Frequently Asked Questions
Appointment of collection agency
Q:When will Income appoint a collection agency?A:
After an unsuccessful recovery action by Finance – Credit Control, we will appoint a collection agency to assist in collecting the arrears due.
Q:What will happen when I am contacted by your collection agency?A:
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.
Q:What are the actions that will be undertaken by your collection agency?A:
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.
Q:Will I be liable for the cost and expenses incurred by Income for appointing a collection agency?A:
Yes. You will have to bear the additional cost and expenses as they will be added to the total loan outstanding.
Q:Do the debt collectors possess the authority to demand for payment from me?A:
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.
Q:What if I have concerns over the authenticity of the person(s) contacting me?A:
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.
Q:What do I need to take note of when making payment to our debt collectors’ offices or to their field officers?A:
It is important that you ask for and keep the official receipt issued to you in the event of any payment dispute.
Q:What if I wish to make payment by cheque?A:
For cheque payment, please make the cheque payable to “NTUC Income” 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.
Cessation of cash disbursement
Q:Why did Income stop the practice of disbursing cash over the counter?A:
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.
Q:What are the transactions that are affected?A:
From 01 Oct 2009, we have stopped cash disbursement for the following transactions:
- Policy loan
- Bonus Encashment
- Surrender of Life / Investment Linked policy
- Freelook of Life / Investment Linked policy
- Maturity of Life / Investment Linked policy
- Premium refunds for Life / Investment Linked policy
- Cancellation of Motor insurance policy
Q:How will I receive my funds?A:
You have the choice of either receiving your funds in the form of:
- A crossed cheque
- Direct crediting into your personal bank account
Q:How will this affect my application of policy loan for the amount of $1,000 or less?A:
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.
Change in contact centre operating hours
Q:Why is there a need to change the contact centre operating hours?A:
Operations review found that 90% of calls received were between 8.30am and 6.30pm 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.
Q:What are the new operating hours?A:
The contact centre will operate from Monday to Friday between 8.30am and 6.30pm, excluding public holidays.
Q:How does the change in operating hours benefit Income and its customers?A:
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.
Q:Who should I call in the event of an emergency?A:
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:
- Income Orange Force for motor accident assistance – 6789 5000
- Income’s appointed assistance company for overseas travel insurance emergency assistance – 6338 1222
Q:Can I contact my financial adviser outside the contact centre operating hours?A:
You can approach your financial adviser for assistance outside the contact centre operating hours.
Q:Where can I view my policy information?
Q:How do I obtain a Letter of Guarantee (LOG) after contact centre operating hours?A:
We are unable to generate a Letter of Guarantee after contact centre operating hours. Please contact us during our operating hours.
Q:How do I apply for travel insurance after contact centre operating hours?A:
You can download our iPhone mobile application from the App Store, or the Android mobile application from Google Play (search for NTUC Income) and enjoy the convenience of purchasing our Travel Insurance on the go.
You can also click here to purchase your travel insurance policy online.
Q:How were Income policyholders informed of the change in contact centre operating hours?A:
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.
Q:Does this mean Income no longer has a competitive edge against other insurers?A:
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.
Confidentiality of information
Q:What are considered confidential information?A:
There are two categories of confidential information
- Financial data Such information can be revealed after verification has been carried out. However, information can only be revealed to policyholders and not the life assured if it is a third party policy. Examples of these data are: Surrender Value, Loan Amount and Cash Value.
- Nominee names and Password Such information is not to be revealed over the phone or counter. Instead, policyholders will be advised that their request will be send to them via post, SMS^ or email^.
^ Only applicable to Password request.
Q:What are some of the verification processes used to ensure confidentiality?A:
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.
Q:How is my confidentiality of information as a policyholder safeguarded?A:
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.
Q:Can I serve a shorter notice period for full redemption?A:
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.
Q:Do I have to pay for the legal fees for the Total Discharge of Mortgage?A:
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.
Q:What are the payment modes available?A:
You can make payment via the following modes
- Cashier Order/Bank draft - via lawyer
- CPF monies¹
- Other modes – subject to advance notice and our approval on a case-by-case basis.
