Frequently Asked Questions
RevoSecure
Product coverage
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Q:What is RevoSecure?
A:RevoSecure is a participating, regular premium endowment¹ plan.
¹ An endowment policy has a fixed maturity date that combines insurance protection with a savings element. A participating policy is entitled to share in the profits of the participating fund. These profits are distributed via bonus declarations and are payable upon maturity, surrender or when there is a claim. -
Q:What are the benefits payable?
A:If the insured dies or becomes totally and permanently disabled (TPD before age 70), the higher of 105% of all net premiums paid (excluding premiums paid on riders) and 100% of the accumulated bonuses (if any), or surrender value will be payable. The policy terminates thereafter.
In addition to the death benefit or TPD benefit, if the insured dies or becomes totally and permanently disabled before the age of 70 due to an accident (within 365 days of the accident), 100% of the sum assured will be payable in addition to the death benefit or TPD benefit respectively. If death or TPD occurs due to the insured’s involvement in any restricted activity at the time of the accident, 60% of the sum assured will be payable instead.
If the insured survives at the end of the policy term and the policy has not already ended, we will pay a maturity benefit instead. -
Q:Is there guaranteed acceptance for this plan?
A:Yes, there is guaranteed acceptance for this plan regardless of the insured’s health condition. Financial Questionnaire is required for annualised premium of above $60,000.
Accidental Death and Accidental TPD Benefit
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Q:What is the Accidental Death and Accidental TPD benefit payable?
A:Upon death of the insured during the policy term or upon diagnosis of TPD of the insured before the age of 70 due to an accident (within 365 days of the accident), 100% of the sum assured will be payable in addition to the death benefit or TPD benefit respectively. If death or TPD occurs due to the insured’s involvement in any restricted activity at the time of the accident, 60% of the sum assured will be payable instead.
Restricted activity means any of the following activities:
- Duties as firefighters, police force personnel, fishermen, armed security guards, aircrew, ship crew, marine salvage crew, oil riggers, dock workers, drivers, despatch riders, driving instructors, bodyguards and bouncers.
- Any activities involving explosives, heavy machinery, woodworking, dangerous gases or substances, using underwater breathing apparatus, work on construction or demolition sites, work at heights above 10 metres, work in underground tunnels, oil and gas rigs or offshore work.
- Military, air force or naval operations in peacetime, including training and exercises for national servicemen or reservists in peacetime.
- Motorcycling whether as rider or pillion rider.
- Professional sports, any form of race (except racing on foot, cycling or swimming), action or adventure sports that involve speed, height at above 10 metres, highly specialized gear, stunts or using underwater breathing apparatus. This definition includes rock climbing, mountaineering, parachuting, white-water rafting, horse riding, winter sports and scuba diving.
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Q:What are the exclusions for Accidental Death and Accidental TPD benefit payable?
A:The accidental death and accidental TPD benefit will not be paid if the claim arises directly or indirectly from:
- deliberate acts such as self-inflicted injuries, suicide or attempted suicide;
- unlawful acts, provoked assault or deliberate exposure to danger;
- the effects of alcohol, drugs or any dependence;
- illnesses, psychological conditions or eating disorders;
- heat stroke;
- a bad reaction to drugs or medication;
- the effects of viruses (for example, dengue),bacteria or diseases;
- the negative effects or complications of medical and surgical care;
- treatment aimed at improving appearance, such as cosmetic surgery or any treatment relating to a previous cosmetic treatment;
- radiation or contamination from radioactivity;
- being in any aircraft, except as a fare-paying passenger in a commercial aircraft, or during military operations in peacetime;
- military, air force or naval operations, except when carried out in peacetime;
- warlike operations (whether war is declared or not), war, invasion, riot or any similar event;
- an accident which happens outside of Singapore; if the insured has been outside Singapore for more than 180 days in a row at the time of the accident; or
- an act of terrorism of terrorism. However, an amount of $10,000 or 10% of the sum assured, whichever is lower in addition to the death or TPD benefit will be payable.
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Q:What is the definition of accident or accidental?
A:Accident and accidental mean an unexpected incident that results in an injury or death. The injury or death must be caused entirely by being hit by an external object that produces a bruise or wound, except for injury or death caused specifically by drowning, food poisoning, choking on food, or suffocation by smoke, fumes or gas.
Death benefit
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Q:What is the Death Benefit payable?
A:Upon death of the insured, we will pay the higher of 105% of all net premiums paid(excluding premiums paid on riders) and 100% of the accumulated bonuses(if any) or surrender value will be payable in one lump sum.
This benefit will be paid less any loan and debt. The policy terminates once we pay this benefit.
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Q:What is the exclusion for Death Benefit?
A:We will not pay the Death Benefit if the insured commits suicide within the first year of policy commencement. The policy will cease with immediate effect and we will refund the total premium received without interest.
Total and permanent disability benefit
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Q:What is the definition of TPD?
A:If the insured is under 65 years old, TPD, and totally and permanently disabled mean total physical loss, or the inability to take part in any paid work for the rest of a person’s life.
If the insured is 65 years old and above but under 70 years old, TPD, and totally and permanently disabled mean total physical loss, or severe disability.
