Contact Us
We're here to help. Browse our frequently asked questions or get in touch with us using one of five ways.
View and manage your policy with My Income app
Change in Income hotlines
Please note that the following hotline numbers will be discontinued from 1 May 2024: 67881122, 67886616, 63321133. You may reach us at 67881777 (Mon-Fri, 9am-6pm, excl. PH).
Bras Basah Branch Closure 18 – 19 May 2024:
Kindly note that Bras Basah Branch will be closed on 18 – 19 May 2024 due to Run Entry Pack Collection for Income Eco Run. We will resume normal operating hours on 20 May 2024, Monday.
Branch Closure Notice:
Please note that Tampines Branch will cease operations on Monday, 01 July 2024. We look forward to serving you again at our other branches.
Discontinuation of Cash Payments
Effective 1 Jun 2024, cash payments at our Income branches will be discontinued. We strongly encourage all our customers to go digital and use our ePayment services at the ease of your convenience. For alternative payment methods accepted by us, you may refer to income.com.sg/ppm.
Our Advisers are not allowed to collect premiums for your Income policies in cash or via bank transfers. Please also do not hand over physical cash or transfer money for your premium payment to our Advisers’ personal bank accounts.
Call us
Operating hours for hotlines and WebChat^
Monday - Friday: 9:00am - 6:00pm
Saturday, Sunday & public holidays: Closed
^except for Product Purchase hotline for Motor, Travel, Home, Lifestyle, Personal Accident and Specialized Care Insurance
For motor insurance purchase, quotation and sales enquiries.
Hotline operating hours: 9am - 6pm on Monday - Friday, closed on Saturday, Sunday & public holidays.
For travel insurance activation, purchase, and sales enquiries.
Hotline operating hours: 9am - 6pm on Monday - Friday, closed on Saturday, Sunday & public holidays.
For purchase, quotation and sales enquiries regarding Domestic Helper Insurance, Home Insurance, Personal Accident, Personal Mobility Guard, Overseas Study Protection Plan, Golfer's Insurance, SilverCare and PioneerCare.
Hotline operating hours: 9am - 6pm on Monday - Friday, closed on Saturday, Sunday & public holidays.
For purchase, quotation and sales enquiries regarding Autism & Down Syndrome Insurance.
Hotline operating hours: 9am - 6pm on Monday - Friday, closed on Saturday, Sunday & public holidays.
For purchase, quotation and sales enquiries regarding all group and health insurance products.
For purchase, quotation and sales enquiries regarding all life insurance and savings and investment products.
For claims enquiries on Motor Insurance, Travel Insurance, Foreign Maid Insurance, Home Insurance, Personal Accident, Personal Accident Infectious Diseases, Overseas Student Plan, and Golfer's Insurance.
For claims enquiries on health and group insurance.
Examples of products: Enhanced IncomeShield, ElderShield, PrimeShield, Managed Healthcare Scheme, Dependants' Protection Scheme, LUV, Plus! Protect, SAFRA Essential Term, SAFRA Living Care, HomeTeamNS Insurance Scheme, HomeTeamNS Living Policy, Corporatised Entities Group Insurance Scheme, and Co-Pay Assist Plan.
For enquiries on the status of existing IncomeShield and Enhanced IncomeShield claims.
For death and total & permanent disability claims enquiries on all life insurance.
Examples of products: Whole life plans, Annuity, Term Life, Savings and Investment-Linked plans.
For enquiries on coverage, renewals, extentions, payments and policy status.
For enquiries on coverage, payments and policy status.
Examples of products: Dependants’ Protection Scheme, IncomeShield, Enhanced IncomeShield, ElderShield, PrimeShield, Managed Healthcare Scheme, LUV, AA Life Protector Plus, AA Life Protector, SAFRA Essential Term, SAFRA Living Care, HomeTeamNS Insurance Scheme, HomeTeamNS Living Policy, Plus! Term Life Insurance, Corporatised Entities Group Insurance Scheme, Co-Pay Assist Plan, and IDAPE Scheme.
For enquiries on coverage, policy alterations, loans, surrenders, payments and policy status.
Examples of products: Whole life plans, Annuity, Term Life, Savings and Investment-Linked plans.
To report any scams, security issues or suspicious activity, you may submit an entry via our online form and we will return to you within 24 hours.
For more information about scam preventions, please click here.
Services available at Income branches
53 Ang Mo Kio Ave 3,
#03-18/19 AMK Hub
Singapore 569933
Click here to make an appointment to visit the branch.
Customers may experience longer waiting times during peak hours.
75 Bras Basah Road,
Income Centre
Singapore 189557
Click here to make an appointment to visit the branch.
Revised operating hours
Customers may experience longer waiting times during peak hours.
2 Tampines Central 6
#01-01 Income at Tampines Point
Singapore 529483
Click here to make an appointment to visit the branch.
Revised operating hours
Customers may experience longer waiting times during peak hours.
Services available at Lite branches
(Inside NTUC Fairprice)
166 Bukit Merah Central
#02-3531
Singapore 150166
Click here to make an appointment to visit the branch.
Revised operating hours
(Inside NTUC FairPrice Xtra)
No. 1 Hougang Street 91
#02-01 Hougang 1
Singapore 538692
Click here to make an appointment to visit the branch.
Revised operating hours
Monday - Sunday: 9.00am - 6.00pm
Public holidays : Closed
Inside NTUC Fairprice Xtra
50 Jurong Gateway Road
#B1-03 & B1-21/22
Singapore 608549
Click here to make an appointment to visit the branch.
Revised operating hours
18 Yishun Avenue 9 #01-09 Junction 9 Singapore 768897
(Inside NTUC Fairprice Xtra)
63 Jurong West Central 3
#03-01 Jurong Point
Singapore 648331
Click here to make an appointment to visit the branch.
Revised operating hours
(Inside NTUC Fairprice Xtra)
Level 1 - #01-29
1 Stadium Place
Singapore 397628
Click here to make an appointment to visit the branch
Monday - Sunday: 9.00am - 6.00pm
Public holidays: Closed
(Inside NTUC Fairprice Xtra)
23 Serangoon Central
#03-42, NEX Mall
Singapore 556083
Click here to make an appointment to visit the branch.
Revised operating hours
(Inside NTUC Fairprice)
360 Balestier Road
#02-01 Shaw Plaza
Twin Heights
Singapore 329783
Click here to make an appointment to visit the branch
* Monday - Sunday: 9.00am - 6.00pm
* Public holidays : Closed
(Inside NTUC Fairprice Xtra)
51 Tampines Ave 4
#B1-01 Our Tampines Hub
Singapore 529684
Click here to make an appointment to visit the branch.
Revised operating hours
(Inside NTUC FairPrice Xtra)
1 Harbourfront Walk #B2-23 VivoCity
Singapore 098585
Click here to make an appointment to visit the branch.
Revised operating hours
Ask us a question and we will get back to you within three working days.
Billing & payment
Click here to download the business reply envelope.
You may apply via My Income (Navigate to Manage > Manage GIRO arrangements) and get an instant approval if you are paying your LIFE, IncomeShield and General Insurance policy premiums and your bank is one of the participating banks in the eGIRO scheme.
Otherwise, please complete a DDA / GIRO Application Form. You can obtain a copy of the DDA / GIRO Application Form by the following methods:
Please ensure that you and the Bank Accountholder complete the following compulsory fields on the “GIRO Application Form”:
You can fill up to 5 policy numbers in one GIRO form. If any of the compulsory fields are incomplete, the GIRO form will be rejected.
Any alteration on the form must be accompanied by a corresponding signature by the Bank Accountholder.
We require the ORIGINAL form to be submitted as we need to ensure that the authorization from the Bank Accountholder is genuine. Furthermore, the banks will also require the ORIGINAL form to be submitted for their processing and approval.
You may apply via My Income (Navigate to Manage > Manage GIRO arrangements) and get an instant approval if you are paying your LIFE, IncomeShield and General Insurance policy premiums and your bank is one of the participating banks in the eGIRO scheme.
No, we will not be able to make any amendments on the GIRO Application Form on behalf of the Bank Accountholder. Any amendments on the GIRO Application Form have to be endorsed by the Bank Accountholder. Correction fluid / tape is also not allowed.
Bank Accountholder can complete a new GIRO Application Form and mailed it to Income Centre, 75 Bras Basah Road, Singapore 189557 or by bringing it down to any of Income branches.
Alternatively, you may apply via My Income (Navigate to Manage > Manage GIRO arrangements) and get an instant approval if you are paying your LIFE, IncomeShield and General Insurance policy premiums and your bank is one of the participating banks in the eGIRO scheme.
We also wish to advise that a previously rejected GIRO Application Form cannot be used for re-submission.
You may apply via My Income and get an instant approval if you are paying your LIFE, IncomeShield and General Insurance policy premiums and your bank is one of the participating banks in the eGIRO scheme.
Otherwise, please submit the ORIGINAL DDA / GIRO Application Form to us by:
Fax and email modes are not accepted.
If you apply via My Income (Navigate to Manage > Manage GIRO arrangements) for your LIFE, IncomeShield and General Insurance policy premiums and your bank is one of the participating banks in the eGIRO scheme, you will get an instant approval.
Otherwise, when we receive your fully completed application form, please allow us 14 to 45 days to process the application.
The Bank Accountholder will need to contact their bank to obtain further details on the rejection.
The majority of the policy premiums can be paid using GIRO.
Yes, you can apply via My Income (Navigate to Manage > Manage GIRO arrangements) for your LIFE, IncomeShield and General Insurance policy premiums if your bank is one of the participating banks in the eGIRO scheme and you will get an instant approval.
Otherwise, please submit a new GIRO application with details of the new bank account to us. Please allow sufficient time (about 14 - 45 days) for the new application to be processed and activated.
Until the new GIRO arrangement is approved and activated, Income will continue to deduct the premium payment from the existing bank account. Policyholder and Bank Accountholder are advised to maintain sufficient fund in the existing GIRO bank account.
Yes, the Bank Accountholder can set a payment limit for GIRO deduction through their bank. However, if you set a deduction limit, it might cause the GIRO deduction to fail if the premium due amount exceeds the limit specified.
A notification letter will be sent to inform you to increase or remove the GIRO deduction limit when the limit is exceeded.
For Example:
You have two policies with premium amount of $313.75 and $113.15. You have also set a payment limit of $350 and $150 respectively with your bank.
The GIRO deduction will fail due to "Amount Exceeded". This is because the total premium amount to be deducted is $426.90 ($313.75 + $113.15). The bank will take the highest limit that you have set on the billing organization as the payment limit. In this case, the payment limit is $350 which is lower than the total premium to be deducted of $426.90. Hence, the GIRO deduction will be unsuccessful.
The GIRO deduction dates are on the 6th or 18th of the month.
If the 6th or 18th falls on a Sunday or Public Holiday, the deduction will be rescheduled to the next working day.
For Life policies, if your premium due date is from the 1st to 15th of the month, it will be deducted in the current month. If your premium due date is after the 15th of the month, it will be deducted in the following month.
No, we are unable to support the pre-scheduling of GIRO commencement date.
If there is insufficient fund in the bank account for the 1st deduction, another attempt will be made on the next deduction date.
For Life Insurance products, there will be a maximum of four attempts over two months to deduct the premium due on the 6th and 18th respectively.
For Health and General insurance products, there will be a maximum of two attempts to deduct the premium due on the 6th and 18th respectively.
If the deduction is still unsuccessful after the maximum attempts for your policy, you will need to make payment directly to Income. GIRO will resume only after the overdue premium is paid.
We do not impose any charges for unsuccessful deductions. However, some banks will impose a service charge as unsuccessful deduction is treated like a bounced cheque. Please contact your bank on these charges (if applicable).
We do not send any SMS for GIRO approval. For some banks, like DBS, an SMS will be sent to notify their customers of the application status.
If you are a joint account holder, you may also receive an SMS from the bank. You may contact your bank for more information.
No receipts will be issued for GIRO deductions. Policyholders / Bank Accountholders can check if the deduction is successful in their bank statement or when the passbook is updated. The successful deduction will be identified as INS (for Insurance).
The unsuccessful GIRO deduction could be due to a few possible scenarios. Some of the common GIRO deduction rejection reasons are as follows:
As this involves confidential information, the banks will not disclose the reason to us. Hence, you need to contact your bank directly to seek their clarification.
Yes, you can request to stop GIRO deduction in the coming deduction date.
Please call our Income hotline or send an email to csquery@income.com.sg to inform Income of your request with the following information:
Your request to stop the GIRO deduction will need to reach us at least four working days before the deduction date on the 6th or 18th. We would like to inform that we will not be able to process any requests received after the deadline.
Income does not impose a fee, however, the bank will charge a fee of $5 for such requests. You will also need to make payment for this fee at any of our branches before we process your request.
No, you are not able to stop the GIRO deduction for only one policy, any request to stop GIRO deduction will apply to all policies. If we received your request to stop GIRO deduction for only one policy, all the remaining three policies will not be deducted as well.
You can terminate the GIRO arrangement for your premium payments via the following options:
When we receive the ORIGINAL “Cancellation / Termination of GIRO Arrangement Form”, it will take 7 to 30 days for the request to be processed.
Please maintain sufficient funds in your existing bank account for the premium deduction until you receive our GIRO Cancellation letter confirming that the GIRO arrangement has been terminated.
We are unable to accept fax, email or photocopied form to terminate the GIRO arrangement. Please send us the ORIGINAL form for our processing.
Yes, we will send you a letter to inform you on the cancellation of the GIRO arrangement and to make any premium payments directly to us.
You can use GIRO for the policy loan repayment if:
At the same time, your premium payment must also be deducted from the same GIRO account.
You may setup the loan repayment via My Income (Navigate to Manage > Loan repayment arrangement). If your policy is not paid by GIRO, you will be prompted to setup GIRO for your policy premium via eGIRO at the same time.
If your bank is not a participating bank in the eGIRO scheme, you will need to complete the following two forms:
For a copy of the GIRO Application Form, click here.
For a copy of the Policy Loan Repayment Arrangement Form, click here.
Please complete the following information on the form:
Once, you have completed the form, please submit the form to us by:
Any alterations must be accompanied by a corresponding signature of the Bank Accountholder. Any amendments not endorsed by the Bank Accountholder will be rejected. Alteration by correction fluid / tape is not allowed.
No, you will not be able to use a different bank account to pay for your policy loan. The bank account that you wish to use for the loan repayment must be of the same bank account as your premium payment.
You may amend or cancel your loan repayment agreement via My Income (Navigate to Manage > Amend/cancel loan agreement).
Alternatively, please complete the Policy Loan repayment arrangement form.
The policy loan repayment will be deducted on a monthly basis regardless of the policy premium payment frequency.
For Example:
Your policy premium payment frequency may be deducted via your GIRO account on a quarterly / half yearly / annual basis. Your policy loan repayment will still be deducted via GIRO on a monthly basis.
The deduction date for policy loan repayment is on the 6th of every month only. The monthly deduction will take place until the policy loan is fully paid. We will only attempt to deduct one instalment on each deduction date, regardless of whether the previous deduction attempt was successful or unsuccessful.
Yes, you can request for breakdown of the total premium paid. Please send an email to csquery@income.com.sg or call our hotline with the following information:
We can provide a statement of the total premium paid for the last 24 months for free. However, for each subsequent block of 12 months, it will be charged at $10 per block.
Please make payment of the applicable fees at any of our branches before we can process your request. Upon receiving your payment, we will prepare the statement to be sent to you within 14 working days.
Yes, you can request a copy of the Premium Statement summarising the total premiums paid to Income for your life policies for the past 2 years.
Please login to me@income to request for one (Navigate to Life Insurance Policies > Premium Statement).
The premium statement will be ready for your downloading in Letters/Documents within 3 working days.
For your convenience, we have the following premium payment methods available for you to choose from.
Payment Methods | New or Renewal of Motor Insurance Policy |
AXS Stations | ✓ |
ATM | ✓ |
Cash | ✓ |
Cheque | ✓ |
Credit Card | ✓ |
Internet Banking | ✓ |
NETS | ✓ |
Income website | ✓ |
For the locations of the AXS stations, please click here.
No, we do not accept post dated cheque.
Yes, you can.
In a case where there is excess premium, the refund will be paid to the policyholder.
Yes, you can. Both the policyholder and the cardholder will need to be present at any Income servicing branch.
The cardholder is required to sign the credit card confirmation slip while the policyholder is required to sign the declaration form for the premium payment using third party credit card.
For the locations of Income servicing branches, please click here.
For a copy of the declaration form, please click here.
Yes, you can still opt for IPP provided the motor insurance policy that you purchase is for a minimum period of nine months.
Once the bank approves, the bank will bill you monthly. The amount deducted will be reflected in your monthly statement.
You will need to be present at any Income servicing branch to sign the credit card confirmation slip.
For the locations of Income servicing branches, please click here.
Yes, as long as the credit card is issued in your name.
The refund of premium deducted via credit card will be settled by credit card. The refund will be displayed in the cardholder’s credit card statement as “INCOME INS”.
The refund is a lump sum amount which will reduce the cardholder’s overall outstanding bill in the credit card statement. Cardholder will continue to service the remaining Instalment with the Bank.
The motor insurance policy refund is calculated based on the following conditions:
Yes, you can. However, the insurance advisor will need to fill up a copy of the application form to authorise him/her to activate the instalment plan on your behalf.
For a copy of the application form, please click here.
Yes, you can. Both the policyholder and the cardholder will need to be present at any Income servicing branch with a copy of the company business profile.
The cardholder is required to sign the credit card confirmation slip while the policyholder is required to sign the declaration form for the premium payment using third party credit card.
For the locations of Income servicing branches, please click here.
