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

You can enjoy the highest saving if you opt to pay your premium yearly.

No, it is not. For some policies such as Investment Linked Policies, there is no discount for the various payment frequencies. Thus, if you pay $100 per month and change to yearly, your yearly premium will be $1,200.

The premiums and discounts are fixed. We are unable to give you further discounts.

Yes, you can request for the change anytime. However, the effective date of the new payment frequency will depend on whether you are changing it to a more or less frequent one.

Changing to a More Frequent Payment
If you are paying more frequently e.g. from yearly to monthly, the revised premium will effect from the next premium due date.

Example 1
Request to change from yearly to monthly, quarterly or half yearly

Revised premium will effect on 01 Jan 2013

Changing to a Less Frequent Payment
If you are paying less frequently e.g. from monthly to yearly, the revised premium will effect from the policy’s anniversary.

Example 2
Request to change from monthly to yearly premium  

As the policy’s anniversary date is on 15 Nov, you will need to pay a pro-rated yearly premium for premiums due from 15 Aug 2012 to 14 Nov 2012. The full yearly premium will be payable every year from 15 Nov 2012.

Example 3
Request to change from monthly to yearly premium  

As the next premium due date coincides with the policy’s anniversary, the full yearly premium will be effective from 15 Nov 2012. There is no need to pay any pro-rated amount.

You can send us the request by completing a “Change of Payment Frequency” form or submit your request via me@income.

For a copy of the Change of Payment Frequency form, please click here.

Every policy can only have one payment frequency. The riders’ payment frequency will follow the basic policy.

There is no limit on how many times you can change your payment frequency.

No, you will not be charged.

If your change of payment frequency request is received between the 1st and 23rd of the month, the deduction of the pro-rated / new premium will take place on the 6th of the next month. If your request is received on or after the 24th, the deduction will take place on the 6th of the following month.

Examples
Request received on 23 Aug 2012, GIRO deduction will be on 06 Sep 2012
Request received on 30 Aug 2012, GIRO deduction will be on 06 Oct 2012

Riders (also known as supplementary benefits) are additional covers that you can add to your basic policy to provide a more comprehensive coverage.

Example
You buy a Vivolife and attach a Hospital Benefit and a Personal Accident Benefit. Vivolife is your basic policy and Hospital Benefit and Personal Accident Benefit are the riders.

You can add the riders when you are applying for your basic policy. Once your policy is issued, you can also add them provided all of the following are satisfied:

• Your basic policy is still in force for at least another year
• You are still paying premiums for the basic policy for at least another year
• You have not exceeded the maximum entry age of the rider

You can approach your Insurance adviser to help you with your request. If you do not have one, you can visit any of our Income branches for assistance.

Yes, you may be required to go for medical examination. We will send you a letter to inform you if medical examination is required.

Your riders will be effective on the next premium due date. If you would like them to be effected earlier, we can do so but the effective day must be the same as your basic policy entry day.

Example

As your request to add rider was received on 01 Sep 2012, the earliest date we can effect your rider is on 15 Sep 2012. You will then pay the pro-rated premiums from 15 Sep 2012 to 14 Jun 2013. The full yearly premium of the rider is payable from 15 Jun 2013.

Yes, you can but it depends on what type of changes.

If your request is to increase the rider’s cover such as increasing its sum assured or coverage term, you can make the changes provided the rider is within 1 year from its entry date. If the rider is more than 1 year, you have to take up a new rider and premium will be based on your current age.

For changes that decrease the rider’s cover such as decreasing its sum assured or coverage term, you can do so anytime.

Any changes are effective from the next premium due date. For changes that involve increasing the rider’s cover, you will be subjected to underwriting. This means you have to declare your health and we will assess whether the changes can be accepted.

Once your basic policy is terminated, all your riders will terminate. For example, you have a dread disease policy with a hospital benefit and you submit a dread disease claim. We will pay you the claim under your basic policy and Keep your basic policy will be terminated. Since the basic policy is terminated, its hospital benefit will be terminated also.

No. Your riders will be terminated.

¹ A paid-up policy is a life policy with its premiums fully paid. The policy remains in force but at a reduced sum assured.

No, you cannot. If your basic policy’s premium payment term is five years, then your riders can only be covering the Insured for five years.

Yes, you can. Your riders will be removed with effect from the next premium due date.

As the riders are removed with effect from the next premium due date, you will not receive any refund since you are still covered under them.

CRS is a global standard for automatic exchange of financial account information. It was developed by the Organization for Economic Co-operation and Development (OECD).

The objective of CRS is to identify persons who may be evading tax in their home country through the use of foreign or offshore accounts or entities.

Under CRS, financial institutions such as Income are required to identify their customer tax residency and report the financial account information of customers held to the local tax authority.  Given the broad application of the CRS, all of Income’s life policy Account Holder may be affected.

Income will require CRS declaration from you if you purchase new policy or perform some policy servicing transactions such as making a trust nomination, assignment from 1 Jan 2017 onwards. If you are an existing customer, Income may approach you for information and documentation to establish your tax residency.

The CRS declaration is applicable to both individual and business customers.

Account Holder refers to Proposer (eventually the Policyholder), Sole Trader, Sole Proprietor, Controlling Person, Beneficial Owner, Assignee, Trustee, Settlor, Beneficiary under a Trust or a Trust Nominee named under section 49L of the Singapore Insurance Act (Chapter 142), Proper Claimant as defined under section 61 of the Singapore Insurance Act (Chapter 142).

The term “Controlling Persons” means the natural persons who exercise control over an Entity. In the case of a trust, such term means the settlor(s), the trustee(s), the protector(s) (if any), the beneficiary(ies) or class(es) of beneficiaries, and any other natural person(s) exercising ultimate effective control over the trust, and in the case of a legal arrangement other than a trust, such term means persons in equivalent or similar positions.

The term “Controlling Persons” must be interpreted in a manner consistent with the Financial Action Task Force Recommendations.

Under CRS requirements, Account Holder will be requested to provide the following particulars:

• Name
• Address
• Place of birth* (for Individual and Controlling Persons)
• Date of birth*(for Individual and Controlling Persons)
• Country(ies) of tax residence
• Tax Identification Number(s)*
• Place of registration/incorporation (for Entities)
• Entity Type (for Entities)
• Controlling Person Type for certain Entity Types (for Controlling Persons)

*this does not apply in all participating countries and is subject to local law requirements.

If you need copy of the FATCA and CRS Self Certification forms, you may download from www.income.com.sg/Policy-downloads-and-forms

• FATCA and CRS Self Certification form for individual account holder
• FATCA and CRS Self Certification form for Entity
• FATCA CRS Self Certification form for Controlling Person, where applicable.

Tax residence is defined by each country’s local tax laws and therefore may vary from country to country and different in different context. In certain cases, a person could be considered a tax resident in more than one jurisdiction.

Please confirm your tax residency and TIN with your tax advisor. Income cannot provide tax or legal advice to customer.

By regulations, there are only 2 circumstances in which a TIN is not required to be collected or reported:

1. The country / jurisdiction does not issue TIN to its residents; or
2. The country / jurisdiction does not require the collection of TIN

However, in certain circumstances, the Account Holder may not have a TIN temporarily or due to personal circumstances. In such instances, the Account Holder would need to document and justify the absence of TIN.

Under Singapore’s CRS legislation, Income is legally required to collect and establish your tax residency even if you are a Singapore Citizen or Permanent Resident.

Yes, customer is still required to complete the CRS declaration with TIN provided. Under Singapore’s CRS legislation, it requires and empowers all Reporting Singapore Financial Institutions (SGFIs) to collect and retain the CRS information for all their  account holders or controlling persons (of a passive NFE), instead of only for tax residents of jurisdictions with which Singapore has a Competent Authority Agreement (“CAA”) to exchange financial account information.

Yes. You need to notify Income whenever there is any changes in the information provided to us previously so that Income can advise on the required documents (if any).  You may login to me@income to update your tax residency. Alternatively, you may complete the “Change of Personal Particulars Form” and send it back to us.

US Tax Residents who have previously provided their US Tax Residency declaration under FATCA will also be required to provide additional information for the CRS as this is a separate regulation.

If you are a US resident, you would need to submit W-9 form under the United States government's Foreign Account Tax Compliance Act (FATCA). A copy of the form can be obtain from: https://www.irs.gov/pub/irs-pdf/fw9.pdf

Yes. Under the CRS regulations, SGFIs are required to establish the tax residence of their Account
Holders. Account Holders are responsible for completing the form and provide the required information of their tax residency. False information provided on the tax residency is an offence under the CRS regulation.

If you do not provide the requested information or documentation, Income may not be able to issue the policy or process the transactions.  Income may report  to the local tax authority based on the existing information available in our records.

For further information on your tax residency and TIN, please refer to the rules governing tax residence that have been published by the tax authority or contact your tax advisor. Income does not provide tax advice. You can also visit the OECD Automatic Exchange of Information portal.

Guidance on tax residency and Tax Identification Number (TIN) is available at the following link:

Tax Residency
www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency/#d.en.347760

Tax Identification Number (TIN)
www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-identification-numbers/#d.en.347759

If you are offered an insurance cover that is out of the standard terms and conditions, a Special Terms Agreement will be prepared for you. The Special Terms detail the excluded cover and/or health extra (additional premiums which are charged due to the increased risk the insurer is taking on) that are imposed on the policy. Once you accept the Special Terms, they will form part of your insurance contract.

You may request to review the Special Terms if you have fully recovered or there is a significant improvement in your medical condition. In addition, there must be no further deterioration in your health or diagnosis of new medical conditions.

You have to submit the following:

• Review of Special Terms Form
• Your attending doctor’s report on your medical condition
• Any laboratory test, radiology, screening reports which support your review

For a copy of the Review of Special Terms Form, please click here.

Yes, you will have to pay for them.

Yes, you may need to go for another medical examination.

We will review the Special Terms and reply to you in writing within one month upon receipt of your request.

If we need further clarification on your medical conditions, the review decision will take more than one month. This is because we may be waiting for the medical report from your attending doctor. If the report is not clear and we need to seek clarification from the doctor, the review decision will be delayed again.

Your premiums will remain the same until the review is completed.

Once the review is completed, you will receive a letter from us informing you of the outcome.

If the review can be completed within one month, your revised premium will be effective from the next premium due date of the policy.

However, if the review takes longer than one month, the effective date of your revised premium will be effected in the month we receive the complete reports.

Example
Assuming the yearly premium of your policy was paid from 01 Jan 2012 to 31 Dec 2012 and you requested for a review in Feb 2012. Full supporting medical reports required for the review were received in Apr 2012. The review is a success and health extra can be removed. The effective date of the removal will be on 01 Apr 2012. The health extra paid from 01 Apr 2012 to 31 Dec 2012 will be refunded.

The review decision can be any of the following:

• No change in original decision
• Some improvements in the Special Terms e.g. reduction of the health extra
• Special Terms are completely removed

Vesting is the transfer of absolute ownership of a life policy from the policyholder to the Insured when the Insured reaches the vesting age. Upon vesting, the Insured becomes the absolute policy owner and has full control of the policy.

Vesting is only applicable to a third party policy whereby a parent as the policyholder, effects a life policy on the life of his child.

For some policies such as Children’s Education, Education and Family Insurance, vesting is not allowed.

The parent can select the age at which the absolute ownership of the policy will transfer to the child. This age is known as the vesting age and may be between 21 to 25 years old. For example, if the vesting age is indicated as 23 years old, the policy will transfer to the child on his 23rd birthday.

No, it is not. You have to specify that you want the policy to vest in your child by filling up a form. However, some policies come with a vesting provision. One such policy is a Foundation Policy. If you have bought a Foundation Policy, it will vest in your child when he reaches the vesting age which is 21 unless you have specified a different vesting age. Thus, for such a policy, you do not need to specify the vesting.

If your policy has vesting, you will know from the following:

• an endorsement on the vesting is attached to your policy document;
• vesting age is printed on your policy’s schedule; or
• an endorsement letter on the vesting is sent to you (this is applicable when you ask for the vesting after a policy is issued)

A clear benefit is the ease at which your child will take over the policy (at vesting age), if the policyholder were to pass away unexpectedly. Without vesting, your child would have to seek legal help and incur legal fees in order to assume ownership of the policy.

As vesting creates a trust in the child’s favour, you cannot remove or change the vesting age. You can only remove or change the vesting age unless the policy is yet to vest and the child is of legal capacity (i.e. at least 21 years old and of sound mind) to agree to the removal of or change in the vesting age.

To apply for vesting, you have to complete the Declaration of Trust form. After the vesting is created, a confirmation letter will be sent to you. When the policy is transferred to your child, we will send a letter to inform him that he is now the policy owner.

For a copy of the Declaration of Trust form, please click here.

No. Vesting is meant for a life policy whereby a parent is insuring his child.

Yes, he can because he is now the policy owner. He can do what he likes with the policy.

If the policy is transferred to your child, we will pay to him.

We will only take instruction from your child once the policy is transferred to him. Any letters or documents relating to the policy will also be sent to him.

You should only decide on vesting if you are prepared to give away the policy completely to your child. If you cannot decide, then the policy will continue as it is.

In future, if you wish to transfer the ownership to your child, you can still request for the vesting. But if he has passed the maximum vesting age of 25 years old, you will have to do an Absolute Assignment (meaning to transfer the policy to your child immediately, no vesting age is available for you to choose).

For more details on Absolute Assignment, please click here.

An absolute assignment is the transfer of a life policy to another person. The person who transfers the policy is called the Assignor. The person who takes over the ownership of the policy is called the Assignee.

Most life policies can be assigned except the following:

• CPFIS/CPFS/ASPF/SRS/CPF RSS policies
• annuity policies
• policies effected under Section 73 of the Conveyancing and Law Property Act or policies with Irrevocable Nomination
• policies which are assigned to banks or Official Assignee unless the bank or Official Assignee has discharged their interest in the policies

No, you do not have any rights over your policy after you have absolutely assigned it.

We only accept absolute assignment of insurance policies i.e. assignment with no condition attached. We do not accept conditional assignment.

Yes, you can assign but your child needs to be of legal capacity i.e. of legal age and be able to make decision on his own.

For policies that are effective before 01 Mar 2009, both Assignor and Assignee should be at least 21 years old. For policies which are effective on/after 01 Mar 2009, the Assignor and Assignee should be at least 18 years old.

Yes provided that your policy is one with no vesting.

The assignment has to be completed and witnessed by an Income adviser or an Income staff at any of our servicing branches. Both assignor and assignee has to be present at our branch to complete the signing of the assignment form.
 
We can accept exceptions only when:

1. the assignment is done between spouses, parents and child and the relationship can be established by producing the original marriage or birth certificate at the branch by the assignor. The assignee needs not be present at the branch; or
2. the assignment is done between spouses, parents and child and the adviser sights the assignee, assignor and the original documents, including marriage or birth certificate. Both assignee and assignor need not be present at the branch. The adviser can submit the documents on behalf. The adviser has to initial on the copies of the identification documents of the assignor, assignee or an organisation’s authorized signatory to show that he/she has seen the original identification documents and verify that the copies submitted are photocopies of the original.

 
Once we have verified that the documents are in order, we will then effect the assignment and an endorsement letter will be mailed to both assignee and assignor. 

Once you have made an assignment of the policy, any existing nomination made by you will automatically become invalid.

Yes, if the assignment is an absolute assignment. You can assign the policy to trustee/s of the trust.

As you are now the policy owner, you can take a loan (if this is allowed under the policy terms) or terminate the policy.

No. Once your policy is assigned, we will pay to the Assignee who is now the policy owner.

Generally, the Official Assignee has the rights to all property belonging to the bankrupt. In certain situations, the Official Assignee is likely to have rights over any policy that the bankrupt has earlier assigned. For example, if the assignment were done without any payment from the Assignee or to defraud the Assignor's creditors.

Upon the death of the Assignee, the policy will remain with the Assignee's estate. If premiums are paid, the policy will remain in force. For insurance payouts, they will be paid to the legal representatives of the Assignee’s estate.

