Frequently Asked Questions


Insurance matters

Cash benefit coupon (regular payments)
  • Q:What are cash benefit /coupon (regular payments)?

    A:

    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.

  • Q:What can I do with the regular payments?

    A:

    Depending on the options available in your policy, the regular payments can be credited to your bank account, deposited with our Company to earn an interest, paid via cheque or invested in an Investment-Linked Plan.

  • Q:Will I be notified when the regular payments are due?

    A:

    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.

  • Q:How can I inform Income to change the regular payments option?

    A:

    When we have received the required documents, we will handle your request within three working days.

  • Q:Will the regular payments option selected by the policyholder be applied to all future regular payments?

    A:

    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. 

  • Q:Will I be notified when the regular payments option is changed?

    A:

    Yes, a letter will be sent to the policyholder, confirming the request of the new regular payments option.

  • Q:Can I choose not to deduct the outstanding premiums/loan amount from the regular payments?

    A:

    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.

  • Q:What should I do if I choose to utilise the regular payments?

    A:

    If your regular payments option is cheque, you do not need to inform us of your decision. We will send you a cheque by the due date. Otherwise, we would need you to inform us to change your regular payments option 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.

    Please contact us if you have not received the regular payments after the due date.

  • Q:What should I do if I choose to have the regular payments credited into my bank account?

    A:

    If your regular payments option is Fund Transfer, you do not need to inform us on of your decision. The regular payments will be credited into your personal bank account by the due date. Otherwise, we would need you to inform us to change your cash benefit option at least 21 days before the due date. A copy of your bank book/statement that indicates your name and account number is required.

  • Q:What should I do if I choose to deposit the regular payments?

    A:

    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 be also shown in our Yearly Policyholder Statement.
     

  • Q:What is the interest rate earned in the deposit account?

    A:

    The current interest rate for deposit is 3.25% per annum and it is subject to changes.

  • Q:Can I request to deposit the regular payment if I receive it via a cheque?

    A:

    You may call the NTUC 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.

  • Q:Can I deposit the regular payment if I receive it in my bank account?

    A:

    No. That specific regular payment can no longer be placed into the deposit account.

  • Q:Can I request to deposit the regular payment if it has been invested in the Investment-Linked Plan?

    A:

    No. That specific regular payment can no longer be placed into the deposit account.

  • Q:Can I change the regular payments option if the policy is assigned under absolute assignment?

    A:

    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.

  • Q:Can I change the regular payments option if the policy is a trust created under section 73 of the Conveyancing and Law of Property Act?

    A:

    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).

  • Q:Can I change the regular payments option if the policy is a trust (Irrevocable Nomination) created under section 49L(2) of the Insurance Act?

    A:

    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.

Change of payment frequency
  • Q:What are the payment frequencies available for a regular premium plan?

    A:

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

  • Q:Which payment frequency can I enjoy the biggest saving in premium?

    A:

    You can enjoy the highest saving if you opt to pay your premium yearly.

  • Q:Is the discount applicable to all policies?

    A:

    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.

  • Q:Can I ask for more discounts?

    A:

    The premiums and discounts are fixed. We are unable to give you further discounts.

  • Q:Can I change the payment frequency anytime?

    A:

    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 2013

    Revised premium will effect on 01 Jan 2013

    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 2011
    Policy’s anniversary:15 Nov every year
    Next premium due date:15 Aug 2012

    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 2012 to 14 Nov 2012. The full yearly premium will be payable every year from 15 Nov 2012.

    Example 3
    Request to change from monthly to yearly premium  

    Policy entry date:15 Nov 2011
    Policy’s anniversary:15 Nov every year
    Next premium due date:15 Nov 2012

    As the next premium due date coincides with the policy’s anniversary, the full yearly premium will be effective from 15 Nov 2012. There is no need to pay any pro-rated amount.

  • Q:How do I make the request to change the payment frequency?

    A:

    You can send us the request by completing a “Change of Payment Frequency” form or submit your request via me@income.

    For a copy of the Change of Payment Frequency form, please click here.