No, the cardholder needs to be present for verification of the credit card details and sign the credit card confirmation slip. This is to safeguard the cardholder’s interest and prevent the misuse of written authorisation.
You can choose to settle the payment via lump sum credit card payment.
Alternatively, you can opt for an Instalment Payment Plan (IPP) through your credit card.
For insufficient payment, you will need to make payment for the difference in amounts using the same Bill Reference Number.
For excess payment, you can inform us via our online enquiry web form for the refund cheque to be sent to you. When submitting your request, please indicate your Vehicle Registration Number. You can click here to access our online enquiry web form.
This does not apply to payment via www.income.com.sg.
For premium payment via ATM / AXS / Internet Banking, you will need to enter the Bill Reference Number and premium amount in order to make your payment. Both the Bill Reference Number and premium amount can be found on your Renewal Notice.
For premium payment via www.income.com.sg, you need to enter the Policy Number, Product Type and the exact premium amount.
The minimum premium to qualify for IPP is $200 with a repayment period of 6 months. For a 12 months repayment period, a minimum of $500 is required.
IPP is an interest free instalment payment plan offered by the banks (Participating Banks include DBS / POSB and OCBC) for Income's motor insurance. The bank will bill the cardholder monthly.
For terms and conditions on the IPP, please refer to the respective banks’ website:
We accept both MasterCard and Visa credit cards.
Your motor insurance policy will remain in force but the bank will charge you the usual late payment fee with interest.
You can make the cheque payable to “Income Insurance Limited".
On the back of the cheque, please indicate your name, policy number and contact details.
With effect from 05 Sep 2022, you can view your Official Receipts for the payments you have made via My Income.
If you are unable to view, please send an email to csquery@income.com.sg or call our Income hotline with the following information:
• Policy Number
• Payment details (e.g. Pay Method, Date of Transaction and Amount)
We will generate the official receipt and send to you within five working days.
Note: No receipts will be issued for GIRO deductions. Policyholders / Bank Accountholders can check if the deduction is successful in their bank statement or when the passbook is updated.
Yes, you can pay your general insurance's premium via credit card. The deductions can be done as follows:
For lump sum
For Foreign maid insurance applied via phone, the cardholder must provide the three digit CVV security code to effect the transaction. Payment will be deducted via the credit card immediately.
For Instalment Payment Plan (only applicable for Motor Insurance)
At the moment, only Master and Visa cards are accepted. Other cards such as Diners or American Express or Debit cards are not accepted.
Debit cards are only allowed for “Lump-Sum - Over the Counter Swipe”. Debit cards for “Batch Processing” and for “IPP – Over the Counter Swipe” are not accepted.
Premium charged to credit card must be for the full premium. Partial cash payment and partial credit card payment are not allowed.
There are no additional charges for payment via credit card.
There is also no cap on the premium deductible via credit card for Motor Insurance and Personal Lines Insurance. Premium deductible via credit card is subject to the credit limit set by the Bank on the credit card holder.
For Instalment Payment Plan (only applicable for Motor Insurance), the minimum premium and instalment period applies:
For Commercial Lines Insurance, the cap on the premium deductible via credit card is at $5,000 per policy.
You can visit any Income branches.
For more details on our branches, please click here.
We will attempt for credit card deduction once. If the deduction fails, the Debit Note will be suspended (i.e. will not go for another round of deduction). You will be notified by mail and you may then settle your premium direct to Income.
Acceptable payment methods are cheques made payable to “Income Insurance Limited", cash or NETS at any Income branch. If you are paying by cheque, please quote your policy number at the back of the cheque to facilitate proper processing. Please also indicate your contact number so that we can contact you in the event of any discrepancy. You can send your cheque by post to Income Centre, 75 Bras Basah Road, Singapore 189557.
If a second attempt for deduction is required, instruction has to be given to Contact Centre who will then inform Motor Insurance and Personal Lines Insurance to unsuspend the Debit Note and trigger system extraction after two working days.
Once your policy has been issued and your credit card details have been entered in our system, the outstanding premium will be deducted within five working days.
For Batch Processing, the deduction will be displayed in the cardholder’s credit card statement as “INCOME INS”
For Over the Counter Swipe, the deduction will be displayed in the cardholder’s credit card statement as “INCOME INS”
For Instalment Payment Plan (IPP) cases, the refund of premium deducted via credit card will be settled by credit card. The refund will be displayed in the cardholder’s credit card statement as “INCOME INS”. The refund is a lump sum amount which will reduce the cardholder’s overall outstanding bill in the credit card statement. Cardholder will continue to service the remaining Instalment with the Bank.
For Lump Sum cases, refund of premium deducted via credit card will be settled by cheque unless instructed otherwise.
No, insurance advisors are not allowed to use their own credit card to settle the premium.
Motor Insurance and Personal Lines Insurance will handle the addition/amendment of new/existing credit card account creations and their details.
Yes, you can pay your life insurance's first premium via credit card. You are not allowed to make subsequent renewal premium via credit card. This applies to all payment frequencies i.e. monthly, quarterly, half-yearly and yearly.
For single premium, you cannot pay via credit card.
We aim to keep our premium rates as low as possible. Hence we look for the most cost effective collection method so that our policyholders can continue to benefit from the competitive premium rates. We are absorbing the credit card cost for the first payment.
As life insurance is a long term contract, it is convenient and more cost effective to pay the premium by GIRO or Internet banking.
There is no cap on the premium amount but the amount to be deducted has to be within your individual credit limit with the bank. At this moment, there are no charges for payment via credit card.
At the moment, only Master and Visa cards are accepted. Other cards such as Diners or American Express or Debit cards are not accepted.
Premium charged to credit card must be for the full premium.
You need to provide the following details:
The above details will be requested in the application form if you have selected ‘credit card’ as your first premium payment method.
We will attempt credit card deduction once only. If the deduction fails, your agent will be informed to follow up.
Once your life insurance application has been approved and your credit card details have been entered in our system, the premium will be deducted within three working days.
For Investment Linked Plan (ILP) Policies, the unit price will be based on the transaction date when the payment is received by us.
Any refund of premium deducted via credit card will be refunded by cheque.
Yes, but you will have to fill up the Credit Card Authorisation Form for Life Insurance to effect this change.
For a copy of the Credit Card Authorisation Form, please click here.
If you have any queries, please contact your insurance advisor. Alternatively, you may email us at csquery@income.com.sg or call our Income hotline at 6788 1122.
Not necessarily. APL is a loan on the policy. Interest is charged. If at any time the amount of the loans and interest is more than the cash value, the policy will cease.
Therefore it is important for you to monitor your policy’s cash value in relation to the loans and interest.
We will send you at least two premium notices on the outstanding premium before activating the APL. Once the option is activated, we will also send you a notice.
Subsequently, we will continue to send you a notice each time we advance premiums on your behalf. Because APL is treated as a loan, a specific loan statement showing the transactions in your policy loan account will also be sent to you every year. On top of all these, you can access all your policy information in My Income. The latest outstanding loan amount will be available under “My policy loan”.
You do not have to apply for this feature if APL is the default non-forfeiture option for your policy. APL is the default non-forfeiture option if your policy has not been purchased with CPF funds, not assigned to Official Assignee, insurance company or bank and has been taken up with us after Apr 1994.
If not, you can apply for this feature by completing an application form. You may request this form by emailing csquery@income.com.sg, calling us at 6788 1122 or visiting any of our servicing branches.
You may make a full or partial repayment towards your policy loans. There is no fixed repayment amount. Please quote the Loan Repayment Number (LRN) (not your policy number) to ensure that your loan records are updated accurately. LRN is an 11-digit reference number unique to each individual policy. You may call Income hotline at 6788 1122 to obtain the LRN and the latest loan figure.
You may repay the loan by any of the methods below:
The current interest rate is 5.25% per annum. We may change the interest rate at any time by giving you 30 days’ notice at your last known address. This interest is calculated daily and compounded every year end. You are encouraged to repay the loan as early as possible to avoid interest accumulation.
Besides, this loan and interest will also reduce any subsequent payouts from the policy. And if at any time the amount of the loans and interest is more than the cash value, the policy will cease.
Yes. Instead of APL, you may opt for the paid-up option if you do not want to pay any further premiums on your policy.
We will reduce the sum assured of your basic policy so that you will retain some form of minimal coverage. We will only do this if the policy has enough cash value. You will not pay any further premiums. You will keep any bonuses added to this policy before the date we convert the policy to paid-up. If we declare any subsequent bonuses on paid-up policies in the future, they will be based on the reduced sum assured (called the paid-up sum assured). Once paid-up, any riders attached to the basic policy will cease.
Do take note that converting your policy to a paid-up policy will usually lead to a significant reduction in your coverage. You will also lose all benefits under any existing riders that are attached to your basic policy.
If you have considered carefully and still prefer the paid-up option, you can apply for it by completing an application form. You may request for this form by emailing to csquery@income.com.sg, contacting us at 6788 1122 or visit any of our servicing branches.
APL is a common non-forfeiture feature in many life insurance policies. It prevents the policy's insurance cover from being terminated when premiums due on the policy are not paid after the period of grace.
When premiums remain unpaid after the period of grace, we will advance the premiums on your behalf so the basic policy and its riders can continue at their original coverage amount (called the sum assured). We will only do this if the policy has enough cash value¹. We treat this as a loan (called APL) and charge you interest. If there is not enough cash value, the policy will cease. We will deduct these loans and interest from any amount we may be due to pay under the policy. If at any time the amount of the loans and interest is more than the cash value, the policy will cease.
¹ Cash value means the amount you will receive when you cancel a policy that has a savings feature, before it matures. Its calculation is determined by us.
You will have 30 days as a period of grace to pay the premiums that are due. When premiums remain unpaid after the period of grace, we can activate the APL. But in most cases, we will activate the APL only after 90 days.
Therefore, if your policy’s payment frequency is monthly, we will advance three months of premiums on your behalf each time APL is activated. We will compute interest from the due date of each premium. A notice will be sent to you on the amount that has been advanced. You are encouraged to repay the loan as early as possible.
Yes, you will receive Premium Notices to inform you of the next premium due date.
You will not receive Premium Notices if:
Types of Premium Notices:
We will send the Premium Notices to our Policyholders only.
We have digitised the Premium Notices in January 2024 so that you can receive them digitally and in a timely manner instead of via postal mail. You will receive the Premium Notices via email between 25th to 28th of the month. An email notification will be sent to you for you to retrieve your notice online. Be sure to update your email address and mobile number so you can continue to receive notifications and alerts when there is a letter for you.
If you have opted to receive your premium notices in hardcopy, you will receive the Premium Notices in the first week of the month via postal mail to your registered address in our records. Premium notices for CEGIS, SAFRA, LUV, Co-Pay Assist, HomeTeamNS and OCBC Protect insurance policies will continue to be sent via postal mail until it is digitised. If your premium is due between the 1st to 10th of the month, you may receive the notice via postal mail after the due date. However, we wish to highlight that you are given 30 days (from the premium due date) to make the premium payment. During this period, your policy is still active and in force.
All the Premium Notices are also available for downloading via My Income customer portal. We encourage you to be part of our digital initiative to reduce our environmental footprint.
The Premium Notice will include the following information:
You may ignore the Premium Notice if you have already made the payment. There is a cut-off date shown in the notice and we might have only received your payment after this date.
If your policy is on cash mode and you do not wish to receive Premium Notices, we would advise you to use GIRO for monthly payment. We are unable to support any request to suppress the sending of the notices.
You may access My Income customer portal or call our Income hotline to check on your premium due and payment made.
If you are facing issues, please call 6788 1122 or email to csquery@income.com.sg.
We are unable to support this request as our system is designed to consolidate all policies for the same customer into one premium notice.
The premium notice is available on My Income customer portal.
We do not send premium notice in advance. To check on premium due and retrieve your premium notice, please log in to My Income customer portal.
Regular payments refer to the guaranteed cash payments, which are issued at regular intervals during the term of the policy when the policy is in force. Paid-up policy is excluded.
Depending on the options available in your policy, the regular payments can be paid to you via PayNow NRIC/FIN, credited to your bank account, deposited with our Company to earn an interest or invested in an Investment-Linked Plan.
About five weeks before the first regular payment is due, we will send you a letter as to how you wish to use them. Your regular payments option will be stated in the letter and will apply to all future regular payments (not applicable to Anticipation plan). You will need to notify us if your choice is different from the option stated in the letter at least 21 days before its due date.
For subsequent benefits disbursed, customers may access to our online portal under “Payment” > “Manage Payment” to view the past payment transactions, including the disbursement of cash benefits.
For subsequent benefits which are deposited with Income Insurance, customers may access to our online portal to view under the policy itself to know the cash benefits worth.
You may login to My Income customer portal and submit your request via “Change Cash Benefit Mode”.
Except for Anticipation plan, the updated regular payments option will be applied to all future regular payments. There is no standing instruction for the regular payments option of Anticipation plan. The policyholder has to inform us at least 21 days before the regular payment due date if he does not want to receive the regular payments via cheque. This instruction can only be accepted not earlier than 2 months before the regular payments is due.
Yes, a letter will be sent to the policyholder, confirming the request of the new regular payments option.
The terms and conditions of the policy has provided for this. In cases where the premiums are outstanding for more than a month, or the policy’s cash value cannot support an existing policy loan at the time the regular payment is payable, we will deduct from the regular payment. Only the balance will be paid out or deposited, depending on the selected regular payments option.
For FlexRetire, all outstanding loans and interest will be repaid in full before the policy’s conversion.
You are encouraged to opt for PayNow NRIC/FIN option. The regular payments will be directly credited into your PayNow NRIC/FIN. Kindly note this will be your preferred payment mode for future policy payouts as well. For more information, you can visit www.income.com.sg/paynow.
If your regular payments option is cheque and you have opted in PayNow NRIC/FIN as Preferred Payout Option, you will also receive the regular payments directly credited into your PayNow NRIC/FIN. Else, we will send a cheque to you.
If your regular payments option is Direct Credit, the regular payments will be credited into your personal bank account. If you have opted in PayNow NRIC/FIN as Preferred Payout Option, there would be no change to the payouts for your policy payout as your current arrangement is already on direct credit. For more information on PayNow, you may visit this page.
If you wish to make a change to your regular payments option, we will need you to inform us at least 21 days before the due date.
If the policy was bought with CPFOA or SRS funds, we will pay directly to your investment account with your agent bank. If you need an urgent transfer of these funds to CPF Board, you may call your agent bank to authorise an immediate transfer.
You should receive the regular payments by the due date. Please contact us if you did not receive the regular payments after the due date.
If your regular payments option is deposit, you do not need to inform us of your decision. The regular payments will be deposited when they are due. Otherwise, we would need you to inform us to change your regular payments option at least 21 days ahead of the due date. You will receive a confirmation letter on the deposit and its amount when the regular payments are deposited. The details of the deposit account will also be available in My Income under “My cash benefit”.
The current interest rate for deposit is 3% per annum and it is subject to changes.
You may call Income hotline at 6788 1122. We will stop the cheque payment and assist to deposit that specific regular payment. The interest for that specific regular payment will commence only on the deposit date.
However, we are unable to deposit the regular payment once you have cleared the cheque.
No. That specific regular payment can no longer be placed into the deposit account.
No. That specific regular payment can no longer be placed into the deposit account.
If the policy is assigned under absolute assignment*, the assignee instead of the policyholder can give us the instruction on the regular payments option. If the regular payments option is to pay out, it will be paid to the assignee.
*An absolute assignment is the transfer of a life policy to another person. The person who transfers the policy is called the assignor. The person who takes over the ownership of the policy is called the assignee.
The policyholder can give us the instruction with the consent of all trustees plus beneficiaries (at least age 21). If the regular payments option is to pay out, it will be paid to all trustees, or beneficiaries (at least age 21).
The policyholder can give us the instruction with the consent of any one trustee (who is not the policyholder) or all beneficiaries (at least age 18). If the regular payments option is to pay out, it will be paid to the trustee (who is not the policyholder), or all beneficiaries (at least age 18). Parental consent is required if any of the beneficiaries is below age 18. The parent who gives consent must not be the policyholder.
The premiums can be paid monthly, quarterly, half-yearly or yearly.
You can enjoy the highest saving if you opt to pay your premium yearly.
No, it is not. For some policies such as Investment Linked Policies, there is no discount for the various payment frequencies. Thus, if you pay $100 per month and change to yearly, your yearly premium will be $1,200.
The premiums and discounts are fixed. We are unable to give you further discounts.
Yes, you can request for the change anytime. However, the effective date of the new payment frequency will depend on whether you are changing it to a more or less frequent one.
Changing to a More Frequent Payment
If you are paying more frequently e.g. from yearly to monthly, the revised premium will effect from the next premium due date.
Example 1
Request to change from yearly to monthly, quarterly or half yearly
Next premium due date: | 01 Jan 2023 |
Revised premium will effect on 01 Jan 2023
Changing to a Less Frequent Payment
If you are paying less frequently e.g. from monthly to yearly, the revised premium will effect from the policy’s anniversary.
Example 2
Request to change from monthly to yearly premium
Policy entry date: | 15 Nov 2021 |
Policy’s anniversary: | 15 Nov every year |
Next premium due date: | 15 Aug 2022 |
As the policy’s anniversary date is on 15 Nov, you will need to pay a pro-rated yearly premium for premiums due from 15 Aug 2022 to 14 Nov 2022. The full yearly premium will be payable every year from 15 Nov 2022.
Example 3
Request to change from monthly to yearly premium
Policy entry date: | 15 Nov 2021 |
Policy’s anniversary: | 15 Nov every year |
Next premium due date: | 15 Nov 2022 |
As the next premium due date coincides with the policy’s anniversary, the full yearly premium will be effective from 15 Nov 2022. There is no need to pay any pro-rated amount.