With effect from 18 April 2013, under the Insurance Act, you are allowed to make a nomination if you are the policy owner of a life policy or accident and health policy that insures your own life. As an assignee who takes over the policy as a policy owner by way of an assignment, you can make a nomination if you are also the life insured under the policy.

Yes, this can be accepted if your intention is expressed clearly in your Will. The executor of your estate will act according to your instruction in your Will.

If a person is mentally disabled/disordered, he has no mental and legal capacity to assign the policy to someone else. For such cases, the next of kin can apply to court to appoint a person or persons (usually the next of kin) to manage his property and affairs on his behalf. The appointed person/s will be known as the Deputy. We will then take instruction from the Deputy on the policy assignment.

Yes provided the Assignee agrees to it. You will need to submit the Absolute Re-Assignment of Life Insurance Policy form.

Yes, but the assignment must be done before the company ceases operation.

Yes. You have 30 days period of grace to pay the premiums that are due on your policy. If we need to pay you any benefits during this period, we will deduct any unpaid premiums from the benefits.

If you still have not paid the premium after the period of grace, we will activate the non-forfeiture option provided for under your policy. Depending on when your policy was taken up, we will either activate the Automatic Premium Loan (APL)¹feature, or the Automatic paid-up² feature.

¹ Automatic Premium Loan (APL)
We will advance the premiums on your behalf so the basic policy and its riders can continue at their original coverage amount (called the sum assured). We will only do this if the policy has enough cash value*. We treat this as a loan (called APL) and charge you interest. If there is not enough cash value, the policy will cease. We will deduct these loans and interest from any amount we may be due to pay under the policy. If at any time the amount of the loans and interest is more than the cash value, the policy will cease.

* Cash value means the amount available upon cancellation of a policy that has a savings feature, before it becomes payable upon a claim event (e.g. death), or maturity as in the case of an endowment type of policy.

² Automatic paid-up
We will reduce the sum assured of your basic policy so that you will retain some form of minimal coverage. We will only do this if the policy has enough cash value. You will not pay any further premiums. You will keep any bonuses added to this policy before the date we convert the policy to paid-up. If we declare any subsequent bonuses on paid-up policies in the future, they will be based on the reduced sum assured (called the paid-up sum assured). Once paid-up, any riders attached to the basic policy will cease.

For policies taken up before April 1994 or purchased with CPF funds or assigned to Official Assignee / Insurance Company / Bank, the default option is “Automatic Paid-up”. For all others, the default option is “Automatic Premium Loan (APL)”.

Yes. You would need to complete an application form. You may request for the form by emailing to csquery@income.com.sg, contact Income hotline at 6788 1122 or at any of Income branches.

We will send you at least two premium notices on the outstanding premium before activating the non-forfeiture option. Once the option is activated, we will also send you a notice.

If the non-forfeiture option is APL, we will send you a notice each time we advance premiums on your behalf. Because APL is treated as a loan, a specific loan statement showing the transactions in your policy loan account will also be sent to you every year. On top of all these, the annual Policyholder Statement which summarises the policies and loans you have with Income will also be available in me@income.

Depending on the terms of your policy contract, you may take a loan from your policy if you are at least 18 or 21 years old, and your policy has acquired a cash value¹. Generally, a policy will have a cash value after premiums have been paid for at least two years. In the case of a single premium policy, cash value is available immediately.

¹ cash value means the amount you will receive when you cancel a policy that has a savings feature, before it matures. Its calculation is determined by us.

Yes. The current interest rate is 5.5% per annum. We may change the interest rate at any time by giving you 30 days’ notice at your last known address. This interest will start on the date you applied for the loan, and is calculated daily and compounded every year end. You are encouraged to repay the loan as early as possible to avoid interest accumulation.

Besides, this loan and interest will also reduce any subsequent payouts from the policy. And if at any time the amount of the loans and interest is more than the cash value, the policy will cease.

No, only the assignee can take a policy loan.

A policy loan can be granted with the consent of any one trustee (who is not the Policyholder); or all beneficiaries (at least age 18) named under the policy. If any of the beneficiaries is below age 18, a parent (who is not the Policyholder) can give consent on the particular beneficiary’s behalf. This trustee (who is not the Policyholder); or all beneficiaries (at least age 18) are to give this consent by signing on the Policy Loan Agreement.

The recipients of the policy loan will be either this trustee (who is not the Policyholder); or all the beneficiaries (at least age 18). If any of the beneficiaries is below age 18, a parent (who is not the Policyholder) can receive the monies on the particular beneficiary’s behalf.

However, if the Policyholder would like the policy loan monies to be paid to him instead, we will provide a Letter of Consent and Indemnity which must be signed by this trustee (who is not the Policyholder); or all beneficiaries (at least age 18).

A policy loan can be granted with the consent of all trustees plus beneficiaries (at least age 21) named under the policy. If any of the beneficiaries is below age 21, no policy loans will be granted.

All trustees plus beneficiaries (at least age 21) are to give this consent by signing on the Policy Loan Agreement.

The recipients of the policy loan will be either all the trustees, or all the beneficiaries (at least age 21).

However, if the Policyholder would like the policy loan monies to be paid to him instead, we will provide a Letter of Consent and Indemnity which must be signed by all trustees plus beneficiaries (at least age 21).

We will send you an annual loan statement showing the transactions in your policy loan account every year. To safeguard policyholders’ interest against possible fraud, we do not accept requests to suppress any statement, or send it to a different address other than the official address in our records. If your policy has been assigned to a third party, then you will not receive these statements. They will be sent to the assignee instead.

1. Please check how much policy loan you may take by contacting us via any of the methods below: Email: csquery@income.com.sg Phone: 6788 1122 Branch: Find an Income branch
   1. Complete the Loan Agreement Form (one form for each policy)
   2. Return us the completed form with your personal identification document by any of the methods below: Email: life.health@income.com.sg Fax: 6338 1500, attention "Life Insurance" Branch: Find an Income branch  Post: Income Centre 75 Bras Basah Road Singapore 189557
2. Do provide a copy of bank book or recent bank statement showing your name, bank name and account number (if you opt for direct crediting to your personal bank account).    If you are residing overseas, the loan agreement form has to be notarised. Please refer to the frequently asked questions below on "Policy loans (application from overseas)". The following personal identification document is needed for verification purposes. For Singaporeans or Singapore permanent residents  Clear copy of NRIC (front and back) For Foreigners staying, studying or working in Singapore  Clear copy of passport showing validity dates, passport number, photograph, nationality, date of birth and name; Clear copy of Singapore employment pass, S pass, work permit, student pass or dependent's pass (front and back); and Clear copy of a document (issued within the last 6 months e.g. utility bills, phone bill) that shows your name and address. The passport, passes or permits must be valid for at least 6 months.

Only one policy loan is allowed per policy per day. You may choose to receive a crossed cheque or direct credit to your bank account. You will receive your preferred form of payment within six working days from the time we receive your completed documents. For cheque payment, please ensure that you NRIC/identification number registered with us is the same as the bank's record. The cheque would be rejected if you open your bank account with a different identification number.

As information provided to you (on the maximum loan available) is relatively fast moving, it may have changed by the time we receive your loan application. In situations where your policy's cash values are not sufficient for us to process your loan, we will process it based on the next available amount your policy can accommodate.

This special service is only available for policy loans not exceeding $100,000. Please call Income hotline at 6788 1122 to make this request. The cheque will be ready for your collection at our Bras Basah Branch (Income Centre) after two working days. Any loan request received after 5.00pm will only be ready after three working days.

For example, if you applied on a Monday before 5.00pm, you can collect your cheque on Wednesday after 10am. But if you applied on a Monday after 5.00pm, you can collect your cheque only on Thursday after 10am. You have to come down personally to sign the Loan Agreement Form and collect the cheque. Please bring along your personal identification document.

You may make a full or partial repayment towards your policy loans. There is no fixed repayment amount. Please quote the Loan Repayment Number (LRN) (not your policy number) to ensure that your loan records are updated accurately. LRN is an 11-digit reference number unique to each individual policy. You may call Income hotline at 6788 1122 to obtain the LRN and the latest loan figure.

You may repay the loan by any of the methods below:

• Cash or Nets at our branch (Find an Income Branch)  
• AXS by selecting "Life Policy Loan" and quote LRN
• Internet banking (DBS, OCBC & UOB) by selecting "one-time bill payment" and quote LRN
• Cheque made payable to "NTUC Income"and quote LRN, policy number and your contact number on the reverse side of the cheque. Please post the cheque to us at: Income Centre 75 Bras Basah Road Singapore 189557

Yes, if you are currently paying your policy premiums through GIRO. You can give us a one-time instruction to deduct a specific amount (minimum of $50) from your GIRO account every month. This GIRO account must be the same GIRO account that is being used for your premium deduction.

Policyholder and Bank Accountholder are required to complete and submit the Original “Application for Policy Loan Repayment from Existing GIRO Account” form.

On the sixth of every month, we will deduct this loan repayment amount together with your premium. If the loan deduction is unsuccessful, we will attempt to deduct again on the sixth of next month. Do note that if your premiums are outstanding for more than two months, GIRO deduction will be deactivated for both your premiums and loan repayment. You will then have to settle all outstanding amounts with Income directly.

At any time the amount of the loans and interest is more than the cash value, the policy will cease. Therefore, it is important for you to monitor your policy’s cash value in relation to the loans and interest. You are encouraged to repay your policy loans as soon as possible to reduce the interest charged on your policy loans.

• For a policy with cash benefits payable, if the cash value cannot support the policy loan, we will deduct from the cash benefit to repay the loan. We will send you the details in a separate letter when the cash benefit is due.
• For an annuity policy, a loan repayment amount will be deducted from each annuity instalment you are receiving. The loan repayment amount may be revised regularly. If the full annuity instalment is used to repay the loan, you will not receive any payment. The full annuity instalment amount will be paid to you only when the loan is fully repaid.

The persons who are authorised in the Latest Board of Resolution may apply for the loan. The authorised persons must sign the loan agreement form and state clearly their name and designation with the organisation’s stamp. We also need the organisation to furnish the below documents.

• Business Profile obtained from the governing body dated no more than three months prior.
• Latest Board of Resolution
• Proof of the authorised persons’ identity e.g. clear copy of NRIC (both sides)

If you are residing overseas, the loan agreement form has to be notarised. When you provide documents that are signed in another country, it is common for most institutions to require them to be witnessed by an official from the Singapore High Commission/Embassy of the Republic of Singapore, or a Notary Public before they can be used for official purposes. This is a matter of prudence to ensure that the person signing the documents is actually who he purports to be.

1. Please check how much policy loan you may take by contacting us via any of the methods below: Email: csquery@income.com.sg Phone: (+65) 6788 1122
2. Complete the Loan Agreement Form (one form for each policy) An official from the Singapore High Commission/Embassy of the Republic of Singapore, or a Notary Public must witness the form. The witness must state clearly his/her name and designation with the official stamp.
3. Email life.health@income.com.sg the completed form with your personal identification document
4. Do provide a copy of bank book or recent bank statement showing your name, bank name and account number (if you opt for direct crediting to your personal bank account)
1. If you have difficulty in obtaining an official witness, you may submit the documents through our secure on-line platform me@income (Select "Waiver of Notarisation") 

 
As information provided to you (on the maximum loan available) is relatively fast moving, it may have changed by the time we receive your loan application. In situations where your policy's cash values are not sufficient for us to process your loan, we will process it based on the next available amount your policy can accommodate.

After we receive the complete information from you, a bank draft or TT arrangement may take up to 14 working days.

A Notary Public is a state appointed officer who can witness and authenticate documents. The Notary mainly acts as an impartial and legally trained witness. You can locate a registry of notaries by conducting a search on the internet.

Yes, you can but it is subjected to a minimum sum assured value and premium amount. Any change is effective from the next premium due date.

Your policy’s coverage would be reduced accordingly and if your policy has a maturity payout or cash benefits payable, these payouts would be reduced too.

If your policy has an existing cash value, a portion of the cash value would be refunded to you accordingly.

You may email to life.health@income.com.sg and we will provide you the documents required. Alternatively, you may also call Income hotline at 6788 1122 or visit any of our Income branches.

If you are residing overseas, the documents required are to be witnessed either by an Official from the Singapore High Commission/Embassy of the Republic of Singapore or a Notary Public. A Notary Public is a state appointed officer who can witness and authenticate documents.

When documents originate from or are signed in another country, it is a common practice for most institutions to require them to be notarised before they can be used for official purposes. This is a matter of prudence to ensure that the person signing the documents is actually who he purports to be. The Notary mainly acts as an impartial and legally trained witness. You can locate a registry of notaries by conducting a search on the internet.

If you have difficulty in obtaining an official witness, you may submit the documents through our secure on-line platform me@income (Select "Service Request" - > "Waiver of Notarisation")

Paid-up is an option provided to policyholders who wish to stop paying the premiums on their policies. It helps a policyholder to retain a reduced policy coverage.

In exercising this option, the policy’s basic sum assured will be reduced and you need not pay any further premiums.

You can keep any bonuses which were added to your policy before the date you convert your policy. Currently, we do not declare any bonuses for paid-up policies. If we do declare any bonuses on your paid-up policy in the future, they will be based on the reduced paid-up sum assured.

The main insurable events stated in your policy contract will still be covered but at a lower paid-up value. This paid-up value consists of the paid-up sum assured plus existing policy bonuses.

However, some additional policy benefits (for example, accidental death benefits, minimum death or terminal illness benefits) would no longer apply once your policy is converted to paid-up. Please refer to your policy’s contract for these additional policy benefits that will be affected by a conversion to a paid-up policy. If your policy pays a regular cash benefit, these cash benefit payments would cease upon conversion to a paid-up policy as well.

A paid-up policy’s cash value accumulates slowly each year. However, its paid-up protection value would likely remain the same. You may request from us an illustration which projects the future protection and cash values if you were to convert your policy into a paid-up policy at the next policy anniversary.

If your policy provides a paid-up option, you may convert it to a paid-up policy after the policy has accumulated a cash value. Most policies accumulate cash value when premiums have been paid for at least two years. However, some policies do not accumulate cash value.

You can submit to us the completed and signed “Life Policy Alteration” form with a clear copy of your NRIC (both sides) via the following methods.

• By email – Send the documents as attachments to life.health@income.com.sg; or
• By fax – Fax the documents to 6338 1500 and attention to “Life Insurance”; or
• By mail – Post the documents to “Income Centre, 75 Bras Basah Road, Singapore 189557”.

When we receive the required documents, we will handle your paid-up request.

For a copy of the “Life Policy Alteration” form, please click here. “Life Policy Alteration” form is found on page one of the document.

For assistance, you can contact us at csquery@income.com.sg. Alternatively, you may also call Income hotline at 6788 1122 or visit any of our Income branches.

If you are residing overseas, the “Life Policy Alteration” form is to be witnessed either by an Official from the Singapore High Commission/Embassy of the Republic of Singapore or a Notary Public. A Notary Public is a state appointed officer who can witness and authenticate documents.

When documents originate from or are signed in another country, it is a common practice for most institutions to require them to be notarised before they can be used for official purposes. This is a matter of prudence to ensure that the person signing the documents is actually who he purports to be. The Notary mainly acts as an impartial and legally trained witness. You can locate a registry of notaries by conducting a search on the internet.

If you have difficulty in obtaining an official witness, you may submit the documents through our secure on-line platform me@income (Select "Service Request" - > "Waiver of Notarisation")   

Your paid-up policy will still have a cash value and you may terminate it to receive its cash value.

It is a requirement that Income conducts a CKA with our customers before they proceed to do any ILP transactions. In order for us to provide appropriate recommendation and advice to our customer, the information collection through CKA and the risk profile questionnaire is necessary.

If the outcome of your CKA shows that you do not to have the relevant experience and/or knowledge, your insurance adviser will have to provide you with the necessary information and advice for your decision. He/she will then follow up by submitting the application for an ILP top up to Income.

