Frequently Asked Questions

VivoCash Prime

Product Coverage

• Q:What is VivoCash Prime?

  A:

  VivoCash Prime is a participating, regular premium whole life insurance plan with a policy term which lasts until the anniversary immediately after the insured’s 100ᵗʰ birthday. The premium terms available are 5, 10, 15 or 20 years.
   
  

  This plan provides protection against death during the policy term. It also provides a waiver of premium on total and permanent disability (before age 70) during the policy term.

• 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:

  We will pay the benefit shown in the table below together with any cash benefits and cash bonuses which have been accumulated. If you choose to receive the cash benefit in monthly payments, we will also pay the remaining monthly cash benefit payments and cash bonuses for the policy year that we have not paid you.
   

  When death happens	Benefit
  During the first 5 years from the policy entry date	105% of all net premiums paid, and a terminal bonus
  After the first 5 years from the policy entry date	110% of all net premiums paid, and a terminal bonus

   
  Any policy loan and interest will be deducted from the benefit amount payable.
   
  The policy terminates thereafter.
   
  You may refer to the Policy Conditions for the definition of the “net premiums”.
   

• Q:What are the exclusions 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 Permanently Disability (TPD) Premium Waiver Benefit

• Q:What is a TPD Premium Waiver Benefit?

  A:

  If the insured becomes totally and permanently disabled (before the age of 70) during the premium term, you will stop making premium payments on the policy for the remaining premium term.
   
  

  The policy will continue to apply (as if premiums have been paid) during this period even though you are not paying the premiums.
   
  

  You cannot change the premium term or increase the sum assured after you claim this benefit.

• Q:What is the definition of TPD?

  A:

  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 exclusions of TPD Premium Waiver Benefit?

  A:

  We will not pay this benefit if the 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 as totally and permanently disabled for at least six months in a row.

• Q:What is required when I submit a claim for TPD Premium Waiver Benefit?

  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 in a row.

Cash Benefit

• Q:What are cash benefits?

  A:

  If the insured survives at the end of five years from the policy entry date, and if premiums for this policy have been paid for at least five years, a cash benefit will be paid.
   
  

  Each yearly cash benefit is 2.1% of the sum assured and will be paid every year up to age 100 of the insured provided the insured is still alive and the policy has not ended.
                 
  

  If the sum assured of the policy is at least $80,000, the yearly cash benefit can be paid in monthly payments. The amount of each monthly cash benefit payment will be worked out. The monthly cash benefit payment will be paid every year up to age 100 of the insured provided the insured is still alive and the policy has not ended.
   
  

  You cannot change the frequency you receive the cash benefit (yearly or monthly) after the first cash benefit is paid out.

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

  A:

  You can exercise any of the following options:

  • Receive it as a payout; or
  • Deposit with Income at prevailing interest rates, currently at 3.25% p.a.

   
  The interest rate for the cash benefits is not guaranteed. Prevailing interest rate at the point of deposit as determined by Income will apply.
   
  

  When your policy comes to an end, any cash benefits deposited with Income will be paid out.

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

  A:

  We will write to you before the first cash benefit is due to confirm how you would like to use it. We will then follow this same choice for the later cash benefits, unless you tell us your choice at least 30 days before the next cash benefit is due. If there is no response from you, we will make a choice for you.
   
  

  The default option will be set out in the letter. You should inform us if your choice is different from the default option.

Special Cash Benefit

• Q:What is a Special Cash Benefit?

  A:

  We will pay a special cash benefit equivalent to 4% of the sum assured 20 and 30 years from the policy entry date in addition to the cash benefit.

Retrenchment Cash Benefit

• Q:What is the Retrenchment Cash Benefit?

  A:

  If you are retrenched, we will pay you a one-time benefit that is equivalent to one yearly cash benefit (in other words, 2.1% of the sum assured). You cannot place this retrenchment cash benefit in the deposit account to earn interest. You can only receive it as a payout.

• Q:When can I make a claim for this benefit?

  A:

  You can make a claim when all the following conditions are met:

  • You must have paid at least six months’ premiums;
  • Your retrenchment takes place at least six months after the cover start date; and
  • You are not able to find employment for three months in a row after being retrenched.

• Q:What are the definitions of Retrenched, Retrenchment and Employer?

  A:

  Retrenched and Retrenchment are defined as losing your job as a result of redundancy or because your Employer’s profession, business, trade or work is re-organised.
   
  

  Employer is defined as any person, company, association, club, society or organisation that is formed, incorporated or registered in Singapore and which employs people. This includes the Government and any statutory organisation or authority in Singapore.

• Q:What are the exclusions for Retrenchment Benefit?

  A:

  We will not pay this benefit if the claim arises directly or indirectly from you:

  • retiring, leaving after a probation period, resigning or being dismissed;
  • suffering a psychological condition, disability or illness;
  • taking part in a labour dispute;
  • coming to the end of an employment contract;
  • being involved in a staff-reduction programme or unemployment you knew was going to happen before the cover start date;
  • being employed for less than six months by an employer; or
  • being employed by an employer not incorporated or registered in Singapore.