  • Q:Can I have different payment frequencies for my basic policy and riders?

    A:

    Every policy can only have one payment frequency. The riders’ payment frequency will follow the basic policy.

  • Q:How many times can I change the payment frequency?

    A:

    There is no limit on how many times you can change your payment frequency.

  • Q:Do I need to pay any administrative fee to change the payment frequency?

    A:

    No, you will not be charged.

  • Q:If I am paying my premiums by GIRO, when will my deduction for the revised / pro-rated premium take place?

    A:

    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 2012, GIRO deduction will be on 06 Sep 2012
    Request received on 30 Aug 2012, GIRO deduction will be on 06 Oct 2012

Adding or removing riders
  • Q:What are riders?

    A:

    Riders (also known as supplementary benefits) are additional covers that you can add to your basic policy to provide a more comprehensive coverage.

  • Q:When can I add the riders?

    A:

    You can add the riders when you are applying for your basic policy. Once your policy is issued, you can also add them provided all of the following are satisfied:

    • Your basic policy is still in force for at least another year
    • You are still paying premiums for the basic policy for at least another year
    • You have not exceeded the maximum entry age of the rider
  • Q:How do I add riders after my policy is issued?

    A:

    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.

  • Q:Do I need to go for medical examination when I add the riders?

    A:

    Yes, you may be required to go for medical examination. We will send you a letter to inform you if medical examination is required.

  • Q:When will my riders be effective?

    A:

    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 2011
    Premium next due date:15 Jun 2013
    Received add rider request on:01 Sep 2012

    As your request to add rider was received on 01 Sep 2012, the earliest date we can effect your rider is on 15 Sep 2012. You will then pay the pro-rated premiums from 15 Sep 2012 to 14 Jun 2013. The full yearly premium of the rider is payable from 15 Jun 2013.

  • Q:Can I make changes to the riders once they are in force?

    A:

    Yes, you can but it depends on what type of changes.

    If your request is to increase the rider’s cover such as increasing its sum assured or coverage term, you can make the changes provided the rider is within 1 year from its entry date. If the rider is more than 1 year, you have to take up a new rider and premium will be based on your current age.

    For changes that decrease the rider’s cover such as decreasing its sum assured or coverage term, you can do so anytime.

    Any changes are effective from the next premium due date. For changes that involve increasing the rider’s cover, you will be subjected to underwriting. This means you have to declare your health and we will assess whether the changes can be accepted.

  • Q:Can I keep my riders in force once my basic policy is terminated?

    A:

    Once your basic policy is terminated, all your riders will terminate. 

  • Q:If my basic policy were converted to a paid-up1 policy, will my riders remain in force?

    A:

    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.

  • Q:Can my riders’ cover be extended beyond the basic policy’s payment term?

    A:

    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.

  • Q:Can I remove the riders?

    A:

    Yes, you can. Your riders will be removed with effect from the next premium due date.

  • Q:Do I get a refund of my premiums if I were to remove the riders?

    A:

    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.

Common Reporting Standard (CRS)
  • Q:What is CRS?

    A:

    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.

  • Q:Who are impacted?

    A:

    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.

  • Q:Who is an Account Holder?

    A:

    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 49L of the Singapore Insurance Act (Chapter 142), Proper Claimant as defined under section 61 of the Singapore Insurance Act (Chapter 142).

  • Q:What does the term “Controlling Persons” mean?

    A:

    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.

  • Q:What do I need to provide?

    A:

    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.

  • Q:What is my tax residency or my Tax Identification Number (TIN)?

    A:

    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.

  • Q:Is providing my Tax Identification Number (TIN) mandatory?

    A:

    By regulations, there are only 2 circumstances in which a TIN is not required to be collected or reported:

    1. The country / jurisdiction does not issue TIN to its residents; or
    2. The country / jurisdiction does not require the collection of TIN

    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.

  • Q:I live in Singapore and only pay tax here. Why do I have to provide Income with the CRS Self Certification?

    A:

    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.