You can send us your request via My Income customer portal. After logging into your account, please select “Payment” > “Change payment frequency”.
Every policy can only have one payment frequency. The riders’ payment frequency will follow the basic policy.
There is no limit on how many times you can change your payment frequency.
No, you will not be charged.
If your change of payment frequency request is received between the 1st and 23rd of the month, the deduction of the pro-rated / new premium will take place on the 6th of the next month. If your request is received on or after the 24th, the deduction will take place on the 6th of the following month.
Examples
Request received on 23 Aug 2022, GIRO deduction will be on 06 Sep 2022
Request received on 30 Aug 2022, GIRO deduction will be on 06 Oct 2022
Riders (also known as supplementary benefits) are additional covers that you can add to your basic policy to provide a more comprehensive coverage.
You can add the riders when you are applying for your basic policy. Once your policy is issued, you may also add them provided all mid-term add rider’s conditions are met.
You can approach your Insurance adviser to help you with your request. If you do not have one, you can visit any of our Income branches for assistance.
Yes, you may be required to go for medical examination. We will send you a letter to inform you if medical examination is required.
Your riders will be effective on the next premium due date. If you would like them to be effected earlier, we can do so but the effective day must be the same as your basic policy entry day.
Example
Payment frequency: | Yearly |
Policy entry date: | 15 Jun 2021 |
Premium next due date: | 15 Jun 2023 |
Received add rider request on: | 01 Sep 2022 |
As your request to add rider was received on 01 Sep 2022, the earliest date we can effect your rider is on 15 Sep 2022. You will then pay the pro-rated premiums from 15 Sep 2022 to 14 Jun 2023. The full yearly premium of the rider is payable from 15 Jun 2023.
Yes, you can but it depends on the type of changes.
If you are requesting to increase the rider’s sum assured or coverage term, you can make the changes provided your rider incepted in the past one year.
If you are requesting to decrease its sum assured, you can do so anytime provided it meets the minimum amount required.
Any changes are effective from the next premium due date. For changes that involve increasing the rider’s sum assured or coverage term, you will be subjected to underwriting. This means you have to declare your health and we will assess whether the changes can be accepted.
Once your basic policy is terminated, all your riders will terminate.
No. Your riders will be terminated.
¹ A paid-up policy is a life policy with its premiums fully paid. The policy remains in force but at a reduced sum assured.
No, you cannot. If your basic policy’s premium payment term is five years, then your riders can only be covering the Insured for five years.
Yes, you can. Your riders will be removed with effect from the next premium due date. Once your rider is removed, it cannot be reinstated.
As the riders are removed with effect from the next premium due date, you will not receive any refund since you are still covered under them.
CRS is a global standard for automatic exchange of financial account information. It was developed by the Organization for Economic Co-operation and Development (OECD).
The objective of CRS is to identify persons who may be evading tax in their home country through the use of foreign or offshore accounts or entities.
Under CRS, financial institutions such as Income are required to identify their customer tax residency and report the financial account information of customers held to the local tax authority. Given the broad application of the CRS, all of Income’s life policy Account Holder may be affected.
Income will require CRS declaration from you if you purchase new policy or perform some policy servicing transactions such as making a trust nomination, assignment from 1 Jan 2017 onwards. If you are an existing customer, Income may approach you for information and documentation to establish your tax residency.
The CRS declaration is applicable to both individual and business customers.
Account Holder refers to Proposer (eventually the Policyholder), Sole Trader, Sole Proprietor, Controlling Person, Beneficial Owner, Assignee, Trustee, Settlor, Beneficiary under a Trust or a Trust Nominee named under section 132 of the Singapore Insurance Act (Chapter 142), Proper Claimant as defined under section 61 of the Singapore Insurance Act (Chapter 142).
The term “Controlling Persons” means the natural persons who exercise control over an Entity. In the case of a trust, such term means the settlor(s), the trustee(s), the protector(s) (if any), the beneficiary(ies) or class(es) of beneficiaries, and any other natural person(s) exercising ultimate effective control over the trust, and in the case of a legal arrangement other than a trust, such term means persons in equivalent or similar positions.
The term “Controlling Persons” must be interpreted in a manner consistent with the Financial Action Task Force Recommendations.
Under CRS requirements, Account Holder will be requested to provide the following particulars:
• Name
• Address
• Place of birth* (for Individual and Controlling Persons)
• Date of birth*(for Individual and Controlling Persons)
• Country(ies) of tax residence
• Tax Identification Number(s)*
• Place of registration/incorporation (for Entities)
• Entity Type (for Entities)
• Controlling Person Type for certain Entity Types (for Controlling Persons)
*this does not apply in all participating countries and is subject to local law requirements.
If you need copy of the FATCA and CRS Self Certification forms, you may download from www.income.com.sg/Policy-downloads-and-forms
• FATCA and CRS Self Certification form for individual account holder
• FATCA and CRS Self Certification form for Entity
• FATCA CRS Self Certification form for Controlling Person, where applicable.
Tax residence is defined by each country’s local tax laws and therefore may vary from country to country and different in different context. In certain cases, a person could be considered a tax resident in more than one jurisdiction.
Please confirm your tax residency and TIN with your tax advisor. Income cannot provide tax or legal advice to customer.
By regulations, there are only 2 circumstances in which a TIN is not required to be collected or reported:
However, in certain circumstances, the Account Holder may not have a TIN temporarily or due to personal circumstances. In such instances, the Account Holder would need to document and justify the absence of TIN.
Under Singapore’s CRS legislation, Income is legally required to collect and establish your tax residency even if you are a Singapore Citizen or Permanent Resident.
Yes, customer is still required to complete the CRS declaration with TIN provided. Under Singapore’s CRS legislation, it requires and empowers all Reporting Singapore Financial Institutions (SGFIs) to collect and retain the CRS information for all their account holders or controlling persons (of a passive NFE), instead of only for tax residents of jurisdictions with which Singapore has a Competent Authority Agreement (“CAA”) to exchange financial account information.
Yes. You need to notify Income whenever there is any changes in the information provided to us previously so that Income can advise on the required documents (if any). You may login to My Income to update your tax residency. Alternatively, you may complete the Change of Personal Particulars Form.
US Tax Residents who have previously provided their US Tax Residency declaration under FATCA will also be required to provide additional information for the CRS as this is a separate regulation.
If you are a US resident, you would need to submit W-9 form under the United States government's Foreign Account Tax Compliance Act (FATCA). A copy of the form can be obtain from: https://www.irs.gov/pub/irs-pdf/fw9.pdf
Yes. Under the CRS regulations, SGFIs are required to establish the tax residence of their Account
Holders. Account Holders are responsible for completing the form and provide the required information of their tax residency. False information provided on the tax residency is an offence under the CRS regulation.
If you do not provide the requested information or documentation, Income may not be able to issue the policy or process the transactions. Income may report to the local tax authority based on the existing information available in our records.
For further information on your tax residency and TIN, please refer to the rules governing tax residence that have been published by the tax authority or contact your tax advisor. Income does not provide tax advice. You can also visit the OECD Automatic Exchange of Information portal.
Guidance on tax residency and Tax Identification Number (TIN) is available at the following link:
Tax Residency
www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency/#d.en.347760
Tax Identification Number (TIN)
www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-identification-numbers/#d.en.347759
If you are offered an insurance cover that is out of the standard terms and conditions, a Special Terms Agreement will be prepared for you. The Special Terms detail the excluded cover and/or health extra (additional premiums which are charged due to the increased risk the insurer is taking on) that are imposed on the policy. Once you accept the Special Terms, they will form part of your insurance contract.
You may request to review the Special Terms if you have fully recovered or there is a significant improvement in your medical condition. In addition, there must be no further deterioration in your health or diagnosis of new medical conditions.
You have to submit the following:
For a copy of the Review of Special Terms Form, please click here.
Yes, you will have to pay for them.
Yes, you may need to go for another medical examination.
We will review the Special Terms and reply to you in writing within one month upon receipt of your request.
If we need further clarification on your medical conditions, the review decision will take more than one month. This is because we may be waiting for the medical report from your attending doctor. If the report is not clear and we need to seek clarification from the doctor, the review decision will be delayed again.
Your premiums will remain the same until the review is completed.
Once the review is completed, you will receive a letter from us informing you of the outcome.
If the review can be completed within one month, your revised premium will be effective from the next premium due date of the policy.
However, if the review takes longer than one month, the effective date of your revised premium will be effected in the month we receive the complete reports.
Example
Assuming the yearly premium of your policy was paid from 01 Jan 2012 to 31 Dec 2012 and you requested for a review in Feb 2012. Full supporting medical reports required for the review were received in Apr 2012. The review is a success and health extra can be removed. The effective date of the removal will be on 01 Apr 2012. The health extra paid from 01 Apr 2012 to 31 Dec 2012 will be refunded.
The review decision can be any of the following:
Vesting is the transfer of absolute ownership of a life policy from the policyholder to the Insured when the Insured reaches the vesting age. Upon vesting, the Insured becomes the absolute policy owner and has full control of the policy.
Vesting is only applicable to a third party policy whereby a parent as the policyholder, effects a life policy on the life of his child.
For some policies such as Children’s Education, Education and Family Insurance, vesting is not allowed.
The parent can select the age at which the absolute ownership of the policy will transfer to the child. This age is known as the vesting age and may be between 21 to 25 years old. For example, if the vesting age is indicated as 23 years old, the policy will transfer to the child on his 23rd birthday.
No, it is not. You have to specify that you want the policy to vest in your child by filling up a form. However, some policies come with a vesting provision. One such policy is a Foundation Policy. If you have bought a Foundation Policy, it will vest in your child when he reaches the vesting age which is 21 unless you have specified a different vesting age. Thus, for such a policy, you do not need to specify the vesting.
If your policy has vesting, you will know from the following:
A clear benefit is the ease at which your child will take over the policy (at vesting age), if the policyholder were to pass away unexpectedly. Without vesting, your child would have to seek legal help and incur legal fees in order to assume ownership of the policy.
As vesting creates a trust in the child’s favour, you cannot remove or change the vesting age. You can only remove or change the vesting age unless the policy is yet to vest and the child is of legal capacity (i.e. at least 21 years old and of sound mind) to agree to the removal of or change in the vesting age.
To apply for vesting, please complete the Declaration of Trust form and return with a clear copy of your identification document.
Please click here for a copy of the Declaration of Trust form.
You may submit the completed documents to us by any of the methods below.
After the vesting is created, we will send you a confirmation letter. When the policy is transferred to your child, we will send a letter to inform him that he is now the policy owner.
No. Vesting is meant for a life policy whereby a parent is insuring his child.
Yes, he can because he is now the policy owner. He can do what he likes with the policy.
If the policy is transferred to your child, we will pay to him.
We will only take instruction from your child once the policy is transferred to him. Any letters or documents relating to the policy will also be sent to him.
You should only decide on vesting if you are prepared to give away the policy completely to your child. If you cannot decide, then the policy will continue as it is.
In future, if you wish to transfer the ownership to your child, you can still request for the vesting. But if he has passed the maximum vesting age of 25 years old, you will have to do an Absolute Assignment (meaning to transfer the policy to your child immediately, no vesting age is available for you to choose).
For more details on Absolute Assignment, please refer to the sub-topic titled "Absolute assignment of life policies" under the "Insurance matters" tab here.
An absolute assignment is the transfer of a life policy to another person. The person who transfers the policy is called the Assignor. The person who takes over the ownership of the policy is called the Assignee.
Most life policies can be assigned except the following:
No, you do not have any rights over your policy after you have absolutely assigned it.
We only accept absolute assignment of insurance policies i.e. assignment with no condition attached. We do not accept conditional assignment.
Yes, you can assign but your child needs to be of legal capacity i.e. of legal age and be able to make decision on his own.
For policies that are effective before 01 Mar 2009, both Assignor and Assignee should be at least 21 years old. For policies which are effective on/after 01 Mar 2009, the Assignor and Assignee should be at least 18 years old.
Yes provided that your policy is one with no vesting.
The assignor (current policy owner) and assignee (new policy owner) would need to complete our Absolute Assignment form before a witness (excluding Income staff) who is at least 21 years old and return with necessary supporting documents. You may refer to our Absolute Assignment form for the necessary supporting documents.
If you assigning your policy to an individual, please use our Absolute Assignment form (for assignment to an individual).
If you assigning your policy to an entity, please use our Absolute Assignment form (for assignment to an entity).
You can find our Absolute Assignment forms here.
Please sign the forms in pen and ink only and submit the original completed assignment form and supporting documents to us by any of the methods below.
Once we have verified that your assignment documents are in order, we will then effect the assignment and an endorsement letter will be sent to both assignee and assignor. Please note that we do not accept scanned copy of the completed form and signature must be signed in pen and ink only.
Once you have made an assignment of the policy, any existing nomination made by you will automatically become invalid.
Yes, if the assignment is an absolute assignment. You can assign the policy to trustee/s of the trust.
As you are now the policy owner, you can take a loan (if this is allowed under the policy terms) or terminate the policy.
No. Once your policy is assigned, we will pay to the Assignee who is now the policy owner.
Generally, the Official Assignee has the rights to all property belonging to the bankrupt. In certain situations, the Official Assignee is likely to have rights over any policy that the bankrupt has earlier assigned. For example, if the assignment were done without any payment from the Assignee or to defraud the Assignor's creditors.
Upon the death of the Assignee, the policy will remain with the Assignee's estate. If premiums are paid, the policy will remain in force. For insurance payouts, they will be paid to the Assignee’s estate.
No, the policy will remain with the Assignee's estate. The legal representative/s will administer the Assignee’s estate.
No, any payout will be paid to the Assignee’s estate.
With effect from 18 April 2013, under the Insurance Act, you are allowed to make a nomination if you are the policy owner of a life policy or accident and health policy that insures your own life. As an assignee who takes over the policy as a policy owner by way of an assignment, you can make a nomination if you are also the life insured under the policy.
As the assignment request is subject to legal capacity of the assignee and any regulatory prohibition at the time of application, please provide a copy of the deceased's Last Will and Grant of Probate before we review the request.
If a person is mentally disabled/disordered, he has no mental and legal capacity to assign the policy to someone else. For such cases, the next of kin can apply to court to appoint a person or persons (usually the next of kin) to manage his property and affairs on his behalf. The appointed person/s will be known as the Deputy. Alternatively, if the policyholder has a Lasting Power of Attorney (LPA), the appointed donee(s) can administer their policy(s). We will then take instruction from the Deputy/Donee on the policy assignment.
Yes, provided the Assignee agrees to it.
If the Assignee is reassigning this policy an individual, please use our Absolute Assignment form (for assignment to an individual).
If the Assignee is reassigning this policy to an entity, please use our Absolute Assignment form (for assignment to entity).
You can find our Absolute Assignment forms here.
If the assignor or assignee is an organization, the documents needed are:
If the assignor and/or assignee are residing overseas, we require the party residing overseas to sign the assignment form and witnessed either by an Official from the Singapore High Commission/Embassy of the Republic of Singapore or a Notary Public. A Notary Public is a state appointed officer who can witness and authenticate documents.
When documents originate from or are signed in another country, it is a common practice for most institutions to require them to be notarised before they can be used for official purposes. This is a matter of prudence to ensure that the person signing the documents is actually who he purports to be. The Notary mainly acts as an impartial and legally trained witness. You can locate a registry of notaries by conducting a search on the internet.
For assignor and/or assignee residing in Singapore, the assignment form has to be signed before a witness (at least 21 years old). The original assignment form with supporting documents have to be submitted to us by any of the methods below.
Please ensure that the assignment form is to be signed in pen and ink and all supporting documents are in order for the assignment to take effect.
Yes. You have 30 days period of grace to pay the premiums that are due on your policy. If we need to pay you any benefits during this period, we will deduct any unpaid premiums from the benefits.
If you still have not paid the premium after the period of grace, we will activate the non-forfeiture option provided for under your policy. Depending on when your policy was taken up, we will either activate the Automatic Premium Loan (APL)¹feature, or the Automatic paid-up² feature.
¹ Automatic Premium Loan (APL)
We will advance the premiums on your behalf so the basic policy and its riders can continue at their original coverage amount (called the sum assured). We will only do this if the policy has enough cash value*. We treat this as a loan (called APL) and charge you interest. If there is not enough cash value, the policy will cease. We will deduct these loans and interest from any amount we may be due to pay under the policy. If at any time the amount of the loans and interest is more than the cash value, the policy will cease.
* Cash value means the amount available upon cancellation of a policy that has a savings feature, before it becomes payable upon a claim event (e.g. death), or maturity as in the case of an endowment type of policy.
² Automatic paid-up
We will reduce the sum assured of your basic policy so that you will retain some form of minimal coverage. We will only do this if the policy has enough cash value. You will not pay any further premiums. You will keep any bonuses added to this policy before the date we convert the policy to paid-up. If we declare any subsequent bonuses on paid-up policies in the future, they will be based on the reduced sum assured (called the paid-up sum assured). Once paid-up, any riders attached to the basic policy will cease.
For policies taken up before April 1994 or purchased with CPF funds or assigned to Official Assignee / Insurance Company / Bank, the default option is “Automatic Paid-up”. For all others, the default option is “Automatic Premium Loan (APL)”.
Yes. You would need to complete an application form. You may request for the form by emailing to csquery@income.com.sg, contact Income hotline at 6788 1122 or at any of Income branches.
We will send you at least two premium notices on the outstanding premium before activating the non-forfeiture option. Once the option is activated, we will also send you a notice.
If the non-forfeiture option is APL, we will send you a notice each time we advance premiums on your behalf. Because APL is treated as a loan, a specific loan statement showing the transactions in your policy loan account will also be sent to you every year. On top of all these, you can access all your policy information in My Income. The latest outstanding loan amount will be available under “My policy loan”.
