Frequently Asked Questions

Protection Plan

Death Benefit

  • Q:What is the exclusion for death benefit? 8/4

    A:

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

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

    whichever is latest. 8/4

Total and Permanent Disability Benefit

  • Q:What is the definition of “total and permanent disability”?

    A:

    Total and permanent disability means the inability to take part in any paid work for the rest of the insured’s life, or total physical loss.

    The insured must be unable to carry out any occupation. We do not pay if the insured is merely unable to perform the same job as before, or is unable to perform a job to which his or her training, education or experience is suited for.

    Total physical loss means:

    • the total and permanent loss of sight in both eyes
    • the loss of, or total and permanent loss of use of, both limbs at or above the wrist or ankle
    • the total and permanent loss of sight in one eye and the loss of, or total and permanent loss of use of, one limb at or above the wrist or ankle

  • Q:What is the total and permanent disability (TPD) benefit payable?

    A:

    In the event the insured is diagnosed as totally and permanently disabled before the age of 70 (last birthday), we will pay the sum assured and accumulated bonuses (if any). The maximum aggregate total and permanent disability benefit payable on the insured is S$6.5 million (excluding any bonuses), inclusive of all in forced policies issued by us and by any other insurer.
     

  • Q:How does Income pay the total and permanent disability benefit?

    A:

    We will pay this benefit in a lump sum, up to a maximum of $1 million each year.

    Any balance due after the $1 million has been paid, will be paid in yearly instalments, up to a maximum of $1 million each year, provided the insured remains in total and permanent disability.

  • Q:What are the exclusions of total and permanent disability benefit?

    A:

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

    • Deliberate acts such as self-inflicted injuries, illnesses or attempted suicide
    • Unlawful acts, provoked assault or deliberate exposure to danger
    • The effects of alcohol, drugs or any dependence

    We will also not pay this benefit unless the insured is certified by a registered medical practitioner to have been totally and permanently disabled for at least six months in a row.

  • Q:What is required when I submit a total and permanent disability claim?

    A:

    You will need to provide us with a medical certificate by a registered medical practitioner certifying that the insured is totally and permanently disabled for at least 6 months in a row.

  • Q:Do I need to continue paying premiums while I am receiving the total and permanent disability benefit in instalments?

    A:

    No, once we begin paying the total and permanent disability benefit, your policy and all riders (except for extended total and permanent disability benefit) will cease immediately and you do not have to pay premiums.

Riders / Supplementary Benefits

  • Q:What are riders / supplementary benefits?

    A:

    Riders, also known as supplementary benefits, can be attached to a basic insurance policy to provide additional protection at lower cost.

  • Q:When will the riders cease?

    A:

    The riders will be automatically renewed at the end of its contract term, up to the anniversary of the entry date when the insured reaches 79 years old (unless otherwise stated). The renewal premiums are calculated based on the attained age of the insured at time of renewal.

    We will renew this rider as long as the basic policy remains in force.

    This rider will cease immediately when the basic policy is terminated or converted to a paid-up policy.

  • Q:Can I add or remove riders after the policy is in force?

    A:

    Yes, you can add or remove riders any time after the policy is in force. However, adding riders after the policy is in force will be subject to a reassessment of your health and financial situation.

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

    A:

    No, there is no cash value for riders.

Cash Value and Bonuses

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

    A:

    Yes, your policy will have a cash value when premiums have been paid for at least two years.

  • Q:Is this policy eligible for any bonus?

    A:

    Yes, your policy is eligible to bonuses after the end of the second policy year. There are two types of bonuses.

    • Annual Bonus is added to your policy each year.
    • Terminal Bonus is an extra bonus that we pay at the time of claim or when you surrender your policy.

    Bonuses are not guaranteed. They are recommended by our Appointed Actuary and approved by our Board of Directors.

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

    A:

    Yes, your policy has a surrender value after you have paid premiums for two years. However, buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value may be less than the total premiums paid.

Eligibility & Premium Payments

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

    A:

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

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

    A:

    Yes, the premium payable is guaranteed.

  • Q:Can I backdate my policy?

    A:

    Yes, you can backdate your policy up to 6 months, so that you can pay premiums based on a lower entry age.

Policy Loan

  • Q:Can I take a policy loan?

    A:

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