Frequently Asked Questions

VivoLink

Product Coverage

  • Q:What are the benefits payable? test 30/03 update

    A:

    We will pay if the Insured dies or becomes totally and permanently disabled or is diagnosed with a specific dread disease. We will also pay an additional lump sum if death is caused by an accident and keep your insurance coverage going for a certain period if you are retrenched. test 30/03

Death Benefit

  • Q:What is the death benefit?

    A:

    We will pay the cash value or basic benefit of your policy, whichever is higher, as the death benefit.

    • The cash value will be based on the valuation price on the date the claim submission is received by us.
    • The basic benefit is computed as follows:

    (N x Annualised Premium) + (M x Sum of Top-ups) - Adjustment for Withdrawals
    Where N is applicable based on the values in the following table, in the event of death:

    Attained age upon Death (Last Birthday)N
    0-4910
    50-645
    >= 651

    Where M:

    • Is 1.05, if attained age upon event is below 65.
    • Is 1.00, if attained age upon event is 65 or above.

    If there is any partial withdrawal, the basic benefit will be adjusted by a formula as determined by us.

    • You may wish to note that the basic benefit is not applicable to insured with Substandard Life or taking premium holiday benefit without insurance coverage. For such situations, only the cash value with be paid.

  • Q:What is the exclusion for death benefit?

    A:

    We will not pay the death benefit if the insured committed suicide within one year from the commencement date of the policy. We will refund only the cash value and the policy will be completely free of all legal effect.

  • Q:What is the meaning of Substandard Life?

    A:

    Substandard Life refers to an Insured suffering from any of the following medical conditions, at the time of application, within three months from the Date of Issue of the policy; or the date of receipt by us of any top-up in premiums or the effective date of increase in the amount of the regular premium, whichever is applicable:

    • Cancer
    • Heart and/or Heart Valve Conditions
    • Chronic Kidney Disease
    • Stroke and/or Transient Ischaemic Attacks
    • Liver Cirrhosis and/or End Stage Liver Failure
    • Systemic Lupus Erythematosus
    • Terminal Illness
    • Severance or total loss of use of one or both limbs OR total loss of use of one or both eyes
    • Chronic Obstructive Lung Disease and/or End Stage Lung Disease
    • Diabetes

  • Q:What is the accidental death benefit?

    A:

    We will pay the cash value or basic benefit of your policy, whichever is higher, as the accidental death benefit.The accidental death benefit is the total amount payable upon death caused by accident, it is NOT paid on top of the death benefit. If the insured suffers from accidental death resulting from a restricted activity, a lower basic benefit will be applied.

    • The cash value will be based on the valuation price on the date the claim submission is received by us.
    • The basic benefit is computed as follows:

    (N x Annualised Premium) + (M x Sum of Top-ups) - Adjustment for Withdrawals
    Where N is applicable based on the values in the following table, in the event of death:

    Attained age upon Accidental Death (Last Birthday) N
    Non-Restricted Activities Restricted Activities
    0-49 20 6
    50-64 10 3
    >= 65 2 0.6

    Where M:

    • Is 1.05, if attained age upon event is below 65.
    • Is 1.00, if attained age upon event is 65 or above.

    If there is any partial withdrawal, the basic benefit will be adjusted by a formula as determined by us.

    • You may wish to note that the basic benefit is not applicable to insured with Medically Substandard Life or taking premium holiday benefit without insurance coverage. For such situations, only the cash value will be paid.

  • Q:What are restricted activities?

    A:

    Restricted activity means any of the following activities.

    • Duties as fire fighters, police force personnel, fishermen, armed security guards, air crew, ship crew, marine salvage crew, oil riggers, dock workers, drivers, despatch riders, driving instructors, bodyguards, bouncers.
    • Any activities involving explosives, heavy machinery, woodworking, hazardous gases or substances, the use of underwater breathing apparatus; work on construction or demolition sites, work at heights above 10 metres, work in underground tunnels, oil & 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, spectacular stunts or the use of underwater breathing apparatus like rock climbing, mountaineering, parachuting, white water rafting, horse riding, winter sports, scuba diving.

  • Q:What are the exclusions for accidental death benefit?