Only customers who are assessed to have the relevant experience and/or knowledge through the CKA questionnaire can proceed to with the ILP top up at me@income.

Yes, you may still purchase or transact an ILP on the condition that advice has been provided by one of our insurance advisers or consultants and the product or the post-purchase transaction is deemed suitable for you.

You can visit one of our Business Centres to speak with an insurance consultant.

Alternatively, you may email to csquery@income.com.sg or call our Income hotline at 6788 1122 to request for assignment of an insurance adviser.

Yes. In line with the authority requirements, all financial institutions including Income are responsible for conducting their own CKA. Hence, the outcome of the CKA conducted cannot be transferred to other financial institutions.

There are many investment products offered to retail investors today. Some products are more complex than others, and have features that may be difficult to understand.

To alert consumers of these complexities, the Monetary Authority of Singapore (MAS) has categorised such products as Specified Investment Products (SIPs). Some SIPs are listed on an exchange, and others are not.

1Note: Currently, all exchange traded funds, unit trusts and investment-linked life insurance policies are SIPs. With effect from Oct 2012, some of these products will not be considered as SIPs provided they meet certain requirements. For more information, refer to MAS' press release (www.mas.gov.sg) on 9 May 2012.

SIPs are derivatives, or may contain derivatives, and these usually add complexity to a product’s features and risks. For example, if you invest in a product which contains a derivative, you are exposed to more factors which can result in a loss for you. An SIP may involve many counterparties in the structure of the product, and your investment can be affected if any one of these counterparties failed. It may also be difficult to understand how the derivative can fully impact the performance of the product at the outset. The eventual returns or losses on a product may be determined by complicated formulas that may not be easy to understand.

The CKA is a questionnaire which consists of four questions where you will be required to provide factual information regarding your

1. Education qualifications
2. Investment experience and
3. Working experience

If you qualify for the CKA criteria, you are recommended to receive advice from one of our insurance advisers or consultants before you proceed with the transactions outlined in Q5. However, you may still do so without seeking any advice and you will be informed that it is your responsibility to ensure the suitability of the product chosen or post-purchase transactions made.

If you do not qualify for the CKA criteria, we would require your co-operation to seek advice from one of our insurance advisers or consultants before proceeding with any ILP purchase or activating a post-purchase transaction for your existing ILP(s).

Please provide factual information relating to your education qualifications, investment experience and working experience.

To qualify for CKA, you will need to satisfy at least one of the following:-

1. Education qualification
   • Diploma or higher qualifications in one of the following :
     • Accountancy
     • Actuarial Science
     • Business / Business administration / Business Management / Business Studies
     • Capital Markets
     • Commerce / Economics
     • Finance / Finance Engineering / Financial Planning / Computational Finance
     • Insurance; or  
   • Professional finance-related qualification such as
     • Chartered Financial Analyst Examination (conducted by the CFA institute, USA) or
     • Association of Chartered Certified Accountants (ACCA) qualifications.  
2. Investment experience
   • Have at least 6 transactions in the last 3 years on Investment-linked Life Policies (ILPs) or Collective Investment Scheme (CIS) such as Unit Trusts.  Examples which qualify as one transaction :
     • Purchase of ILP / Unit Trusts
     • Single premium Top-up / Regular premium increase
     • Change in Fund allocation
     • Sub-Fund switch within ILP / Fund Switch of Unit Trusts
     • New Recurrent Single Premium application   Transactions that would not qualify :
     • Subsequent investment(s) into a regular premium of ILP / regular savings plan of Unit Trusts after the first premium / savings installment
     • Shares listed in the Stock Exchanges  
3. Working Experience
   • Minimum of 3 consecutive years of working experience in the past 10 years in any of the following :
     • Development / Structuring / Management / Sales / Trading / Research and Analysis of Investment Products
     • Provision of training in investment products
     • Accountancy
     • Actuarial Science
     • Treasury
     • Financial Risk Management  

The risk profile questionnaire helps you in assessing your risk tolerance level.

It consists of six questions that draw information on your investment objective, investment time frame, investment return expectations and tolerance to potential loss.

Understanding your personal risk preference is important as this will enable our Income insurance advisers or consultants to make appropriate recommendations on product suitability.

In an effort to safeguard the interest of Singapore retail investors, the Monetary Authority of Singapore has introduced a new measure that requires all financial institutions, including Income, to carry out a CKA for retail customers who wish to invest in an unlisted Specified Investment Products (SIPs) for the first time; or who wish to make post-purchase transactions for purchased unlisted SIPs after 1 Jan 2012.>/p>

If you are an existing customer, you can continue to hold or sell the existing unlisted SIPs that you bought before 1 Jan 2012. However, you will need to undertake the CKA if you wish to invest in more unlisted SIPs or make post-purchase transactions after 1 Jan 2012.

For Income customers, an unlisted SIP includes an Investment-linked Life Insurance Policy (ILP).

If the outcome of your CKA shows that you do not have the relevant experience and/or knowledge, you will need to seek advice from one of our Income insurance advisers or consultants if you wish to proceed to do a top up.

This is an additional safeguard for our customers who have limited or no relevant experience and/or knowledge. By liaising with our Income insurance advisers or consultants, we can ensure that our customers are provided the necessary information and advice before proceeding with the ILP top up.

You can access your me@income account through www.income.com.sg. When you select “Top Up” for an ILP, you will be prompted to complete both the CKA and Risk profile questionnaire before you can proceed with the top up.

When you have completed the CKA and risk profile questionnaire for a top up transaction at me@income successfully, the information you provided for both the questionnaires will be kept.

If you are assessed to have the relevant experience and/or knowledge from the CKA, the positive outcome will be valid for one year from the date of assessment. After a year, you will need to complete a new CKA before you can proceed with an ILP top up at me@income.

If our insurance adviser or consultant advises that the product is not suitable for you, you should carefully consider whether you wish to proceed. If you still wish to proceed, do ensure that you fully understand and accept the implications of the transaction. You will need to provide a written confirmation to Income indicating that:

• You intend to proceed with the transaction despite not qualifying for the CKA criteria; and
• You will be responsible for ensuring that the product is suitable for you.

As an additional safeguard, an approval by our senior management is required before an Income insurance adviser or consultant can proceed with the transaction.

The risk profile questionnaire was included in My Financial Portfolio form. It forms part of the Know Your Client process in assessing customer’s risk tolerance level. The CKA was introduced at the start of year 2012.

Starting from 1 Aug2012, the completion of a Customer Knowledge Assessment (CKA) and risk profile questionnaire will apply to post-purchase transactions such as top up to your existing ILPs, sub-fund switching or change in fund allocation that are done with our Income insurance advisers or consultants.

With effect from 3 Aug 2012, this will also be applicable when you do an online ILP top up at me@income.

A CKA questionnaire is applicable under the following circumstances:-

1. Purchase of a new ILP
2. Post-purchase transactions such as premium top-up, premium increase for regular and recurrent single premium, sub-fund switching, change in premium allocation, activation of a RevoSave ILP account option.

Under Income, our ILPs are classified under the category of Unlisted Specified Investment Products (SIPs).

Customers are required to complete a CKA before purchasing or proceeding with post-purchase transactions of the following products:

1. GrowthLink
2. VivoLink
3. FlexiLink
4. FlexiCash
5. IdealPlan (withdrawn ILP)

You may wish to contact your insurance adviser or call our Income hotline at 6788 1122.

Your risk tolerance level and investment knowledge may change over time. Before taking up an ILP, the corresponding information is collected so as to enable our Income insurance advisers or consultants to provide suitable product recommendations based on the most current information together with your financial priorities, situation and needs.

Yes, you can decrease your regular premium provided your policy is in force with at least 12 months of initial premiums paid. The minimum regular premium allowed will be according to your plan type.

If the regular premium had previously been increased, the premium must have been paid for at least 12 months before the decrease in regular premium is allowed.

There will not be any additional charges incurred for the reduction in regular premium. However, the charge (advisory charge, mortality charge1, policy fee, rider premiums) on the policy remains payable until it is fully paid as per policy terms and conditions.

¹Mortality Charge is the amount charged every year by the insurer to provide the life cover to the Life Insured of the policy.

You could complete the “Investment-Linked Plan Policy Regular Premium Change Form” and submit it to any of our Income branches, by fax to 6338 1500 or as an email attachment to life.health@income.com.sg. Alternatively, you may approach your Insurance Adviser for more details on the policy plan.

For a copy of the Investment-Linked Plan Policy Regular Premium Change Form, please click here.

Important information to note-
For policies that are on GIRO, the process of deduction takes place between the 21st of the month to the 8th of the following month. During this period, no changes to your premiums can be made.

If this form is received during this period, your request will be handled after the GIRO deduction process is completed.

Example-
If the form is received on 20 Oct, it will be effective from Nov.
If the form is received on 21 Oct, it will be effective from Dec.

There are charges incurred for the increase in regular premium depending on the ILP type.

For example, for ID2 policies, a 45% advisory fee will be deducted upfront for the annualised portion that is in excess of the highest regular premium paid before the increase.

For ID6 policies, there is a monthly advisory fee equivalent to 25% of the increased portion charged for a period of 12 months, in addition to any prevailing advisory fee being paid.

For ID7 policies, if the policy is sold through an Insurance Adviser, for any increase in regular premium, there is a monthly advisory fee equivalent to 15% of the increased portion charged for a period of 12 months.

A policy fee is a charge on your ILP, which is the cost required to maintain the records of your policy, handling transactions, providing half-yearly statements, etc.

For IB4, with effect from 01 Mar 2007, if Net Premium Paid is $15,000 and above, the $50 annual policy fee will be waived.

For GL1, with effect from 01 Jun 2010, if Net Premium Paid is $25,000 and above, the $50 annual policy fee will be waived.

For VL1, there will be no waiver of policy fees regardless of the investment amount.

We charge policy fees for traditional policies. These fees are used to pay for the cost of maintaining the policy. It is usually factored into the premium and the actual amount is not transparent to you.

For Income, the policy fee for our traditional plans is $2.50 per month. It is our principle to make our charges transparent to our policyholders. However, you should note that there also are other charges built into the policy.

The other charges are as follows:

1. Annual Management Fees
   The annual management fee is factored into the bid price of the fund. There is no separate deduction from the policy.
   You can refer to the relevant Fund Report for each ILP management fee via our website. Click here to enter.
2. Fund Switching Fees
   All IB4 policies are entitled to two free switches each calendar year. A fee of $30 or one percent of transacted value (whichever is higher) will be charged for all subsequent switches.
   All switching fees are payable in cash and not deducted from the transaction amount.
   For GL1/VL1 policies, the fund switches are free.

With effect from 1 Mar 2007, if Net Premium Paid is $15,000 and above, the $50 Annual policy fee will be waived (except for ID6/ID7).

For ID5, we will charge $50 lesser. Example: From 1 to 20 year, we will charge $40 per annum ($90 - $50) if Net Premium Paid is $15,000 and above. From 21 year onwards, the fees ($50 - $50) will be waived.

Before 1 Mar 2007, the annual policy fee is charged at $30 if Net Premium Paid is less than $8,000 (except for ID5/ID6/ID7).

The other charges are as follows:

• Mortality Charges - with effect from 1 Aug 2005, the charges had been waived except for the older series of ILP (IB1/IP1/IP2).
  Mortality Charge and other Benefit Charges for Flexi-Link (IB1) and Old Ideal Policies (IP series) For the older Ideal policies (IP1 and IP2), the mortality charge is known as annual benefit charge for the sum assured of the policy. This charge is deducted at policy anniversary via the cancellation of units at the prevailing bid price. It is calculated based on the policyholder's attained age and either
  1. the difference between the sum assured or cash value (incremental basis) at policy anniversary, or
  2. the actual sum assured (fixed basis). Note: The choice of fixed or incremental basis was made by the policyholder when the policy was bought. For older Flexi-link (IB1) policies, mortality charges are applicable to the premium invested from age 60 onwards. This charge is deducted from the single premium and/or ad hoc top up premium. Depending on the premium amount, we can waive the mortality charge on a case to case basis.
     Mortality charge:

Mortality and benefit charges are still applicable for these ILP policies because the minimum death benefit payable is different (and often higher) than that offered in the later series of Flexi-Link and Ideal Policies.

• Fund Switching Fees - All policies (except ID5) are entitled to 2 free switches each calendar year. A fee of $30 or 1% of transacted value (whichever is higher) will be charged for all subsequent switches. For ID5, a switching fee of 0.2% of transacted value applies for each transaction. All switching fees are payable in cash and not deducted from the transaction amount.
• Annual Management Fees - The annual management fee is factored into the bid price of the fund. There is no separate deduction from the policy. You can refer to the relevant Fund Report for each ILP management fee via our website. Click here to enter.
• Advisory Fees - applicable to ID2/ID6/ID7 and Old Ideal Policies (IP1/IP2). ID2 - There is an advisory fee of 15% of the initial annual premium charged for the first 3 years. Only 85% of the premium paid is invested. To any decrease of regular premium within the first three years of policy inception, the advisory fee on the initial regular premium will still be payable. To any increase of regular premium, a 45% advisory fee will be deducted upfront for the annualized portion that is in excess of the highest regular premium paid before the increase. ID6 – There is an advisory fee of 20% of the initial regular premium charged for the first 36 months. To any decrease of regular premium within the first three years of policy inception, the advisory fee on the initial regular premium will still be payable. To any increase of regular premium, there is a monthly advisory fee equivalent to 25% of the increased portion charged for a period of 12 months, in addition to any prevailing advisory fee being paid. ID7 – For policy that had been sold through an Insurance Adviser, any increase in regular premium, there is a monthly advisory fee equivalent to 15% of the increased portion charged for a period of 12 months. IP1 – 50% of first year premium IP2 – 80% of first year premium
• Surrender Penalty – applicable to ID2/ID5/ID6/ID7. For ID2/ID6 policies, if the policy is fully surrendered within the first 3 years of inception, the balance of the advisory fee will still be deducted from the cash value as a surrender penalty. For ID5 policies, if the policy is surrendered within the first 20 years from date of inception, a surrender penalty will be deducted from the cash value. The penalty is based on $40 per year, multiplied by the remainder of the 20 years. E.g. If you surrender your ID5 policy in the 5 policy year, we will deduct $40 x (20-5) = $600 as a penalty. For ID7 policies, if the policy is fully surrendered within the 12 months from the date the premium was increased, the balance of the advisory fee will still be deducted from the cash value as a surrender penalty. There is no surrender penalty for partial withdrawals.

Premium Holiday is an option for the policyholders to suspend premium payment for a definite period, due to financial reasons. This is a feature for our regular premium policies that had been purchased by our policyholders.

Premium Holiday is allowed for all in force regular premium policies. However, there are certain criteria that need to be met before the application is allowed.

• There must be positive units in all the funds of the policy.
• There must be minimum premium payment for 12 months.

If the application is successful, we will send you a letter indicating the period of Premium Holiday applied.

The policy will remain in force as long as there are positive units in all the funds of the policy. During the period of premium suspension, no payment notice will be sent. However, the policy will lapse once the units fall to zero or negative.

The fees and charges (renewal policy fee, advisory fee, mortality charges¹ and rider charges) will still be applied even when the policy is on Premium Holiday. Therefore, please ensure that there are sufficient units in the policy to prevent the lapse of your policy during this period.

¹ Mortality Charge is the amount charged every year by the insurer to provide the life cover to the policyholder on the life of the Life Insured.

You can apply for a maximum of six months each time.

For policies on GIRO arrangement, premium payment will automatically resume upon the expiry of Premium Holiday.

Yes, you could submit an Investment-Linked Policy Premium Holiday form before the expiry of the current Premium Holiday. We will send you a letter two months before the expiry date of your Premium Holiday, informing you that the premium suspension is over and premiums will be payable.

You could complete the “Investment-Linked Policy Premium Holiday Form” and submit it to any of our Income branches, by fax to 6338 1500 or as an email attachment to life.health@income.com.sg. Alternatively, you may approach your Insurance Adviser for more details on the policy plan.