¹ To be arranged and advised by your conveyancing lawyer if you are eligible to utilize your CPF monies for repayment.
Q:What happens if I make payment after the cut-off time?A:
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.
Q:What is prepayment penalty and how is it computed?A:
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.
Q:What is prepayment penalty and how is it computed?A:
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.
Q:What is the cut-off time for receipt of payment and for Income to dislodge the Finance Interest (Form B) with Hire Purchase, Finance and Leasing Association of Singapore (HPFLAS)?A:
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.
Q:What is the redemption notice period for mortgage loan?A:
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.
Q:What is the redemption notice period for the above loans?A:
You are not required to serve a notice for these loans.
Q:What is the repayment sum for redemption of the loan?A:
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.
Q:What is the repayment sum for redemption of the loan?A:
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.
Q:What should I do if I wish to make a loan redemption of my loan?A:
Please send a request to us by emailing to email@example.com or you may call our Income hotline at 6788 1122 to inform us your intention. We will advise you the next step.
Q:What should I do if I wish to make a loan redemption of my mortgage loan?A:
Please send a request to us by emailing to firstname.lastname@example.org or you may call our Income hotline at 6788 1122 to inform us your intention. We will advise you the next step.
Q:When will my monthly instalment (inclusive of CPF/GIRO) be ceased?A:
Your monthly instalment will be ceased upon full redemption notice served.
Q:Why is it important to fulfill all requirements for full redemption of vehicle loan?A:
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.
Q:Why is it necessary to engage a conveyancing lawyer to act for me in the discharge of my mortgage?A:
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.
New Secured Access – general
Q:What is a one-time password (OTP)?A:
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 me@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.
Q:How do I sign up for the New Secured Access security measures?A:
All users who login to me@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 me@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 me@income account. Policyholders without a me@income account can register for an account here.
Q:Is my account secured without a one-time password (OTP)?A:
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.
Q:What additional steps can I take to make my online experience even more secure?A:
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.
Q:Can I choose not to participate in the New Secured Access?A:
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 me@income account if you choose not to sign up for this.
Q:When will the New Secured Access security measure be implemented?A:
The security measure of using SMS Text Message to retrieve the One-Time Password (OTP) to access and transact via the me@income account, has been in effect since April 2012.
Q:What should I do if I lose my password for me@income?
Q:Where can I get more information about the New Secured Access security measures?A:
For more information on the New Secured access, read more here.
Q:Why is Income introducing the New Secured Access?A:
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 me@income account. This measure provides an additional level of protection against online identity theft and other online frauds.
New Secured Access – SMS text message
Q:I am going to change my mobile number, which I have registered for the One-Time Password (OTP). Who do I inform?A:
You may login to me@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.
Q:What should I do if I lose my mobile phone?A:
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.
Q:I travel frequently. Will I be able to use the One-Time Password (OTP) when I am overseas?A:
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.
Q:Are there any charges for the One-Time Password (OTP)?A:
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.
Q:I have confirmed that my current mobile number is updated but I am still unable to receive the One-Time Password (OTP). Why is this so?A:
Some common possible reasons for your inability to receive the OTP are as follows:
- The mobile service providers’ message centres may be experiencing congestion at the point in time due to high volume.
- You may be out of the mobile service providers’ network coverage area.
- Your SMS inbox may not have sufficient capacity to receive incoming messages.
- You may have a security mobile app that filters the incoming SMS-OTP as spam messages. Please mark the SMS-OTPs as safe messages to receive them in you SMS inbox.
- If you have subscribed to your mobile service provider with any short code barring service, you might not be able to receive the SMS-OTP as our SMS sender title is displayed as ‘INCOME’.
- If you are overseas, please check with your telecommunication service provider to ensure you are able to receive messages from Singapore. Please note that there may be an incompatible telecommunications infrastructure in some countries.
If the problem persists, please call our Income hotline at 6788 1122 or email us at email@example.com for assistance.
Q:What is the Policyholder Statement (PHS) about?A:
PHS is an annual summary of the policies you have with Income as at 31 Dec of the previous year.