    A:

    We will not pay if death is caused directly or indirectly by:

    • deliberate acts such as self-inflicted injuries, suicide or attempted suicide;
    • unlawful acts, provoked assault, or deliberate exposure to danger;
    • effects of alcohol, drug, or any dependence;
    • illnesses, psychological conditions, or eating disorders;
    • heat stroke;
    • an adverse reaction to drug or medication;
    • adverse effects of viruses (example: dengue), bacteria or diseases;
    • adverse 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 be 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. However, we will pay the lower of $10,000 or 10% of the sum assured, on top of the sum assured and bonuses.
Total and Permanent Disability (TPD) Benefit

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

    A:

    In the event the insured is diagnosed as totally and permanently disabled before the age of 70 (last birthday), we will pay the basic benefit or cash-in value at the time we are told of the claim, whichever is higher.


    The basic benefit is as follows:

     

    Age at being totally and permanently disabledBasic benefit
    Under 5010 times the annualised premium, and 1.05 times all top-ups
    50 to 645 times the annualised premium, and 1.05 times all top-ups
    Above 641 times the annualised premium, and 1 times all top-ups

     

    The basic benefits shown above will not apply if the insured have already cashed in part of the policy. In this case, we will work out the amount of the reduced basic benefit.


    For non-standard lives, we will only pay the cash-in value for any claim.


    The policy will cease after the benefit is paid.

  • Q:What is the meaning of totally and permanently disabled?

    A:

    Insured must be incapable of engaging in any occupation when is 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/her training, education or experience is suited.

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

    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.

  • Q:What are the exclusions for 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, drug 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:How will the total and permanent disability benefit be paid?

    A:

    We will pay this benefit in a lump sum, up to a maximum of S$1 million each year, and any amount of this benefit in excess of $1 million will be paid 12 months later.

  • Q:Do I need to pay premium while the total and permanent disability benefit is being paid by instalment?

    A:

    No, once we begin paying the total and permanent disability benefit, your policy will cease immediately and you will not have to pay premiums.

Dread Disease Benefit

  • Q:What is the dread disease benefit?

    A:

    We will pay the cash value or basic benefit of your policy, whichever is higher, as the dread disease benefit. The cash value will be based on the valuation price on the date the claim submission is received by us.

    The Basic Benefit is computed as follows:

    (N x Annualised Premium) + (M x Sum of Top-ups) - Adjustment for Withdrawals

    Where N is applicable based on the values in the following table, in the event of death:

    Attained age upon diagnosis of Dread Disease (Last Birthday)N
    0-495
    50-642
    >= 651

    Where M:

    • Is 1.05, if attained age upon event is below 65.
    • Is 1.00, if attained age upon event is 65 or above.

    If there is any partial withdrawal, the basic benefit will be adjusted by a formula as determined by us.

    You may wish to note that the basic benefit is not applicable to insured with Substandard Life or taking premium holiday benefit without insurance coverage. For such situations, only the cash value will be paid.

  • Q:What are the dread diseases covered?

    A:

    We cover 39 types of dread diseases as listed in the table below:

    Dread Diseases
    Major Cancers Multiple Sclerosis
    Heart Attack Muscular Dystrophy
    Stroke Paralysis (Loss of Use of Limbs)
    Coronary Artery By-pass Surgery Parkinson’s Disease
    Kidney Failure Surgery to Aorta
    Aplastic Anaemia Alzheimer's Disease / Severe Dementia
    Blindness (Loss of Sight) Fulminant Hepatitis
    End Stage Lung Disease Motor Neurone Disease
    End Stage Liver Failure Primary Pulmonary Hypertension
    Coma Terminal Illness
    Deafness (Loss of Hearing) Bacterial Meningitis
    Heart Valve Surgery Benign Brain Tumor
    Loss of Speech Encephalitis
    HIV Due to Blood Transfusion and Occupationally Acquired HIV Major Organ /Bone Marrow Transplantation
    Major Burns Major head trauma
    Progressive scleroderma Apallic syndrome
    Systemic lupus erythematosus with lupus
    nephritis    		 Other serious coronary artery disease
    Poliomyelitis Loss of independent existence
    Chronic relapsing pancreatitis Cardiomyopathy (Class IV)
    Chronic adrenal insufficiency (Addison’s disease)  

    The full definition of each dread disease covered and the circumstances in which you can claim are stated on the policy contract.

  • Q:When is the dread disease benefit payable?

    A:

    We will pay if the following conditions are met:

    • Diagnosis of any one of the 39 dread diseases as set out in the policy contract; and
    • Your claim is supported with proper medical evidence. i.e. the your claim must be supported by acceptable clinical, radiological, histological and laboratory evidence and confirmed by a registered medical practitioner.