  • Q:I am a resident of a non-CRS participating jurisdiction. Do I still need to complete the CRS declaration?

    A:

    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.

  • Q:Do I need to update Income if my tax residence has changed?

    A:

    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 me@income to update your tax residency. Alternatively, you may complete the “Change of Personal Particulars Form” and send it back to us.

  • Q:I have provided similar information under United States Government Foreign Account Tax Compliance Act (“FATCA”). Do I still need to provide the information under CRS?

    A:

    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

  • Q:Is the declaration mandatory? Are there any consequences for incorrect certification?

    A:

    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.

  • Q:Where can I obtain more information on Tax residency and Tax Identification Number (TIN)?

    A:

    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

Review of Special Terms
  • Q:What are Special Terms?

    A:

    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.

  • Q:If my policy is accepted with Special Terms, when can I request to review them?

    A:

    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.

  • Q:If I want to request for a review of the Special Terms, what documents do I need to submit?

    A:

    You have to submit the following:

    • Review of Special Terms Form
    • Your attending doctor’s report on your medical condition
    • Any laboratory test, radiology, screening reports which support your review

    For a copy of the Review of Special Terms Form, please click here.

  • Q:Do I have to pay for the supporting medical reports?

    A:

    Yes, you will have to pay for them.

  • Q:Do I need to go for another medical examination?

    A:

    Yes, you may need to go for another medical examination.

  • Q:When will I be informed of the outcome of the review?

    A:

    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.

  • Q:While I wait for the review outcome, how will my premiums be calculated?

    A:

    Your premiums will remain the same until the review is completed.

  • Q:How will I be informed of the decision?

    A:

    Once the review is completed, you will receive a letter from us informing you of the outcome.

  • Q:If the health extra imposed on my policy is removed, when will my revised premium start?

    A:

    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.

  • Q:What are the possible outcomes for my Special Terms review?

    A:

    The review decision can be any of the following:

    • No change in original decision
    • Some improvements in the Special Terms e.g. reduction of the health extra
    • Special Terms are completely removed
Creation of vesting in third party policies
  • Q:What is vesting?

    A:

    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.

  • Q:Is vesting applicable to all policies?

    A:

    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.

  • Q:What is the vesting age?

    A:

    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.

  • Q:Is vesting included in a policy automatically?

    A:

    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.

  • Q:How do I know whether vesting is included in my policy?

    A:

    If your policy has vesting, you will know from the following:

    • an endorsement on the vesting is attached to your policy document;
    • vesting age is printed on your policy’s schedule; or
    • an endorsement letter on the vesting is sent to you (this is applicable when you ask for the vesting after a policy is issued)
  • Q:What is the main advantage of vesting?

    A:

    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.

  • Q:What is the main disadvantage of vesting?

    A:

    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.

  • Q:How can I apply for vesting?

    A:

    To apply for vesting, you have to complete the Declaration of Trust form. After the vesting is created, a confirmation letter will be sent to you. When the policy is transferred to your child, we will send a letter to inform him that he is now the policy owner.

    For a copy of the Declaration of Trust form, please click here.

  • Q:Can I create vesting in a life policy that is insuring myself?

    A:

    No. Vesting is meant for a life policy whereby a parent is insuring his child.

  • Q:Can my child surrender or take up policy loan once the policy is vested in him?

    A:

    Yes, he can because he is now the policy owner. He can do what he likes with the policy.

  • Q:If there are any insurance payouts, who will you pay after the policy is transferred to my child?

    A:

    If the policy is transferred to your child, we will pay to him.

  • Q:Who will you take instruction from on policy matters if the policy is transferred to my child?

    A:

    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.

  • Q:If I cannot decide whether I would like to create a vesting, what will happen to the policy?

    A:

    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 click here.

Absolute assignment of life policies
  • Q:What is an absolute assignment?

    A:

    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.

  • Q:What are the types of life policies that I can assign?