Q:Every month I can view a Summary of Life Insurance Policies via me@income. Is this the same as PHS?A:
The PHS is an annual summary of all your policies with Income. The Summary of Life Insurance Policies contains information of your life insurance policies only and it can only be viewed at me@income.
Q:Will I, as a policyholder, receive a copy of this statement from Income?A:
Policyholders who are holding a life insurance will be notified by email once the statement is available at me@income.
Q:How will I receive the PHS?A:
Income supports Go Green initiatives. As of 2017, no hardcopy PHS will be sent. Policyholders who are holding a life insurance and have a valid email address with us will receive an email notification to view their PHS via me@income.
PHS is viewable in me@income by selecting selecting “View Inbox” under iView from the dashboard. Filter by the Statement for the “Last 12 Months". However should you require any of the PHS copy, you may request via our online form.
Please note that this does not affect the other statements e.g. Bonus statement which will follow your e-statement option.
Q:How can I change my designated email address to receive the electronic statements?
Q:I have lost the hardcopy of my PHS, can I request for a duplicate copy?A:
Your PHS will be available online (up to the past 3 years). All you need to do is to access me@income to print a copy.
Q:I am migrating to a country overseas, is it possible to have my next-of-kin to handle my PHS?A:
Next-of-kin and third party are not allowed to make any transaction with Income on your behalf. Your PHS will be available online (up to the past 3 years). You can access me@income to save or print a copy.
Q:Do I have to submit my PHS to IRAS for submission for income tax purposes?A:
There is no need to submit the statement to IRAS unless it is requested.
Q:How much can I claim for Income Tax Relief for my Life and Investment policies?A:
The Income Tax Relief is 7% of sum assured or the actual premium paid, whichever is lower, up to a maximum of $5,000 (Including CPF contributions).
Q:How can I know the maturity value of my policy?A:
You can request for an updated Post-sale illustration by contacting your Insurance Adviser. Alternatively, you may submit your request via our online form.
Q:The cash values shown for my life policies are higher in the monthly life summary than those shown in the PHS. Which is the latest one?A:
There may be a difference in the cash values for both statements if they are generated on different dates. The cash values shown in the PHS were based on 29 Dec 2019.
Q:My PHS shows an ElderShield policy, but I do not remember signing up for it. Please explain why a premium was deducted for a policy which I did not sign up for.A:
ElderShield is an insurance scheme introduced by the Ministry of Health (MOH) to provide financial help to those who are unable to take care of themselves because of severe disabilities.
All Singapore Citizen and Singapore Permanent Resident CPF account holders will automatically be insured when they reach age 40 unless they opt out from the scheme.
For more information on ElderShield policy, please click here.
Q:My PHS shows a Dependants' Protection Scheme (DPS) policy, but I do not remember taking it up at all. Please explain why a premium was deducted for a policy which I did not sign up for.A:
DPS is a low-cost term-life insurance scheme that provides a basic coverage of up to $46,000. All Singapore Citizens and Singapore Permanent Residents, between the age of 16 and 60, who have CPF contributions, are automatically insured under DPS before 1 Jan 2013.
From 1 Jan 2013, a CPF member must be between the age of 21 and 60 to be automatically insured under DPS.
For more information on DPS, please click here.
Q:There is a total bonus amount reflected in my PHS. Can I withdraw the bonus?A:
We may allow you to encash (take out) your accumulated annual bonus. You will receive the cash value of the bonus, which is usually lower than the actual annual bonus encashed. Where possible, you should keep your annual bonus intact
Q:How is the policy loan outstanding amount derived?A:
This amount is derived from the outstanding loan which is carried forward as at end Dec of each year, with the addition of the policy loan and interest, less any loan repayment for the year.
Q:I do not remember taking a loan from my policy. Why does the PHS show an outstanding policy loan amount?A:
The outstanding loan could be due to the Automatic Premium Loan (APL) granted to pay for outstanding premiums.
If you need more information on APL, you may submit your enquiries via our online form.
Q:I have cancelled one of my policies. Why is the status reflected as "in force" on the PHS?A:
The PHS shows all policies that were in force in the previous year. If your policy is terminated this year, it will be reflected in the PHS.