Depending on the terms of your policy contract, you may take a loan from your policy if you are at least 18 or 21 years old, and your policy has acquired a cash value¹. Generally, a policy will have a cash value after premiums have been paid for at least two years. In the case of a single premium policy, cash value is available immediately.
¹ cash value means the amount you will receive when you cancel a policy that has a savings feature, before it matures. Its calculation is determined by us.
Yes. The current interest rate is 5.25% per annum. We may change the interest rate at any time by giving you 30 days’ notice at your last known address. This interest will start on the date you applied for the loan, and is calculated daily and compounded every year end. You are encouraged to repay the loan as early as possible to avoid interest accumulation.
Besides, this loan and interest will also reduce any subsequent payouts from the policy. And if at any time the amount of the loans and interest is more than the cash value, the policy will cease.
The minimum amount is $100 per policy provided that your policy has sufficient cash value for us to grant you this minimum amount.
The maximum loan that can be taken is a certain percentage of the cash value. This percentage will differ depending on the policy type. And for certain policy types, no loans are allowed at all. This table below sets out the limits and criteria.
Policy Type | Maximum Loan |
a. Life Policy (except VivoCare, VivoSave, Regular or Single Premium SAIL) | 95% of cash value |
b. VivoCare, VivoSave, Regular or Single Premium SAIL | 80% of cash value |
c. Life Policy under Premium Relief Scheme (PRS) | 75% of cash value |
d. Investment-Linked Policy | |
- FlexiCash | - No loan is allowed |
- FlexiLink or Ideal | - 50% of cash value (based on bid price) |
- GrowthLink and VivoLink | - 50% of cash value or 80% of Net Investment Amount (whichever is lower) |
e. Annuity Policy | 90% of cash value |
f. Policies bought with CPF funds | No loan is allowed |
g. Life policy assigned to Income | No loan is allowed |
The minimum amount is $100 per policy provided that your policy has sufficient cash value for us to grant you this minimum amount.
The maximum loan that can be taken is a certain percentage of the cash value. This percentage will differ depending on the policy type. And for certain policy types, no loans are allowed at all. This table below sets out the limits and criteria.
Policy Type | Maximum Loan |
a. Life Policy (except VivoCare, VivoSave, Regular or Single Premium SAIL) | 95% of cash value |
b. VivoCare, VivoSave, Regular or Single Premium SAIL | 80% of cash value |
c. Life Policy under Premium Relief Scheme (PRS) | 75% of cash value |
d. Investment-Linked Policy | |
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e. Annuity Policy | 90% of cash value |
f. Policies bought with CPF funds | No loan is allowed |
g. Life policy assigned to Income | No loan is allowed |
No, only the assignee can take a policy loan.
A policy loan can be granted with the consent of any one trustee (who is not the Policyholder); or all beneficiaries (at least age 18) named under the policy. If any of the beneficiaries is below age 18, a parent (who is not the Policyholder) can give consent on the particular beneficiary’s behalf. This trustee (who is not the Policyholder); or all beneficiaries (at least age 18) are to give this consent by signing on the Policy Loan Agreement.
The recipients of the policy loan will be either this trustee (who is not the Policyholder); or all the beneficiaries (at least age 18). If any of the beneficiaries is below age 18, a parent (who is not the Policyholder) can receive the monies on the particular beneficiary’s behalf.
However, if the Policyholder would like the policy loan monies to be paid to him instead, we will provide a Letter of Consent and Indemnity which must be signed by this trustee (who is not the Policyholder); or all beneficiaries (at least age 18).
A policy loan can be granted with the consent of all trustees plus beneficiaries (at least age 21) named under the policy. If any of the beneficiaries is below age 21, no policy loans will be granted.
All trustees plus beneficiaries (at least age 21) are to give this consent by signing on the Policy Loan Agreement.
The recipients of the policy loan will be either all the trustees, or all the beneficiaries (at least age 21).
However, if the Policyholder would like the policy loan monies to be paid to him instead, we will provide a Letter of Consent and Indemnity which must be signed by all trustees plus beneficiaries (at least age 21).
You can login to My Income to check details of your policies such as loan available, outstanding loan amount and cash value.
We will send you an annual loan statement showing the transactions in your policy loan account every year. To safeguard policyholders’ interest against possible fraud, we do not accept requests to suppress any statement, or send it to a different address other than the official address in our records. If your policy has been assigned to a third party, then you will not receive these statements. They will be sent to the assignee instead.
You can login to My Income, select the policy to check the loan available and apply the policy loan by clicking “Request for Policy Loan”. An SMS and email acknowledgement will be sent to your registered email address and mobile number upon successful submission of your request.
Alternatively, you can complete the Loan Agreement Form (one form for each policy) and return us the completed form with your personal identification document by any of the methods below:
- Email: csquery@income.com.sg
- Post: Income Centre, 75 Bras Basah Road Singapore 189557
Do provide a copy of bank book or recent bank statement showing your name, bank name and account number (if you opt for direct crediting to your personal bank account).
The following personal identification document is needed for verification purposes. For Singaporeans or Singapore permanent residents, please submit Original NRIC. For Foreigners staying, studying or working in Singapore, please submit Original passport showing validity dates, passport number, photograph, nationality, date of birth and name; Original Singapore employment pass, S pass, work permit, student pass or dependent’s pass; and Document (issued within the last 6 months e.g. utility bill, phone bill) that shows your name and address. The passport, passes or permits must be valid for at least 6 months.
The approval and processing of your policy loan application may take up to 3 working days from the day we receive your request. If further information is needed, we will get in touch with you via email or phone call. Once the policy loan is processed, you would receive a loan confirmation letter.
Only one policy loan is allowed per policy per day. You may choose to receive the policy loan amount by PayNow NRIC/FIN or direct credit to your designated bank account. You should receive the policy loan amount by way of your preferred form of payment within the next four working days from the date we approve and process your application.
To receive the policy loan amount fast, please submit the policy loan request via My Income. You would receive the payment within the same day from the date we approve and process your application. This is applicable for policy loan amount less than S$200,000.
As information provided to you (on the maximum loan available) is relatively fast moving, it may have changed by the time we receive your loan application. In situations where your policy's cash values are not sufficient for us to process your loan, we will process it based on the next available amount your policy can accommodate.
We need the below information to facilitate a TT. We may contact you if additional information is needed. Your TT request is subject to approval and bank charges will have to be borne by you.
Please note:
You may make a full or partial repayment towards your policy loans. There is no fixed repayment amount. Please quote the Loan Repayment Number (LRN) (not your policy number) to ensure that your loan records are updated accurately. LRN is an 11-digit reference number unique to each individual policy. You can log in to My Income to obtain the LRN and the latest loan figure.
You may repay the loan by any of the methods below:
After we receive the complete information from you, a TT arrangement may take up to 14 working days.
Yes, if you are currently paying your policy premiums through GIRO. You can give us a one-time instruction to deduct a specific amount (minimum of $50) from your GIRO account every month. This GIRO account must be the same GIRO account that is being used for your premium deduction.
Policyholder and Bank Accountholder are required to complete and submit the Original “Application for Policy Loan Repayment from Existing GIRO Account” form.
On the sixth of every month, we will deduct this loan repayment amount together with your premium. If the loan deduction is unsuccessful, we will attempt to deduct again on the sixth of next month. Do note that if your premiums are outstanding for more than two months, GIRO deduction will be deactivated for both your premiums and loan repayment. You will then have to settle all outstanding amounts with Income directly.
At any time the amount of the loans and interest is more than the cash value, the policy will cease. Therefore, it is important for you to monitor your policy’s cash value in relation to the loans and interest. You are encouraged to repay your policy loans as soon as possible to reduce the interest charged on your policy loans.
For a policy with cash benefits payable, if the cash value cannot support the policy loan, we will deduct from the cash benefit to repay the loan. We will send you the details in a separate letter when the cash benefit is due.
For an annuity policy, a loan repayment amount will be deducted from each annuity instalment you are receiving. The loan repayment amount may be revised regularly. If the full annuity instalment is used to repay the loan, you will not receive any payment. The full annuity instalment amount will be paid to you only when the loan is fully repaid.
The persons who are authorised in the Latest Board of Resolution may apply for the loan. The authorised persons must sign the loan agreement form and state clearly their name and designation with the organisation’s stamp. We also need the organisation to furnish the below documents.
Only one policy loan is allowed per policy per day. The organisation can receive the policy loan amount by direct credit to the designated bank account. The policy loan amount would be credited within the next four working days from the date we approve and process the application.
PayNow NRIC/FIN is not applicable for policyholder (or Assignee) that is an organisation.
Depending on the terms of your policy contract, you may take a loan from your policy if you are at least 18 or 21 years old, and your policy has acquired a cash value¹. Generally, a policy will have a cash value after premiums have been paid for at least two years. In the case of a single premium policy, cash value is available immediately.
¹ cash value means the amount you will receive when you cancel a policy that has a savings feature, before it matures. Its calculation is determined by us.
Yes. The current interest rate is 5.6% per annum. We may change the interest rate at any time by giving you 30 days’ notice at your last known address. This interest will start on the date you applied for the loan, and is calculated daily and compounded every year end. You are encouraged to repay the loan as early as possible to avoid interest accumulation.
Besides, this loan and interest will also reduce any subsequent payouts from the policy. And if at any time the amount of the loans and interest is more than the cash value, the policy will cease.
The minimum amount is $100 per policy provided that your policy has sufficient cash value for us to grant you this minimum amount.
The maximum loan that can be taken is a certain percentage of the cash value. This percentage will differ depending on the policy type. And for certain policy types, no loans are allowed at all.
Policy type | Maximum loan |
Grandeur Solitaire US$ | 95% of cash value |
No, only the assignee can take a policy loan.
A policy loan can be granted with the consent of any one trustee (who is not the Policyholder); or all beneficiaries (at least age 18) named under the policy. If any of the beneficiaries is below age 18, a parent (who is not the Policyholder) can give consent on the particular beneficiary’s behalf. This trustee (who is not the Policyholder); or all beneficiaries (at least age 18) are to give this consent by signing on the Policy Loan Agreement.
The recipients of the policy loan will be either this trustee (who is not the Policyholder); or all the beneficiaries (at least age 18). If any of the beneficiaries is below age 18, a parent (who is not the Policyholder) can receive the monies on the particular beneficiary’s behalf.
However, if the Policyholder would like the policy loan monies to be paid to him instead, we will provide a Letter of Consent and Indemnity which must be signed by this trustee (who is not the Policyholder); or all beneficiaries (at least age 18).
A policy loan can be granted with the consent of all trustees plus beneficiaries (at least age 21) named under the policy. If any of the beneficiaries is below age 21, no policy loans will be granted.
All trustees plus beneficiaries (at least age 21) are to give this consent by signing on the Policy Loan Agreement.
The recipients of the policy loan will be either all the trustees, or all the beneficiaries (at least age 21).
However, if the Policyholder would like the policy loan monies to be paid to him instead, we will provide a Letter of Consent and Indemnity which must be signed by all trustees plus beneficiaries (at least age 21).
You can login to My Income to check details of your policies such as loan available, outstanding loan amount and cash value.
We will send you an annual loan statement showing the transactions in your policy loan account every year. To safeguard policyholders’ interest against possible fraud, we do not accept requests to suppress any statement, or send it to a different address other than the official address in our records. If your policy has been assigned to a third party, then you will not receive these statements. They will be sent to the assignee instead.
Complete the Loan Agreement Form and Telegraphic Transfer (TT) Payment Instruction Form (one form for each policy). You can return us the completed form with your personal identification document by any of the methods below:
Do provide a copy of bank book or recent bank statement showing your name, bank name and account number.
The following personal identification document is needed for verification purposes. For Singaporeans or Singapore permanent residents, please submit Original NRIC. For Foreigners staying, studying or working in Singapore, please submit Original passport showing validity dates, passport number, photograph, nationality, date of birth and name; Original Singapore employment pass, S pass, work permit, student pass or dependent’s pass; and Document (issued within the last 6 months e.g. utility bill, phone bill) that shows your name and address. The passport, passes or permits must be valid for at least 6 months.
Only one policy loan is allowed per policy per day. You will receive the TT payment within 14 working days from the time we receive your completed documents.
As information provided to you (on the maximum loan available) is relatively fast moving, it may have changed by the time we receive your loan application. In situations where your policy's cash values are not sufficient for us to process your loan, we will process it based on the next available amount your policy can accommodate.
We need the below information to facilitate TT. We may contact you if additional information is needed.
Please note:
You may make a full or partial repayment towards your policy loans. There is no fixed repayment amount. Please quote your policy number to ensure that your loan records are updated accurately. You can login to My Income or may call Income hotline at 6788 1122 to obtain the latest loan figure.
You may repay the loan by Telegraphic Transfer to Income’s USD bank account. Kindly reach out to us via your preferred mode of contact at www.income.com.sg/contact-us and we will advise you further.
After we receive the complete information from you, a TT arrangement may take up to 14 working days.
At any time the amount of the loans and interest is more than the cash value, the policy will cease. Therefore, it is important for you to monitor your policy’s cash value in relation to the loans and interest. You are encouraged to repay your policy loans as soon as possible to reduce the interest charged on your policy loans.
For a policy with cash benefits payable, if the cash value cannot support the policy loan, we will deduct from the cash benefit to repay the loan. We will send you the details in a separate letter when the cash benefit is due.
The persons who are authorised in the Latest Board of Resolution may apply for the loan. The authorised persons must sign the loan agreement form and state clearly their name and designation with the organisation’s stamp. We also need the organisation to furnish the below documents.
Only one policy loan is allowed per policy per day. The organisation can receive the policy loan amount by direct credit to the designated bank account. The policy loan amount would be credited within the next four working days from the date we approve and process the application.
PayNow NRIC/FIN is not applicable for policyholder (or Assignee) that is an organisation.
Yes, you can but it is subjected to a minimum sum assured value and premium amount. Any change is effective from the next premium due date.
Your policy’s coverage would be reduced accordingly and if your policy has a maturity payout or cash benefits payable, these payouts would be reduced too.
If your policy has an existing cash value, a portion of the cash value would be refunded to you accordingly.
You may approach your advisor or send us your request via our online form and we will provide the forms required.
If you are residing overseas, the documents required are to be witnessed either by an Official from the Singapore High Commission/Embassy of the Republic of Singapore or a Notary Public. A Notary Public is a state appointed officer who can witness and authenticate documents.
When documents originate from or are signed in another country, it is a common practice for most institutions to require them to be notarised before they can be used for official purposes. This is a matter of prudence to ensure that the person signing the documents is actually who he purports to be. The Notary mainly acts as an impartial and legally trained witness. You can locate a registry of notaries by conducting a search on the internet.
If you have difficulty in obtaining an official witness, you may submit the documents through our secure on-line platform here (Select "Others" > "Documents submission for life policies")
Paid-up is an option provided to policyholders who wish to stop paying the premiums on their policies. It helps a policyholder to retain a reduced policy coverage.
In exercising this option, the policy’s basic sum assured will be reduced and you need not pay any further premiums.
You can keep any bonuses which were added to your policy before the date you convert your policy. Once the policy is converted to paid-up, it does not participate in future bonuses of the company.
The main insurable events stated in your policy contract will still be covered but at a lower paid-up value. This paid-up value consists of the paid-up sum assured plus existing policy bonuses.
However, some additional policy benefits (for example, accidental death benefits, minimum death or terminal illness benefits) would no longer apply once your policy is converted to paid-up. Please refer to your policy’s contract for these additional policy benefits that will be affected by a conversion to a paid-up policy. If your policy pays a regular cash benefit, these cash benefit payments would cease upon conversion to a paid-up policy as well.
A paid-up policy’s cash value accumulates slowly each year. However, its paid-up protection value would likely remain the same. You may request from us an illustration which projects the future protection and cash values if you were to convert your policy into a paid-up policy at the next policy anniversary.
If your policy provides a paid-up option, you may convert it to a paid-up policy after the policy has accumulated a cash value. Most policies accumulate cash value when premiums have been paid for at least two years. However, some policies do not accumulate cash value.
Please complete and sign our Life Policy Alteration form and submit with a clear copy of your identification documents (i.e. NRIC/FIN/Passport) by any of the methods below. For FIN and Passport holders, please provide an additional proof of address that is dated within the last six months.
If you need further assistance, you may send us your request via our online form.
If you are residing overseas, the Life Policy Alteration form is to be witnessed either by an Official from the Singapore High Commission/Embassy of the Republic of Singapore or a Notary Public. A Notary Public is a state appointed officer who can witness and authenticate documents.
When documents originate from or are signed in another country, it is a common practice for most institutions to require them to be notarised before they can be used for official purposes. This is a matter of prudence to ensure that the person signing the documents is actually who he purports to be. The Notary mainly acts as an impartial and legally trained witness. You can locate a registry of notaries by conducting a search on the internet.
If you have difficulty in obtaining an official witness, you may submit the completed documents through our secure on-line platform here (Select "Others" --> "Documents submission for life policies").
Yes, you may terminate it to receive its net cash value.
It is a requirement that Income conducts a CKA with our customers before they proceed to do any ILP transactions. In order for us to provide appropriate recommendation and advice to our customer, the information collection through CKA and the risk profile questionnaire is necessary.
If the outcome of your CKA shows that you do not to have the relevant experience and/or knowledge, your insurance adviser will have to provide you with the necessary information and advice for your decision. He/she will then follow up by submitting the application for an ILP top up to Income.
Only customers who are assessed to have the relevant experience and/or knowledge through the CKA questionnaire can proceed to with the ILP top up at My Income customer portal.
Yes, you may still purchase or transact an ILP on the condition that advice has been provided by one of our insurance advisers or consultants and the product or the post-purchase transaction is deemed suitable for you.