For a copy of the Investment-Linked Policy Premium Holiday Form, please click here.

Important information to note-
For policies that are on GIRO, the process of deduction takes place between the 21st of the month to the 8th of the following month. During this period, no changes to your premiums can be made.

If this form is received during this period, your request will be handled after the GIRO deduction process is completed.

Example-
If the form is received on 20 Oct, it will be effective from Nov.
If the form is received on 21 Oct, it will be effective from Dec.

For regular premium plans where the premium rate increases with age, we allow back dating subject to the following conditions:

1. The cover start date is set at 1 day before the insured’s birthday;
2. The cover start date cannot be before the year of product launch; and
3. The back dating cannot be more than 6 months.

Please note that the premiums of the following plans does not increases with the age of the insured, hence back dating is not allowed:

1. FlexRetire
2. RevoSecure

The above list of products is not conclusive and we will be updating the list regularly. Please email life.health@income.com.sg for the details of applicable products for back dating.

All medical examinations and tests have to be conducted at a clinic from our Panel.

We will assign a clinic in our list of Panel of Doctors that is near the Insured’s home. Please contact us to make the arrangement if the Insured prefers to go to another clinic listed in our Panel.

Yes. Please indicate “By Hand” on the top right hand corner of your application form if you want your insurance adviser to hand-deliver your policy document.

Yes, you can submit your recent test report to us. Test reports are usually valid for six months. A Chest X-ray (CXR) is valid for one year.

You are encouraged to complete the application form personally so that you can have a better understanding of the information required and provide the corresponding replies. Your insurance adviser will guide you throughout the process.

Please check the application form to ensure that all information is correct and complete if your insurance adviser is completing it on your behalf.

We will inform you if there is a need for you to go through any medical examination. This is usually due to the sum assured, Insured’s age or any existing medical condition.

Yes, you need to inform us of any changes in your health status so that we can make a decision on whether to accept the risk at the appropriate premium rate.

Our underwriting is based on the information declared in your application. Your insurance policy may not be valid if we discover the non-disclosure of material information in the future. It may be more beneficial for special terms¹ to be imposed on your policy instead of not having any insurance coverage.

¹ Special terms are terms offered by insurance companies that are outside the standard policy terms and conditions.

You can make payment of your first premium by GIRO, cheque, cash, NETS and credit card. Credit card payment is restricted to the first premium payment for regular premium life insurance.

Subsequent renewal payments can be made by GIRO, cheque, cash, NETS, internet banking, AXS, ATM or phone banking. We encourage GIRO deductions for policies with regular premium payments as it is hassle free and reduces the chances of missing any payments.

Your insurance adviser can help you monitor the progress of your application and keep you updated. Alternatively, you can call our hotline at 6788 1122 to check on your application status.

Interest is calculated based on the prevailing interest rate of 5.5% per annum on the premiums to be paid to backdate your policy.

We will be able to process your application within seven working days, provided:

• We have received full documentation;
• We have received the first premium payment; and
• You are not required to go for a medical examination.

The time required to process your application will be longer if there is incomplete documentation or the need for a medical examination.

Our standard practice is to send the policy document to you by normal mail.

Yes. There will be interim coverage if we have received your first premium payment.

We will pay the basic sum assured or $500,000, whichever is lesser, if the Insured dies as a result of an accident while we are processing your application.

These are some of the possible outcomes of underwriting:

• Accept the application with standard terms of the policy;
• Require additional information on the health or financial status of the Insured if there is insufficient information to make a decision;
• Charge a higher premium or impose special terms¹ appropriate to the level of risk involved;
• Defer the application and reassess the risk later;
• Offer a lower sum assured for the same product or another product; or
• Decline the application.

¹ Special terms are terms offered by insurance companies that are outside the standard policy terms and conditions.

Our intention is to provide you with prompt and fair underwriting decision based on the information declared in the application form.

If you have new information that is favourable and may change the underwriting decision offered i.e. extra premium, and / or exclusions, please inform us so that we can do a review.

The 14 days Free-Look Period allows you to evaluate if the policy meets your needs after receiving the policy document. The premiums paid, less medical fees and other expenses incurred (if any), will be refunded if you decide to terminate your policy within the Free-Look Period.

Underwriting is the process of assessing the risk of the Insured, and making the decision to decline or accept the risk at an appropriate premium.

We always encourage people to get insurance while they are young and healthy.

The 14 days Free-Look Period will start seven calendar days after we have mailed out the policy document.

The Free-Look Period will start from the day you receive your policy document if it is hand delivered by your insurance adviser.

Your insurance coverage is effective once we have accepted the risk, received the premium and issued your policy.

You may call our hotline at 6788 1122 to check on your application status.

The premium will be deducted within five working days once your life insurance application is approved and your credit card details are entered into our system.

We will pay for the medical examination and tests fees that we request.

Special terms¹ such as premium loading and exclusions are usually imposed on Insured with pre-existing medical conditions or a family history of illnesses that are likely to be hereditary. This group of Insured usually has a higher probability of making an early claim. The special terms¹ are therefore necessary to cover this higher risk.

¹ Special terms are terms offered by insurance companies that are outside the standard policy terms and conditions.

The premium collected is usually invested to achieve a certain rate of return in order to deliver yield on a policy. Interest is therefore charged to cover the loss in investment earnings arising from backdating.

Your policy will commence after we have completed the risk assessment of the insured and received the first premium payment. Your application will therefore be expedited if you submit the first premium at the same time.

There will also be interim coverage if you have made the first premium payment upon application. We will pay the basic sum assured or $500,000, whichever is lesser, if the Insured dies as a result of an accident while we are processing your application.

You can visit our website at www.income.com.sg and click “Motor Insurance” under “Buy Online” on the right hand panel of the page.

You can purchase both Private Car Insurance and Motorcycle Insurance online.

You can pay either via eNETS Direct Debit or Visa/MasterCard Credit Cards.

Yes, as long as the Credit Card is valid and is issued in your name.

Yes, as long as your payment confirmation is successful.

Upon successful payment confirmation, you will receive a confirmation email which includes a link for you to view your policy document. There will not be any hardcopy mailed to you.

We would like to add value to the motoring needs of our motor policyholders.

These workshops are chosen from our panel of workshops for accident repairs have been with us for many years. These workshops have good track records in providing reliable and excellent service to our policyholders.

While we insist that the workshops must adhere to certain service standards we do not dictate the pricing and packaging of their products. It is a commercial decision by the workshops.

Income’s role is to identify workshops that can provide reliable service to our customers.

You may make the servicing booking with the workshop.

Our workshops will seek your agreement before changing any parts or rendering any additional services. They will present all the parts that they have changed for your inspection.

You should try to resolve it with the workshop directly. If it is not successful, Income will help to mediate.

Our selected servicing workshops offer competitive servicing rates with our assurance of reliability and quality.

Yes, our workshops can collect and deliver your car to you for a small fee.

Yes, our workshops will provide after-service warranties in line with industry practices.

Nominations can only be made for policies which provide for death benefits (e.g. Life policies and accident and health policies). The policy must insure the life of the policy owner. The policy may have been purchased by the policy owner or assigned or vested in the policy owner. No nomination is allowed for a policy that insures a life other than the policy owner’s life.

The following general insurance accident and health products in Income will be allowed for nomination.

Under the Insurance Act, you have the option to make either:

1. A revocable nomination
2. A trust (irrevocable) nomination;

for a policy to decide how the policy proceeds will be distributed.

Please note however that a trust (irrevocable) nomination cannot be made for PrimeShield plans.
 

Yes, you must name at least one trustee for the nomination to be valid. You, your witness or a beneficiary may be named as trustee.

If you name yourself as a trustee, you cannot:

1. Consent to the revocation of the trust
2. Consent to variation of any term of the policy
3. Give a valid discharge to the insurer for monies received under the policy

Prior to 01 Sep 2009, there was no provision in the Insurance Act to govern the nomination of beneficiaries to insurance proceeds.

Instead, nomination of beneficiaries was governed by Section 73 of the Conveyancing and Law of Property Act, and, also for Income, Section 45 of the Co-operative Societies Act.

From 01 Sep 2009:
The law governing the nomination of beneficiaries is consolidated under the Insurance Act
No nomination is allowed under the Conveyancing and Law of Property Act and Co-operative Societies Act.

To cancel the nomination, consent must be obtained from either:

1. A trustee who is not the policy owner; or
2. Each beneficiary who is at least 18 years old or, in the case of a beneficiary who is below 18 years old, consent from the parent / legal guardian who is not the policy owner

No, this is because the amendment to the Insurance Act does not have any retrospective effect. This means that your existing nomination will still be valid even if you make a subsequent Will.

If you wish to cancel the existing Co-operative Societies Act nomination, you are advised to submit our prescribed form. Alternatively, if you wish to make a new nomination, you can submit a Revocable or Trust Nomination under the Insurance Act and the Co-operative Societies Act nomination will be deemed as cancelled.

Similarly, if a Section 73 Trust Nomination has been made for a policy, it will still be valid, unless cancelled. A Section 73 Trust Nomination can be cancelled with consent from trustee and beneficiaries or trustee only, if beneficiaries are below 21 years old.

There is no cap if a nomination has been made. In the absence of any nomination, the insurer can only pay up to $150,000 in total for all relevant policies issued by the insurer to proper claimant(s) and any balance proceeds will be paid upon production of letter of probate (with Will) or letter of administration (without Will). A proper claimant is defined in the Insurance Act to mean a person who claims to be entitled to the death proceeds as the executor, spouse, parent, child, sibling, nephew or niece of the deceased.

Under the Insurance Act, the Will must:

1. Provide for the distribution of all death benefits under the policy; and
2. Specify particulars of the policy as required under Regulation 5(3) of the Insurance (Nomination of Beneficiaries) Regulations 2009. The Regulations require the following particulars to be specified in the Will:
   1. The name of the insurer that issues the policy;
   2. The policy number;
   3. The name of each beneficiary to whom any portion (including the whole) of the death benefits under the policy is bequeathed;
   4. Where a beneficiary referred to in sub-paragraph (iii) is an individual, the following particulars of the beneficiary: NRIC / Birth Certificate / Foreign passport number, address, date of birth;
   5. Where a beneficiary referred to in sub-paragraph (iii) is not an individual, the following particulars of the beneficiary:
      • The Singapore unique entity number of the beneficiary or, if the beneficiary does not have such a number, any other official registration number which identifies and is unique to the entity; and
      • The address of the beneficiary;
   6. The portion of the death benefits under the policy which is bequeathed to each beneficiary.  

The table below summarises the restrictions on nomination types for policies that are purchased with CPF funds.

Making a Trust Nomination has many consequences, as listed below, and you should consider carefully before making such a nomination.

1. Policy owner loses all rights and control over his policy.
2. Proceeds under the policy, whether made during the policy owner’s lifetime or after his death, will be payable to the beneficiaries.
3. Policy owner cannot, on his own, change his nomination. To change or cancel his trust nomination, he must obtain the consent of each beneficiary who is at least 18 years old or a trustee who is not the policy owner. In the case of a beneficiary who is below 18 years old, the parent or guardian (who is not the policy owner) can consent on the beneficiary’s behalf.
4. Policy owner cannot on his own give instructions to change any part of the policy. An insurer can carry out the policy owner’s instructions to change the policy (including any instructions to alter the benefits payable under the policy) only if consent has been obtained from each beneficiary who is at least 18 years old or a trustee who is not the policy owner. In the case of a beneficiary who is below 18 years old, the parent or guardian (who is not the policy owner) can consent on the beneficiary’s behalf.
5. The trust is not affected by a divorce. This may be an issue if the spouse is one of the beneficiaries.

The deceased beneficiary’s share will be proportionately distributed among the surviving beneficiaries. If there is no other beneficiary, the nomination will be deemed as cancelled.

The deceased beneficiary’s share will not be proportionately distributed among the surviving beneficiaries. The deceased beneficiary’s share will go to form part of his estate.

Your Will will have the following effect depending on the type of nomination that you have made on and after 01 Sep 2009.

Revocable Nomination
If after making a Revocable Nomination, you make a Will that covers the same policy and you have given written notice of the Will to the insurer, then the Revocable Nomination will be cancelled by the Will. However, the Will must satisfy specific requirements as required by the Insurance Act. For example, the Will must provide for the distribution of all death benefits under the policy and it must specify particulars of the policy. For the full set of requirements, please read the question below “What are the requirements for a Will to cancel an earlier Revocable Nomination?”.

Trust Nomination
If after making a Trust Nomination, you make a Will that covers the same policy, the Trust Nomination will not be cancelled by the Will even if written notice of the Will has been given to the insurer. To understand how a Trust Nomination can be cancelled, please read the question above, “How do I cancel a Trust Nomination?”.

Any legal entity-individual, association or corporation can be a beneficiary. However, the nomination is only applicable for distribution of the death proceeds. This means that while the policy owner is alive, he continues to retain all rights and control over his policy (including changes to the policy) and any proceeds will be payable to the policy owner. After making a Revocable Nomination, a policy owner can, on his own, change his nomination at any time. This is unlike a trust nomination where any change must be subject to the consent of the trustee or beneficiaries.

A Trust (or Irrevocable) Nomination allows a policy owner to create a statutory trust in favour of the beneficiaries. Only the policy owner’s spouse and / or children can be nominated as the beneficiaries.

This is similar to the trust under Section 73 of the Conveyancing and Law of Property Act. The difference is that under the Insurance Act, the policy owner makes an intentional and deliberate choice to effect such a nomination by completing a form prescribed by the Insurance Act.

Once a policy owner creates a trust nomination, he will lose all rights and control over his insurance policy including the policy proceeds. However, the advantage is that the policy proceeds enjoy protection against claims from the policy owner’s creditors unless there is an intention to defraud his creditors when the trust is created.

Please note that under the Insurance (NOB) Regulations, trust (irrevocable) nominations cannot be made for the following policies.

•          ElderShield Supplement Plans (ESP), i.e. PrimeShield
•          Integrated MediShield Plans (IMP), i.e. IncomeShield, Enhanced IncomeShield
•          Insurance policies purchased using Supplementary Retirement Scheme (SRS) funds

A nomination, if fully and properly completed, will take effect from the date your nomination form is lodged with the registered insurer that issued your policy.

You will be able to find a consumer guide, by the Life Insurance Association (LIA), on the new nomination law at the LIA website. For a copy of this consumer guide, please click here.

We have also highlighted the following in the Tables below:

• Table 1 – Comparison of Key Differences Between Revocable Nominations under the Co-operative Societies Act and the Insurance Act
• Table 2 – Comparison of Key Differences between Trust Nominations under Section 73 of the Conveyancing and Law of Property Act and the Insurance Act
• Table 3 – Comparison of Key Differences between Trust Nomination and Revocable Nomination under the Insurance Act.

TABLE 1: COMPARISON OF KEY DIFFERENCES BETWEEN REVOCABLE NOMINATIONS UNDER CO-OPERATIVE SOCIETIES ACT AND INSURANCE ACT

TABLE 2: COMPARISON OF KEY DIFFERENCES BETWEEN TRUST NOMINATIONS UNDER SECTION 73 OF CONVEYANCING LAW OF PROPERTY ACT AND INSURANCE ACT

TABLE 3: COMPARISON OF KEY DIFFERENCES BETWEEN REVOCABLE & TRUST NOMINATIONS UNDER THE INSURANCE ACT FROM 01 SEP 2009

Only applicable to death benefits

The reason is because a Trust Nomination will cause the policy owner (CPF member) to lose control over any insurance proceeds paid out during his lifetime. This is not in line with CPF Board’s policy that CPF members must retain complete ownership of their funds as long as they are alive.

CPF Board treats annuities purchased under the Minimum Sum Plus Scheme (MSPS) like any other policy as they are paid for with cash. So nominations are allowed for you to determine how the proceeds are to be distributed.