Q:I was informed by Income that my Insurance Adviser has resigned. Why are their names reflected in my statement?A:
The statement was generated before the resignation of your Insurance Adviser.
Q:What are the products excluded in the PHS and how I can enquiry on these policies?A:
MHS, i-Medicare, Individual/Group Worldwide Medical, Group Life Plan and Group Deferred Annuity are excluded in the PHS. For any enquiry, you may submit via the online form.
Q:What is the “Advance Premium Account” section?A:
The Advance Premium Account (APA) section shows the advance premiums received for your Life policy(s). At the beginning of each policy year, we will deduct the yearly premium from this advance premium account. Any remaining premiums that stay in this advance premium account will earn a return at a rate that we set. We will deduct the fifth (i.e. last) yearly premium at the end of four years. Any interest earned in this account will only be paid out if the insured survives at the end of four years, or if we pay out a claim and end the policy, whichever is earlier.
Q:What is the “Start Date” and “End Date” of the APA shown in PHS?A:
The “Start Date” is the date the interest starts to accumulate for the APA. The “End Date” is the date which the APA will be closed, and is 4 years from the start date. Policyholders will receive the returns on the advance premium after the end of 4 years.
Q:How is the total return derived?A:
The total return is derived from the calculation of the daily return on the remaining premiums in the APA. We assume a return rate of 1.50% per annum, compounded at each policy anniversary. The return is not guaranteed and we may change it at any time by giving 30 days notice.
Q:I remember making a lump sum advance premium payment of 5 years. Why does my PHS not show the APA details?A:
If your APA has matured or terminated before 2019, it will not be reflected in the PHS
Q:What is the “OrangeAid Donation” section?A:
The OrangeAid Donation section shows your donation contributions that are tagged to your Life policy(s) as a separate section from your main Life policy(s) statement. The donation amount reflects the total donation made from January to December of the previous year. Please click here to find out more about OrangeAid.
Q:Which are the beneficiaries and initiatives that OrangeAid supports?A:
Please click here to read more about the beneficiaries and initiatives that OrangeAid supports.
Q:How can donations be made to OrangeAid?A:
There are 3 methods for donations to be made to OrangeAid.
Donation Method 1: One-Time Contribution
Payment Method Important Notes Submission Method a) Cheque Please make cheque payable to “OrangeAid” and indicate your name (as in NRIC), NRIC/FIN number and house address on the back of your cheque Together with the cheque, please send the completed Donation Form to us by mail or hand it to our customer service officers at any Income Branches. b) Credit Card By VISA and MasterCard only Please send the completed Donation Form to us by post, fax or email or visit OrangeAid website here to donate online. c) Cash Cash can be made at any of our Income Branches. Our customer service officers will process your donation.
Donation Method 2: Rounding up of Life Insurance Policy Premium(s)
For Life policyholders who are paying their premiums on a monthly, quarterly, half-yearly or yearly basis. (This excludes Investment Linked and Single Premium policies)
Payment Method Important Notes Submission Method A regular contribution will be deducted along with your current premium term and frequency. Please indicate your preferred amount in the ‘RoundUp Premium’ options in the Donation Form. Send the completed Donation Form to us by mail, email or hand it to our customer service officers at any Income branches.
Donation Method 3: Regular Donation of Any Amount
For Life policyholders who are paying their premiums on a monthly, quarterly, half yearly or yearly basis. (This excludes Investment Linked and single premium policies)
Payment Method Important Notes Submission Method A regular contribution will be deducted along with your current premium term and frequency. Please indicate the amount for regular donation under ‘Regular contribution of other amount’ column of the Donation Form. Please send the completed Donation Form to us by post, fax or email.
Updating of personal particulars
Q:How do I update my personal particulars?A:
You can update your particulars via the following options:
- Log in to me@income. You have the option of retrieving your personal details from MyInfo in the Account Settings page after logging in.
- Fill up, sign and attach documents to the “Change of Personal Particulars” form using your devices (i.e. Mobile, Tablet, and PC). Click here to sign!
Required supporting documents:
- Please provide a clear copy front and back copy of NRIC/FIN card or passport for verification
- For change of Name, NRIC, or date of birth, please attach a copy of documentary proof (E.g. Copy of deed poll or Updated NRIC).