    A:

    Most life policies can be assigned except the following:

    • CPFIS/CPFS/ASPF/SRS/CPF RSS policies
    • annuity policies
    • policies effected under Section 73 of the Conveyancing and Law Property Act or policies with Irrevocable Nomination
    • policies which are assigned to banks or Official Assignee unless the bank or Official Assignee has discharged their interest in the policies
  • Q:If I assign my policy to another person, do I still have any rights over my policy?

    A:

    No, you do not have any rights over your policy after you have absolutely assigned it.

  • Q:Can I specify certain condition to be attached to the assignment e.g. if the Assignee were to pass away before me, the policy will be transferred back to me?

    A:

    We only accept absolute assignment of insurance policies i.e. assignment with no condition attached. We do not accept conditional assignment.

  • Q:Can I assign my policy to my child anytime?

    A:

    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.

  • Q:Can I assign the policy that is insuring my child to another person?

    A:

    Yes provided that your policy is one with no vesting.

  • Q:How can I effect an assignment?

    A:

    The assignment has to be completed and witnessed by an Income adviser or an Income staff at any of our servicing branches. Both assignor and assignee has to be present at our branch to complete the signing of the assignment form.
     
    We can accept exceptions only when:

    1. the assignment is done between spouses, parents and child and the relationship can be established by producing the original marriage or birth certificate at the branch by the assignor. The assignee needs not be present at the branch; or
    2. the assignment is done between spouses, parents and child and the adviser sights the assignee, assignor and the original documents, including marriage or birth certificate. Both assignee and assignor need not be present at the branch. The adviser can submit the documents on behalf. The adviser has to initial on the copies of the identification documents of the assignor, assignee or an organisation’s authorized signatory to show that he/she has seen the original identification documents and verify that the copies submitted are photocopies of the original.

     
    Once we have verified that the documents are in order, we will then effect the assignment and an endorsement letter will be mailed to both assignee and assignor. 

  • Q:What happens to my nomination which was made before the assignment?

    A:

    Once you have made an assignment of the policy, any existing nomination made by you will automatically become invalid.

  • Q:If a policy is assigned to me, can I declare the policy as a trust?

    A:

    Yes, if the assignment is an absolute assignment. You can assign the policy to trustee/s of the trust.

  • Q:If a policy is assigned to me, can I take a policy loan or terminate the policy?

    A:

    As you are now the policy owner, you can take a loan (if this is allowed under the policy terms) or terminate the policy.

  • Q:If my policy has been assigned to another person, will I still be receiving any insurance payouts?

    A:

    No. Once your policy is assigned, we will pay to the Assignee who is now the policy owner.

  • Q:If I were to assign my policy to another person before I am made a bankrupt, will my assignment still be valid?

    A:

    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.

  • Q:When the Assignee dies, what happens to the policy?

    A:

    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 legal representatives of the Assignee’s estate.

  • Q:My parent who is the original policyholder has assigned the policy to me, the life assured. I am now the policy owner as well as the life assured. Can I make a nomination?

    A:

    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.

  • Q:If I were to specify in my Will that my policy be assigned to a named person/ company when I pass away, can this be accepted?

    A:

    Yes, this can be accepted if your intention is expressed clearly in your Will. The executor of your estate will act according to your instruction in your Will.

  • Q:The original policyholder is mentally disabled/ disordered. Can I request for the policy to be assigned to me to help him manage the policy?

    A:

    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. We will then take instruction from the Deputy on the policy assignment.

  • Q:Can I ask for the policy back after I have assigned it?

    A:

    Yes provided the Assignee agrees to it. You will need to submit the Absolute Re-Assignment of Life Insurance Policy form.

  • Q:Can I take up a life policy and later assign it to a company, association, or religious body like a church?

    A:

    If the assignor or assignee is an organization, any of the following key personnel can sign on behalf of the organization.