On the other hand, CPF Board wants to ensure that disbursement of proceeds from annuities purchased under the Minimum Sum Scheme (MSS) will be used to provide the CPF members with a monthly income to support a modest standard of living during retirement. So, no nomination is allowed.

This is to preserve the protection granted to the beneficiaries under the trust. In some circumstances, it could be detrimental to the interest of the beneficiaries if the policy owner is allowed to access the proceeds of the policy based on his role as trustee.

Section 73 of the Conveyancing and Law of Property Act has generated much controversy. When a policy owner has a policy on his own life and names his spouse and / or children as beneficiaries of the policy, Section 73 will automatically create a statutory trust in favour of the beneficiaries, even though the policy owner may not have intended to create a trust. Once a trust is created, the policy owner will lose all rights and control over the insurance policy.

The Co-operative Societies Act provides for revocable nomination of any legal entity (individual, association or corporation). However, for all other insurers in Singapore who are not co-operatives, there was no statutory provision prior to 01 Sep 2009 which govern the nomination of any legal entity. As such, the status of such nominations with other insurers is uncertain.

Parliament thus saw a need to consolidate the law on nominations by amending the Insurance Act to provide policy owners and insurers with directions on nominations.

You can withdraw the deposit and its interest at any time. The minimum amount to withdraw and the minimum amount to remain in the deposit account is $100 respectively.

• Login to me@income & select “Withdraw Deposited Cash Benefits”
• Complete Request to withdraw deposited cash benefits form and email, along with a copy of your personal identification document, to csquery@income.com.sg
• Complete Request to withdraw deposited cash benefits form and send, along with a copy of your personal identification document, to Income Centre 75 Bras Basah Road Singapore 189557

When we have received the required documents, we will handle your withdrawal request within three working days. For your convenience, we strongly encourage you to opt for bank crediting by providing a copy of your bank book/statement.

If you are residing overseas, the form is to be witnessed either by an Official from the Singapore High Commission/Embassy of the Republic of Singapore (for Singaporeans) or a Notary Public. A Notary Public is a state appointed officer who can witness and authenticate documents.

When documents originate from or are signed in another country, it is common for most institutions to require them to be notarised before they can be used for official purposes. This is a matter of prudence to ensure that the person signing the documents is actually who he purports to be. The Notary mainly acts as an impartial and legally trained witness. You can locate a registry of notaries by conducting a search on the internet.

If you have difficulty in obtaining an official witness, you can submit the request by logging in to me@income & select “Withdraw Deposited Cash Benefits”.

Please ensure that your NRIC/identification number registered with us is the same as the bank’s record. The cheque will be rejected if you opened your bank account with a different identification number.

For Singaporeans or Singapore permanent residents 

• Clear copy of NRIC (front and back)

For Foreigners staying, studying or working in Singapore 

• Clear copy of passport showing validity dates, passport number, photograph, nationality, date of birth and name; and
• Clear copy of Singapore employment pass, S pass, work permit, student pass or dependent's pass (front and back); and
• Clear copy of a document (issued within the last 6 months e.g. utility bills, phone bill) that shows your name and address. The passport, passes or permits must be valid for at least 6 months.   

No, once you have withdrawn the deposit, you are not allowed to return the withdrawn amount to re-deposit with us.

If the policy is assigned under absolute assignment1, the assignee instead of the policyholder can give us the instruction for the deposit withdrawal. The payment will be paid to the assignee.
 
1An absolute assignment is the transfer of a life policy to another person. The person who transfers the policy is called the assignor. The person who takes over the ownership of the policy is called the assignee.

The policyholder can give us the instruction with the consent of all trustees plus beneficiaries (at least age 21). The payment will be paid to all trustees, or beneficiaries (at least age 21).

The policyholder can give instruction with the consent of any one trustee (who is not the policyholder) or all beneficiaries (at least age 18). The payment will be paid to the trustee (who is not the policyholder), or all beneficiaries (at least age 18). Parental consent is required if any of the beneficiaries is below age 18. The parent who gives consent must not be the policyholder.

Income is notified by the Insolvency & Public Trustee's Office when a bankruptcy order is made against any person. Upon notification, we will update our customer database with the bankruptcy order. If the bankrupt has policies with Income, the relevant policies will be assigned to the Official Assignee.

Each time an undischarged bankrupt wishes to purchase insurance, the bankrupt must obtain clearance from the Official Assignee. If a third party insurance is taken up, where the life insured is an undischarged bankrupt, the relationship between proposer and life insured has to be one of the following:

• Spouse
• Parent and child or
• Employer and employee

The Official Assignee will issue a letter of consent or approval if the request is approved. Upon approval, we will uplift the bankruptcy status temporarily to allow the processing of the insurance policy when the Official Assignee’s letter of consent or approval is produced.

For travel insurance application, an e-filing letter of approval can also be accepted. The period of cover cannot exceed the permitted overseas period stated in the e-filing letter.

It is important for the undischarged bankrupt to check with Official Assignee before paying any premium. This is because in any case if the Official Assignee perform any transaction on the policy (i.e. requests to terminate the policy), the proceeds (if any) is payable to the Official Assignee.

For any payment paid to the policy using an undischarged bankrupt own money, a letter of Official Assignee's consent is required. This is because under S82(1)(b) of the bankruptcy Act, a bankrupt is required to hand over to the Official Assignee, any money or property that is over and above what is required to maintain himself or his family.

Alternatively, a third party can assist the undischarged bankrupt to pay premium by visiting any of our Income branches using NETS, cash or cheque. The name and NRIC of the third party must be given to our staff to be recorded into our system.

For cheque payment, please make the cheque payable to"NTUC Income" and indicate the name, policy number and contact details on the back of the cheque. Please mail the cheque to the following address:
Income Centre
75 Bras Basah Road
Singapore 189557    

You can approach your insurance adviser for assistance. Alternatively, please email your enquiry to csquery@income.com.sg or call Income hotline at 6788 1122.

Click here to download the business reply envelope. Test 26/04 Updated

Travel insurance covers many risks not covered by other types of insurance. These include benefits like Emergency Medical Evacuation, Travel Delay, Baggage Loss or Theft, Overbooked Flights and Flight Misconnection. Please refer to NTUC Income TravelBliss brochure for full Table of Coverage and Benefits. Testing 11/5

The Panel offers those insured under IncomeShield easy access to a team of reputable and qualified medical specialists in private practice across various specialties, conveniently located island-wide.

The introduction of the Panel shows Income’s commitment to ensure that our health insurance remains accessible, affordable and sustainable for everyone in Singapore. It is also aligned with recommendations by the Health Insurance Task Force to encourage all stakeholders to play a more active role in managing medical care costs and be part of the collective effort to keep healthcare and health insurance accessible and sustainable in Singapore.

Test Purging update

Please complete a DDA / GIRO Application Form. You can obtain a copy of the DDA / GIRO Application Form by the following methods:

• Download a copy of it from the website. Click here for a copy of the DDA/ GIRO Application Form.
• Send an email to csquery@income.com.sg
• Contact your insurance advisers
• Call our Income hotline
• Visit our Income branches to complete the DDA / GIRO Application Form

Please ensure that you and the Bank Accountholder complete the following compulsory fields on the “GIRO Application Form”:

1. Policy Number
2. Policyholder’s Name
3. Policyholder’s NRIC
4. Bank Accountholder’s Name
5. Bank Accountholder’s NRIC
   1. (For Foreigners, this will be the ID that the Bank Account is operated under.
   2. For Companies, the Bank Accountholder’s NRIC must be the registered ID of the Company. This ID must correspond with the Accountholder’s Bank record.)
6. Bank Name
7. Bank Account number
8. Signature of the Bank Accountholder

Any alteration on the form must be accompanied by a corresponding signature by the Bank Accountholder. Any amendments not endorsed by the Bank Accountholder will be rejected. Alteration by correction fluid / tape is not allowed.

For applications where the Bank Accountholder is not the Policyholder or if the Policyholder ID is different from the Bank Accountholder ID, a new GIRO application form is required.

Please complete one GIRO form for one policy number only.

We require the ORIGINAL form to be submitted as we need to ensure that the authorization from the Bank Accountholder is genuine. Furthermore, the banks will also require the ORIGINAL form to be submitted for their processing and approval.

No, we will not be able to make any amendments on the GIRO Application Form on behalf of the Bank Accountholder.

Any amendments on the GIRO Application Form need to be endorsed by the Bank Accountholder. Correction fluid / tape is also not allowed. Alternatively, the Bank Accountholder can complete a new GIRO Application Form and mailed it to Income Centre, 75 Bras Basah Road, Singapore 189557 or by bringing it down to any of Income branches.

We also wish to advise that a previously rejected GIRO Application Form cannot be used for re-submission.

Please submit the ORIGINAL DDA / GIRO Application Form to us by:

• posting to Income Centre, 75 Bras Basah Road, Singapore 189557
• visiting to any of Income branches

Fax and email modes are not accepted. Photocopied and incomplete GIRO Form will be rejected and return to you for re-submission.

When we received your fully completed application form, please allow us 14 to 60 days to process the application.

The Bank Accountholder will need to contact their bank to obtain further details on the rejection.

The majority of the policy premiums can be paid using GIRO except the following:

• DPS – Payment mode is via CPF.

Yes, you can but you will need to submit a new GIRO application with details of the new bank account to us. Please allow sufficient time (about 14 -60 days) for the new application to be processed and activated. Please refer to Q3 under the Section on Application for New DDA / GIRO Arrangement on completing the new GIRO Application Form.

Until the new GIRO arrangement is approved and activated, Income will continue to deduct the premium payment from the existing bank account. Policyholder and Bank Accountholder are advised to maintain sufficient fund in the existing GIRO bank account.

Yes, the Bank Accountholder can set a payment limit for GIRO deduction through their bank. However, if you set a deduction limit, it might cause the GIRO deduction to fail if the premium due amount exceeds the limit specified.

A notification letter will be sent to inform you to increase or remove the GIRO deduction limit when the limit is exceeded.

For Example:
You have two policies with premium amount of $313.75 and $113.15. You have also set a payment limit of $350 and $150 respectively with your bank.

The GIRO deduction will fail due to "Amount Exceeded". This is because the total premium amount to be deducted is $426.90 ($313.75 + $113.15). The bank will take the highest limit that you have set on the billing organization as the payment limit. In this case, the payment limit is $350 which is lower than the total premium to be deducted of $426.90. Hence, the GIRO deduction will be unsuccessful.

The GIRO deduction dates are on the 6&supth ;or 18&supth; of the month.
 
If the 6&supth; or 18&supth; falls on a Sunday or Public Holiday, the deduction will then be re-scheduled to the next working day.

No, we are unable to support the pre-scheduling of GIRO commencement date.

If there is insufficient fund in the bank account for the 1st deduction, another attempt will be made on the next deduction date.

For Life Insurance products, there will be a maximum of four attempts over two months to deduct the premium due on the 6th and 18th respectively.

For Health and General insurance products, there will be a maximum of two attempts to deduct the premium due on the 6th and 18th respectively.

If the deduction is still unsuccessful after the maximum attempts for your policy, you will need to make payment directly to Income. GIRO will resume only after the overdue premium is paid.

We will not impose any charges for unsuccessful deductions. However, some banks will impose a service charge as unsuccessful deduction is treated like a bounced cheque. Please contact your bank on these charges (if applicable).

We do not send any SMS for GIRO approval. For some banks, like DBS, a SMS will be sent to notify their customers of the application status. You may contact your bank for more information.

No receipts will be issued for GIRO deductions. Policyholders / Bank Accountholders can check if the deduction is successful in their bank statement or when the passbook is updated. The successful deduction will be identified as INS (for Insurance).

The unsuccessful GIRO deduction could be due to a few possible scenarios. Some of the common GIRO deduction rejection reasons are as follows:

• Existing GIRO arrangement is terminated
• Bank account is closed
• Deduction amount has exceeded the limit set
• Change of bank account number
• Cheque is not cleared

As this involves confidential information, the banks will not disclose the reason to us. Hence, you need to contact your bank directly to seek their clarification.

Yes, you can request to stop GIRO deduction in the coming deduction date.

Please call our Income hotline or send an email to csquery@income.com.sg to inform Income of your request with the following information:

• Policy number
• Bank account number
• Premium amount to be stopped
• Deduction date

Your request to stop the GIRO deduction will need to reach us at least four working days before the deduction date on the 6th or 18th. We would like to inform that we will not be able to process any requests received after the deadline.

Income will not impose a fee, however, the bank will charge a fee of $5 for such requests. You will also need to make payment for this fee at any of our branches before we process your request.

No, you are not able to stop the GIRO deduction for only one policy, any request to stop GIRO deduction will apply to all policies. If we received your request to stop GIRO deduction for only one policy, all the remaining three policies will not be deducted as well.

You can terminate the GIRO arrangement for your premium payments via the following options:

• You and / or Bank Account holder can authorise the termination by completing the “Cancellation / Termination of GIRO Arrangement Form”.
• Bank Accountholder can terminate the arrangement directly with their bank.

When we receive the ORIGINAL “Cancellation / Termination of GIRO Arrangement Form”, it will take 7 to 30 days for the request to be processed.

Please maintain sufficient funds in your existing bank account for the premium deduction until you receive our GIRO Cancellation letter confirming that the GIRO arrangement has been terminated.

We are unable to accept fax, email or photocopied form to terminate the GIRO arrangement. Please send us the ORIGINAL form for our processing.

Yes, we will send you a letter to inform you on the cancellation of the GIRO arrangement and to make any premium payments directly to us.

You can use GIRO for the policy loan repayment if:

• Policy is not an Annuity product; or
• Policy is not an Investment Linked Product.

At the same time, your premium payment must also be deducted from the same GIRO account. Hence, if you are currently not using GIRO for your policy premium payment, you will need to complete the following two forms:

• ORIGINAL “GIRO Application Form” – For policy premium payment
• ORIGINAL “ Policy Loan Repayment Arrangement Form” – For policy loan repayment

For a copy of the GIRO Application Form, click here.
For a copy of the Policy Loan Repayment Arrangement Form, click here.

You will be required to complete the “Policy Loan Repayment Arrangement Form”. Please ensure that you complete the following information on the form:

1. Policy Number
2. Policyholder’s Name
3. Policyholder’s NRIC
4. Bank Accountholder’s Name
5. Bank Accountholder’s NRIC
   1. (For Foreigners, this will be the ID that the Bank Account is operated under.
   2. For Companies, the Bank Accountholder’s NRIC must be the registered ID of the Company. This ID must correspond with the Accountholder’s Bank record.)
6. Bank Name
7. Bank Account number
8. Signatures of the Bank Accountholder and / or Policyholder
9. Monthly loan repayment amount that is to be deducted

Once, you have completed the form, please submit the form to us by:

• posting to Income Centre, 75 Bras Basah Road, Singapore 189557
• visiting to any of Income branches

Any alterations must be accompanied by a corresponding signature of the Bank Accountholder. Any amendments not endorsed by the Bank Accountholder will be rejected. Alteration by correction fluid / tape is not allowed.

You may submit the form to us by:

• posting to Income Centre, 75 Bras Basah Road, Singapore 189557
• visiting to any of Income branches

Fax and email modes are not accepted. Photocopied and incomplete GIRO forms will be rejected and returned to you for re-submission.

No, you will not be able to use a different bank account to pay for your policy loan. The bank account that you wish to use for the loan repayment must be of the same bank account as your premium payment.

The policy loan repayment will be deducted on a monthly basis regardless of the policy premium payment frequency.

For Example:
Your policy premium payment frequency may be deducted via your GIRO account on a quarterly / half yearly / annual basis. Your policy loan repayment will still be deducted via GIRO on a monthly basis.

The deduction date for policy loan repayment is on the 6th of every month only. The monthly deduction will take place until the policy loan is fully paid. We will only attempt to deduct one instalment on each deduction date, regardless of whether the previous deduction attempt was successful or unsuccessful.