- For update of address, if the new address is not reflected in your NRIC, please submit a proof of address (E.g. Bank statements, Telephone/Utility bills, Rental agreement, or Government agency letter (not more than 6 months old)
For more information, please go to FAQs page and select "Updating of personal particulars" under the "Customer Service" FAQs.
Q:How soon will my change of particulars be updated in your records?A:
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.
Q:If I update my contact details with Income, will my address be simultaneously updated with other NTUC Affiliated Co-ops?A:
No, any update of particulars will only be applied to Income.
Q:Why am I receiving calls or emails from Income on the verification of my particulars?A:
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.
Q:Why am I receiving promotional materials from Income?A:
If you have received promotional materials from Income,
- you may be our existing customer who has not indicated your Marketing Material Option or
- you may have indicated ‘Yes’ for our Marketing Material Option
You can login to me@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.
Q:Why am I receiving emails that notify me to view my statements at me@income?A:
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 me@income.
You can login to me@income to indicate your e-Statement preference under “Manage My Particulars”>“Update Particulars”. Alternatively, you can complete the Change of personal particulars form to indicate your preference and forward the completed and signed form to us with a clear front and back copy of your NRIC/FIN/Passport for verification.
Q:Who can I contact if I have any feedback?
Q:Can non-policyholders apply for the shares?A:
No, non-policyholders cannot apply for the shares. Only life policyholders of Income are eligible to subscribe to Income shares. This is a benefit given to them to enjoy attractive returns on a long term investment.
Q:How can policyholders subscribe to Income shares?A:
Applications for Income shares have been closed since Dec 2004.
We are currently maintaining a waiting list for life policyholders who wish to subscribe to Income shares. We offer the shares which are redeemed by existing shareholders to the persons on the waitlist on a first come first served basis.
Life policyholders who are keen to be on the waiting list may send an email to firstname.lastname@example.org with their full name and NRIC number. We will contact the persons on the wait list when we are able to process their applications.
Q:Can I use funds from my CPF account to pay for the shares?A:
You cannot use funds from CPF accounts or Supplementary Retirement Scheme (SRS) to pay for the shares.
Q:Can I withdraw my shares urgently if I require the funds?A:
Yes, you can request for urgent withdrawal. Under our by-laws, our board of directors has the discretion to waive the notice period of three months. We are usually able to find another shareholder to take over your shares, so you do not need to wait for three months.
Q:What happens to the shares if the shareholder passes away?A:
If the shareholder passes away, the shares will be redeemed and the proceeds will be paid to the nominees of the deceased shareholder. If there is no nomination, the proceeds will be distributed in accordance to prevailing laws. The shareholder can make or change his nomination at any time. The latest nomination will supercede the earlier ones.
Q:What happens if the nominee(s) passes away and there is no other nomination?A:
- If all the nominees die before the shareholder and no further nomination is made the redemption value of the shares will be paid to the legal personal representatives of the deceased shareholder, when the shareholder passes away.
- If some of the nominees die before the shareholder, and no further nomination is made in respect of the deceased nominees the surviving nominee(s) will be paid their share (i.e. the percentage stipulated in the nomination form) of the redemption value of the shares when the shareholder passes away. The share of the nominee who dies before the shareholder, will be paid to the legal personal representative.
- If the nominee(s) passes away a few days after the shareholder the redemption value will be paid to the legal personal representative of the deceased nominee.
- If the nominee(s) and shareholder passed away simultaneously in cases where two or more persons die in circumstances where it is not possible to determine which of them survived the others, the law presumes that the oldest died first (in order of seniority) and that younger shall be deemed to have survived the elder.
Q:Will the dividend be pro-rated if I hold the shares for lesser than the entire duration of the financial year?A:
Yes, the dividend will be pro-rated from the date of allocation of shares to 31 Dec. Our financial year is from 01 Jan to 31 Dec.
Q:Are the dividends declared taxable?A:
Yes, it is taxable. The shareholder must declare the dividend received when submitting his income tax returns.
Q:Is the dividend rate guaranteed?A:
The dividend rate depends on our business results and can vary. When the business does well, shareholders can expect to receive good dividends.