You can visit one of our Business Centres to speak with an insurance consultant.
Alternatively, you may email to csquery@income.com.sg or call our Income hotline at 6788 1122 to request for assignment of an insurance adviser.
Yes. In line with the authority requirements, all financial institutions including Income are responsible for conducting their own CKA. Hence, the outcome of the CKA conducted cannot be transferred to other financial institutions.
There are many investment products offered to retail investors today. Some products are more complex than others, and have features that may be difficult to understand.
To alert consumers of these complexities, the Monetary Authority of Singapore (MAS) has categorised such products as Specified Investment Products (SIPs). Some SIPs are listed on an exchange, and others are not.
Examples of SIPs listed on an exchange | Examples of SIPs that are not listed on an exchange |
1Selected exchange traded funds and notes Structured warrants Futures Certificates | Structured notes (e.g equity linked structured notes, credit linked structured notes) * Selected unit trusts * Selected investment-linked life insurance policies |
1Note: Currently, all exchange traded funds, unit trusts and investment-linked life insurance policies are SIPs. With effect from Oct 2012, some of these products will not be considered as SIPs provided they meet certain requirements. For more information, refer to MAS' press release (www.mas.gov.sg) on 9 May 2012.
SIPs are derivatives, or may contain derivatives, and these usually add complexity to a product’s features and risks. For example, if you invest in a product which contains a derivative, you are exposed to more factors which can result in a loss for you. An SIP may involve many counterparties in the structure of the product, and your investment can be affected if any one of these counterparties failed. It may also be difficult to understand how the derivative can fully impact the performance of the product at the outset. The eventual returns or losses on a product may be determined by complicated formulas that may not be easy to understand.
The CKA is a questionnaire which consists of four questions where you will be required to provide factual information regarding your
If you qualify for the CKA criteria, you are recommended to receive advice from one of our insurance advisers or consultants before you proceed with the transactions outlined in Q5. However, you may still do so without seeking any advice and you will be informed that it is your responsibility to ensure the suitability of the product chosen or post-purchase transactions made.
If you do not qualify for the CKA criteria, we would require your co-operation to seek advice from one of our insurance advisers or consultants before proceeding with any ILP purchase or activating a post-purchase transaction for your existing ILP(s).
Please provide factual information relating to your education qualifications, investment experience and working experience.
To qualify for CKA, you will need to satisfy at least one of the following:-
The risk profile questionnaire helps you in assessing your risk tolerance level.
It consists of six questions that draw information on your investment objective, investment time frame, investment return expectations and tolerance to potential loss.
Understanding your personal risk preference is important as this will enable our Income insurance advisers or consultants to make appropriate recommendations on product suitability.
In an effort to safeguard the interest of Singapore retail investors, the Monetary Authority of Singapore has introduced a new measure that requires all financial institutions, including Income, to carry out a CKA for retail customers who wish to invest in an unlisted Specified Investment Products (SIPs) for the first time; or who wish to make post-purchase transactions for purchased unlisted SIPs after 1 Jan 2012.>/p>
If you are an existing customer, you can continue to hold or sell the existing unlisted SIPs that you bought before 1 Jan 2012. However, you will need to undertake the CKA if you wish to invest in more unlisted SIPs or make post-purchase transactions after 1 Jan 2012.
For Income customers, an unlisted SIP includes an Investment-linked Life Insurance Policy (ILP).
If the outcome of your CKA shows that you do not have the relevant experience and/or knowledge, you will need to seek advice from one of our Income insurance advisers or consultants if you wish to proceed to do a top up.
This is an additional safeguard for our customers who have limited or no relevant experience and/or knowledge. By liaising with our Income insurance advisers or consultants, we can ensure that our customers are provided the necessary information and advice before proceeding with the ILP top up.
When you select “Top Up” for an ILP in My Income customer portal, you will be prompted to complete both the CKA and Risk profile questionnaire before you can proceed with the top up.
When you have completed the CKA and risk profile questionnaire for a top up transaction at My Income successfully, the information you provided for both the questionnaires will be kept.
If you are assessed to have the relevant experience and/or knowledge from the CKA, the positive outcome will be valid for one year from the date of assessment. After a year, you will need to complete a new CKA before you can proceed with an ILP top up at My Income.
If our insurance adviser or consultant advises that the product is not suitable for you, you should carefully consider whether you wish to proceed. If you still wish to proceed, do ensure that you fully understand and accept the implications of the transaction. You will need to provide a written confirmation to Income indicating that:
As an additional safeguard, an approval by our senior management is required before an Income insurance adviser or consultant can proceed with the transaction.
The risk profile questionnaire was included in My Financial Portfolio form. It forms part of the Know Your Client process in assessing customer’s risk tolerance level. The CKA was introduced at the start of year 2012.
Starting from 1 Aug2012, the completion of a Customer Knowledge Assessment (CKA) and risk profile questionnaire will apply to post-purchase transactions such as top up to your existing ILPs, sub-fund switching or change in fund allocation that are done with our Income insurance advisers or consultants.
With effect from 3 Aug 2012, this will also be applicable when you do an online ILP top up at My Income.
A CKA questionnaire is applicable under the following circumstances:-
Under Income, our ILPs are classified under the category of Unlisted Specified Investment Products (SIPs).
Customers are required to complete a CKA before purchasing or proceeding with post-purchase transactions of the following products:
You may wish to contact your insurance adviser or call our Income hotline at 6788 1122.
Your risk tolerance level and investment knowledge may change over time. Before taking up an ILP, the corresponding information is collected so as to enable our Income insurance advisers or consultants to provide suitable product recommendations based on the most current information together with your financial priorities, situation and needs.
The minimum premium for your regular premium plan will depend on the type of plan you had signed up. In addition, for Vivolink(VL1), we would like to highlight that it has a maximum premium of $500.00 monthly or its equivalent in other payment frequency.
Yes, you can decrease your regular premium provided your policy is in force with at least 12 months of initial premiums paid. The minimum regular premium allowed will be according to your plan type.
If the regular premium had previously been increased, the premium must have been paid for at least 12 months before the decrease in regular premium is allowed.
There will not be any additional charges incurred for the reduction in regular premium except for Astralink (VA2). In Astralink (VA2), you will have to pay a surrender charge if you reduce your regular premium during the minimum investment period. However, the charge (advisory charge, mortality charge1, insurance cover charge, policy fee, rider premiums) on the policy remains payable until it is fully paid as per policy terms and conditions.
¹Mortality Charge is the amount charged every year by the insurer to provide the life cover to the Life Insured of the policy.
You could complete the “Alteration form for investment-linked policy” and submit it to any of our Income branches, 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.
For a copy of the Alteration form for investment-linked policy, please click here.
Important information to note-
For policies that are on GIRO, the process of deduction takes place between the 21st of the month to the 8th of the following month. During this period, no changes to your premiums can be made.
If this form is received during this period, your request will be handled after the GIRO deduction process is completed.
Example-
If the form is received on 20 Oct, it will be effective from Nov.
If the form is received on 21 Oct, it will be effective from Dec.
There are charges incurred for the increase in regular premium depending on the ILP type.
For Ideal (ID2) policies, a 45% advisory fee will be deducted upfront for the annualised portion that is in excess of the highest regular premium paid before the increase.
For Ideal (ID6) policies, there is a monthly advisory fee equivalent to 25% of the increased portion charged for a period of 12 months, in addition to any prevailing advisory fee being paid.
For Ideal (ID7) policies, if the policy is sold through an Insurance Adviser, for any increase in regular premium, there is a monthly advisory fee equivalent to 15% of the increased portion charged for a period of 12 months.
For VivoLink (VL1), the increased portion of premiums is treated as new stream, ie, subjected to allocation rate.
For VivaLink (VA1), the increased portion of premiums is treated as new stream, ie, subjected to allocation rate. In addition, if you increase your regular premium, you may need to increase your sum assured.
For AstraLink (VA2): If you increase your regular premium, you may need to increase your sum assured.
A policy fee is a charge on your ILP, which is the cost required to maintain the records of your policy, handling transactions, providing statements, etc.
The policy fee is deducted from the ILP unit holdings at the beginning of each policy year. The policy fees are indicated as follows:
Plan | Initial Policy Fee | Subsequent Policy Fee |
FlexiLink (IB6) | No charges | $50.00 per annum |
WealthLink (GL2) | No charges | No charges |
For AstraLink (VA2) | Policy Year | Policy Fee |
AstraLink (VA2) | From Year 1 to 5 | Annual rate of 5% of policy value |
AstraLink (VA2) | From Year 6 onwards | Annual rate of 1% of policy value |
For IB6, if Net Premium Paid is $15,000 and above, the $50 annual policy fee will be waived.
For VA2 there will be no waiver of policy fees regardless of the investment amount.
We charge policy fees for traditional policies. These fees are used to pay for the cost of maintaining the policy. It is usually factored into the premium and the actual amount is not transparent to you.
For Income, the policy fee for our traditional plans is $2.50 per month. It is our principle to make our charges transparent to our policyholders. However, you should note that there also are other charges built into the policy.
The other charges are as follows:
a. Insurance Cover Charge (for VA2)
The Insurance Cover Charge is known as the benefit charge for the sum assured of the policy.
This charge is deducted monthly in advance by cancelling units at bid price. The units will be deducted across the various funds in proportion to fund the charges.
It is calculated based on the insured’s attained age, gender, smoker status and sum at risk at the time the charge is due. If the sum at risk for a given month is zero or negative the insurance cover charge will not apply.
The insurance coverage charge will also apply to unit deducting riders (if any).
You can refer to the policy document for more details.
b. Annual Management Fees
The annual management fee is factored into the bid price of the fund. There is no separate deduction from the policy.
You can refer to the relevant Fund Report for each ILP management fee via our website. Click here to enter.
c. Fund Switching Fees
All IB6 policies are entitled to two free switches each calendar year. A fee of $30 or one percent of transacted value (whichever is higher) will be charged for all subsequent switches.
All switching fees are payable in cash and not deducted from the transaction amount.
d. Surrender charge (for VA2)
A surrender charge will be deducted from the policy value if:
• You surrender the policy in full (including top-ups);
• You decrease the regular premium or sum assured during the minimum investment period; or
• You did not pay your regular premiums before the 2nd anniversary
e. Premium holiday charge (for VA2)
A premium holiday charge on a monthly basis 30 days from the premium due date if:
• You stop paying premiums; or
• You request for a premium holiday;
from the 2nd anniversary during the minimum investment period.
The premium holiday charge applies if you did not pay any premiums until the end of the minimum investment period or when this policy end.
The withdrawn ILPs are:
The policy fee is deducted from the ILP units holdings at the beginning of each policy year.
With effect from 01 Mar 2007, the policy fees are indicated as follows:
Plan | Initial Policy Fee | Subsequent Policy Fee |
IB1 | $100.00 | No charges |
IB2/IB3 | $100.00 | $50.00 per annum |
IB4 | No charges | $50.00 per annum |
IP1/IP2 | No charges | $25.00 per annum |
ID1 | $100.00 | $50.00 per annum |
ID2 | $100.00 | $50.00 per annum |
ID5 | $90.00 | $50.00 per annum |
ID6 | No charges | $4.00 per month |
ID7 | No charges | $4.00 per month |
VivoLink (VL1) | $150.00 | $60.00 per annum |
GrowthLink (GL1) | No charges | $50.00 per annum |
VivaLink (VA1) | $5.00 | $5.00 per month |
If there is a second and subsequent Flexi-Link Policy or Ideal Plan taken up, we charge $50 in the first year.
Fees before 01 Mar 2007:
With effect from 1 Mar 2007, if Net Premium Paid is $15,000 and above, the $50 Annual policy fee will be waived (except for ID6/ID7).
For ID5, we will charge $50 lesser. Example: From 1 to 20 year, we will charge $40 per annum ($90 - $50) if Net Premium Paid is $15,000 and above. From 21 year onwards, the fees ($50 - $50) will be waived.
Before 1 Mar 2007, the annual policy fee is charged at $30 if Net Premium Paid is less than $8,000 (except for ID5/ID6/ID7).
The other charges are as follows:
Age (last birthday) | % of Premium Invested |
59 and below | 0% |
60 to 64 | 1.0% |
65 to 69 | 1.5% |
70 and above | 2.5% |
Mortality and benefit charges are still applicable for these ILP policies because the minimum death benefit payable is different (and often higher) than that offered in the later series of Flexi-Link and Ideal Policies.
Premium Holiday is an option for the policyholders to suspend premium payment for a definite period, due to financial reasons. This is a feature for our regular premium policies that had been purchased by our policyholders.
Premium Holiday is allowed for all in force regular premium policies. However, there are certain criteria that need to be met before the application is allowed.
If the application is successful, we will send you a letter indicating the period of Premium Holiday applied.
The policy will remain in force as long as there are positive units in all the funds of the policy. During the period of premium suspension, no payment notice will be sent. However, the policy will lapse once the units fall to zero or negative.
The fees and charges (renewal policy fee, advisory fee, mortality charges¹ and rider charges) will still be applied even when the policy is on Premium Holiday. Therefore, please ensure that there are sufficient units in the policy to prevent the lapse of your policy during this period.
¹ Mortality Charge is the amount charged every year by the insurer to provide the life cover to the policyholder on the life of the Life Insured.
You can apply for a maximum of six months each time.
For policies on GIRO arrangement, premium payment will automatically resume upon the expiry of Premium Holiday.
Yes, you could submit an Investment-Linked Policy Premium Holiday form before the expiry of the current Premium Holiday. We will send you a letter two months before the expiry date of your Premium Holiday, informing you that the premium suspension is over and premiums will be payable.
You could complete the “Investment-Linked Policy Premium Holiday Form” and submit it 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 Adviser for more details on the policy plan.
For a copy of the Investment-Linked Policy Premium Holiday Form, please click here.
Important information to note-
For policies that are on GIRO, the process of deduction takes place between the 21st of the month to the 8th of the following month. During this period, no changes to your premiums can be made.
If this form is received during this period, your request will be handled after the GIRO deduction process is completed.
Example-
If the form is received on 20 Oct, it will be effective from Nov.
If the form is received on 21 Oct, it will be effective from Dec.
On 3 June 2021, the President of the United States issued an Executive Order 14032 (“E.O.”) revising restrictions for transactions by U.S. Persons 1 on publicly traded securities that are derivative or are designed to provide investment exposure to designated Chinese Military-Industrial Complex Companies ("CMIC") set out in the Non-SDN Chinese Military-Industrial Complex Companies List (“NS-CMIC List”) held by the Office of Foreign Assets Controls (“OFAC”).
Income is established in Singapore and is not a U.S Person. Income may, from time to time, hold and engage in transactions relating to purchases or sales of such securities on the NS-CMIC List for our business. In this regard, Income ensures that it meets its compliance obligations.
U.S. Person1 who are holders of investment-linked insurance policies are required to note the revised restrictions stated above and assess their compliance with applicable laws and regulations.
1 The term “United States person” in the E.O. means any United States citizen, lawful permanent resident, entity organized under the laws of the United States or any jurisdiction within the United States (including foreign branches), or any person in the United States.
For regular premium plans we allow backdating subject to the following conditions:
All medical examinations and tests have to be conducted at a clinic from our Panel.
Please visit https://www.income.com.sg/panel-of-doctors-for-insurance-applications for the list of panel clinics to make an appointment.
Income is committed to delivering a superior customer experience and adopting sustainable practices that help us minimise our environmental footprint. Therefore hand-delivered policy document option is no longer available. Your policy document will be sent to you via SMS/email. You may also login to My Income to view or print the electronic copy of your policy document. If you have any issues in logging into My Income, you may visit our FAQ here.
Yes, you can submit your recent test report to us. Test reports are usually valid for six months. A Chest X-ray (CXR) is valid for one year.
You are encouraged to complete the application form personally so that you can have a better understanding of the information required and provide the corresponding replies. Your insurance adviser will guide you throughout the process.
Please check the application form to ensure that all information is correct and complete if your insurance adviser is completing it on your behalf.
We will inform you if there is a need for you to go through any medical examination. This is usually due to the sum assured, Insured’s age or any existing medical condition.
Yes, you need to inform us of any changes in your health status so that we can make a decision on whether to accept the risk at the appropriate premium rate.
Our underwriting is based on the information declared in your application. Your insurance policy may not be valid if we discover the non-disclosure of material information in the future. It may be more beneficial for special terms¹ to be imposed on your policy instead of not having any insurance coverage.
¹ Special terms are terms offered by insurance companies that are outside the standard policy terms and conditions.
You can make payment of your first premium by GIRO, cheque, cash, NETS and credit card. Credit card payment is restricted to the first premium payment for regular premium life insurance.
Subsequent renewal payments can be made by GIRO, cheque, cash, NETS, internet banking, AXS or ATM. We encourage GIRO deductions for policies with regular premium payments as it is hassle free and reduces the chances of missing any payments.
Your insurance adviser can help you monitor the progress of your application and keep you updated. Alternatively, you can call our hotline at 6788 1122 to check on your application status.
Interest is calculated based on the prevailing interest rate of 5.5% per annum on the premiums to be paid to backdate your policy.
We will be able to process your application within seven working days, provided:
The time required to process your application will be longer if there is incomplete documentation or the need for a medical examination.
We will send you a confirmation SMS/email that includes a link to your electronic policy document.
Yes. There will be interim coverage if we have received your first premium payment.
We will pay the basic sum assured or $500,000, whichever is lesser, if the Insured dies as a result of an accident while we are processing your application.
These are some of the possible outcomes of underwriting:
¹ Special terms are terms offered by insurance companies that are outside the standard policy terms and conditions.
Our intention is to provide you with prompt and fair underwriting decision based on the information declared in the application form.