Yes, you can request for breakdown of the total premium paid. Please send an email to csquery@income.com.sg or call our hotline with the following information:

• Policy Number
• Period required

We can provide a statement of the total premium paid for the last 24 months for free. However, for each subsequent block of 12 months, it will be charged at $10 per block.

Please make payment of the applicable fees at any of our branches before we can process your request. Upon receiving your payment, we will prepare the statement to be sent to you within 14 working days.

Yes, you can request for a copy of the summarized Premium Statement for the year for claiming purposes. Please send an email to csquery@income.com.sg or call our Income hotline with the following information:

• Policy Number
• Policyholder / Life Assured Name

When we receive your request, we will prepare a Premium Statement to be sent out to you within five working days.

No, we do not accept post dated cheque. 123

Yes, you can.
In a case where there is excess premium, the refund will be paid to the policyholder.

Yes, you can. Both the policyholder and the cardholder will need to be present at any Income servicing branch.

The cardholder is required to sign the credit card confirmation slip while the policyholder is required to sign the declaration form for the premium payment using third party credit card.

For the locations of Income servicing branches, please click here.

For a copy of the declaration form, please click here.

Yes, you can still opt for IPP provided the motor insurance policy that you purchase is for a minimum period of nine months.

Once the bank approves, the bank will bill you monthly. The amount deducted will be reflected in your monthly statement.

You will need to be present at any Income servicing branch to sign the credit card confirmation slip.

For the locations of Income servicing branches, please click here.

Yes, as long as the credit card is issued in your name.

The refund of premium deducted via credit card will be settled by credit card. The refund will be displayed in the cardholder’s credit card statement as “INC POL xxxxxxxxxx”.

The refund is a lump sum amount which will reduce the cardholder’s overall outstanding bill in the credit card statement. Cardholder will continue to service the remaining Instalment with the Bank.

The motor insurance policy refund is calculated based on the following conditions:

• Taking up another motor insurance policy with us within 90 days from the effective date of cancellation Premium Refund = Premium x Unexpired period of Insurance (Days)/Original Period of Insurance (Days)
• Not taking up another motor insurance policy with us Premium Refund = (85% of Premium) x Unexpired period of Insurance (Days)/Original Period of Insurance (Days)

Yes, you can. However, the insurance adviser will need to fill up a copy of the application form to authorise him/her to activate the instalment plan on your behalf.

For a copy of the application form, please click here.

Yes, you can. Both the policyholder and the cardholder will need to be present at any Income servicing branch with a copy of the company business profile.

The cardholder is required to sign the credit card confirmation slip while the policyholder is required to sign the declaration form for the premium payment using third party credit card.

For the locations of Income servicing branches, please click here.

No, the cardholder needs to be present for verification of the credit card details and sign the credit card confirmation slip. This is to safeguard the cardholder’s interest and prevent the misuse of written authorisation.

You can choose to settle the payment via lump sum credit card payment.
Alternatively, you can opt for an Instalment Payment Plan (IPP) through your credit card.

For insufficient payment, you will need to make payment for the difference in amounts using the same Bill Reference Number.

For excess payment, you can inform us via our online enquiry web form for the refund cheque to be sent to you. When submitting your request, please indicate your Vehicle Registration Number. You can click here to access our online enquiry web form.

This does not apply to payment via www.income.com.sg.

For premium payment via ATM / AXS / Internet or Phone Banking, you will need to enter the Bill Reference Number and premium amount in order to make your payment. Both the Bill Reference Number and premium amount can be found on your Renewal Notice.

For premium payment via www.income.com.sg, you need to enter the Policy Number, Product Type and the exact premium amount.

The minimum premium to qualify for IPP is $200 with a repayment period of 6 months. For a 12 months repayment period, a minimum of $500 is required.

IPP is an interest free instalment payment plan offered by the banks (Participating Banks include DBS / POSB, OCBC and UOB) for Income's motor insurance. The bank will bill the cardholder monthly.

For terms and conditions on the IPP, please refer to the respective banks’ website:

• For DBS / POSB website, please click here.
• For OCBC website, please click here.
• For UOB website, please click here.

We accept both MasterCard and Visa credit cards.

Your motor insurance policy will remain in force but the bank will charge you the usual late payment fee with interest.

You can make the cheque payable to “NTUC Income”.
On the back of the cheque, please indicate your name, policy number and contact details.

Official receipts will only be generated upon request. Please send an email to csquery@income.com.sg or call our Income hotline with the following information: 
 

• Policy Number
• Payment details (e.g. Cheque No, Cheque Amount)

We will generate the official receipt and send to you within five working days. 

Note: No receipts will be issued for GIRO deductions. Policyholders / Bank Accountholders can check if the deduction is successful in their bank statement or when the passbook is updated.

Yes, you can pay your general insurance's premium via credit card. The deductions can be done as follows:

For lump sum

1. Over the Counter Swipe
2. Batch Processing
   This is for the purchase/renewals/endorsements of policies through phone calls and/or emails where the physical credit card is not available on-site.
3. Website
   1. Via "Online Application (Travel Insurance)"
   2. Via "Online Application (Private Car Only)"
   3. Via "Pay your premium here" at Online Payment Portal
   4. Via "Login" at me@income

For Foreign maid insurance applied via phone, the cardholder must provide the three digit CVV security code to effect the transaction. Payment will be deducted via the credit card immediately.

For Instalment Payment Plan (only applicable for Motor Insurance)

1. Over the Counter Swipe only Instalment cases are allowed only if they relate to the credit card Instalment Payment Plan (IPP). The participating Banks are UOB, OCBC, DBS & POSB.

At the moment, only Master and Visa cards are accepted. Other cards such as Diners or American Express or Debit cards are not accepted.

Debit cards are only allowed for “Lump-Sum - Over the Counter Swipe”. Debit cards for “Batch Processing” and for “IPP – Over the Counter Swipe” are not accepted.

Premium charged to credit card must be for the full premium. Partial cash payment and partial credit card payment are not allowed.

There are no additional charges for payment via credit card.

There is also no cap on the premium deductible via credit card for Motor Insurance and Personal Lines Insurance. Premium deductible via credit card is subject to the credit limit set by the Bank on the credit card holder.

For Instalment Payment Plan (only applicable for Motor Insurance), the minimum premium and instalment period applies:

• Minimum $200 for 6 months instalment
• Minimum $500 for 12 months instalment

For Commercial Lines Insurance, the cap on the premium deductible via credit card is at $5,000 per policy.

You can visit any of our NTUC Income branches.

For more details on NTUC Income branches, please click here.

We will attempt for credit card deduction once. If the deduction fails, the Debit Note will be suspended (i.e. will not go for another round of deduction). You will be notified by mail and you may then settle your premium direct to NTUC Income.

Acceptable payment methods are cheques made payable to “NTUC Income”, cash or NETS at any of our NTUC Income branches. If you are paying by cheque, please quote your policy number at the back of the cheque to facilitate proper processing. Please also indicate your contact number so that we can contact you in the event of any discrepancy. You can send your cheque by post to NTUC Income Centre, 75 Bras Basah Road, Singapore 189557.

If a second attempt for deduction is required, instruction has to be given to Contact Centre who will then inform Motor Insurance and Personal Lines Insurance to unsuspend the Debit Note and trigger system extraction after two working days.

Once your policy has been issued and your credit card details have been entered in our system, the outstanding premium will be deducted within five working days.

For Batch Processing, the deduction will be displayed in the cardholder’s credit card statement as “INC POL xxxxxxxxxx”

For Over the Counter Swipe, the deduction will be displayed in the cardholder’s credit card statement as “NTUC INCOME INSURANCE”

For Instalment Payment Plan (IPP) cases, the refund of premium deducted via credit card will be settled by credit card. The refund will be displayed in the cardholder’s credit card statement as “INC POL xxxxxxxxxx”. The refund is a lump sum amount which will reduce the cardholder’s overall outstanding bill in the credit card statement. Cardholder will continue to service the remaining Instalment with the Bank.

For Lump Sum cases, refund of premium deducted via credit card will be settled by cheque unless instructed otherwise.

No, insurance advisers are not allowed to use their own credit card to settle the premium.

Motor Insurance and Personal Lines Insurance will handle the addition/amendment of new/existing credit card account creations and their details.

Yes, you can pay your life insurance's first premium via credit card. You are not allowed to make subsequent renewal premium via credit card. This applies to all payment frequencies i.e. monthly, quarterly, half-yearly and yearly.

For single premium, you cannot pay via credit card.

As a social enterprise, we aim to keep our premium rates as low as possible. Hence we look for the most cost effective collection method so that our policyholders can continue to benefit from the competitive premium rates. We are absorbing the credit card cost for the first payment.

As life insurance is a long term contract, it is convenient and more cost effective to pay the premium by GIRO or Internet banking.

There is no cap on the premium amount but the amount to be deducted has to be within your individual credit limit with the bank. At this moment, there are no charges for payment via credit card.

At the moment, only Master and Visa cards are accepted. Other cards such as Diners or American Express or Debit cards are not accepted.

Premium charged to credit card must be for the full premium.

You need to provide the following details:

1. Credit card holder name
2. 16-digit credit card number
3. Expiry date i.e. MMYY
4. Master or Visa
5. Relationship of credit card holder to policyholder (where policyholder is not the credit card holder)
6. Issuing Bank

The above details will be requested in the application form if you have selected ‘credit card’ as your first premium payment method.

We will attempt credit card deduction once only. If the deduction fails, your agent will be informed to follow up.

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

For Investment Linked Plan (ILP) Policies, the unit price will be based on the transaction date when the payment is received by us.

Any refund of premium deducted via credit card will be refunded by cheque.

Yes, but you will have to fill up the Credit Card Authorisation Form for Life Insurance to effect this change.

For a copy of the Credit Card Authorisation Form, please click here.

If you have any queries, please contact your insurance adviser. Alternatively, you may email us at csquery@income.com.sg or call our NTUC Income hotline at 6788 1122.

Not necessarily. APL is a loan on the policy. Interest is charged. If at any time the amount of the loans and interest is more than the cash value, the policy will cease.

Therefore it is important for you to monitor your policy’s cash value in relation to the loans and interest.

We will send you at least two premium notices on the outstanding premium before activating the APL. Once the option is activated, we will also send you a notice.

Subsequently, we will continue to send you a notice each time we advance premiums on your behalf. Because APL is treated as a loan, a specific loan statement showing the transactions in your policy loan account will also be sent to you every year. On top of all these, the annual Policyholder Statement which summarises the policies and loans you have with Income will also be available in me@income.

You do not have to apply for this feature if APL is the default non-forfeiture option for your policy. APL is the default non-forfeiture option if your policy has not been purchased with CPF funds, not assigned to Official Assignee, insurance company or bank and has been taken up with us after Apr 1994.

If not, you can apply for this feature by completing an application form. You may request this form by emailing csquery@income.com.sg, calling us at 6788 1122 or visiting any of our servicing branches.

You may make a full or partial repayment towards your policy loans. There is no fixed repayment amount. Please quote the Loan Repayment Number (LRN) (not your policy number) to ensure that your loan records are updated accurately. LRN is an 11-digit reference number unique to each individual policy. You may call Income hotline at 6788 1122 to obtain the LRN and the latest loan figure.

You may repay the loan by any of the methods below:

• Cash or Nets at our branch (Find an Income Branch)  
• AXS by selecting "Life Policy Loan" and quote LRN
• Internet banking (DBS, OCBC & UOB) by selecting "one-time bill payment" and quote LRN
• Cheque made payable to "NTUC Income"and quote LRN, policy number and your contact number on the reverse side of the cheque. Please post the cheque to us at: Income Centre 75 Bras Basah Road Singapore 189557

The current interest rate is 5.5% per annum. We may change the interest rate at any time by giving you 30 days’ notice at your last known address. This interest is calculated daily and compounded every year end. You are encouraged to repay the loan as early as possible to avoid interest accumulation.

Besides, this loan and interest will also reduce any subsequent payouts from the policy. And if at any time the amount of the loans and interest is more than the cash value, the policy will cease.

Yes. Instead of APL, you may opt for the paid-up option if you do not want to pay any further premiums on your policy.

We will reduce the sum assured of your basic policy so that you will retain some form of minimal coverage. We will only do this if the policy has enough cash value. You will not pay any further premiums. You will keep any bonuses added to this policy before the date we convert the policy to paid-up. If we declare any subsequent bonuses on paid-up policies in the future, they will be based on the reduced sum assured (called the paid-up sum assured). Once paid-up, any riders attached to the basic policy will cease.

Do take note that converting your policy to a paid-up policy will usually lead to a significant reduction in your coverage. You will also lose all benefits under any existing riders that are attached to your basic policy.

If you have considered carefully and still prefer the paid-up option, you can apply for it by completing an application form. You may request for this form by emailing to csquery@income.com.sg, contacting us at 6788 1122 or visit any of our servicing branches.

APL is a common non-forfeiture feature in many life insurance policies. It prevents the policy's insurance cover from being terminated when premiums due on the policy are not paid after the period of grace.

When premiums remain unpaid after the period of grace, we will advance the premiums on your behalf so the basic policy and its riders can continue at their original coverage amount (called the sum assured). We will only do this if the policy has enough cash value¹. We treat this as a loan (called APL) and charge you interest. If there is not enough cash value, the policy will cease. We will deduct these loans and interest from any amount we may be due to pay under the policy. If at any time the amount of the loans and interest is more than the cash value, the policy will cease.

¹ Cash value means the amount you will receive when you cancel a policy that has a savings feature, before it matures. Its calculation is determined by us.

You will have 30 days as a period of grace to pay the premiums that are due. When premiums remain unpaid after the period of grace, we can activate the APL. But in most cases, we will activate the APL only after 90 days.

Therefore, if your policy’s payment frequency is monthly, we will advance three months of premiums on your behalf each time APL is activated. We will compute interest from the due date of each premium. A notice will be sent to you on the amount that has been advanced. You are encouraged to repay the loan as early as possible.

Premium Notices will be sent to inform you of the next premium due date. However, we will not send Premium Notices under the following scenarios:

1. If your policy is on monthly payment mode, premium payment is via GIRO, and there is only one month of premium outstanding.
2. If your outstanding premium is more than three months.
3. If there are any pending transactions such as policy alteration requests or claims.

There are two types of Premium Notices: Notice of Payment Due (NPD) and Notice of GIRO Deduction (NGD).

• Notice of Payment Due (NPD) - If your policy premium payment is via cash.
• Notice of Giro Deduction (NGD) - if your policy premium payment is via GIRO.

All notices will be sent to your registered address in our records. The Premium Notices are usually generated on the 25th of every month.

We will send the Premium Notices to our Policyholders only.

You will usually receive the Premium Notices around the first week of the month.

Please be informed that if your premium is due between the 1st to 10th of the month, you may receive the notice after the due date. However, we wish to highlight that you are given 30 days (from the premium due date) to make the premium payment. During this period, your policy is still active and in force.

The Premium Notice will include the following information:

• Policy Number
• Product Name
• Name of Insured
• Premium amount due
• Premium due date
• Months of Outstanding (if any)

You may ignore the Premium Notice if you have already made the payment. There is a cut-off date shown in the notice and we might have only received your payment after this date.

If your policy is on cash mode and you do not wish to receive Premium Notices, we would advise you to use GIRO for monthly payment. We are unable to support any request to suppress the sending of the notices.

You may access me@income or call our Income hotline to check on your premium due and payment made.

To access me@income, please log onto http://www.income.com.sg/ and click on the me@income icon. You will need a password to access me@income. If you do not have one, you may request for it via me@income, call 6788 1122 or email to csquery@income.com.sg.

We are unable to support this request as our system is designed to consolidate all policies for the same customer into one premium notice.

Yes, we will send a re-print of the last notice to you.

We do not send premium notice in advance. You may access me@income or call our Income hotline to check on your premium due and you can make the payment via Internet Banking while overseas.

After an unsuccessful recovery action by Finance – Credit Control, we will appoint a collection agency to assist in collecting the arrears due.