    • Sole proprietor
    • Director
    • Partner
    • Chairman or Vice chairman
    • President or Vice president

    Documents needed

    1. Accounting and Corporate Regulatory Authority (ACRA) business profile or Registry of Societies (ROS) annual return (within last 3 months) showing details of the organization and their key personnel.
    2. Clear photocopy of the following identification documents of the person signing on behalf of the organization, e.g. NRIC/Passport.
    3. An authorization letter signed by the organisation’s key personnel if the person who signs this form is not one of the key personnel. We will need the identification documents of both the key personnel and the authorized person.
    4. If the assignee is an organization, please submit the FATCA and CRS self-certification form for entity account holder or for Controlling Person, where applicable.
  • Q:If my company is closing down, can I request for the policies which were taken under the name of the company, to be assigned to me?

    A:

    Yes, but the assignment must be done before the company ceases operation.

Non payment of life insurance premiums
  • Q:Is there a period of grace for me to pay the premium?

    A:

    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.

  • Q:What happens if I still have not paid the premium after the period of grace?

    A:

    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.

  • Q:What is the default non-forfeiture option provided for in my policy?

    A:

    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)”.

  • Q:Can I change the default non-forfeiture option?

    A:

    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.

  • Q:How am I kept informed about the activation of the non-forfeiture option?

    A:

    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, the annual Policyholder Statement which summarises the policies and loans you have with Income will also be available in me@income.

Policy loans
  • Q:When can I take a loan on my policy?

    A:

    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.

  • Q:Is there an interest charged on the policy loan?

    A:

    Yes. The current interest rate is 5.5% 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.

  • Q:What is the minimum and maximum amount of loan that can be taken on my policy?

    A:


    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 TypeMaximum Loan
    a. Life Policy (except VivoCare, VivoSave, Regular or Single Premium SAIL)95% of cash value
    b. VivoCare, VivoSave, Regular or Single Premium SAIL80% 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 Policy90% of cash value
    f. Policies bought with CPF fundsNo loan is allowed
    g. Life policy assigned to IncomeNo loan is allowed
  • Q:Can I take a policy loan if the policy is assigned under absolute assignment?

    A:

    No, only the assignee can take a policy loan.

  • Q:Can I take a policy loan from a trust policy (Irrevocable Nomination) created under Section 49L(2) of the Insurance Act?

    A:

    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).

  • Q:Can I take a policy loan from a trust policy created under Section 73 of the Conveyancing and Law of Property Act?

    A:

    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).

  • Q:Will I be informed of the outstanding loan amount?

    A:

    You can login to me@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.

  • Q:How do I apply for a policy loan?

    A:
    1. You can login to me@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.
    2. 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.

      Only one policy loan is allowed per policy per day. You may choose to receive a crossed cheque or direct credit to your bank account. You will receive your preferred form of payment within six working days from the time we receive your completed documents.
    3. Call Income hotline at 6788 1122 for policy loans not exceeding $100,000. The cheque will be ready for your collection at our Bras Basah Branch (Income Centre) after two working days. Any loan request received after 5.00pm will only be ready after three working days.

      For example, if you applied on a Monday before 5.00pm, you can collect your cheque on Wednesday after 10am. But if you applied on a Monday after 5.00pm, you can collect your cheque only on Thursday after 10am. You have to come down personally to sign the Loan Agreement Form and collect the cheque. Please bring along your personal identification document.

      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.
  • Q:How do I apply for a policy loan if I am overseas?

    A:
    1. You can login to me@income, select the policy to check the loan available and submit the loan application by selecting “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.
    2. 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
      An official from the Singapore High Commission/Embassy of the Republic of Singapore, or a Notary Public must witness the form. The witness must state clearly his/her name and designation with the official stamp.

      When documents originate from or are signed in another country, it is common 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.

      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.

    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.

  • Q:What details do I provide to receive a bank draft or a Telegraphic Transfer (TT) to my overseas bank account?

    A:


    We need the below information to facilitate the bank draft or TT. We may contact you if additional information is needed.

    Bank DraftTelegraphic Transfer
    CurrencyCurrency
    Country and StateName of Account holder
    Bank Name
    Bank Account number
    SWIFT code*
    BSB Code (For Australia only)
    Fedwire/ CHIPS Universal ID/ CHIPS
    Participant ID or ABA (for USA only)
    Bank Address
    Country and State

    Please note:

    1. *SWIFT code: It is a standard format of Bank Identifier Codes (BIC) and a unique identification code for a particular bank. You may contact your bank to obtain the SWIFT code.