Total physical loss means:- the total and permanent loss of sight in both eyes;
- the loss of, or total and permanent loss of use of, two limbs at or above the wrist or ankle; or
- the total and permanent loss of sight in one eye and the loss of, or total and permanent loss of use of, one limb at or above the wrist or ankle.
Severe disability means the inability to perform at least three of the following activities of daily living, even with the aid of special equipment and always needing the help of another person throughout the entire activity.- Washing ‐ the ability to wash in the bath or shower (including getting into and out of the bath or shower) or wash satisfactorily by other means.
- Dressing ‐ the ability to put on, take off, secure and unfasten all garments and, as appropriate, any braces, artificial limbs or other surgical appliances.
- Transferring ‐ ability to move from a bed to an upright chair or wheelchair and vice versa.
- Mobility ‐ the ability to move indoors from room to room on level surfaces.
- Toileting ‐ the ability to use the lavatory or otherwise manage bowel and bladder functions so as to maintain a satisfactory level of personal hygiene.
- Feeding ‐ the ability to feed oneself once food has been prepared and made available.
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Q:What is the TPD Benefit payable?
A:Upon diagnosis of the insured with TPD (before the age of 70) during the policy term, the higher of 105% of all net premiums paid (excluding premiums paid on riders) and 100% of the accumulated bonuses (if any), or surrender value will be payable in one lump sum.
This benefit will be paid less any loan or debt. The policy terminates once we pay this benefit. -
Q:How does Income pay the TPD Benefit?
A:We will pay this benefit in a lump sum, subject to a maximum payment of S$1 million each year. If the benefit is more than S$1 million, we will pay in yearly installments, provided that the insured remains in TPD. The aggregate TPD benefit payable on a single life, inclusive of all policies issued by Income and by any other insurer cannot be more than S$3.75 million (not including bonuses).
Once we begin paying the TPD benefit, the policy and all riders will immediately end and there is no need to pay future premiums.
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Q:What are the exclusions of TPD Benefit?
A:We will not pay this benefit if your claim arises from:
- deliberate acts such as self-inflicted injuries, illnesses or attempted suicide;
- unlawful acts, provoked assault, or deliberate exposure to danger; or
- the effects of alcohol, drugs or any dependence.
We will also not pay this benefit unless the insured is certified by a registered medical practitioner to have been totally and permanently disabled for at least six months in a row.
Riders / Supplementary Benefits
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Q:What are the riders/supplementary benefits that can be attached to this plan?
A:Only the Cancer Premium Waiver (GIO) (for 1st or 3rd party policy) can be attached to this plan. Upon diagnosis of the insured with any one of the major cancers after one year from the cover start date and during the term of the rider, it will waive future premiums on the policy for the remaining term of the rider. The total sum assured for this rider is capped at $500,000 per insured for all in-forced policies.
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Q:Can the Cancer Premium Waiver (GIO) be added or removed after the policy is in force?
A:It can be removed after the policy is in force. However it cannot be added to basic plan at mid-term.
Cash value, bonuses & maturity benefit
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Q:Is there any cash value for this policy?
A:Yes, the policy will have a cash value when premiums have been paid for at least two year. If the premium term for your policy is five years, the policy will have a cash value when premiums have been paid for at least one year.
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Q:Is this policy eligible for any bonus?
A:Yes, this policy is eligible for bonuses after the end of the second policy year. There are two types of bonuses:
- Annual bonus is added to the policy each year.
- Terminal bonus is an extra bonus that we pay at the time of claim, surrender or maturity.
Bonuses are not guaranteed. They are recommended by our Appointed Actuary and approved by our Board of Directors.
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Q:What is the Maturity Benefit?
A:The maturity benefit is a lump sum payment made when this policy matures at the end of the policy term. It consists of the sum assured and accumulated bonuses (if any), less any loan and debt.
The amount of guaranteed and non-guaranteed maturity value is shown in the benefit illustration.
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Q:Is there a surrender value for my policy?
A:Yes, when you have been paying premiums for this policy for at least two years, you may cash in this policy for its cash value and it will end.
However, if the premium term for your policy is five years, you may cash in this policy for its cash value after you have paid premiums for at least one year. The policy will end after you cash in.
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
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Q:What are the minimum and maximum entry ages?
A:Minimum Maximum Insured 0 80 less Policy Term Policyholder 10* N.A.
*Parental/legal guardian’s consent is required if the policyholder is between 10 and 16 years old. -
Q:What are the available premium payment terms?
A:The premium payment terms available are 5, 10 or 15 years.
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Q:What is the minimum and maximum sum assured set for the policy?
A:The minimum sum assured is set at $20,000 and the maximum sum assured will be based on financial underwriting.
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Q:What are the premium payment frequencies available?
A:The premiums can be paid monthly, quarterly, half-yearly or yearly.
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Q:Can the policy be back dated?
A:No, the policy cannot be back dated.
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Q:What are the policy terms available?
A:Policy term range from 10 to 25 years depending on selected premium payment term.
Premium Payment Term (Years) Policy Term (Years) 5 10 - 25 10 15 - 25 15 20 - 25
Policy loan
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Q:Can I take a policy loan?
A:Yes, you can take a policy loan subject to the prevailing terms and conditions.