Frequently Asked Questions

VivoWealth Solitaire

Accidental death and accidental TPD benefit

• Q:What is the accidental death and accidental TPD benefit payable?

  A:

  Upon accidental death of the insured before the age of 70 or upon diagnosis of TPD of the insured due to an accident before the age of 70 (within 365 days of the accident), we will pay 105% of the net single premium in addition to the death benefit or TPD benefit respectively. If death or TPD occurs due to the insured’s involvement in any restricted activity at the time of the accident, we will pay 63% of the net single premium instead on top of the death benefit or TPD benefit.

  Restricted activity means any of the following activities:

  1. Duties as firefighters, police force personnel, fishermen, armed security guards, aircrew, ship crew, marine salvage crew, oil riggers, dock workers, drivers, despatch riders, driving instructors, bodyguards and bouncers.
  2. Any activities involving explosives, heavy machinery, woodworking, dangerous gases or substances, using underwater breathing apparatus, work on construction or demolition sites, work at heights above 10 metres, work in underground tunnels, oil and gas rigs or offshore work.
  3. Military, air force or naval operations in peacetime, including training and exercises for national servicemen or reservists in peacetime.
  4. Motorcycling whether as rider or pillion rider.
  5. Professional sports, any form of race (except racing on foot, cycling or swimming), action or adventure sports that involve speed, height at above 10 metres, highly specialized gear, stunts or using underwater breathing apparatus. This definition includes rock climbing, mountaineering, parachuting, white-water rafting, horse riding, winter sports and scuba diving.

• Q:What is the definition of accident or accidental?

  A:

  Accident and accidental mean an unexpected incident that results in an injury or death. The injury or death must be caused entirely by being hit by an external object that produces a bruise or wound, except for injury or death caused specifically by drowning, food poisoning, choking on food, or suffocation by smoke, fumes or gas.

Product Coverage

• Q:Is there guaranteed acceptance?

  A:

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

• Q:What is VivoWealth Solitaire?

  A:

  VivoWealth Solitaire is a participating, single-premium whole-life plan with a policy term that lasts until the anniversary immediately after the insured’s 100th birthday.

  Cash benefits are payable each month, starting from the 61st month from the policy entry date. In addition, a special cash benefit will also be paid out after the end of the 20th and 30th policy year.

  This plan also provides protection against death, accidental death, total & permanent disability (TPD) and accidental TPD during the policy term (if accidental death, TPD and accidental TPD occur before the age of 70).

Cash benefits

• 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.

• Q:What are cash benefits?

  A:

  If the insured survives at the end of five years from the policy entry date, we will pay a monthly cash benefit equivalent to 0.13% of the net single premium (i.e. 1.56% of the net single premium annually) at the start of each policy month up to the policy anniversary immediately after the insured’s 100th birthday provided the insured is still alive and the policy has not ended. The first monthly cash benefit is payable at the start of the 61st month from the policy entry date.

  In addition, we will also pay a special cash benefit equivalent to 1.56% of the net single premium after the end of the 20th and 30th policy year in addition to the monthly cash benefit. The special cash benefit will be paid in a lump sum together with the monthly cash benefit payable at the start of the 241st and 361st policy month from the policy entry date.

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

  A:

  You can exercise any one 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.

Total and permanent disability (TPD) benefit

• Q:What is the definition of TPD?

  A:

  If the insured is under 65 years old, TPD 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:

  1. the total and permanent loss of sight in both eyes;
  2. the loss of, or total and permanent loss of use of, two limbs at or above the wrist or ankle; or
  3. 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.

  1. 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.
  2. Dressing ‐ the ability to put on, take off, secure and unfasten all garments and, as appropriate, any braces, artificial limbs or other surgical appliances.
  3. Transferring ‐ ability to move from a bed to an upright chair or wheelchair and vice versa.
  4. Mobility ‐ the ability to move indoors from room to room on level surfaces.
  5. Toileting ‐ the ability to use the lavatory or otherwise manage bowel and bladder functions so as to maintain a satisfactory level of personal hygiene.
  6. Feeding ‐ the ability to feed oneself once food has been prepared and made available.

• Q:What is the TPD benefit payable?

  A:

  Upon diagnosis of the insured with TPD (before the age of 70), we will pay 105% of the net single premium paid and a terminal bonus will be paid out.

  Any deposited cash benefits and cash bonuses will also be paid out. Any policy loan and interest will be deducted from the benefit amount payable.

  The policy terminates thereafter.

• Q:How does Income pay the TPD benefit?

  A:

  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 same insured is S$6.5 million (excluding any bonuses), inclusive of all in forced policies issued by Income and by any other insurer.

  Once we begin paying the TPD benefit, the policy will immediately end and there is no need to pay future premiums.

• Q:What are the exclusions for TPD benefit?

  A:

  We will not pay this benefit if your claim arises from:

  1. deliberate acts such as self-inflicted injuries, illnesses or attempted suicide;
  2. unlawful acts, provoked assault, or deliberate exposure to danger; or
  3. 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.

• Q:What is required when I submit a TPD 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.

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 net single premium and a terminal bonus.

  Any deposited cash benefits and cash bonuses will also be paid out. Any policy loan and interest will be deducted from the benefit amount payable.

  The policy terminates thereafter.

• Q:What is the exclusion for death benefit?

  A:

  We will not pay the death benefit if the insured commits suicide within one year from the cover start date. The policy will cease with immediate effect and we will refund the total premium received without interest.

Cash value bonuses and maturity benefit

• Q:Is the policy eligible for any bonus?

  A:

  Yes, a terminal bonus may be payable upon claim, maturity or surrender of the policy. This terminal bonus is not guaranteed and will be determined annually.

  This terminal bonus is not guaranteed and will be determined annually.

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

  A:

  Yes, the surrender value upon surrender of the policy consists of a guaranteed and a non-guaranteed surrender value component.

Deposits

• Q:Can I top up to my deposits?

  A:

  You can only top up using subsequent cash benefits at the time when they are due. Topping up of deposits after the cash benefit is withdrawn, or using cash is not allowed.

• Q:What are deposits?

  A:

  Deposits are cash benefits that you have deposited with us to earn interest.

• Q:How is the interest computed?

  A:

  Interest for deposits is computed daily.

• Q:What is the current interest rate for deposits?

  A:

  The current interest rate for deposit is 3.25% p.a. This is not guaranteed and is subjected to review.

• Q:When can I withdraw my deposits?

  A:

  Withdrawals can be made anytime, subject to a minimum amount for each withdrawal. The current minimum amount is $500 and this is subject to review.

   

• Q:What happens to my deposits when my policy is no longer in force?

  A:

  It will be paid to you in a lump sum when your policy is no longer in force.

Eligibility and Premium Payments

• 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:What are the minimum and maximum entry ages?

  A:

  	Minimum	Maximum
  Insured	0	75
  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 single premium for the policy?

  A:

  The minimum single premium is $100,000 and the maximum single premium is subject to underwriting.

• Q:Can the policy be back dated?

  A:

  No, you cannot backdate your policy.

• Q:Can the single premium be increased or decreased?

  A:

  No, you cannot increase or decrease your single premium after policy is incepted.

Policy loan

• Q:Can I take a policy loan?

  A:

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