  • Q:What are the exclusions for dread disease benefit?

    A:

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

    • deliberate acts such as self-inflicted injuries or illnesses;
    • deliberate misuse of drugs or alcohol;
    • acquired Immunodeficiency Syndrome (AIDS), AIDS related complex or infection by Human Immunodeficiency Virus (HIV), except as stated under HIV Due to blood transfusion and occupationally acquired HIV;
    • major cancer or heart attack diagnosed within 90 days from the from the commencement of the policy; or
    • coronary artery by-pass surgery or angioplasty & other invasive treatment for coronary Artery performed within 90 days from the commencement of the policy.

  • Q:Can I choose not to claim for dread disease benefit and continue with the policy?

    A:

    Yes, but if you choose not to make a claim for dread disease within six months from the date of diagnosis, you would have waived the rights for this benefit.

Riders/ Supplementary Benefits

  • Q:Can I add riders?

    A:

    No, you cannot add a rider for this plan.

Cash Value and Bonuses

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

    A:

    Yes, your policy has a cash value. The amount of cash value will be based on the valuation price (bid price) of your units multiplied by the number of units, less charges and deductions if applicable.

    The cut-off time used to determine the pricing of units is 3.00 pm (Singapore time) on each business day (Monday to Friday, excluding weekends and public holidays).

  • Q:Does this plan provide any bonus?

    A:

    No, this plan does not provide bonus.

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

    A:

    Yes, your policy has a surrender value. The surrender value is the amount of cash value, less charges and deductions if applicable.

    Buying a life insurance policy is a long-term commitment and an early termination of the policy usually involves high costs and the surrender value may be less than the total premiums paid.

Retrenchment Benefit

  • Q:What is the retrenchment benefit?

    A:

    If you are retrenched and meet the conditions set for this benefit, you can enjoy the following benefits for up to a maximum period of 24 months from the date of retrenchment:

    • Full insurance cover will be given for death, accidental death, total and permanent disability or diagnosis of dread disease of the insured, even though no premium payment is made during this period.
    • The surrender proceeds will not be subjected to deduction.

  • Q:What is the meaning of retrenched/retrenchment and employer?

    A:

    Retrenched/retrenchment means losing your job as a result of redundancy or because your employer’s profession, business, trade or work is being reorganised.

    Employer means any person, company, association, club, society or organisation that is formed, incorporated or registered in Singapore and which employs people. This includes the government and any statutory organisation or authority in Singapore.

  • Q:When can I make a claim for this benefit?

    A:

    You can make a claim when all the following conditions are met:

    • you must have paid at least six months’ premiums.
    • your retrenchment took place no earlier than six months after the policy commencement date or effective date of any increase of the basic benefit, whichever is applicable.
    • you have not been able to find employment for three consecutive months following the date of retrenchment.

  • Q:What are the exclusions for retrenchment benefit?

    A:

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

    • retiring, leaving after a probation period, resigning or being dismissed;
    • suffering a psychological condition, disability or illness;
    • taking part in a labour dispute;
    • coming to the end of an employment contract;
    • being involved in a staff reduction programme or unemployment you knew was going to happen before the cover start date;
    • being employed for less than six months by an employer; or
    • being employed by an employer not incorporated or registered in Singapore.

  • Q:Do I need to notify you in advance if I know that I will be retrenched soon?

    A:

    There is no need to inform us in advance because you can only claim for this benefit if you have not been able to find employment for three consecutive months following the date of retrenchment.

  • Q:How many times can I claim for this benefit during my policy?

    A:

    You can only claim for this benefit once under your policy.

Eligibility and Premium Payments

  • Q:What is the entry age and premium payment term?

    A:

    This plan is available for all ages up to 65 as at last birthday (LB). The regular premium is payable throughout the policy term.

  • Q:Can I use CPF or SRS funds to buy this plan?

    A:

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

  • Q:What is the minimum and maximum premium set for this plan?

    A:

    The minimum and maximum regular premium allowed, under different premium payment frequencies are as follows:

    Regular Premium Premium Payment Frequency
    Monthly Quarterly Half-yearly Yearly
    Minimum $150 $450 $900 $1,800
    Maximum $500 $1,500 $3,000 $6,000

    You can select to invest in any of the funds offered under this plan, subject to a minimum regular premium of $75 per month, or its equivalent for other premium payment frequencies, for each fund.

  • Q:Can I backdate my policy?

