plan is the same; and
  • you are the policyholder of this policy and the specified savings plan when the policies are issued.

  You will receive the cash benefit as a payout if any of the above conditions are not met.

• Q:What is the definition of specified savings plan?

  A:

  Specified savings plan means the savings plan to be funded by the cash benefit of this policy. The savings plan must meet all of the following conditions:

  • the payment term is 5 year(s);
  • the payment mode is yearly;
  • it has no rider(s) attached; and
  • the policy entry date is not backdated.

• Q:What are the plans that meets the requirements of a specified savings plan?

  A:

  The eligible specified savings plans are: Limited Pay RevoSave, RevoRetire and RevoSecure. We may review and change the eligible specified savings plan from time to time.

• Q:How do I inform Income of my choice for the cash benefits?

  A:

  During your application, if you have chosen to fund premiums of a specified savings plan, you may change your choice by giving us your instruction at least 30 days before the next cash benefit is due.

  Once you have chosen to receive the cash benefit as a payout, you cannot later choose to use the cash benefit to fund premiums of a specified savings plan.

• Q:What will cause my cash benefit option to be automatically changed to received as a payout?

  A:

  If you have chosen to fund premiums of a specified savings plan, the following events will result in an automatic change of cash benefit option to be received as a payout:

  • change in the ownership of this policy including assignment, bankruptcy, trust and vesting;
  • increase in the total premium payable for the specified savings plan;
  • premium funding for the specified savings plan is no longer required; or
  • cash benefit, after deduction of payments for loans if any, is less than the annual premium of the specified savings plan

Cash Value, Bonuses and Maturity Benefit

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

  A:

  Yes, cash value is available after the single premium is paid.

• Q:What is the maturity benefit payable?

  A:

  If the insured survives at the end of the policy term and this policy has not already ended, we will pay 25% of the sum assured.

  If you have chosen to fund premiums of a specified savings plan, the maturity benefit will also be used to fund premiums of the specified savings plan.

  Any policy loan and interest will be deducted from the benefit amount payable.

  The policy terminates thereafter.

• 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.

Policy Loan

• Q:Can I take a policy loan?

  A:

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

Eligibility and Premium Payment

• Q:Can I use funds in Central Provident Fund (CPF) or Supplementary Retirement Scheme (SRS) to buy this policy?

  A:

  No, you can only use cash to buy this policy.

• Q:What are the minimum and maximum entry ages?

  A:

  Policyholder

  Minimum	Maximum
  10*	Not applicable

  *Individuals who take up the policy on their own from 10 to 15 years old (age last birthday) will require parental/legal guardian’s consent. Parents cannot take up policies on the lives of their children who are 18 years old (age last birthday) and above.

  Insured

  Minimum	Maximum
  0	75

• Q:Can I backdate my policy?

  A:

  No, you cannot backdate your policy.

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

  A:

  The minimum sum assured is $60,000 per policy. The maximum sum assured would be subjected to financial underwriting.