If you have new information that is favourable and may change the underwriting decision offered i.e. extra premium, and / or exclusions, please inform us so that we can do a review.
The 14 days Free-Look Period allows you to evaluate if the policy meets your needs after receiving the policy document. The premiums paid, less medical fees and other expenses incurred (if any), will be refunded if you decide to terminate your policy within the Free-Look Period.
Underwriting is the process of assessing the risk of the Insured, and making the decision to decline or accept the risk at an appropriate premium.
We always encourage people to get insurance while they are young and healthy.
The 14 days Free-Look Period will start seven calendar days after we have mailed out the policy document.
The Free-Look Period will start from the day you receive your policy document if it is hand delivered by your insurance adviser.
Your insurance coverage is effective once we have accepted the risk, received the premium and issued your policy.
You may call our hotline at 6788 1122 to check on your application status.
The premium will be deducted within five working days once your life insurance application is approved and your credit card details are entered into our system.
We will pay for the medical examination and tests fees that we request.
Special terms¹ such as premium loading and exclusions are usually imposed on Insured with pre-existing medical conditions or a family history of illnesses that are likely to be hereditary. This group of Insured usually has a higher probability of making an early claim. The special terms¹ are therefore necessary to cover this higher risk.
¹ Special terms are terms offered by insurance companies that are outside the standard policy terms and conditions.
The premium collected is usually invested to achieve a certain rate of return in order to deliver yield on a policy. Interest is therefore charged to cover the loss in investment earnings arising from backdating.
Your policy will commence after we have completed the risk assessment of the insured and received the first premium payment. Your application will therefore be expedited if you submit the first premium at the same time.
There will also be interim coverage if you have made the first premium payment upon application. We will pay the basic sum assured or $500,000, whichever is lesser, if the Insured dies as a result of an accident while we are processing your application.
You can visit our website at www.income.com.sg and click “Motor Insurance” under “Buy Online” on the right hand panel of the page.
You can purchase both Private Car Insurance and Motorcycle Insurance online.
You can pay either via eNETS Direct Debit or Visa/MasterCard Credit Cards.
Yes, as long as the Credit Card is valid and is issued in your name.
Yes, as long as your payment confirmation is successful.
Upon successful payment confirmation, you will receive a confirmation email which includes a link for you to view your policy document. There will not be any hardcopy mailed to you.
We would like to add value to the motoring needs of our motor policyholders.
These workshops are chosen from our panel of workshops for accident repairs have been with us for many years. These workshops have good track records in providing reliable and excellent service to our policyholders.
While we insist that the workshops must adhere to certain service standards we do not dictate the pricing and packaging of their products. It is a commercial decision by the workshops.
Income’s role is to identify workshops that can provide reliable service to our customers.
You may make the servicing booking with the workshop.
Our workshops will seek your agreement before changing any parts or rendering any additional services. They will present all the parts that they have changed for your inspection.
You should try to resolve it with the workshop directly. If it is not successful, Income will help to mediate.
Our selected servicing workshops offer competitive servicing rates with our assurance of reliability and quality.
Yes, our workshops can collect and deliver your car to you for a small fee.
Yes, our workshops will provide after-service warranties in line with industry practices.
Nominations can only be made for policies which provide for death benefits (e.g. Life policies and accident and health policies). The policy must insure the life of the policy owner. The policy may have been purchased by the policy owner or assigned or vested in the policy owner. Nomination is not allowed when a policy insures another person apart from the policyholder. Example: group policies, family insurance, PA Assurance etc.
The following general insurance accident and health products in Income will be allowed for nomination.
Personal accident assurance |
Personal accident insurance |
Personal accident infectious diseases insurance |
Personal accident rideshield insurance |
PrimeShield |
Under the Insurance Act, you have the option to make either:
for a policy to decide how the policy proceeds will be distributed.
Please note however that a trust (irrevocable) nomination cannot be made for PrimeShield plans.
Yes, you must name at least one trustee for the nomination to be valid. You, your witness or a beneficiary may be named as trustee.
If you name yourself as a trustee, you cannot:
Prior to 01 Sep 2009, there was no provision in the Insurance Act to govern the nomination of beneficiaries to insurance proceeds.
Instead, nomination of beneficiaries was governed by Section 73 of the Conveyancing and Law of Property Act, and, also for Income, Section 45 of the Co-operative Societies Act.
From 01 Sep 2009:
The law governing the nomination of beneficiaries is consolidated under the Insurance Act
No nomination is allowed under the Conveyancing and Law of Property Act and Co-operative Societies Act.
To cancel the nomination, consent must be obtained from either:
No, this is because the amendment to the Insurance Act does not have any retrospective effect. This means that your existing nomination will still be valid even if you make a subsequent Will.
If you wish to cancel the existing Co-operative Societies Act nomination, you are advised to submit our prescribed form. Alternatively, if you wish to make a new nomination, you can submit a Revocable or Trust Nomination under the Insurance Act and the Co-operative Societies Act nomination will be deemed as cancelled.
Similarly, if a Section 73 Trust Nomination has been made for a policy, it will still be valid, unless cancelled. A Section 73 Trust Nomination can be cancelled with consent from trustee and beneficiaries or trustee only, if beneficiaries are below 21 years old.
There is no cap if a nomination has been made. In the absence of any nomination, the insurer can only pay up to $150,000 in total for all relevant policies issued by the insurer to proper claimant(s) and any balance proceeds will be paid upon production of letter of probate (with Will) or letter of administration (without Will). A proper claimant is defined in the Insurance Act to mean a person who claims to be entitled to the death proceeds as the executor, spouse, parent, child, sibling, nephew or niece of the deceased.
The age requirements for a policy owner, trustee and witness are listed in the following table.
Revocable Nomination | Trust Nomination | |
Policy Owner | At least 18 years old | At least 18 years old |
Trustee | No Trustee required | At least 18 years old |
Witness | At least 21 years old | At least 21 years old |
Under the Insurance Act, the Will must:
The table below summarises the restrictions on nomination types for policies that are purchased with CPF funds.
Policy Type | Revocable Nomination | Trust Nomination |
Minimum Sum Scheme (MSS) Annuities | No | No |
Minimum Sum Plus Scheme (MSPS) Annuities | Yes | Yes |
Dependent Protection Scheme (DPS) | Yes | No |
CPFIS OA (Ordinary Account) or SA (Special Account) | Yes | No |
SRS (Special Retirement Scheme) | Yes | No |
Making a Trust Nomination has many consequences, as listed below, and you should consider carefully before making such a nomination.
The deceased beneficiary’s share will be proportionately distributed among the surviving beneficiaries. If there is no other beneficiary, the nomination will be deemed as cancelled.
The deceased beneficiary’s share will not be proportionately distributed among the surviving beneficiaries. The deceased beneficiary’s share will go to form part of his estate.
Your Will will have the following effect depending on the type of nomination that you have made on and after 01 Sep 2009.
Revocable Nomination
If after making a Revocable Nomination, you make a Will that covers the same policy and you have given written notice of the Will to the insurer, then the Revocable Nomination will be cancelled by the Will. However, the Will must satisfy specific requirements as required by the Insurance Act. For example, the Will must provide for the distribution of all death benefits under the policy and it must specify particulars of the policy. For the full set of requirements, please read the question below “What are the requirements for a Will to cancel an earlier Revocable Nomination?”.
Trust Nomination
If after making a Trust Nomination, you make a Will that covers the same policy, the Trust Nomination will not be cancelled by the Will even if written notice of the Will has been given to the insurer. To understand how a Trust Nomination can be cancelled, please read the question above, “How do I cancel a Trust Nomination?”.
Any legal entity-individual, association or corporation can be a beneficiary. However, the nomination is only applicable for distribution of the death proceeds. This means that while the policy owner is alive, he continues to retain all rights and control over his policy (including changes to the policy) and any proceeds will be payable to the policy owner. After making a Revocable Nomination, a policy owner can, on his own, change his nomination at any time. This is unlike a trust nomination where any change must be subject to the consent of the trustee or beneficiaries.
A Trust (or Irrevocable) Nomination allows a policy owner to create a statutory trust in favour of the beneficiaries. Only the policy owner’s spouse and / or children can be nominated as the beneficiaries.
This is similar to the trust under Section 73 of the Conveyancing and Law of Property Act. The difference is that under the Insurance Act, the policy owner makes an intentional and deliberate choice to effect such a nomination by completing a form prescribed by the Insurance Act.
Once a policy owner creates a trust nomination, he will lose all rights and control over his insurance policy including the policy proceeds. However, the advantage is that the policy proceeds enjoy protection against claims from the policy owner’s creditors unless there is an intention to defraud his creditors when the trust is created.
Please note that under the Insurance (NOB) Regulations, trust (irrevocable) nominations cannot be made for the following policies.
A nomination, if fully and properly completed, will take effect from the date your nomination form is lodged with the registered insurer that issued your policy.
You will be able to find a consumer guide, by the Life Insurance Association (LIA), on the new nomination law at the LIA website. For a copy of this consumer guide, please click here.
We have also highlighted the following in the Tables below:
TABLE 1: COMPARISON OF KEY DIFFERENCES BETWEEN REVOCABLE NOMINATIONS UNDER CO-OPERATIVE SOCIETIES ACT AND INSURANCE ACT
Co-operative Societies Act prior to 01 Sep 2009 | Insurance Act from 02 Jan 2024 |
Revocable Nomination governed under S45 of Co-operative Societies Act | Revocable Nomination governed under S133(2) of Insurance Act |
Use of Income’s prescribed form to nominate | Use of Form 4 of Insurance (Nomination of Beneficiaries) Regulations to nominate |
One nomination form for one or more policies | One nomination form per policy |
Nomination form allows for appointment of Trustee to receive the death proceeds under the policy on behalf of any nominee below 21 years old at time of payout | Nomination form does not allow for appointment of Trustee. If nominee is below 18 years old, parent / guardian (who is not a policy owner) can receive insurance proceeds on behalf of such nominee |
Nomination is not cancelled by a subsequent Will | Nomination may be cancelled by a subsequent Will if: Written notice of the Will has been given to the insurer; and Will provides for disposition of all death benefits under the policy and contains particulars as required under Regulation 5(3) of the Insurance (Nomination of Beneficiaries) Regulations. |
Nomination is cancelled by: Another nomination Use of Income’s prescribed revocation form Creation of a Section 73 Conveyancing and Law of Property trust An Assignment / Notice of assignment, encumbrance | Nomination is cancelled by: Another revocable nomination (Form 4) Express revocation (From 5) Trust Nomination (Form 1) Notice of assignment, encumbrance, or Will with prescribed particulars (Form 6) For a copy of Form 1, please click here. For a copy of Form 4, please click here. For a copy of Form 5, please click here. For a copy of Form 6, please click here. |
TABLE 2: COMPARISON OF KEY DIFFERENCES BETWEEN TRUST NOMINATIONS UNDER SECTION 73 OF CONVEYANCING LAW OF PROPERTY ACT AND INSURANCE ACT
S73 Conveyancing and Law of Property Act prior to 01 Sep 2009 | Insurance Act from 02 Jan 2024 |
Trust created under Section 73 of Conveyancing and Law of Property Act | Trust (or Irrevocable) Nomination under S132(2) of Insurance Act |
Use of Income’s prescribed form to nominate | Use of Form 1 of Insurance (Nomination of Beneficiaries) Regulations to nominate |
One nomination form for one or more policies | One nomination form per policy |
Spouse and children (excluding illegitimate children) | Spouse and children (including illegitimate children) |
Trustee appointed using Income’s prescribed form or policy owner is default trustee | Trustee appointed using Form 1 of Insurance (Nomination of Beneficiaries) Regulations but no default trustee. Policy owner must appoint at least one trustee |
Consent of Trustee not required before appointment | Consent of Trustee is required before appointment |
Trustee must be at least 21 years old | Trustee must be at least 18 years old |
Discharge for receipt of policy money is given by Trustee(s) | Discharge for receipt of policy money by any Trustee who is not the policy owner, or all nominees who are 18 years old and above and parent / legal guardian’s (who is not the policy owner) consent for nominees below 18 years old. |
Cancellation of trust – consent to be obtained from both Trustee(s) and beneficiaries who are at least 21 years old | Cancellation of trust – consent to be obtained from Trustee who is not the policy owner or all nominees who are 18 years old and above and parent / legal guardian’s (who is not the policy owner) consent for nominees below 18 years old |
Use of Income’s prescribed form to cancel | |
Use of Form 2 of Insurance (NOB) Regulations to cancel For a copy of Form 2, please click here. |
TABLE 3: COMPARISON OF KEY DIFFERENCES BETWEEN REVOCABLE & TRUST NOMINATIONS UNDER THE INSURANCE ACT FROM 02 JAN 2024
Only applicable to death benefits
Revocable S133(2) | Trust S132(2) | |
Policy Type | Life, general insurance and accident & health policies with death benefits and the policies insure the life of the policy owner | Life, general insurance and accident & health policies with death benefits and the policies insure the life of the policy owner |
Minimum Age of Policy Owner | 18 years old | 18 years old |
Making the Nomination | Anytime during policy period | Anytime during policy period |
Annuities under MSS | Not applicable | Not applicable |
Annuities under MSPS | Applicable | Applicable |
DPS/CPFIS/SRS policies | Applicable | Not applicable |
Beneficiary | Any legal entity (e.g. individual, association or corporation) | Only spouse / child (e.g. legitimate / illegitimate, stepchild, adopted child) |
Cancellation by Policy Owner | Yes, anytime | With consent of a trustee who is not the policy owner or consent of all beneficiaries who have attained 18 years old or their parent / legal guardian who is not the policy owner for beneficiaries below 18 years old |
Automatic Cancellation | Automatically cancelled if: Policy is assigned Another nomination (trust or revocable) is subsequently made Policy is covered by a subsequent Will and Will is given to insurer | No |
Will made subsequent to Nomination | Nomination is cancelled if Will provides for disposition of all death benefits under the policy and specifies particulars as required under Regulation 5(3) of the Insurance (NOB) Regulations Written notice of the Will is given to the insurer | No impact |
Death of Nominee before Policy Owner | If sole nominee dies, nomination is revoked. Otherwise, the deceased nominee’s share will be proportionately distributed among the surviving nominees. | Policy proceeds form part of the deceased nominee’s estate. |
Nomination applicable to living and death benefits? | Only applicable to death benefits | Applicable to both living and death benefits for life and accident & health policies. |
Appointment of Trustee(s) | Not necessary | Yes and policy owner, beneficiaries or witnesses may be appointed as trustees |
The reason is because a Trust Nomination will cause the policy owner (CPF member) to lose control over any insurance proceeds paid out during his lifetime. This is not in line with CPF Board’s policy that CPF members must retain complete ownership of their funds as long as they are alive.
CPF Board treats annuities purchased under the Minimum Sum Plus Scheme (MSPS) like any other policy as they are paid for with cash. So nominations are allowed for you to determine how the proceeds are to be distributed.
On the other hand, CPF Board wants to ensure that disbursement of proceeds from annuities purchased under the Minimum Sum Scheme (MSS) will be used to provide the CPF members with a monthly income to support a modest standard of living during retirement. So, no nomination is allowed.
This is to preserve the protection granted to the beneficiaries under the trust. In some circumstances, it could be detrimental to the interest of the beneficiaries if the policy owner is allowed to access the proceeds of the policy based on his role as trustee.
Section 73 of the Conveyancing and Law of Property Act has generated much controversy. When a policy owner has a policy on his own life and names his spouse and / or children as beneficiaries of the policy, Section 73 will automatically create a statutory trust in favour of the beneficiaries, even though the policy owner may not have intended to create a trust. Once a trust is created, the policy owner will lose all rights and control over the insurance policy.
The Co-operative Societies Act provides for revocable nomination of any legal entity (individual, association or corporation). However, for all other insurers in Singapore who are not co-operatives, there was no statutory provision prior to 01 Sep 2009 which govern the nomination of any legal entity. As such, the status of such nominations with other insurers is uncertain.
Parliament thus saw a need to consolidate the law on nominations by amending the Insurance Act to provide policy owners and insurers with directions on nominations.
You can withdraw the deposit and its interest at any time. The minimum amount to withdraw and the minimum amount to remain in the deposit account is $100 respectively.
You may login to My Income customer portal and submit your request via “Withdraw Deposited Cash Benefit”.
For your convenience, we encourage you to opt for PayNow NRIC/FIN. You will receive your withdrawn amount within 4 working days after the request is processed. Kindly note this will be your preferred payment mode for future policy payouts as well. For more information, you can visit www.income.com.sg/paynow.
For Singaporeans or Singapore permanent residents
-Clear copy of NRIC (front and back)
For Foreigners staying, studying or working in Singapore
-Clear copy of passport showing validity dates, passport number, photograph, nationality, date of birth and name; and
-Clear copy of Singapore employment pass, S pass, work permit, student pass or dependent's pass (front and back); and
-Clear copy of a document (issued within the last 6 months e.g. utility bills, phone bill) that shows your name and address. The passport, passes or permits must be valid for at least 6 months.
No, once you have withdrawn the deposit, you are not allowed to return the withdrawn amount to re-deposit with us.
If the policy is assigned under absolute assignment*, the assignee instead of the policyholder can give us the instruction for the deposit withdrawal. The payment will be paid to the assignee.
*An absolute assignment is the transfer of a life policy to another person. The person who transfers the policy is called the assignor. The person who takes over the ownership of the policy is called the assignee.
The policyholder can give us the instruction with the consent of all trustees plus beneficiaries (at least age 21). The payment will be paid to all trustees, or beneficiaries (at least age 21).
