Legal Tips

This term allows a customer a 14 day Free-Look Period to consider if the policy meets his needs. If the customer decides to cancel the policy within the Free-Look Period, the premiums paid, less medical fees and other expenses incurred by NTUC Income, if any, will be refunded. If the policy is posted to the customer, the 14 day Free-Look Period starts seven days after the policy is posted.

This term prevents NTUC Income from contesting or disputing a claim under the policy after one year from the date of issue, date of reinstatement or date of increase in benefit, whichever is latest, of the policy. However, this term will not apply in cases where fraud, non disclosure or non-payment of premiums are involved.

If an insured dies as a result of Suicide within one year from the date of issue, date of reinstatement or date of increase in benefit, whichever is latest, of the policy, the policy is void, and we will refund all premiums paid without interest.

If premiums are not paid after the Grace Period of 30 days and:

1. if the cash value of the policy exceeds the amount of unpaid premiums, we will advance the premiums to the policyholder so that the policy can continue. We treat this as a loan (called Automatic Premium Loan) and interest is charged. The policy will continue so long as the amount of loan and interest is not more than the cash value of the policy;
   
   
2. if the policy has no cash value or the cash value is less than the amount of unpaid premium, the policy will cease.