• Q:Do I need to notify Income in advance if I know that I will be retrenched soon?

  A:

  There is no need to inform us in advance because you can only claim for this benefit if you are unable to find employment for three months in a row after being retrenched.

• Q:How many times can I claim for this benefit?

  A:

  You can only claim for this benefit once under your policy.

• Q:Does this benefit cover the attached riders?

  A:

  No, this benefit does not cover the riders attached.

Centennial Maturity Benefit

• Q:What is the Centennial Maturity Benefit payable?

  A:

  If the insured survives at the end of the policy term, that is the anniversary immediately after their 100ᵗʰ birthday, and the policy has not already ended, we will pay 120% of all net premiums paid and a terminal bonus.
   
  

  We will also pay any cash benefits and cash bonuses which have built up (accumulated). Any policy loan and interest will be deducted from the benefit amount payable.
   
  

  The policy terminates thereafter.

Guarantee Insurability Option to Buy Another Life Policy

• Q:When will the guarantee insurability option to buy another life policy be available?

  A:

  If the insured experiences any of the following life events, the insured may choose to take up a new policy (with only death and total and permanent disability benefits) on their own life, without evidence of good health:

  • turning 21
  • marriage
  • divorce
  • becoming a parent
  • death of spouse
  • purchase of a residential property

• Q:What are the conditions that must be met to exercise this option?

  A:

  The following conditions are to be met to exercise the option to buy another life policy:

  • The sum assured for the new life policy is capped at $100,000 or 50% of the sum assured of the VivoCash Prime policy, whichever is lower.
  • The insured must take up this option within 3 months after the date of the relevant life event.
  • The insured must not be totally and permanently disabled, or be diagnosed with an advanced-stage dread disease when the option is exercised.
  • The insured must be 50 years old or under when the option is exercised.
  • The life event must have taken place no earlier than 12 months after the cover start date of the VivoCash Prime policy.
  • At our request, the insured must provide to our satisfaction, documentary proof of a life event.
  • The insured can exercise this option no more than two times. Each time the option is exercised, it must be on a different life event.
  • If we have added any special terms to this policy (such as extra exclusions or an increased premium), we will also add these terms to the new policy which the insured takes up.

• Q:What are the plans that I can apply under the guaranteed insurability option?

  A:

  The insured has the option to buy another new life policy which covers only death and total and permanent disability. The list of plans available under the guaranteed insurability option are:

  • Endowment Policy
  • iTerm
  • Limited Premium Protection
  • Protection Policy
  • RevoSave
  • VivaLink
  • VivoAssure

Cash Value and Bonuses

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

  A:

  Yes, for all premium terms, cash value is available after 2 years of premiums are paid.

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

  A:

  No, there is no cash value for riders.

• Q:Is this policy eligible for any bonus?

  A:

  Yes, there are two types of bonuses:

  • a cash bonus may be payable starting from the end of the 5ᵗʰ policy year up to the termination of the policy. You can choose to leave both the cash benefit and cash bonus with Income to accumulate at the prevailing interest rate.
  • a terminal bonus (TB) may be payable upon claim, maturity or surrender of the policy. The TB will be expressed as a percentage of the sum assured.

   
  These bonuses are not guaranteed and will be determined annually. They are recommended by our Appointed Actuary and approved by our Board of Directors.

Policy Loan

• Q:Can I take a policy loan?

  A:

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

Riders Supplementary Benefits

• 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.

• Q:Can Riders / Supplementary Benefit be added to this plan?

  A:

  Only the Cancer Premium Waiver (GIO) (for 1ˢᵗ and 3ʳᵈ party policy) can be attached to this plan. Upon diagnosis of the insured with any one of the major cancers after one year from the cover start date and during the term of the rider, it will waive future premiums on the policy for the remaining term of the rider. The total sum assured for this rider is capped at $500,000 per insured for all in-forced policies.

• Q:Can Cancer Waiver Premium (GIO) be added or removed after policy is in force?

  A:

  Yes, it can be removed after the policy is in-force. However it cannot be added to basic plan at mid-term.

Eligibility and Premium Payments

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

  A:

  	Minimum	Maximum
  Insured	0	70
  Policyholder	10*	N.A.

   
  *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.

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

  A:

  The minimum sum assured is $25,000 per policy. The maximum sum assured is subject to financial underwriting.

• Q:What is the premium term?

  A:

  You have a choice to select a premium term of 5, 10, 15 or 20 years. You cannot change your premium term after a claim has been made on the TPD Premium Waiver Benefit.

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

  A:

  Yes, premiums are level throughout the premium term and are guaranteed.

• 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:Can the policy be backdated?

  A:

  Yes, the policy can be backdated subject to terms and conditions.