The policyholder can give instruction with the consent of any one trustee (who is not the policyholder) or all beneficiaries (at least age 18). The payment will be paid to the trustee (who is not the policyholder), or all beneficiaries (at least age 18). Parental consent is required if any of the beneficiaries is below age 18. The parent who gives consent must not be the policyholder.
Income is notified by the Insolvency & Public Trustee's Office when a bankruptcy order is made against any person. Upon notification, we will update our customer database with the bankruptcy order. If the bankrupt has policies with Income, the relevant policies will be assigned to the Official Assignee.
Each time an undischarged bankrupt wishes to purchase insurance, the bankrupt must obtain clearance from the Official Assignee. If a third party insurance is taken up, where the life insured is an undischarged bankrupt, the relationship between proposer and life insured has to be one of the following:
The Official Assignee will issue a letter of consent or approval if the request is approved. Upon approval, we will uplift the bankruptcy status temporarily to allow the processing of the insurance policy when the Official Assignee’s letter of consent or approval is produced.
For travel insurance application, an e-filing letter of approval can also be accepted. The period of cover cannot exceed the permitted overseas period stated in the e-filing letter.
It is important for the undischarged bankrupt to check with Official Assignee before paying any premium. This is because in any case if the Official Assignee perform any transaction on the policy (i.e. requests to terminate the policy), the proceeds (if any) is payable to the Official Assignee.
For any payment paid to the policy using an undischarged bankrupt own money, a letter of Official Assignee's consent is required. This is because under S82(1)(b) of the bankruptcy Act, a bankrupt is required to hand over to the Official Assignee, any money or property that is over and above what is required to maintain himself or his family.
Alternatively, a third party can assist the undischarged bankrupt to pay premium by visiting any of our Income branches using NETS, cash or cheque. The name and NRIC of the third party must be given to our staff to be recorded into our system.
For cheque payment, please make the cheque payable to "Income Insurance Limited" and indicate the name, policy number and contact details on the back of the cheque. Please mail the cheque to the following address:
Income Centre
75 Bras Basah Road
Singapore 189557
You can approach your insurance adviser for assistance. Alternatively, please email your enquiry to csquery@income.com.sg or call Income hotline at 6788 1122.
The HPS is a mortgage-reducing insurance that protects members and their families against losing their HDB flat in the event of death, terminal illness or total permanent disability. HPS insures members up to age 65 or until the housing loans are paid up, whichever is earlier.
You have to be insured under HPS if you are using your CPF savings to pay for your monthly housing loan instalments on your HDB flat. HPS does not cover private residential properties, such as executive condominiums (ECs) or privatised Housing and Urban Development Company (HUDC) flats.
You can only apply for exemption from HPS after obtaining legal ownership of the property, or the housing loan for the property has been disbursed.
In addition, you may apply for HPS cover with CPF Board before approaching your insurers to apply for HPS exemption. This will avoid any delay in commencing the use of your CPF savings for your monthly housing instalments.
You can apply for HPS exemption if you already have one or more of the following insurance policies and they are sufficient to cover the outstanding housing loan for the declared percentage share of loan.
In addition, your policy(s) should meet the following criteria:
• The policies must cover death, terminal illness (TI) or total permanent disability (TPD) up to the full term of loan or till the applicant turns age 65, whichever is earlier. You must be the legal homeowner, policy owner and life insured of the policy.
• Your insurance policies must be priced in Singapore dollar.
• Trust arrangements (policies under Section 73 of the Conveyancing Law and Property Act) and irrevocable nominations are not allowed. Policies that are non-life insurance policies, assigned, pledged as collateral, under Official Assignee or with policy loans are also not allowed.
• Your policies must be portable, i.e. the validity must not depend on your employment or membership status.
• If you are using a Mortgage Reducing Term (with interest rate) policy to apply for HPS exemption, your policy should be tagged with the following interest rate.
If you would like to use your Income policy(s) to apply for HPS exemption, please complete and return the following documents to life.health@income.com.sg.
• HPS exemption application form (you may obtain the form here, under "Other Life Insurance Forms).
• A copy of your latest housing loan document^ dated within the last six months.
^Housing loan document include "Letter of Offer" and Loan Disbursement statement" from banks or "Housing Loan statement" from HDB portal.
Please ensure that your housing loan statement shows the applicant/policyholder's name, property address, financier (i.e. HDB or bank), outstanding loan disbursement/start date, outstanding loan amount as at disbursement/start date, term of loan and mortgage interest rate.
We will only be able to process your request after receiving your completed documents.
If your housing loan statement is not dated within the last six months and/or it does not show the information required for your application, you may forward the below template to your financier/mortgagee to complete.
The template must be completed by your financier/mortgagee via an official email or letter (dated within the last six months). Also, it should show your financier/mortgagee's official letterhead or email address before it can be used as a supporting housing loan document.
Template for loan details request:
Please use one of the template below.
A. If you have taken up a new loan or refinanced loan in the past six months, please use the template below.
Name of loan applicant: | |
Property address: | |
Financier/Mortgagee: | |
Loan Disbursement/Start Date (DD/MM/YYYY): | |
Loan Amount as at Loan Disbursement/Start Date: | S$ |
Term of Loan as at Loan Disbursement/Start Date (in years and months): | ____ years ____ months |
Mortgage interest rate (%): |
B. If you have an existing loan that was taken up more than six months ago, please use the template below.
Name of loan applicant: | |
Property address: | |
Financier/Mortgagee: | |
Loan Request Date (DD/MM/YYYY): (Please indicate the date of exemption application submitted to insurer): | |
Outstanding Loan Amount (excluding arrears) as at Loan Request Date: | S$ |
Remaining Term of Loan as of Loan Request Date (in years and months): | ____ years ____ months |
Mortgage interest rate (%): |
Please complete our HPS exemption application form (one form per policyholder) and enclose a latest housing loan document^ (dated within last six months). Before submitting your completed application form and loan statement to us, please ensure that the total percentage of responsibility of loan as indicated in your forms add up to 100%.
Thereafter, you may submit the completed documents to life.health@income.com.sg. We will only be able to process your request after receiving your completed documents.
^Housing loan document include "Letter of Offer" and Loan Disbursement statement" from banks or "Housing Loan statement" from HDB portal.
Please ensure that your housing loan statement shows the applicant/policyholder's name, property address, financier (i.e. HDB or bank), outstanding loan disbursement/start date, outstanding loan amount as at disbursement/start date, term of loan and mortgage interest rate.
You are required to approach the respective Insurance companies of your Life Insurance policies concurrently to apply HPS exemption. CPF board will wait up to one week for the subsequent submissions from the other insurance companies. If those submissions were not received, CPF board will reject the exemption application.
After we have received your completed application documents, we will assess whether your policy(s) is sufficient for HPS exemption. After we have completed our preliminary assessment, you will receive an update on the status of your application.
If you are eligible for HPS exemption, we will submit your application to CPF Board within three working days after our preliminary assessment. CPF Board will review your application and inform you on the outcome within five working days.
If your policy(s) is insufficient for exemption during our preliminary assessment, we will not submit your application to CPF Board.
After we have submitted your HPS exemption application to CPF Board, CPF Board will notify Income of the outcome.
You may consider including more eligible policy(s) in your application. Alternatively, if you have policies with other insurers, you may apply for HPS exemption with multiple insurers.
The sum assured used in the HPS exemption would be the lower of the death, terminal illness (TI) or total permanent disability (TPD) coverage. For example, if you have a life policy with death coverage of $100,000, TI rider of $30,000 and TPD rider of $50,000, the sum assured used will be $30,000.
Your exemption from HPS may be revoked if any of the insurance policies used for the exemption is altered, terminated or assigned.
You will no longer be exempted from HPS if your policy is discontinued or altered. Subsequently, CPF Board may extend an HPS cover to you based on the declared percentage that you were exempted for, subject to the Board’s terms and conditions.
If you wish to be exempted from HPS again, you will need to reapply for HPS exemption.
You may appoint or remove a secondary insured before the death of the insured provided the following conditions are met:
• The policy has a secondary insured option.
• The premium of this policy is paid only with cash;
• No nomination of beneficiary has been made for this policy; and
• There is no change to the ownership of this policy including assignment, bankruptcy, and trust.
In the event of death of the insured, the secondary insured will become the insured of the policy and the policy continues until the death of the insured or end of the policy term, whichever happens first.
Any premium payments shall continue to be payable.
The policy can only have one insured at any point of time.
Only the policyholder can appoint a secondary insured.
The secondary insured must be the policyholder (before the age of 65 years), spouse (before the age of 65 years old) or the child/ward (before the age of 18 years old) of the policyholder at the point of exercising this option. There must be an insurable interest between policyholder and secondary insured.
Upon the death of the policyholder, the policy will go into the estate of the policyholder.
Example a)
If the policyholder is the insured and there is an appointed secondary insured
Policyholder: Father
Insured: Father
Secondary Insured: Daughter
Upon the death of the father: The policy ownership will be transferred to the estate of the father and the daughter will be promoted to become the insured.
Policyholder: Estate of father
Insured: Daughter
Secondary insured: NIL
No further appointment of secondary insured can be made as the policy is now under the estate of the father. Only the policyholder can appoint a secondary insured.
Example b)
If the policyholder is not the insured and there is an appointed secondary insured
Policyholder: Father
Insured: Wife
Secondary Insured: Daughter
Upon the death of the father: The policy ownership will be transferred to the estate of the father and there will be no changes in the Insured and secondary insured.
Insured: Wife
Secondary Insured: Daughter
No further appointment of secondary insured can be made as the policy is now under the estate of the father. Only the policyholder can appoint a secondary insured.
If there is a secondary insured, the premium will continue to be waived for the remaining policy term.
Yes. However, the assignee cannot appoint a secondary insured.
The policyholder can remove the secondary insured, when this happens, the policyholder can nominate a beneficiary (for first party policy only), create a trust under the policy or vest the policy.
If there is a change in ownership such as in the case of assignment, the assignee cannot appoint/remove the secondary insured.
Yes, as long as the conditions of appointment are met.
Yes, except for RevoGift.
Yes, as the new policyholder, he/she can appoint/remove secondary insured after the policy has been vested. The original policyholder will no longer have the right to appoint/remove secondary insured.
When the policy is vested, the insured will take over the ownership of the policy. Below are examples of requests that the policyholder can perform:
• Appoint/remove Secondary Insured
• Receive policy payout, e.g., loan/surrender/cash benefit
• Choose a preferred regular payout option, e.g., accumulate or receive payouts
• Give policy alteration instructions
• Make a nomination if there is no secondary insured under the policy (for first party policy only)
We allow reinstatement if request is received within 60 days from the date of the termination letter. You will need to submit the following forms:
i. IncomeShield reinstatement form;
ii. Additional Medical Questionnaire; and
iii. For an insured who is a foreigner - eligible valid pass with a Foreign Identification Number (FIN) recognised by the Immigration and Checkpoints Authority of Singapore (ICA).
Please note that reinstatement is subjected to medical assessment and no reinstatement is allowed for request received after the 60-day grace period.
Once the reinstatement is approved, the policyholder needs to pay the cash portion of the premium immediately to avoid the lapsing of the reinstated policy. Acceptable payment methods are:
i. Cash and NETs payment at our branches;
ii. Internet banking (For DBS & OCBC);
iii. Cheque; or
iv. AXS.
Yes, you may do so by completing an IncomeShield Payment Alteration Form. You can obtain a copy of the form from our website at www.income.com.sg/policy-documents-and-forms.
After your policy is reinstated, you may apply for GIRO via Income online portal and get an instant approval. Instant approval is possible if you are arranging to pay for renewal premiums and your bank is one of the participating banks in the eGIRO scheme.
Otherwise, please complete a GIRO Application Form. You can obtain a copy of the form from our website at www.income.com.sg/policy-documents-and-forms (select Other Life Insurance Forms).
Please note that the banks need an original copy of the completed form and it takes about 14 - 45 days for the GIRO application to be processed and activated.
For a policy that is terminated due to a switch of insurer, we will send you a termination letter with a Confirmation Form. The policyholder can reinstate the policy (without underwriting) by sending us the completed Confirmation Form before the given deadline stated in the form.
Reinstatement is subjected to health assessment. The reinstatement outcome could be any of the following:
i. The policy is reinstated as before;
ii. Special terms (such as the policy will not pay for certain medical conditions) are imposed on the policy; or
iii. Reinstatement is declined.
Please take note that:
• you must pay all outstanding premiums for the policy to be reinstated; and
• we will not pay for any expenses which happen between the date the policy ends and the date immediately before the reinstatement date of your policy.
Reinstatement date means the date when we approve your application for reinstatement or when we receive the reinstatement premium, whichever is later.
You may visit here for more information on surrendering of Life or Investment Linked policies.
You can update your particulars via the following options:
Required supporting documents:
For more information, please go to FAQs page and select "Updating of personal particulars" under the "Customer Service" FAQs.
Upon receiving the completed form and all necessary documents, your particulars will be updated in our systems within two working days. For the Marketing Material Option, please allow up to 30 days for your option to take effect. An acknowledgement will be sent to you to confirm the changes made.
No, any update of particulars will only be applied to Income.
We may at times call you to verify your particulars. This is part of our security measures to ensure requested changes are authentic and done at your instruction. If we are unable to contact you via your mobile, home or office numbers, we may email to you instead.
If you have received promotional materials from Income,
You can login to My Income to confirm and indicate your Marketing Material Option under “Manage My Particulars” > “Update Particulars”. Alternatively, you can complete the Change of personal particulars form to indicate your Marketing Material Option and forward the completed and signed form to us with a clear front and back copy of your NRIC/FIN/Passport for verification. For the Marketing Material Option, please allow up to 30 days for your option to take effect.
Income supports Go Green initiatives.
Policyholders who have opted in for e-Statement will receive email notification to view their statements (Annual policy statement, ILP statement, Bonus statement or Loan statement) when they are available via My Income.
If you want to change your preference you may use our online enquiry form via income.com.sg/enquiry under "My Accounts and Personal Data" > " What is your concern" choose > "Opt for Electronic or hardcopy Documents" Alternatively, please email your request to csquery@income.com.sg
You can approach your insurance adviser for assistance. Alternatively, please email your enquiry to csquery@income.com.sg or call Income hotline at 6788 1122.
After an unsuccessful recovery action by Finance – Credit Control, we will appoint a collection agency to assist in collecting the arrears due.
Our debt collectors will identify themselves to be a representative of a particular collection agency acting on behalf of Income. They will conduct themselves in a professional manner and will not engage in any abusive or disruptive behaviour.
They will be sending letters to notify you of their intent to establish contact to resolve the matter.
They will also attempt to reach you via phone during both weekdays and weekends up to 10.00pm in the evening.
They will arrange for visits at your residence or office. Residence visits can take place daily up to 10.00pm in the evening. Office visits will take place within office hours on weekdays.
Yes. You will have to bear the additional cost and expenses as they will be added to the total loan outstanding.
Yes. They are authorized by Income within certain parameters to demand full payment of the amounts due and to discuss instalment plans within stipulated guidelines with you.
You have the right to ask the person(s) for his/her supervisor’s number for verification of the nature of the contact and the amount of monies being handed over to a field officer.
It is important that you ask for and keep the official receipt issued to you in the event of any payment dispute.
For cheque payment, please make the cheque payable to “Income Insurance Limited” and indicate your name, policy number and contact details on the back of the cheque. All cheques will be forwarded via the collection agency to Income.
We have ceased cash disbursement to our policyholders in order to minimise the risks associated with cash transactions. This move is intended to safeguard the interests of our policyholders by ensuring that the funds due to them will be returned to the rightful owners and not to other third parties.
In addition, our current practice is in line with the guidelines issued by MAS to ensure compliance with anti-money laundering regulations. Under such guidelines, insurers are obligated to take measures to mitigate the risk of money laundering activities. Our practices are also aligned with the best practices adopted by other insurers for this purpose.
From 01 Oct 2009, we have stopped cash disbursement for the following transactions:
You have the choice of either receiving your funds in the form of:
This applies for all cash disbursement regardless of the amount.
In the event that you require funds urgently, you can request for a crossed cheque to be collected at Income Bras Basah branch.
For the location of Income Bras Basah branch, please click here.
Operations review found that 90% of calls received were between 9:00am and 6:00pm from Monday to Friday. The change in operating hours allows Income to channel its resources to the period with high call volume. This change is a reflection of Income’s commitment to continually improve its customer service.
The contact centre will operate from Monday to Friday between 9:00am and 6:00pm, excluding public holidays.
The change in operating hours allows Income to channel its resources to the period with high call volume. This enables Income to maximise its resources and increase operations efficiency.
Customers who require assistance outside the operating hours will be directed to emergency hotlines via the Interactive Voice Response system. Customers can contact these hotlines in the event of an emergency:
You can approach your financial adviser for assistance outside the contact centre operating hours.
Your policy information is available at My Income, a comprehensive online enquiry system. You can access My Income by clicking on the login tab located at the top right corner of our home page on www.income.com.sg.
We are unable to generate a Letter of Guarantee after contact centre operating hours. Please contact us during our operating hours.
You can download our My Income app from the iOS App Store, or the Android Google Play Store and enjoy the convenience of purchasing our Travel Insurance on the go.
You can also click here to purchase your travel insurance policy online.
From 1st May 2019, customers who call our hotline were notified of the change through an Interactive Voice Response message. The announcement is also published in our website.
The change will allow us to serve our customers more efficiently during periods when customers are most likely to call. We will now be able to serve more of our customers better.
There are two categories of confidential information
^ Only applicable to Password request.
Our staff will ask for your details when you call in or visit any Income branch.
For enquiries made by your servicing insurance adviser, he / she will be asked to verify his / her agent code. We may ask for further verification on a case by case basis.
Examples of forms of verification are: Name, Identification Number, Date of Birth and Address.