    2. Issuance of Bank Draft and Telegraphic Transfers are subjected to approval.

  • Q:How do I repay my loans?

    A:

    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:

    • Cash or Nets at our branch (Find an Income Branch)  
    • AXS by selecting "Life Policy Loan" and quote LRN
    • Internet banking (DBS, OCBC & UOB) by selecting "one-time bill payment" and quote LRN
    • Cheque made payable to "NTUC Income"and quote LRN, policy number and your contact number on the reverse side of the cheque. Please post the cheque to us at: Income Centre 75 Bras Basah Road Singapore 189557
  • Q:How long will it take for a bank draft to reach me? What about Telegraphic Transfer?

    A:

    After we receive the complete information from you, a bank draft or TT arrangement may take up to 14 working days.

  • Q:What are the charges I would need to bear for requesting a bank draft or a telegraphic transfer to my overseas bank account?

    A:

    The charges may change from time to time depending on the paying bank. The currency exchange rate will depend on the prevailing rates at the actual time of transfer. These are the current charges:

    Charges for Telegraphic Transfer
    Cost of cable (minimum SGD20, maximum SGD40); plus
    Local bank charges of 0.0625% of the loan amount (minimum SGD20, maximum SGD100); plus
  • Q:Can I arrange for a regular loan repayment plan?

    A:

    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.

  • Q:What happens when the policy loan amount exceeds the cash value of my policy?

    A:

    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.

  • Q:My policy has regular payouts. Would a loan taken reduce the payouts I receive?

    A:
    • 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.
  • Q:Can policyholder (or Assignee) that is an organisation take a policy loan?

    A:

    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.

    • Business Profile obtained from the governing body dated no more than three months prior.
    • Latest Board of Resolution
    • Proof of the authorised persons’ identity e.g. clear copy of NRIC (both sides)
Deceasing sum assured and premium
  • Q:Can I decrease my policy’s sum assured and premium?

    A:

    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.

  • Q:What happens when I decrease my policy’s sum assured and premium?

    A:

    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.

  • Q:How do I decrease my policy’s sum assured and premium?

    A:

    You may email to life.health@income.com.sg and we will provide you the documents required. Alternatively, you may also call Income hotline at 6788 1122 or visit any of our Income branches.

  • Q:What if I am no longer residing in Singapore?

    A:

    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 me@income (Select "Service Request" - > "Waiver of Notarisation")

Paid up policy
  • Q:What is paid-up?

    A:

    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.

  • Q:What happens when I convert my policy to paid-up?

    A:

    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. Currently, we do not declare any bonuses for paid-up policies. If we do declare any bonuses on your paid-up policy in the future, they will be based on the reduced paid-up sum assured.

    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.

  • Q:How do my policy’s values change after it is paid-up?

    A:

    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.

  • Q:Can I convert my policy to paid-up?

    A:

    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.

  • Q:How do I convert my policy to paid-up?

    A:

    You need to submit the signed and completed “Life Policy Alteration” form with a clear copy of your NRIC (both sides) via the following methods.

    For a copy of the “Life Policy Alteration” form, please click here. We will handle your paid-up request when we receive the required documents.

    If you need assistance, you may visit any of our Income branches, contact us on 6788 1122 or email us at csquery@income.com.sg.

  • Q:What if I am no longer residing in Singapore?

    A:

    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 documents through our secure on-line platform me@income (Select "Service Request" - > "Waiver of Notarisation")   

  • Q:Can I terminate my policy after it is paid-up?

    A:

    Your paid-up policy will still have a cash value and you may terminate it to receive its cash value.

Customer Knowledge Assessment (CKA) and risk profile
  • Q:Can I choose not to complete the CKA and risk profile questionnaire?

    A:

    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.

  • Q:Can I proceed to do an ILP top up at me@income after consulting my insurance adviser for advice?