    A:

    No, you cannot backdate your policy.

  • Q:What options are available if I want to increase my ILP investment?

    A:

    You can exercise any of the following options:

    1. Single premium top-up. The minimum top-up premium is $2,500 per top-up. For each top-up premium payment, we will allocate extra 0.5% as bonus units. Bonus Units = Top-up Premium/Offer Price x 0.5% If you wish to top-up into more than one fund, the premium amount allocated into each of the selected fund must be at least $1,000. The top-up premium will be taken into account for the computation of insurance coverage.
    2. Increase amount of regular premium payment. For increase in regular premium amount, the minimum increased amount must be at least $50 per increment, and subject to a maximum total premium of $500 per month (or its equivalent if other premium payment frequencies are applicable) for all regular premium payment. The increased amount of regular premium will be treated as a new payment stream which will be:
      • Taken into account for the computation of insurance coverage, and
      • Subject to the applicable allocation ratio and charges.

  • Q:Can I change the amount of regular premium ILP?

    A:

    Yes, you can increase or reduce regular premium amounts while the policy remains in force.

    However, all regular premium amounts due in the first 12 months must be fully paid before reduction in regular premium could be allowed.

ILP Funds Available For Investment

  • Q:What ILP funds are available for my investment?

    A:

    The following ILP funds are available for your investment:

    Core FundsTarget Maturity Funds
    Singapore Bond Fund Singapore Equity Fund Global Bond Fund Global Equity FundAim 2025 Aim 2035 Aim 2045 Aim Now
    Managed FundsSpecialised / Thematic Funds
    Singapore Managed Fund Asia Managed Fund Global Managed Fund (Conservative) Global Managed Fund (Balanced) Global Managed Fund (Growth)Prime Fund Global Tech

  • Q:Which investment-linked policy (ILP) fund offers distribution?

    A:

    Aim Now Fund and Multi-Asset Premium Fund offers distribution. The distribution will be made out of the income, capital gains and/or capital of the respective funds. The unit price of the respective funds will be reduced accordingly after the distribution. The number of units available will remain the same, unless the distribution is reinvested into the fund.

    Distribution FeaturesAim Now FundMulti-Asset Premium Fund
    Amount of distributionSemi-annual distributions of up to 3% of the net asset value. The distributions are not guaranteed.The sub-fund intends to provide a monthly distribution with effect from 30 May 2018. The monthly distribution maybe declared in the range of 2% to 4%.
    Declaration Date(s)The Declaration Date(s) are set as 31 May and 30 Nov each year.The Declaration Date is set on second last Business Day of every month.
    If these dates fall on a weekend/public holiday, the last business day before these dates will be taken as the Declaration Date(s). The Declaration Date is subject to review and the dates are stated in our website.

  • Q:What options are available for distribution?

    A:

    You can choose to encash or reinvest the distribution (can be differ for each fund) and the latest instruction received by Income before the Declaration Date will be applicable. A combination of encashment and reinvestment option within a fund is not allowed.
     

    The default option for distribution is to reinvest them at bid price into the respective fund. If you wish to encash the distribution, you will need to either indicate your choice in the application form or notify us in writing at least 30 days before the Declaration Date.
     

    A cheque would be sent to you within 45 days from the Declaration Date. However any distribution below $50 has to be reinvested and encashment is not allowed. Also any distribution from funds purchased using CPFIS/SRS monies, if applicable, will also be reinvested.
     

    The unit prices for reinvestment will be determined on Payout date, which would be within 45 days from the Declaration Date.

  • Q:Will the encashment and reinvestment of distribution affect the insurance coverage provided by the ILP?

    A:

    The insurance coverage is not affected by the encashment of distribution when they are due. Likewise reinvestment of distribution into the fund will not increase the net investment. However, if the distribution is reinvested and subsequently withdrawn, the net investment will be reduced accordingly.

  • Q:How can I obtain more information on your ILP funds?

    A:

    Policyholder can refer to the Fund Report for more information.

  • Q:How many funds can I select for investment?

    A:

    There is no restriction in the number of funds you can select, but it is subjected to the prevailing terms implemented to manage the investment accounts.

    Currently a minimum regular premium of $75 per month, or its equivalent for other premium payment frequency, is set for each fund.

  • Q:Can I switch ILP funds?