Our debt collectors will identify themselves to be a representative of a particular collection agency acting on behalf of Income. They will conduct themselves in a professional manner and will not engage in any abusive or disruptive behaviour.

They will be sending letters to notify you of their intent to establish contact to resolve the matter.

They will also attempt to reach you via phone during both weekdays and weekends up to 10.00pm in the evening.

They will arrange for visits at your residence or office. Residence visits can take place daily up to 10.00pm in the evening. Office visits will take place within office hours on weekdays.

Yes. You will have to bear the additional cost and expenses as they will be added to the total loan outstanding.

Yes. They are authorized by Income within certain parameters to demand full payment of the amounts due and to discuss instalment plans within stipulated guidelines with you.

You have the right to ask the person(s) for his/her supervisor’s number for verification of the nature of the contact and the amount of monies being handed over to a field officer.

It is important that you ask for and keep the official receipt issued to you in the event of any payment dispute.

For cheque payment, please make the cheque payable to “NTUC Income” and indicate your name, policy number and contact details on the back of the cheque. All cheques will be forwarded via the collection agency to Income.

We have ceased cash disbursement to our policyholders in order to minimise the risks associated with cash transactions. This move is intended to safeguard the interests of our policyholders by ensuring that the funds due to them will be returned to the rightful owners and not to other third parties.

In addition, our current practice is in line with the guidelines issued by MAS to ensure compliance with anti-money laundering regulations. Under such guidelines, insurers are obligated to take measures to mitigate the risk of money laundering activities. Our practices are also aligned with the best practices adopted by other insurers for this purpose.

From 01 Oct 2009, we have stopped cash disbursement for the following transactions:

• Policy loan
• Bonus Encashment
• Surrender of Life / Investment Linked policy
• Freelook of Life / Investment Linked policy
• Maturity of Life / Investment Linked policy
• Premium refunds for Life / Investment Linked policy
• Cancellation of Motor insurance policy

You have the choice of either receiving your funds in the form of:

• A crossed cheque
• Direct crediting into your personal bank account

This applies for all cash disbursement regardless of the amount.

In the event that you require funds urgently, you can request for a crossed cheque to be collected at Income Bras Basah branch.

For the location of Income Bras Basah branch, please click here.

Operations review found that 90% of calls received were between 8.30am and 6.30pm from Monday to Friday. The change in operating hours allows Income to channel its resources to the period with high call volume. This change is a reflection of Income’s commitment to continually improve its customer service.

The contact centre will operate from Monday to Friday between 8.30am and 6.30pm, excluding public holidays.

The change in operating hours allows Income to channel its resources to the period with high call volume. This enables Income to maximise its resources and increase operations efficiency.

Customers who require assistance outside the operating hours will be directed to emergency hotlines via the Interactive Voice Response system. Customers can contact these hotlines in the event of an emergency:

1. Income Orange Force for motor accident assistance – 6789 5000
2. Income’s appointed assistance company for overseas travel insurance emergency assistance – 6338 1222

You can approach your financial adviser for assistance outside the contact centre operating hours.

Your policy information is available at me@income, a comprehensive online enquiry system. You can access me@income by clicking on the login tab located at the top right corner of our home page on www.income.com.sg.

We are unable to generate a Letter of Guarantee after contact centre operating hours. Please contact us during our operating hours.

You can download our iPhone mobile application from the App Store, or the Android mobile application from Google Play (search for NTUC Income) and enjoy the convenience of purchasing our Travel Insurance on the go.

You can also click here to purchase your travel insurance policy online.

From 1st May 2019, customers who call our hotline were notified of the change through an Interactive Voice Response message. The announcement is also published in our website.

The change will allow us to serve our customers more efficiently during periods when customers are most likely to call. We will now be able to serve more of our customers better.

There are two categories of confidential information

• Financial data Such information can be revealed after verification has been carried out. However, information can only be revealed to policyholders and not the life assured if it is a third party policy. Examples of these data are: Surrender Value, Loan Amount and Cash Value.
• Nominee names and Password Such information is not to be revealed over the phone or counter. Instead, policyholders will be advised that their request will be send to them via post, SMS^ or email^. 

^ Only applicable to Password request.

Our staff will ask for your details when you call in or visit any Income branch.

For enquiries made by your servicing insurance adviser, he / she will be asked to verify his / her agent code. We may ask for further verification on a case by case basis.

Examples of forms of verification are: Name, Identification Number, Date of Birth and Address.

At Income, we respect your need for confidentiality. We have guidelines and work procedures in place to safeguard the information you have provided us.

We will always direct our correspondence to you via mail, email or phone. We will not communicate or discuss any confidential information with a third party including your spouse or other close relatives unless you have given us the instruction.

All employees of Income have to sign an agreement to safeguard confidential information. Anyone who breaches this will be subjected to disciplinary action and, for serious cases, a police report will be made.

Yes, you can request for the documents to be despatched via:

• Post
• Courier service

You can submit your request through the following channels:

• Email to bs@income.com.sg
• Calling Income hotline at 6788 1122
• Fax to 6271 7423

For requests received between 10:00am – 5:00pm, we will process it within two hours and you will be able to collect your documents at any of our Income branches. For requests received after 5:00pm, the documents will be ready for collection by 12:00pm on the next working day.

We will contact you within one day to advise when your documents will be ready for collection, if we require further clarifications.

You can make payment by sending us a cheque to the following address: Income Centre 75 Bras Basah Road Singapore 189557.

For cheque payment, please make the cheque payable to “NTUC Income” and indicate your name, policy number and contact details on the back of the cheque.

Alternatively, you can make payment at any of our Income branches through the Payment Counter via cash, cheque, Credit Card or NETS.

You can refer to the following table for the fee of the courier service.

The fees are payable directly either by cash or cheque to the courier.

For cheque payment, please make the cheque payable to “NTUC Income”.

Currently, we are providing Grab & Go service only for new applications and renewals of motor insurance.

It is a hassle-free service that we provide to our policyholders, insurance advisers, and intermediaries.

Under this service, you can request for processing of your motor insurance policies. Once your documents are ready, you can collect it at any of our Income branches. You do not need to queue in lines to have your request done.

Yes, you may request for a waiver of up to one month notice period subject to Income’s approval. Alternatively, you can choose to pay 0.25% in lieu of notice of total outstanding balance to date.

Yes, all legal fees / cost are to be borne solely by the borrower.

The legal fee charged by Income’s panel of lawyers is estimated to be about $500 to $1,000.

You can make payment via the following modes

1. Cashier Order/Bank draft - via lawyer
2. CPF monies¹
3. Other modes – subject to advance notice and our approval on a case-by-case basis.

¹ To be arranged and advised by your conveyancing lawyer if you are eligible to utilize your CPF monies for repayment.

Your payment will be considered to have been made on the following working day. Please note that the Cut-off time is subject to change without notice.

It is a penalty incurred in the event you redeem your loan when it is still within the lock-in-period. The penalty is 1% of the amount prepaid.

It is a penalty incurred in the event you redeem your loan when it is still within the lock-in-period. The penalty is either 0.3% or 1% of the amount prepaid. Please refer to your facility letter or hire purchase or loan agreement for details.

If you would like to make a partial repayment, please provide us with a one month written notice.

If you would like to make a full repayment, please provide us with a three month written notice via a lawyer. You have the option to appoint an external lawyer of your choice or Income’s panel of conveyancing lawyers.

You are not required to serve a notice for these loans.

If it is a partial repayment, the repayment sum for redemption of the loan is any amount (minimum of $5,000) in multiples of $5,000.

If it is full repayment, the repayment sum for redemption of the loan is the total outstanding amount including notice in lieu and prepayment penalty if you are liable for any.

If you are making a partial repayment, the repayment sum for redemption of the loan is amount (minimum of $5,000) in multiples of $5,000 or three installments, whichever is lower.

If you are making a full repayment, the repayment sum for redemption of the loan is total outstanding amount including prepayment penalty or other incidental cost if you are liable for any.

Please send a request to us by emailing to csquery@income.com.sg or you may call our Income hotline at 6788 1122 to inform us your intention. We will advise you the next step.

Please send a request to us by emailing to csquery@income.com.sg or you may call our Income hotline at 6788 1122 to inform us your intention. We will advise you the next step.

Your monthly instalment will be ceased upon full redemption notice served.

Income may request Land Transport Authority (LTA) to temporarily suspend or refuse any transfer or de-registration of the vehicle or transaction relating to the PARF/COE rebates with respect to the vehicle.

It is to ensure that good title to the property will be reverted to you and there will be no further encumbrances should you wish to transfer the property ownership in the future.

The monthly life insurance summary contains information on your life and investment linked policies (ILP).

For life policies, it shows the sum insured, cash value, bonus and premium. For ILP, it shows the funds and amount you have invested, number of units and value of your funds.

We will continuously review this value-added service of keeping you informed of the status of your policies in a timely and cost-effective manner. We certainly hope that you would appreciate such service.

Every policyholder who holds life insurance and ILP will be able to view the monthly summary in me@income by the first Friday of every month.

You will need to follow the following steps to read your monthly life insurance summary via me@income.

Step 1: Go to http://www.income.com.sg/ and click on the login button
Step 2: Log onto me@income using your NRIC number and me@income password
Step 3: Click on “Statement & Letters” and then “Statements”
Step 4: Select “Monthly Life Summary” and click “View”

No, the summary is only available via me@income which is accessed with a password. This is to ensure that information is available to you promptly and in a confidential manner.

No, the summary is only available via me@income which is accessed with a password. This is to ensure confidentiality as the summary contains confidential information and it is not advisable for us to send it via email since some email addresses are shared among family members / colleagues.

You need to have acrobat reader to view the summary. You may download it here.

Before the summary is displayed, you will see a white screen. It may take up to 15 seconds (depending on your internet speed) for the system to load the summary.

Need to do manually(table and a tag)

A one-time password (OTP) is a string of numeric characters that is auto-generated and sent to your pre-registered mobile number via a SMS text message, when you login to your me@income account. It is used as a 2nd level of authentication, identifying you as the actual policyholder during the login process.

This is secure because every OTP is unique and can only be used in conjunction with a user's login ID and password. For the OTP sent via a SMS text message, it is only valid for three minutes and can only be used once.

If you exceed the time limit required to enter the OTP into the system, you will have to login again with your login ID and password for a new OTP to be sent to you. Receipt of SMS text messages is dependent on the roaming service of your mobile service provider. 

All users who login to me@income or sign in as an existing policyholder when performing certain online transactions, for example online purchase of travel insurance, will be required to use Secured Access security measures.

After you have logged or signed in to your me@income account with your login ID and password, you will be prompted to select SMS to receive OTP on your registered mobile number. 

Follow the on-screen instructions to register and access your me@income account. Policyholders without a me@income account can register for an account here.

Yes, your account is secured without a one-time password, as Income employs the latest encryption methods to protect sensitive data. The New Secured Access measures simply provide an additional layer of online security.

While Income has taken steps to keep your account information secure, you also play an important role in maintaining the security of your account information.

Please click here to review the online security policy for Income and your role in safeguarding your personal data and account information.

For the protection of our policyholders, we will need to enforce the use of SMS Text Message to receive your OTP as a security measure for the New Secured Access. We will not be able to provide online access to your me@income account if you choose not to sign up for this.

The security measure of using SMS Text Message to retrieve the One-Time Password (OTP) to access and transact via the me@income account, has been in effect since April 2012. 

If you lose your password for me@income, you can request for a new password by accessing here.

For more information on the New Secured access, read more here.

Income is committed to protecting the security and confidentiality of your personal information. The introduction of the New Secured Access is part of our ongoing efforts to ensure that you have peace-of-mind when using your me@income account. This measure provides an additional level of protection against online identity theft and other online frauds.

All users who login to me@income or sign in as an existing policyholder when performing certain online transactions, for example online purchase of travel insurance, will be required to sign up for the New Secured Access security measures.

After you login to me@income or have signed in as an existing policyholder with your NRIC and password, select SMS Text Message on screen. You will then be prompted to register your mobile number. Please note that this registered mobile number will be used for all your future correspondence with Income. Policyholders without a me@income account can register for an account here.

You may login to me@income, and update your new mobile number under ‘Manage My Particulars’ > ‘Update Particulars’.

Alternatively, you may complete the Change of personal particulars form. A copy of the completed and signed form may be submitted at any of our branch offices. You may also submit the original form to us by post to 75 Bras Basah Road Income Centre Singapore 189557.

Please provide a clear front and back copy of your NRIC/FIN/Passport for verification. Your mobile number will be updated in our systems within two working days upon receiving the completed form and all necessary documents. Once updated, all future OTP will be sent to the new mobile number. This newly registered mobile number will be used for all your future correspondence with Income.

If you subscribe to number portability or number retention services, please confirm with your mobile service provider that all SMS text messages sent to your previous mobile number will automatically be forwarded to your new number.

If you lose your mobile phone, please inform us immediately by calling our Income hotline at 6788 1122. Your mobile number will be temporarily removed from our records.

Yes, you can. However, the sending and delivery of SMS text messages may be setup differently by the various mobile service providers in each country. For some countries such as Korea and Japan, there may be an incompatible telecommunications infrastructure. Please check with your mobile service provider to ensure that you are able to receive SMS text messages when you are overseas.

There is no charge from Income. You will need to check with your mobile service provider if there are any charges for receiving SMS when you are overseas.

Some common possible reasons for your inability to receive the OTP are as follows:

• The mobile service providers’ message centres may be experiencing congestion at the point in time due to high volume.
• You may be out of the mobile service providers’ network coverage area.
• Your SMS inbox may not have sufficient capacity to receive incoming messages.
• You may have a security mobile app that filters the incoming SMS-OTP as spam messages. Please mark the SMS-OTPs as safe messages to receive them in you SMS inbox.
• If you have subscribed to your mobile service provider with any short code barring service, you might not be able to receive the SMS-OTP as our SMS sender title is displayed as ‘INCOME’.
• If you are overseas, please check with your telecommunication service provider to ensure you are able to receive messages from Singapore. Please note that there may be an incompatible telecommunications infrastructure in some countries.

If the problem persists, please call our Income hotline at 6788 1122 or email us at csquery@income.com.sg for assistance.

There is no need to submit the statement to IRAS unless it is requested.

The PHS is an annual summary of all your policies with Income. The Summary of Life Insurance Policies contains information of your life insurance policies only and it can only be viewed at me@income.

Income supports Go Green initiatives.

As of 2017, no hardcopy PHS will be sent. Policyholders who are holding a life insurance and have a valid email address with us will receive an email notification to view their PHS via me@income.

PHS is viewable in me@income by selecting Annual policy statement under 'Statements & Reports' - 'Statements'.

However should you require any of the PHS copy, you may call our Income hotline at 6788 1122 or write to csquery@income.com.sg to request for a copy when it is available.

Please note that this does not affect the other statements e.g. Bonus statement which will follow your e-statement option.

Need to do manually(table and a tag)

You may login to me@income to update your email address. Alternatively, you may call our Income hotline at 6788 1777 or email to csquery@income.com.sg

You can request for an updated illustration by contacting your Insurance Adviser. Alternatively, you may call our Income hotline at 6788 1122 or write to csquery@income.com.sg.

This amount is derived from the outstanding loan which is carried forward as at end Dec of each year, with the addition of the policy loan and interest, less any loan repayment for the year.

The total return is derived from the calculation of the daily return on the remaining premiums in the APA. We assume a return rate of 1.50% per annum, compounded at each policy anniversary. The return is not guaranteed and we may change it at any time by giving 30 days notice.

The Income Tax Relief is 7% of sum assured or the actual premium paid, whichever is lower, up to a maximum of $5,000 (Including CPF contributions).

Next-of-kin and third party are not allowed to make any transaction with Income on your behalf. Your PHS will be available online (up to the past 3 years). You can access me@income to save or print a copy.

The outstanding loan could be due to the Automatic Premium Loan (APL) granted to pay for outstanding premiums.

If you need more information on APL, please write to csquery@income.com.sg or call our Income hotline at 6788 1122.