    A:

    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 me@income.

  • Q:Can I still purchase or transact in ILP if I do not qualify for CKA?

    A:

    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.

  • Q:If I do not have an insurance adviser assigned to me, how do I proceed to do the ILP top up?

    A:

    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.

  • Q:If I have completed the CKA with another financial institution, do I still need to complete another CKA with Income?

    A:

    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.

  • Q:What are Specified Investment Products (SIPs)?

    A:

    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 exchangeExamples 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.

  • Q:What does the Customer Knowledge Assessment (CKA) consist of?

    A:

    The CKA is a questionnaire which consists of four questions where you will be required to provide factual information regarding your

    1. Education qualifications
    2. Investment experience and
    3. Working experience

    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).

  • Q:What information do I have to provide in the CKA questionnaire?

    A:

    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:-

    1. Education qualification
      • Diploma or higher qualifications in one of the following :
        • Accountancy
        • Actuarial Science
        • Business / Business administration / Business Management / Business Studies
        • Capital Markets
        • Commerce / Economics
        • Finance / Finance Engineering / Financial Planning / Computational Finance
        • Insurance; or  
      • Professional finance-related qualification such as
        • Chartered Financial Analyst Examination (conducted by the CFA institute, USA) or
        • Association of Chartered Certified Accountants (ACCA) qualifications.  
    2. Investment experience
      • Have at least 6 transactions in the last 3 years on Investment-linked Life Policies (ILPs) or Collective Investment Scheme (CIS) such as Unit Trusts.  Examples which qualify as one transaction :
        • Purchase of ILP / Unit Trusts
        • Single premium Top-up / Regular premium increase
        • Change in Fund allocation
        • Sub-Fund switch within ILP / Fund Switch of Unit Trusts
        • New Recurrent Single Premium application   Transactions that would not qualify :
        • Subsequent investment(s) into a regular premium of ILP / regular savings plan of Unit Trusts after the first premium / savings installment
        • Shares listed in the Stock Exchanges  
    3. Working Experience
      • Minimum of 3 consecutive years of working experience in the past 10 years in any of the following :
        • Development / Structuring / Management / Sales / Trading / Research and Analysis of Investment Products
        • Provision of training in investment products
        • Accountancy
        • Actuarial Science
        • Treasury
        • Financial Risk Management  
  • Q:What is a risk profile questionnaire?

    A:

    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.

  • Q:What is the new requirement for Customer Knowledge Assessment (CKA)?

    A:

    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).

  • Q:What is the possible reason for unsuccessful ILP top up at me@income?

    A:

    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.

  • Q:What is the process for an ILP top up at me@income?

    A:

    You can access your me@income account through www.income.com.sg. When you select “Top Up” for an ILP, you will be prompted to complete both the CKA and Risk profile questionnaire before you can proceed with the top up.

  • Q:What is the validity period for my completed CKA and risk profile questionnaire at me@income?

    A:

    When you have completed the CKA and risk profile questionnaire for a top up transaction at me@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 me@income.

  • Q:What shall I do if I was advised that ILP is not suitable for me?

    A:

    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:

    • You intend to proceed with the transaction despite not qualifying for the CKA criteria; and
    • You will be responsible for ensuring that the product is suitable for you.

    As an additional safeguard, an approval by our senior management is required before an Income insurance adviser or consultant can proceed with the transaction.

  • Q:When are the CKA and risk profile questionnaire introduced?

    A:

    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 me@income.

  • Q:When do I need to complete a CKA questionnaire?

    A:

    A CKA questionnaire is applicable under the following circumstances:-

    1. Purchase of a new ILP
    2. Post-purchase transactions such as premium top-up, premium increase for regular and recurrent single premium, sub-fund switching, change in premium allocation, activation of a RevoSave ILP account option.
  • Q:Which Income products are classified as Unlisted SIPs?

    A:

    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:

    1. GrowthLink
    2. VivoLink
    3. FlexiLink
    4. FlexiCash
    5. IdealPlan (withdrawn ILP)
  • Q:Who can I contact for more information?