    A:

    Yes, you can switch investment into any of the available, subject to the following terms:

    • The fund switch is done based on bid-to-bid.
    • Minimum switch amount is a nominal amount of $1,000 each time. For each switch, the amount switched out from an individual fund should not be less than $500, and
    • Remaining cash value of each selected fund under this policy should be at least $2,500

    Depending on the circumstances in the future, we may revise the terms for switching. Sufficient notice will be given to you before any changes take effect.

  • Q:Which ILP fund should I invest in?

    A:

    Each investment-linked fund has its own investment objective, asset allocation and risk classification. You should consider all aspects of your financial situation, including risk profile and investment horizon, before making a decision. If you are in any doubt as to which fund to invest, you should consult your insurance adviser.

Unit Pricing And Allocation

  • Q:What is the meaning of forward pricing?

    A:

    Forward pricing means that the prices of your transacted funds will only be known after the close of each dealing day.

    The price is not available at the time of transaction. This is because many of our ILP funds are well diversified across the world. Due to the time-zone differences, the market value of some global investments is not available immediately.

  • Q:What is the cut-off time used to determine pricing of the units?

    A:

    All transactions submitted and premiums received by us by 3pm (Singapore time) each day will be executed based on the unit prices of the same business day. For transactions submitted on a non-business day (i.e. Saturday, Sunday or public holiday), the execution will be based on the prices valued for the following business day.

  • Q:What is the price used for surrendering/switching/top-up of funds?

    A:

    The offer price is used when you buy or top-up your funds.

    The bid price is used when you sell units, surrender or switch unit from your funds.

  • Q:How are the prices calculated?

    A:

    When you buy into a fund, you are actually buying into units of the fund. The fund invests your money by buying into stocks, bonds, alternatives or a combination. The total market value of all the investments in the fund (net of charges) is called the Net Asset Value (NAV).

    • The bid price is the net asset value divided by the total number of units of the refund. It is the net asset value per unit of the fund.
    • The offer price is the bid price plus a bid-offer spread, which is 3.5% for ILP funds.

  • Q:How do I monitor the fund prices?

    A:

    Our fund prices are updated daily on our website.

  • Q:How much is the bid-offer spread for regular premium ILP?

    A:

    Currently, the bid-offer spread is 3.50%. This is factored into the offer prices of the funds; e.g. Bid Price of Fund A = 2.000

    Offer Price of Fund A = 2.000 × (1 + 3.50%) = 2.070

    The offer prices are applied during unit allocation.

  • Q:How much is the bid-offer spread for top-up?

    A:


    For top-up premium payments, the nominal bid-offer spread is 3%. This is implemented by allocating premium using offer price (still calculated as per bid-offer spread of 3.5%) and adding extra 0.5% as bonus units; i.e.

    Total Units Allocated =       Top-up Premium       × (1 + 0.5%)
    Bid Price × (1 + 3.50%)

  • Q:What is the allocation ratio for regular premium investment?

    A:

    For regular premium, the allocation ratio is as follows.

    Monthly regular premium for each payment stream *Allocation Ratio (% of regular premium)
    1st to 12th55%
    13th to 24th65%
    25th to 36th75%
    37th onwards100%

    * or its equivalent if regular premiums are paid annually or quarterly

  • Q:Will the allocation ratio be applied if the regular premium is reduced?

    A:

    For reduction in regular premium, we follow a last-in-first-out principle, i.e. the reduced portion is deducted from the most recent premium stream, if there is more than one premium stream.

    You may wish to note that all regular premium amounts due in the first 12 months must be fully paid before reduction in regular premium could be allowed, and the reduced regular premium must meet the minimum premium requirement set.

  • Q:What is the allocation ratio for top-up?

    A:

    For top-up, the allocation ratio is always 100%.

Fees and Charges

  • Q:How much is the policy fee?

    A:

    The policy fee is as follows:

    First Policy YearRenewal Years
    $150$60

    Upon policy inception, the First Policy Fee ($150) is paid via unit cancellation at bid price right after the premium is converted to units.

    For subsequent policy years, it is deducted from the policy at the beginning of each policy year, paid via unit cancellation at bid price.

    The policy fee is not guaranteed and is subject to revision. You will be given due notice before we implement any change to the policy fee.

  • Q:Is the annual management fee same for all ILP funds?

    A:

    The annual management fee is not the same for all ILP funds. The fee for each fund could be found in the Fund Report.

  • Q:How much are the charges for insurance coverage?

    A:

    No additional charges will be deducted from your premium. The insurance cover is given to you free.

Premium Holiday

  • Q:What is premium holiday?