Q:Is dividend payable to me during the three month notice period for redemption?A:
Yes, the shareholders will still receive their dividends during the notice period.
Q:What is meant by 'nett asset value' of the share?A:
The nett asset value is the actual worth of the share based on the assets in the shareholder fund and the free surplus in the general insurance fund.
Q:What is the redemption value of the shares?A:
The redemption value is the par value of $10 or the nett asset value, whichever is the lower.
Q:Will there be future declaration of bonus shares?A:
At our Annual General Meeting held on 30 May 2007, we have announced that we have changed our dividend policy and will do away with the declaration of bonus shares every five years. Therefore there will be no future declaration of bonus shares. We will instead declare a special cash dividend in addition to the normal dividend, subject to our business performance and financial position.
Q:What are the reasons for doing away with the declaration of bonus shares?A:
We want to be fair to shareholders and reward them in a timely manner. Based on feedback received from shareholders, the current practice of declaring bonus shares every five years is perceived as being unfair to shareholders who withdraw their shares or who die before the bonus declaration is made.
Q:Why is the redemption value not based on the nett asset value if this is higher than the par value?A:
The redemption value is not based on the higher nett asset value because the shareholder buys the share at the par value of $10 even if the nett asset value is higher.
Q:Where are the funds raised from shares invested?A:
The funds will be invested in the insurance business as well as in fixed income securities and equities.
Q:Will a share certificate be issued to the shareholder?A:
Income has adopted a scripless system. No share certificate will be issued. A record of the shares will be sent to the shareholder through a yearly statement showing the number of shares he owns and the amount of dividend payable to him.
Q:When are dividends declared?A:
Dividends are declared at the annual general meeting which is held in the month of May or June each year. It will be credited to the shareholder's bank account within two weeks after declaration.
Q:Can I buy Income shares for my children?A:
You can buy the shares for your children if they are 18 years old and have a life policy in their own name. The shares will be issued in the name of the child.
Q:Can a shareholder transfer his shares?A:
Based on Income's by-laws, a shareholder can transfer his shares if he has held the shares for at least one year. The transfer can only be made to another member who is not already holding the maximum number of shares. However, this does not apply to bonus shares. Under the Co-operative Societies Act, bonus shares can only be withdrawn or transferred after ten years from the date of issue. As Income is a co-operative society, it has to comply with this legal requirement.
Q:How can a shareholder redeem his shares?A:
The shareholder can write to Income, 75 Bras Basah Road, Singapore 189957. He must include his particulars and indicate the number of shares that he wishes to redeem. Under our by-laws, the shareholder must give three months notice to redeem his shares. However, if the shareholder requires the funds urgently, he can request for urgent redemption. The redemption request will then be processed on an urgent basis and the proceeds will be paid out within 10 working days.
Q:Are partial withdrawals allowed?A:
Yes, the shareholder can choose to withdraw only part of his shareholding.
Q:What are the factors which are taken into account in determining the dividend rate?A:
The factors are:
- Income’s co-operative status
As Income is a co-operative, our goal is not to maximize shareholders’ returns. Our goal is to give a reasonable return to shareholders, and to return a substantial part of our surpluses to policyholders.
- Fair returns
Over the last 20 years, shareholders received dividends ranging from 6% to 8% each year. In addition, they received bonus shares of up to 15% every five years. These returns should be viewed in the light of the higher interest rate environment that applied in the 1980’s and 1990’s. Comparatively, interest rates are much lower now and shareholders must have realistic expectations on future returns.
- Long term sustainability
Our dividend policy is guided by long term sustainable performance and returns. The global interest rate environment today is very different compared to the past. A higher rate of returns was also possible in the past since the shareholder base was much smaller. With a larger shareholder base, the sustainability of the returns is an important factor to take into account.
- Income’s co-operative status
Q:Do I have to make a nomination for my shares?A:
You may make a nomination if you wish and the proceeds from the shares will be paid to your nominees. If you do not make a nomination, the proceeds will be distributed in accordance to prevailing laws.
Our Service Commitment to You
Q:If I have issues you cannot resolve to my satisfaction where else can I seek advice ?A:
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.