The statement shows all policies in force as at 31 Dec of the previous year. Transactions done after this date will not be reflected in the statement.

Your PHS will be available online (up to the past 3 years). All you need to do is to access me@income to print a copy.

DPS is a low-cost term-life insurance scheme that provides a basic coverage of up to $46,000. All Singapore Citizens and Singapore Permanent Residents, between the age of 16 and 60, who have CPF contributions, are automatically insured under DPS before 1 Jan 2013.

From 1 Jan 2013, a CPF member must be between the age of 21 and 60 to be automatically insured under DPS.

For more information on DPS, please click here.

ElderShield is an insurance scheme introduced by the Ministry of Health (MOH) to provide financial help to those who are unable to take care of themselves because of severe disabilities.

All Singapore Citizen and Singapore Permanent Resident CPF account holders will automatically be insured when they reach age 40 unless they opt out from the scheme.

For more information on ElderShield policy, please click here.

There is a difference in the surrender values for both statements as they were generated on different dates. The surrender values shown in the PHS were based on 31 Dec of the previous year while the monthly life summary was based on the values of the previous month.

You can encash the reversionary bonus and receive its discounted value. The discounted value is quite small if the duration to the maturity date is long. Wherever possible, you should retain the reversionary bonus in your policy to enjoy the long-term compounding interest.

The Advance Premium Account (APA) section shows the advance premiums received for your Life policy(s). At the beginning of each policy year, we will deduct the yearly premium from this advance premium account. Any remaining premiums that stay in this advance premium account will earn a return at a rate that we set. We will deduct the fifth (i.e. last) yearly premium at the end of four years. Any interest earned in this account will only be paid out if the insured survives at the end of four years, or if we pay out a claim and end the policy, whichever is earlier.

The PHS will show the APA section if your account status is still active as at 31 Dec 2018. If you have already terminated this APA, it will not be reflected in the statement.

The OrangeAid Donation section shows your donation contributions that are tagged to your Life policy(s) as a separate section from your main Life policy(s) statement. The donation amount reflects the total donation made from January to December of the previous year. Please click here to find out more about OrangeAid.

The statement was generated before the resignation of your Insurance Adviser.

It is the amount that remains in the APA for future premium deduction. This amount will continue to earn a return at a rate that we set.

The “Start Date” is the date the interest starts to accumulate for the APA. The “End Date” is the date which the APA will be closed, and is 4 years from the start date. Policyholders will receive the returns on the advance premium after the end of 4 years.

PHS is an annual summary of the policies you have with Income as at 31 Dec of the previous year.

Please click here to read more about the beneficiaries and initiatives that OrangeAid supports.

Policyholders who are holding a life insurance will be notified by email once the statement is available at me@income.

You can update your particulars via the following options:

• Fill up, sign and attach documents to the “Change of Personal Particulars” form using your devices (i.e. Mobile, Tablet, and PC). Click here to sign!
• Log in to me@income. You have the option of retrieving your personal details from MyInfo on the Update Particulars page after logging in.

Required supporting documents:

• Please provide a clear copy front and back copy of NRIC/FIN card or passport for verification
• For change of Name, NRIC, or date of birth, please attach a copy of documentary proof (E.g. Copy of deed poll or Updated NRIC).
• For update of address, if the new address is not reflected in your NRIC, please submit a proof of address (E.g. Bank statements, Telephone/Utility bills, Rental agreement, or Government agency letter (not more than 6 months old)

For more information, please go to FAQs page and select "Updating of personal particulars" under the "Customer Service" FAQs.

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Upon receiving the completed form and all necessary documents, your particulars will be updated in our systems within two working days. For the Marketing Material Option, please allow up to 30 days for your option to take effect. An acknowledgement will be sent to you to confirm the changes made.

No, any update of particulars will only be applied to Income.

We may at times call you to verify your particulars. This is part of our security measures to ensure requested changes are authentic and done at your instruction. If we are unable to contact you via your mobile, home or office numbers, we may email to you instead.

If you have received promotional materials from Income,

• you may be our existing customer who has not indicated your Marketing Material Option or
• you may have indicated ‘Yes’ for our Marketing Material Option

You can login to me@income to confirm and indicate your Marketing Material Option under “Manage My Particulars” > “Update Particulars”. Alternatively, you can complete the Change of personal particulars form to indicate your Marketing Material Option and forward the completed and signed form to us with a clear front and back copy of your NRIC/FIN/Passport for verification. For the Marketing Material Option, please allow up to 30 days for your option to take effect.

Income supports Go Green initiatives.

Policyholders who have opted in for e-Statement will receive email notification to view their statements (Annual policy statement, ILP statement, Bonus statement or Loan statement) when they are available via me@income.

You can login to me@income to indicate your e-Statement preference under “Manage My Particulars”>“Update Particulars”. Alternatively, you can complete the Change of personal particulars form to indicate your preference and forward the completed and signed form to us with a clear front and back copy of your NRIC/FIN/Passport for verification.

You can approach your insurance adviser for assistance. Alternatively, please email your enquiry to csquery@income.com.sg or call Income hotline at 6788 1122.

No, non-policyholders cannot apply for the shares. Only life policyholders of Income are eligible to subscribe to Income shares. This is a benefit given to them to enjoy attractive returns on a long term investment.

Applications for Income shares have been closed since Dec 2004.

We are currently maintaining a waiting list for life policyholders who wish to subscribe to Income shares. We offer the shares which are redeemed by existing shareholders to the persons on the waitlist on a first come first served basis.

Life policyholders who are keen to be on the waiting list may send an email to ms@income.com.sg with their full name and NRIC number. We will contact the persons on the wait list when we are able to process their applications.

You cannot use funds from CPF accounts or Supplementary Retirement Scheme (SRS) to pay for the shares.

Yes, you can request for urgent withdrawal. Under our by-laws, our board of directors has the discretion to waive the notice period of three months. We are usually able to find another shareholder to take over your shares, so you do not need to wait for three months.

If the shareholder passes away, the shares will be redeemed and the proceeds will be paid to the nominees of the deceased shareholder. If there is no nomination, the proceeds will be distributed in accordance to prevailing laws. The shareholder can make or change his nomination at any time. The latest nomination will supercede the earlier ones.

• If all the nominees die before the shareholder and no further nomination is made the redemption value of the shares will be paid to the legal personal representatives of the deceased shareholder, when the shareholder passes away.
• If some of the nominees die before the shareholder, and no further nomination is made in respect of the deceased nominees the surviving nominee(s) will be paid their share (i.e. the percentage stipulated in the nomination form) of the redemption value of the shares when the shareholder passes away. The share of the nominee who dies before the shareholder, will be paid to the legal personal representative.
• If the nominee(s) passes away a few days after the shareholder the redemption value will be paid to the legal personal representative of the deceased nominee.
• If the nominee(s) and shareholder passed away simultaneously in cases where two or more persons die in circumstances where it is not possible to determine which of them survived the others, the law presumes that the oldest died first (in order of seniority) and that younger shall be deemed to have survived the elder.

Yes, the dividend will be pro-rated from the date of allocation of shares to 31 Dec. Our financial year is from 01 Jan to 31 Dec.

Yes, it is taxable. The shareholder must declare the dividend received when submitting his income tax returns.

The dividend rate depends on our business results and can vary. When the business does well, shareholders can expect to receive good dividends.

Yes, the shareholders will still receive their dividends during the notice period.

The nett asset value is the actual worth of the share based on the assets in the shareholder fund and the free surplus in the general insurance fund.

The redemption value is the par value of $10 or the nett asset value, whichever is the lower.

At our Annual General Meeting held on 30 May 2007, we have announced that we have changed our dividend policy and will do away with the declaration of bonus shares every five years. Therefore there will be no future declaration of bonus shares. We will instead declare a special cash dividend in addition to the normal dividend, subject to our business performance and financial position.

We want to be fair to shareholders and reward them in a timely manner. Based on feedback received from shareholders, the current practice of declaring bonus shares every five years is perceived as being unfair to shareholders who withdraw their shares or who die before the bonus declaration is made.

The redemption value is not based on the higher nett asset value because the shareholder buys the share at the par value of $10 even if the nett asset value is higher.

The funds will be invested in the insurance business as well as in fixed income securities and equities.

Income has adopted a scripless system. No share certificate will be issued. A record of the shares will be sent to the shareholder through a yearly statement showing the number of shares he owns and the amount of dividend payable to him.

Dividends are declared at the annual general meeting which is held in the month of May or June each year. It will be credited to the shareholder's bank account within two weeks after declaration.

You can buy the shares for your children if they are 18 years old and have a life policy in their own name. The shares will be issued in the name of the child.

Based on Income's by-laws, a shareholder can transfer his shares if he has held the shares for at least one year. The transfer can only be made to another member who is not already holding the maximum number of shares. However, this does not apply to bonus shares. Under the Co-operative Societies Act, bonus shares can only be withdrawn or transferred after ten years from the date of issue. As Income is a co-operative society, it has to comply with this legal requirement.

The shareholder can write to Income, 75 Bras Basah Road, Singapore 189957. He must include his particulars and indicate the number of shares that he wishes to redeem. Under our by-laws, the shareholder must give three months notice to redeem his shares. However, if the shareholder requires the funds urgently, he can request for urgent redemption. The redemption request will then be processed on an urgent basis and the proceeds will be paid out within 10 working days.

Yes, the shareholder can choose to withdraw only part of his shareholding.

The factors are:

1. Income’s co-operative status
   As Income is a co-operative, our goal is not to maximize shareholders’ returns. Our goal is to give a reasonable return to shareholders, and to return a substantial part of our surpluses to policyholders.
2. Fair returns
   Over the last 20 years, shareholders received dividends ranging from 6% to 8% each year. In addition, they received bonus shares of up to 15% every five years. These returns should be viewed in the light of the higher interest rate environment that applied in the 1980’s and 1990’s. Comparatively, interest rates are much lower now and shareholders must have realistic expectations on future returns.
3. Long term sustainability
   Our dividend policy is guided by long term sustainable performance and returns. The global interest rate environment today is very different compared to the past. A higher rate of returns was also possible in the past since the shareholder base was much smaller. With a larger shareholder base, the sustainability of the returns is an important factor to take into account.

You may make a nomination if you wish and the proceeds from the shares will be paid to your nominees. If you do not make a nomination, the proceeds will be distributed in accordance to prevailing laws.

We will be fair in all our dealings with you and will do our best to resolve any issue you may have with us. However, if you are not satisfied with the resolution provided, you may approach the Financial Industry Disputes Resolution Centre Ltd (FIDReC). FIDReC is an independent and impartial institution specializing in the resolution of disputes between financial institutions and consumers. You can contact FIDReC at 6327 8878 (Tel) or 6327 1089 (Fax). For more information on FIDReC, please visit www.fidrec.com.sg.

me@income is an online service portal for Income policyholders that enables certain transactions to be made directly by our customers online – anytime, anywhere.

These are some of the most frequently-used features you can enjoy on me@income:

1. Access all your policy information – anytime, anywhere
2. Perform online policy transactions such as premium payments (Life Insurance policies and selected General Insurance policies), GIRO applications, and changing your payment frequency. 
3. Submit your life insurance claims online. 
4. Update your particulars online
5. View your Nomination details
6. View and download statements and letters

As certain features depend on policy types, please see the full list of features available to you when you log in to me@income. 

Please note that your password is case sensitive and should be entered exactly as registered. If you still encounter issues logging in, please click on “Forgot Password” for new password to be sent to you via email. Alternatively, you may call our Customer Service at 6788 1777 (Mon-Fri 8:30am to 6:30pm) or submit your request to us via our online form.

The SMS one-time password (OTP) is sent to the mobile number that is registered with Income. Please ensure that you have updated your contact details with us, including your latest mobile number. You may call our Customer Service at 6788 1777 (Mon-Fri 8:30am to 6:30pm) to update your contact details. 

If you are trying to access me@income from another country, please note that the success of sending and receiving SMS text messages may depend on the settings provided by both your local mobile service provider and the chosen network at your overseas location. For easy access to me@income whilst travelling, we recommend logging in via the SingPass Mobile app. 

We strive to provide you with the most accurate and updated information. However, some investment-linked transactions may require a longer processing time. If there are any discrepancies, the actual values will prevail.

Should you encounter any issues with your policy information, please call our Customer Service at 6788 1122 (Mon-Fri 8:30am to 6:30pm) so we can investigate the matter and further assist you.

This function is applicable to Income Life Insurance policies that have been purchased from 12 June 2019 onwards. If you are looking to retrieve a policy document that has been purchased prior to 12 June 2019, you may visit our branches to retrieve a copy (subject to an administration fee of $10).

For general queries, you may call our Customer Service at 6788 1777 (Mon-Fri 8:30am to 6:30pm) or submit your request to us via our online form.

In accordance with the Personal Data Protection Act (PDPA), Income is ceasing the use of NRIC/FIN/Passport numbers for log in to me@income with effect from 23 July 2019.

 As such, your email address will be your new default User ID. Learn more about the PDPA here.

We are standardising the format of User IDs to email addresses for easier recall.

Accessing me@income requires Two-Factor Authentication (2FA) to verify every user. Upon logging in to me@income with your User ID and password, an SMS OTP will be triggered to your registered mobile number for further verification. Income also employs the latest encryption methods to protect your data as an added layer of security. 

In our efforts to protect the data and privacy of all our policyholders, each policyholder is required to have a unique me@income account, along with a unique User ID. 

You may create an email address by selecting an email provider of your choice. Some common email providers are Gmail, Yahoo Mail and Outlook. Once you have successfully created an email address, you can then proceed to register it as your new User ID on me@income.

You may call our Customer Service at 6788 1777 (Mon-Fri 8:30am to 6:30pm) or submit your request to us via our online form.

SingPass Mobile is a mobile application available on iOS and Android that allows you to log in easily via your fingerprint, face recognition or a 6-digit passcode. It is offered as an alternative Two-Factor Authentication (2FA) method to log in to me@income. Watch this introduction video for more information. You can also learn more about the SingPass Mobile app here.

With the SingPass Mobile app, you do not have to enter both your User ID and password each time you access me@income. It also saves you time by eliminating the wait for SMS OTPs. Additionally, you can log in securely to me@income, even when in use overseas.

1. Download the SingPass Mobile app from the official Apple App Store or Google Play Store. Check that the app developer is Government Technology Agency.
2. Complete a one-time setup.
3. You are now ready to log in to me@income via SingPass Mobile.

Need more guidance? Follow this step-by-step instructional guide here, or refer to these FAQs here.

After you have activated SingPass Mobile on your mobile device, you can start using the app to log in to me@income right away. Here’s how it works:

1. Launch the SingPass Mobile app and scan the QR code on the me@income homepage using the app’s QR code scanner.
   (If you’re logging in on a mobile device, tap on the QR code to launch SingPass Mobile.)
2. Confirm your log in request.
3. Verify your identity using your fingerprint, face recognition or 6-digit passcode, and you will be logged in to me@income.

Watch this how-to video for more information. 

For more help with logging in to me@income, you may call our Customer Service at 6788 1777 (Mon-Fri 8:30am to 6:30pm) or submit your request to us via our online form.

You can update your particulars via the following options:

• Fill up, sign and attach documents to the “Change of Personal Particulars” form using your devices (i.e. Mobile, Tablet, and PC). Click here to sign!
• Log in to me@income. You have the option of retrieving your personal details from MyInfo on the Update Particulars page after logging in.

Required supporting documents:

• Please provide a clear copy front and back copy of NRIC/FIN card or passport for verification
• For change of Name, NRIC, or date of birth, please attach a copy of documentary proof (E.g. Copy of deed poll or Updated NRIC).
• For update of address, if the new address is not reflected in your NRIC, please submit a proof of address (E.g. Bank statements, Telephone/Utility bills, Rental agreement, or Government agency letter (not more than 6 months old)

For more information, please go to FAQs page and select "Updating of personal particulars" under the "Customer Service" FAQs.

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