At Income, we respect your need for confidentiality. We have guidelines and work procedures in place to safeguard the information you have provided us.
We will always direct our correspondence to you via mail, email or phone. We will not communicate or discuss any confidential information with a third party including your spouse or other close relatives unless you have given us the instruction.
All employees of Income have to sign an agreement to safeguard confidential information. Anyone who breaches this will be subjected to disciplinary action and, for serious cases, a police report will be made.
Yes, you may request for a waiver of up to one month notice period subject to Income’s approval. Alternatively, you can choose to pay 0.25% in lieu of notice of total outstanding balance to date.
Yes, all legal fees / cost are to be borne solely by the borrower.
The legal fee charged by Income’s panel of lawyers is estimated to be about $500 to $1,000.
You can make payment via the following modes
¹ To be arranged and advised by your conveyancing lawyer if you are eligible to utilize your CPF monies for repayment.
Your payment will be considered to have been made on the following working day. Please note that the Cut-off time is subject to change without notice.
It is a penalty incurred in the event you redeem your loan when it is still within the lock-in-period. The penalty is 1% of the amount prepaid.
It is a penalty incurred in the event you redeem your loan when it is still within the lock-in-period. The penalty is either 0.3% or 1% of the amount prepaid. Please refer to your facility letter or hire purchase or loan agreement for details.
Please refer to the table below.
Payment Time(Mon – Fri) | Dislodgement of interest with HPFLAS |
9am to 6pm | within next working day* |
NA | within four working days |
9am to 6pm | within eight working days |
* “Working day” refers to Monday to Friday, from 9am to 6pm, excluding Saturday, Sunday and Public Holidays.
^ For payment via cheque, the release of Form B will be subjected to clearance of third-party cheque. This will delay the release of Form B.
If you would like to make a partial repayment, please provide us with a one month written notice.
If you would like to make a full repayment, please provide us with a three month written notice via a lawyer. You have the option to appoint an external lawyer of your choice or Income’s panel of conveyancing lawyers.
You are not required to serve a notice for these loans.
If it is a partial repayment, the repayment sum for redemption of the loan is any amount (minimum of $5,000) in multiples of $5,000.
If it is full repayment, the repayment sum for redemption of the loan is the total outstanding amount including notice in lieu and prepayment penalty if you are liable for any.
If you are making a partial repayment, the repayment sum for redemption of the loan is amount (minimum of $5,000) in multiples of $5,000 or three installments, whichever is lower.
If you are making a full repayment, the repayment sum for redemption of the loan is total outstanding amount including prepayment penalty or other incidental cost if you are liable for any.
Please send a request to us by emailing to csquery@income.com.sg or you may call our Income hotline at 6788 1122 to inform us your intention. We will advise you the next step.
Please send a request to us by emailing to csquery@income.com.sg or you may call our Income hotline at 6788 1122 to inform us your intention. We will advise you the next step.
Your monthly instalment will be ceased upon full redemption notice served.
Income may request Land Transport Authority (LTA) to temporarily suspend or refuse any transfer or de-registration of the vehicle or transaction relating to the PARF/COE rebates with respect to the vehicle.
It is to ensure that good title to the property will be reverted to you and there will be no further encumbrances should you wish to transfer the property ownership in the future.
A one-time password (OTP) is a string of numeric characters that is auto-generated and sent to your pre-registered mobile number via a SMS text message, when you login to your My Income account. It is used as a 2nd level of authentication, identifying you as the actual policyholder during the login process.
This is secure because every OTP is unique and can only be used in conjunction with a user's login ID and password. For the OTP sent via a SMS text message, it is only valid for three minutes and can only be used once.
If you exceed the time limit required to enter the OTP into the system, you will have to login again with your login ID and password for a new OTP to be sent to you. Receipt of SMS text messages is dependent on the roaming service of your mobile service provider.
All users who login to My Income or sign in as an existing policyholder when performing certain online transactions, for example online purchase of travel insurance, will be required to use Secured Access security measures.
After you have logged or signed in to your My Income account with your login ID and password, you will be prompted to select SMS to receive OTP on your registered mobile number.
Follow the on-screen instructions to register and access your My Income account. Policyholders without a My Income account can register for an account here.
Yes, your account is secured without a one-time password, as Income employs the latest encryption methods to protect sensitive data. The New Secured Access measures simply provide an additional layer of online security.
While Income has taken steps to keep your account information secure, you also play an important role in maintaining the security of your account information.
Please click here to review the online security policy for Income and your role in safeguarding your personal data and account information.
For the protection of our policyholders, we will need to enforce the use of SMS Text Message to receive your OTP as a security measure for the New Secured Access. We will not be able to provide online access to your My Income account if you choose not to sign up for this.
The security measure of using SMS Text Message to retrieve the One-Time Password (OTP) to access and transact via the My Income account, has been in effect since April 2012.
For more information on the New Secured access, read more here.
Income is committed to protecting the security and confidentiality of your personal information. The introduction of the New Secured Access is part of our ongoing efforts to ensure that you have peace-of-mind when using your My Income account. This measure provides an additional level of protection against online identity theft and other online frauds.
You may login to My Income, and update your new mobile number under ‘Manage My Particulars’ > ‘Update Particulars’.
Alternatively, you may complete the Change of personal particulars form. A copy of the completed and signed form may be submitted at any of our branch offices. You may also submit the original form to us by post to 75 Bras Basah Road Income Centre Singapore 189557.
Please provide a clear front and back copy of your NRIC/FIN/Passport for verification. Your mobile number will be updated in our systems within two working days upon receiving the completed form and all necessary documents. Once updated, all future OTP will be sent to the new mobile number. This newly registered mobile number will be used for all your future correspondence with Income.
If you subscribe to number portability or number retention services, please confirm with your mobile service provider that all SMS text messages sent to your previous mobile number will automatically be forwarded to your new number.
If you lose your mobile phone, please inform us immediately by calling our Income hotline at 6788 1122. Your mobile number will be temporarily removed from our records.
Yes, you can. However, the sending and delivery of SMS text messages may be setup differently by the various mobile service providers in each country. For some countries such as Korea and Japan, there may be an incompatible telecommunications infrastructure. Please check with your mobile service provider to ensure that you are able to receive SMS text messages when you are overseas.
There is no charge from Income. You will need to check with your mobile service provider if there are any charges for receiving SMS when you are overseas.
Some common possible reasons for your inability to receive the OTP are as follows:
If the problem persists, please call our Income hotline at 6788 1122 or email us at csquery@income.com.sg for assistance.
For information on Income Shares, please refer to this FAQ.
We will be fair in all our dealings with you and will do our best to resolve any issue you may have with us. However, if you are not satisfied with the resolution provided, you may approach the Financial Industry Disputes Resolution Centre Ltd (FIDReC). FIDReC is an independent and impartial institution specializing in the resolution of disputes between financial institutions and consumers. You can contact FIDReC at 6327 8878 (Tel) or 6327 1089 (Fax). For more information on FIDReC, please visit www.fidrec.com.sg.
A Policy Summary is a convenient overview of the key aspects of your insurance policy. It is good practice to periodically access your policy summary so that you are up to date with the key aspects of your insurance policy(ies).
The Policy Summary will include an overview of all your policies that are in force at the point of request. These are the basic categories displayed in your Policy Summary:
• Policy Number • Insured Name • Policy Description
• Period of Insurance • Premium
For Life insurance policies, this information is also included in your Policy Summary:
• Net Cash Value • Sum Assured • Total Bonus
Any donations made towards OrangeAid will also be included in this view for your easy reference.
As of 11 December 2020, the Policy Summary will be available digitally on demand. You will be able to to generate your e-Policy Summary at any time via My Income. Upon logging in to your account, simply click on ‘Download Policy Summary’ from the main dashboard.
We highly encourage all Income Policyholders to register for a My Income account. The online service portal enables common transactions to be made directly by our customers online – anytime, anywhere. If you would prefer to receive your Policy Summary through other means, please submit your request to us via our online form.
As part of our efforts in improving your experience with us at Income, we want to ensure that you enjoy easy access to your e-Policy Summary at any time via My Income. This new self-serve option provides you with greater flexibility and convenience in managing your policy needs, and is part of our commitment to adopt more sustainable practices to help minimize our environmental footprint. As such, the Annual Policyholder Statement you have previously received from us will be discontinued, and this new option will be made available to you all year round at My Income.
The Monthly Life Summary provides you an overview of only your life insurance policies that are in force. The Policy Summary provides you a consolidated view of all your Life, Health and General insurance policies that are in force.
The values shown across both summary documents may differ if they are generated on different dates. In the interest of providing you the most up-to-date information available, the values reflected in the Policy Summary are based on the current date that it is generated.
Income tax submissions require a supporting document that reflects the total amount of premium paid for your policy in that year. This information is not available within the Policy Summary. To obtain this information, please submit your request to us via our online form and we will attend to it as soon as possible.
My Income customer portal and My Income app are digital platforms that enable our policyholders to view and manage their policies directly, anytime and anywhere.
My Income customer portal may be accessed via your desktop or mobile web browser at https://me.income.com.sg, while My Income app is available for download via Google Play or the App Store.
Both platforms require you to log in, via Singpass or using your My Income username and password, to access your policy information.
Click on the links below to find out more about each platform:
These are some of the most frequently-used features you can enjoy on My Income:
Some features are only available to certain policy types, please log in to My Income to view the full list of features available to you.
Please note that your password is case sensitive and should be entered exactly as registered. If you still encounter issues logging in, please click on “Forgot Password” for new password to be sent to you via email. Alternatively, you may call our Customer Service at 6788 1777 (Mon-Fri 9:00am to 6:00pm) or submit your request to us via our online form.
The SMS one-time password (OTP) is sent to the mobile number that is registered with Income. Please ensure that you have updated your contact details with us, including your latest mobile number. You may call our Customer Service at 6788 1777 (Mon-Fri 9:00am to 6:00pm) to update your contact details.
If you are trying to access My Income from another country, please note that the success of sending and receiving SMS text messages may depend on the settings provided by both your local mobile service provider and the chosen network at your overseas location. For easy access to My Income whilst travelling, we recommend logging in via the SingPass Mobile app.
We strive to provide you with the most accurate and updated information. However, some investment-linked transactions may require a longer processing time. If there are any discrepancies, the actual values will prevail.
Should you encounter any issues with your policy information, please call our Customer Service at 6788 1122 (Mon-Fri 9:00am to 6:00pm) so we can investigate the matter and further assist you.
For general queries, you may call our Customer Service at 6788 1777 (Mon-Fri 9:00am to 6:00pm) or submit your request to us via our online form.
Inactive or terminated policies are displayed in My Income for 6 months after termination or cancellation to facilitate with claim processes.
We are standardising the format of User IDs to email addresses for easier recall.
Accessing My Income requires Two-Factor Authentication (2FA) to verify every user. Upon logging in to My Income with your User ID and password, an SMS OTP will be triggered to your registered mobile number for further verification. Income also employs the latest encryption methods to protect your data as an added layer of security.
In our efforts to protect the data and privacy of all our policyholders, each policyholder is required to have a unique My Income account, along with a unique User ID.
You may create an email address by selecting an email provider of your choice. Some common email providers are Gmail, Yahoo Mail and Outlook. Once you have successfully created an email address, you can then proceed to register it as your new User ID on My Income.
You may call our Customer Service at 6788 1777 (Mon-Fri 9:00am to 6:00pm) or submit your request to us via our online form.
Customers whose mobile number is not registered with Income or have outdated mobile number can now register using SingPass Mobile App.
Upon successful validation, you will be prompted to provide your latest mobile number.
Click here to update your particulars via My Income. To speed up the process, you may retrieve your personal details from MyInfo.
You may be required to submit any of the following supporting documents:
SingPass Mobile is a mobile application available on iOS and Android that allows you to log in easily via your fingerprint, face recognition or a 6-digit passcode. It is offered as an alternative Two-Factor Authentication (2FA) method to log in to My Income. Watch this introduction video for more information. You can also learn more about the SingPass Mobile app here.
With the SingPass Mobile app, you do not have to enter both your User ID and password each time you access My Income. It also saves you time by eliminating the wait for SMS OTPs. Additionally, you can log in securely to My Income, even when in use overseas.
Need more guidance? Get the help you need with various step-by-step instructional guides here, or refer to these FAQs here.
After you have activated SingPass Mobile on your mobile device, you can start using the app to log in to My Income right away. Here’s how it works:
Watch this how-to video for more information.
For more help with logging in to My Income, you may call our Customer Service at 6788 1777 (Mon-Fri 9:00am to 6:00pm) or submit your request to us via our online form.
The function “Change payment frequency” allows you to view and change your payment frequency here. However, this is only applicable for Life Insurance policies excluding Investment-Linked policies (ILP).
To submit change of payment frequency, go to “Payment”, select “Change payment frequency”. Please ensure your personal information is updated before proceeding as an email acknowledgement will be sent to your registered email address upon successful submission of your request.
After logging in to your account, select the policy you wish to view or retrieve the policy document. In the policy details page, click “View policy document” to download and retrieve the PDF copy of your policy document.
Please note that “View policy document” function is only available for the following policy types:
• Life insurance (policies purchased after 26 Sept 2019)
• Motor Insurance
To request for Life policy document that was purchased before 26 Sept 2019 (subject to admin fee of $10), complete and submit the Life Policy Alteration Form with payment at any of our Income branches. The document will be mailed to you subsequently.
The function “Change payment method” allows you to update the payment method for your Life and Health Insurance policies. These are the current accepted payment methods via My Income:
• Life insurance – GIRO application
• Health Insurance – Medisave, Cash and Credit Card
To change the payment method, click here and follow the steps below:
1. Select the policy to change the payment method for
2. Ensure your personal information is updated before proceeding
3. Read and agree to the Important Notice and proceed to change payment method
4. Review the changes before agreeing to the Declaration and Personal Data Use Statement
An email acknowledgement will be sent to your registered email address upon successful submission of your request.
The function “Withdraw Deposited Cash Benefits” is available if your policy has deposited cash benefits.The steps are as below:
A SMS and an email acknowledgement will be sent to your registered email address and mobile number upon successful submission of your request.
The function “Change cash benefit mode” is available if your policy has the option to update the payment mode of the cash benefits.
The request has to be submitted 21 days before the cash benefit is due. Otherwise, the change may only be effected from the next cash benefit due.
The steps are as below:
A SMS and an email acknowledgement will be sent to your registered email address and mobile number upon successful submission of your request.
The function “Pay maturity proceeds to bank a/c” will be made available 2 months before the policy matures.
After logging in, select the policy that is due to mature. In the policy details page, click “Pay maturity proceeds to bank a/c”. Please ensure your personal information is updated before proceeding. Kindly provide bank details and upload a copy of your bank book or bank statement showing your name, bank name and account number along with your request.
You may also be required to submit a copy of your NRIC (front and back).
An SMS and email acknowledgement will be sent to your registered email address and mobile number upon successful submission of your request.
The function “Request for policy loan” is available if your policy has the loanable amount to apply for the policy loan.
The steps are as below:
A SMS and an email acknowledgement will be sent to your registered email address and mobile number upon successful submission of your request.
My Income app is a free mobile app for Income policyholders. It enables you to take care of your Income Insurance matters on the go.
With the My Income app, you will be able to:
While some features are only available to certain policy types, we are constantly working to improve the app experience for all customers.
We strive to provide you with the most accurate and updated information. However, some transactions, like payments or purchases, may take some time to be reflected in the app. If there are any discrepancies, the actual values will prevail.
Should you encounter any issues with your policy information, please call our Customer Service at 6788 1777 (Mon-Fri, 9:00am-6:00pm) or submit your request to us via our online form so we can investigate the matter and further assist you.
For technical issues, please email us at myincomeapp@income.com.sg with the following:
- Details of error faced
- Screenshots and/or screen recordings of error faced
- App version and Device ID (launch app, tap on "Continue as guest", go to "Settings" and tap on "About My Income app")
For general queries, you may call our Customer Service at 6788 1777 (Mon-Fri, 9:00am-6:00pm) or submit your request to us via our online form.
Two-Factor Authentication (2FA) is required to view all your personal and policy details. Upon logging in to My Income and navigating to any such details, for example to the My Policies or Claims screens, an SMS OTP will be triggered to your registered mobile number for further verification. Income also employs the latest encryption methods to protect your data as an added layer of security.
You may log in with your Income customer account credentials or register for a new account.
Please note that your password is case sensitive. If you encounter issues logging in, click on “Forgot Password” for a new password to be sent to you via email. Alternatively, you may call our Customer Service at 6788 1777 (Mon-Fri, 9:00am-6:00pm) or submit your request to us via our online form.
Yes, you can use the My Income app without creating an account by clicking on “Continue as guest” on the login screen. However, you will not be able to access certain features, such as your policies or claims information.
Yes, but you will not be able to access certain features, such as your policies or claims information.
The one-time password (OTP) is sent via SMS to the mobile number that is registered with Income. Please ensure that you have updated your contact details with us, including your latest mobile number. You may call our Customer Service at 6788 1777 (Mon-Fri, 9:00am-6:00pm) to update your contact details.
If you are trying to access My Income from another country, please note that the success of sending and receiving SMS text messages may depend on the settings provided by both your local mobile service provider and the chosen network at your overseas location.
Only one policyholder may log in My Income app at a time, on a single device. To allow another policyholder to log in on your device, you will first have to log out. Do note that biometric login is only available for 1 user per device.
For security reasons, you will automatically be logged out of the My Income app when you close it if you have logged in using Singpass or via biometric login. You can log in again to continue.
For security reasons, you can only be logged in to the My Income app on one device at a time.
After logging in to your account, tap on the Policy tab and select the policy you wish to view. In the policy details page, click on Quick actions > Policy document to download and retrieve the PDF copy of your policy document.