Frequently Asked Questions

VivoChild

Product Coverage

• Q:What is VivoChild?

  A:

  VivoChild is a regular premium participating endowment* policy. It is available for children aged between 0 and 11 last birthday.
   

  * 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:

  We will pay if the insured dies or becomes totally and permanently disabled (TPD) during the policy term.

  We will also:

  • pay a guaranteed cash benefit, at specific policy anniversaries after the insured reaches certain milestone ages.
  • pay a maturity benefit if the insured survives at the end of the policy term and the policy has not ended.
  • provide a daily benefit If the insured is diagnosed with hand-foot-mouth disease, food poisoning or dengue, and is admitted to a hospital,
  • waive future premiums for this policy, on death or total and permanent disability of the policyholder.

Death Benefit

• Q:What is the death benefit payable?

  A:

  We will pay the sum assured and accumulated bonuses (if any), as the death benefit.
  This benefit will be paid in one lump sum, less any loan and debt. The policy will cease after the benefit is paid.

• 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 (TPD) Benefit

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

  A:

  Total and permanent disability is defined as 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 incapable of engaging in any occupation when he/she is totally and permanently disabled. 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 training, education or experience is suited.

  “Total physical loss” refers to:

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

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

  A:

  We will pay the sum assured and accumulated bonuses (if any), if the insured is diagnosed as totally and permanently disabled before the age of 65. Any cash benefit deposited with us will also be paid out.

  The maximum aggregate total and permanent disability benefit payable on the same life is S$3.75 million, inclusive of all policies issued by us and by other insurer.

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

  A:

  We will pay this benefit in a lump sum, subject to a maximum payment of S$1 million each year. We will pay the remaining amount of this benefit in yearly instalments if the benefit exceeds S$1 million.

• Q:What are the exclusions of total and permanent disability 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
  • effects of alcohol, drugs or any dependence.

  We do not pay if the insured is merely unable to perform the same job as before, or is unable to perform a job due to the limitations of his/her training, education or experience.

• 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 six months consecutively.

• 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.

Hospital Benefit

• Q:What are the medical conditions that are covered for hospital benefit?

  A:

  The medical conditions covered are hand-foot-mouth disease, food poisoning or dengue. Other medical conditions are not covered.

• Q:What is the hospital benefit payable?

  A:

  We will pay $100 for each day the insured is in the hospital, up to 30 days for each confinement. This benefit is only paid once for each of these three conditions that resulted in the hospitalisation.

• Q:Is there a need to apply for this benefit at the point of application?

  A:

  This is a built-in benefit and there is no need for the policyholder to apply for this benefit.

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 age 79 (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:What are the riders available for this plan?

  A:

  The following riders, which cover the life of the policyholder, are available:

  • Enhanced Payor Premium Waiver (3rd party policy only)
  • Payor Premium Waiver (3rd party policy only)
  • Dread Disease Premium Waiver (1st or 3rd party 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 subjected to a reassessment of your health and financial situation.

Cash Value, Bonuses & Maturity Benefit

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

  A:

  If the premium term is 5 years, your policy will have a cash value when premiums have been paid for one year. However, if the premium term is 10 years and above, the policy will have a cash value when premiums have been paid for two years.

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

  A:

  No, there is no cash value for riders.

• Q:Is this policy eligible for any bonus?

  A:

  Yes, 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:What is the maturity benefit?

  A:

  The maturity benefit is a lump sum payment made to the policyholder when the policy matures at the end of the policy term. The amount of the benefit is full sum assured and 100% of accumulated bonuses (if any), less all cash benefits paid by us.

  Any cash benefit deposited with us will also be paid to the policyholder. The amount of guaranteed and non-guaranteed maturity benefit is shown in the benefit illustration. The policy will cease after the benefit is paid.

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

  A:

  If the premium term is 5 years, your policy will have a surrender value when premiums have been paid for one year.

  However, if the premium term is 10 years and above, the policy will have a surrender value when premiums have been paid for two years.

  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. We recommend you get financial advice before surrendering your policy.

Cash Benefits / Coupon Payments

• Q:What are cash benefits/coupon payments?

  A:

  
  

  Cash benefits are guaranteed cash payments to support different stages of the insured’s education needs. If the insured survives at the end of one year from the policy entry date, and if premiums for this policy have been paid for at least one year, we will begin to pay out cash benefits at specific policy anniversaries after the insured reaches certain milestone ages.

  Each cash benefit is a percentage of the sum assured and we pay it as long as the insured is still alive and the policy has not ended.

  If the policy matures on the policy anniversary after the insured turns 20, we will pay as follows:

  Sequence of Cash Benefit Payable	Entry Age 6 years and below (Last Birthday)		Entry age 7 to 11 years (Last Birthday)
  		Milestone Age (Last Birthday)	Guaranteed Cash Benefit	Milestone Age (Last Birthday)	Guaranteed Cash Benefit
  1st Cash Benefit	7 years	5%	12 years	5%
  2nd Cash Benefit	12 years	5%	16 years	5%
  3rd Cash Benefit	16 years	5%	18 years	35%
  4th Cash Benefit	18 years	35%	19 years	30%
  5th Cash benefit	19 years	30%	Not applicable

  If the policy matures on the policy anniversary after the insured turns 22, we will pay as follows:

  Sequence of Cash Benefit Payable	Entry Age 6 years and below (Last Birthday)		Entry age 7 to 11 years (Last Birthday)
  	Milestone Age (Last Birthday)	Guaranteed Cash Benefit	Milestone Age (Last Birthday)	Guaranteed Cash Benefit
  1st Cash Benefit	7 years	5%	12 years	5%
  2nd Cash Benefit	12 years	5%	16 years	5%
  3rd Cash benefit	16 years	5%	18 years	5%
  4th Cash Benefit	18 years	5%	20 years	30%
  5th Cash Benefit	20 years	30%	21 years	30%
  6th Cash Benefit	21 years	30%	Not applicable

  If the policy starts at an insured’s age where any earlier cash benefit payment is missed out, such cash benefit will be paid at the end of the policy term as part of the maturity benefit.

• Q:Are these cash benefits guaranteed?

  A:

  Yes, the cash benefits are guaranteed.

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

  A:

  You can exercise any one of the following options:

  • Withdraw to spend in the way you wish, e.g. go for holiday or pay your children’s tuition fees; or
  • Deposit with us at prevailing interest rates.

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

  A:

  We will write to you before your first cash benefit is due to confirm how you would like to use it. There is a default option in the letter. You should inform us if your choice is different from the default option.

Deposits

• Q:What are deposits?

  A:

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

• Q:Can I top-up my deposits?

  A:

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

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

  A:

  The current interest rate for deposit is 3.5% per annum. This is not guaranteed and will be subjected to review.

• Q:How is the interest computed?

  A:

  Interest for deposits is computed daily.

• Q:When can I withdraw my deposits?

  A:

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

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

  A:

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

Eligibility and Premium Payments

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

  A:

  No, you can only use cash to pay for this policy.

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

  A:

  The minimum sum assured is $15,000 per policy.

• Q:Can I backdate my policy?

  A:

  Yes, you can backdate your policy up to six 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.