    A:

    Premium holiday is a feature that allows you to stop paying your regular premium for a certain period of time for as long as the cash value of that policy is enough to keep it on force.

  • Q:When does premium holiday start?

    A:

    You are given a grace period of 30 days to pay the second and subsequent premiums when they are due. The premium holiday starts after the grace period has ended.

  • Q:Is there any insurance coverage provided during premium holiday?

    A:

    Your policy will go into a premium holiday when you do not to pay premium after the grace period of 30 days.During your first premium holiday, as long as you have paid at least 36 months of premiums (or its equivalent), full cover will be provided up to 24 months into the premium holiday period.

    For subsequent premium holidays, besides the requirement of an aggregate 36 months of premiums being paid, there must be at least 12 months of continuous premiums received for the insurance period prior to the premium holiday.

  • Q:Am I subjected to a health assessment after premium holiday?

    A:

    You are not subjected to health assessment if you have applied for a premium holiday prior to the expiration of the grace period.

    Otherwise, if you have been diagnosed with any of the 11 conditions for Medically Substandard Life, during the period you defaulted on premium or within three months from the date you resumed regular premium, no insurance coverage will be provided for any claim event that occurs subsequently.

  • Q:How do I submit a request for premium holiday?

    A:

    You can complete the Premium Holiday Form and submit 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 advisor for more details on the policy plan.

Partial Withdrawal and Surrender

  • Q:Can I make a partial withdrawal from my investment?

    A:

    Yes, you can make partial withdrawal from your funds at any time during the policy term, if the following conditions are met:

    • The withdrawal amount must be at least $500 and after withdrawal, the remaining cash value of the policy should be more than $3,500.
    • If there is more than one regular premium stream in the policy, i.e. you increased the amount of the regular premium after policy issue, the withdrawal will be apportioned to the various premium steam based on last in, first out principle.

  • Q:How is the withdrawal value computed?

    A:

    The withdrawal amount is calculated based on bid prices as follows:

    Withdrawal Amount = Unit × Price

    Where

    • Unit is the number of units withdrawn from selected fund, and
    • Price is the Bid Price of the fund

  • Q:Will my insurance coverage be reduced as a result of partial withdrawal?

    A:

    Yes, the benefits payable for death, total and permanent disability (TPD), dread diseases and accidental death would be adjusted to maintain the net amount of cover comparable to its cash value.

  • Q:Is there any deduction from the surrender proceeds for my regular premium ILP?

    A:

    Yes, if less than 61 months of regular premium have been paid for a premium stream.

    The deduction is determined as a percentage of the annualised premium (AP) of the policy at the time of surrender.

    Monthly premiums paid into each Premium Stream*Surrender Penalty (% of AP)
    Less than 13 months25%
    13 to 24 months20%
    25 to 36 moths15%
    37 to 48 months10%
    49 to 60 months5%
    6th year onwards0%

    * or its equivalent if the regular premiums are paid annually, semi-annually or quarterly

    The formula to compute annualised premium (AP) of the policy is as follows:

    • Monthly Premium × 12; or
    • Quarterly Premium × 4; or
    • Half-yearly Premium × 2; or
    • Yearly Premium × 1

  • Q:Is the deduction from Surrender Proceeds applicable to all premium streams?

    A:

    Yes, it is applicable to a premium stream if less than 61 months of regular premium have been paid.

  • Q:Is the deduction from Surrender Proceeds applicable to top-up and partial withdrawals?

    A:

    No, the deduction is applied only to full surrender of the policy. It is not applicable to partial withdrawal and withdrawal of top-up premiums.

  • Q:How much will be refunded to me if I cancel the application during free-look?

    A:

    Upon cancellation during free look, the lower of follow two values will be returned to you and the policy will terminate.

    • Paid premium;
    • Cash value of the policy calculated using offer prices on the date the notice of cancellation is received by us, plus all fees and charges deducted (except medical fees) at policy inception.

    If the policy document was mailed to you, the 14 days Free-Look period will start seven calendar days after we have mailed the policy document.

Policy Loan

  • Q:Can I take a policy loan?

    A:

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

    The current policy loan amount for VivoLink is up to:

    • 50% of the total cash value of the policy; or
    • 80% of the net investment amount whichever is lower

    Policy loan interest rate is currently set at 5.5% p.a. This is not guaranteed and subject to revision.

    If at any time the amount of loans and interest exceed the cash value of the policy, all benefits under the policy shall automatically cease.