Silver Protect

No, this plan does not cover total and permanent disability.

Silver Protect is an insurance protection plan for seniors that provides coverage for cancers. It also offers additional benefits for accidental fractures and protection against death (non-accidental) and accidental death. A benefit is also paid if the insured is diagnosed with terminal cancer and is recommended by registered medical practitioner to be enrolled in a hospice care facility.

The policy term is 10 years, after which the policy is guaranteed renewable every 10 years on an opt-out basis without further underwriting (provided that premium waiver benefit is not claimed).

If you enter the policy on or after age 65 last birthday, the policy term will be till the anniversary immediately after 84 last birthday. The policy will not be renewed thereafter.

If you renew the policy on or after 65 age last birthday, the policy term will be renewed up to the anniversary immediately after 84 age last birthday.

No medical examination is required as underwriting is based on health declaration only.

Currently we only accept Master and Visa cards. Other cards such as Diners or American Express are not accepted.

These are the standard documents needed for all applications:

1. Application Form
2. Benefits Illustration and Product Summary
3. My Financial Portfolio / Fact Find Form
4. Copy of Proposer’s / Insured’s NRIC
5. Cash or Cheque (Payable to “NTUC Income”) where applicable
6. GIRO Form, where applicable

Cover commences upon underwriting approval and receipt of premium payment. We will inform you the date of commencement of cover in writing.

We will refund the premium paid if the insured dies while the application is being processed.

Please note that the default option will be by post (i.e. policy document sent directly to policyholder – via normal/non registered mail). If you wish the policy document to be hand delivered, please select “By Hand” option on the top right hand corner of the application form.

We offer the following payment methods for your convenience:

• By GIRO deduction
• By direct payment e.g. cheque, cash, NETS, credit card. Credit card payment is restricted to first premium payment for regular premium life insurance application. Subsequent premium payments have to be made using GIRO, cash or cheques.
• By internet banking, AXS, ATM or phone banking.

We encourage payment by GIRO deduction for regular premium payment as it reduces the administrative work for all parties involved.

The arrangements are as follows:

• GIRO Form
  1. You have to submit the GIRO form to authorize GIRO deduction.
  2. Kindly have the form verified by an insurance adviser / servicing staff before submission.
  3. If the account is operated by “thumbprint”, the GIRO form must also be verified by the bank before submission.
• Commencement
  1. After receiving the GIRO form, we will arrange with the bank to start the deduction as early as possible. This will usually take effect on the next or following month.
  2. We will inform you in writing as soon as the arrangement is confirmed.
• Deduction Dates
  1. The deduction dates in each month are:
  2. 1st attempt: 6th
  3. 2nd attempt: 18th
  4. The deduction date will be rescheduled to the next working day if the 6th or 18th falls on Sunday or Public Holiday.
  5. We will send you a notice if any premium cannot be deducted due to insufficient funds in the account.  
• Receipt We will not issue any receipt for premiums deducted through GIRO. The deduction will be shown in the bank statement.

Once the life insurance application has been approved and credit card details have been entered in our system, the premiums will be deducted within 5 working days.

This table shows the benefits we will pay in the different circumstances of accidental death.

This benefit is payable only if death happens within 365 days of the accident.

The policy will end when we make this payment.

If the insured dies (not as a result of an accident) during the term of the policy:

• 100% of the total premiums paid will be refundable if death happens within one year from the cover start date; or
• $5,000 will be payable if death happens after one year from the cover start date.

The policy will end when we make this payment

Restricted Activity includes 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.

We will not pay the Accidental Death or Accidental Fractures Benefit if death or injury 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;
• 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; or
• 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.

The policy is invalid if the insured commits suicide within one year from the cover start date. We will refund the total premiums paid, without interest, from the cover start date.

We will only pay this benefit once. We will not pay it again even if the policy is renewed.

You can find the list of coverage in our policy contract at www.income.com.sg/silver-protect-policy-conditions.pdf.

If the insured is diagnosed by a registered medical practitioner as having advanced stage of major cancer during the term of the policy, 100% of the sum assured will be payable if there has been a prior claim on early stage of major cancers benefit.

If there has not been a prior claim, we will pay 125% of the sum assured. The early stage of major cancers benefit and advanced stage of major cancers benefit will terminate once the payment is made.

In addition, the premium waiver benefit will begin and the future premiums of the policy will be waived till the end of the policy term. The policy will continue to apply for the remaining unclaimed benefits.

The policy will end upon death of the insured or at the end of the policy term, whichever is earlier.

Yes, a waiting period of 90 days will apply from the cover start date for early and advanced stage of major cancers benefit.

Cover start date means the date:

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

whichever is latest.

No, a claim for early stage of major cancers benefit will not result in a reduction of the advanced stage of major cancers benefit.

If the insured is diagnosed by a registered medical practitioner as having early stage of major cancer during the term of the policy, we will pay a sum equivalent to 25% of the sum assured. The policy will then continue.

We will not pay the early or advanced stage of major cancers benefit if the claim arises from:

• Deliberate misuse of drugs or alcohol; or
• Acquired Immunodeficiency Syndrome (AIDS), AIDS-related complex or infection by Human Immunodeficiency Virus (HIV)

We will not pay an early stage or advanced stage of major cancers benefit where the insured did not survive for 30 days after diagnosis.

We will not pay an early stage of major cancers benefit where the insured suffered symptoms of, had investigations for, or was diagnosed with the disease any time before or within 90 days after the cover start date.

We will not pay an advanced stage of major cancers where the insured was diagnosed with the disease within 90 days after the cover start date.

If the insured is diagnosed by a registered medical practitioner as having terminal cancer and the registered medical practitioner has decided that hospice and palliative care is appropriate for the insured and makes a referral for the insured to be admitted to an inpatient hospice facility, we will pay 15% of the sum assured upon the insured’s successful admission to the hospice.

However, if the insured who is diagnosed with terminal cancer was referred by his attending registered medical practitioner to a home care or day care hospice facility, we will pay 5% of the sum assured. If the insured subsequently gets admitted to a hospice, we will pay another 10% of the sum assured.

The maximum we will pay under the cancer hospice care benefit is 15% of the sum assured. This benefit will terminate after this payment has been made.

The attending registered medical practitioner must have recommended in writing that the insured needs to be admitted to a hospice or that the insured requires home care or day care services from a hospice.

The insured must be admitted to the hospice or engaged the home or day care services of the hospice during the term of the policy.

We will not pay the cancer hospice care benefit where the insured was diagnosed with the disease within 90 days after the cover start date.

No, this policy is not eligible for any bonus as this is a non-participating policy.

No, there is no surrender value as this is a non-participating policy.

No, there is no cash value for this policy as this is a non-participating policy.

Yes, you can backdate your policy application to 1 day before the insured’s birthday if all of the following conditions are met:

• Policy applications cannot be back dated earlier than 01 Jan 2016; and
• Policy applications cannot be back dated for more than 6 months.

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