    A:

    You may wish to contact your insurance adviser or call our Income hotline at 6788 1122.

  • Q:Why do I have to complete CKA and risk profile questionnaire for post-purchase transactions if I have already provided my information in My Financial Portfolio?

    A:

    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.

Investment Linked Plans – change of regular premiums
  • Q:What is the minimum premium required to start a regular premium Investment-Linked Plan (ILP)?

    A:

    The minimum premium for your regular premium plan will depend on the type of plan you had signed up. For example,

    Type of ILP Plan Minimum Regular Premium Maximum Regular Premium
    VivoLink – VL1

    $150/monthly
    $450/quarterly
    $900/half-yearly
    $1,800/yearly

    $500/monthly
    $1,500/quarterly
    $3,000/half-yearly
    $6,000/yearly

    Ideal – ID2, ID2S

    $50/monthly
    $150/quarterly
    $300/half-yearly
    $500/yearly

    -
    Ideal – ID5, ID6, ID7

    $100/monthly
    $300/quarterly
    $600/half-yearly
    $1,200/yearly

    -
  • Q:Can I reduce my regular premium?

    A:

    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.

  • Q:What are the charges incurred for the reduction in my regular premium?

    A:

    There will not be any additional charges incurred for the reduction in regular premium. However, the charge (advisory charge, mortality charge1, 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.

  • Q:How do I request for a Change of Regular Premium?

    A:

    You could complete the “Investment-Linked Plan Policy Regular Premium Change 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 Plan Policy Regular Premium Change 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.

  • Q:If there is an increase in regular premium, are there any charges?

    A:

    There are charges incurred for the increase in regular premium depending on the ILP type.

    For example, for 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 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 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.

Investment Linked Plans – fees and charges for existing plans
  • Q:What is a policy fee under the Investment-Linked Plans (ILPs)?

    A:

    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.

  • Q:What are the policy fees for Income's ILPs?

    A:

    The four plans available are-

    • Flexi-Link Plan (IB6) for CPF investment only
    • GrowthLink Plan (GL1) for cash and SRS investment
    • VivoLink Plan (VL1) for cash investment only
    • Vivalink Plan (VA1)  for cash investment only

    The policy fee is deducted from the ILP fund balance at the beginning of each policy year. With effect from 01 Mar 2007, the policy fees are indicated as follows-

    PlanInitial Policy FeeSubsequent Policy Fee
    Flexilink (IB6)No charges$50
    GrowthLink (GL1)No charges$50
    VivoLink (VL1)$150$60


    PlanMonthly Policy Fee
    Vivalink (VA1)$5
  • Q:Can the policy fees be waived?

    A:

    For IB4, with effect from 01 Mar 2007, if Net Premium Paid is $15,000 and above, the $50 annual policy fee will be waived.

    For GL1, with effect from 01 Jun 2010, if Net Premium Paid is $25,000 and above, the $50 annual policy fee will be waived.

    For VL1 and VA1, there will be no waiver of policy fees regardless of the investment amount.

  • Q:Were policy fees imposed for ILPs only?

    A:

    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.

  • Q:What are the other charges?

    A:

    The other charges are as follows:

    a. Insurance Cover Charge (for VA1)

    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.

    For GL1/VL1/VA1 policies, the fund switches are free.

Investment Linked Plans – fees and charges for withdrawn plans
  • Q:What are the policy fees for Income's ILPs?

    A:

    The withdrawn ILPs are-

    • Four Flexi-Link Plans (IB1/IB2/IB3/IB4 - cash and SRS investment only)
    • Two Old Ideal Plans (IP1/IP2)
    • Five Ideal Plans (ID1/ID2/ID5/ID6/ID7)

    The policy fee is deducted from the ILP fund balance at the beginning of each policy year.
    With effect from 01 Mar 2007, the policy fees are indicated as follows-

    PlanInitial Policy FeeSubsequent Policy Fee
    IB1$100No charges
    IB2/IB3$100$50 per annum
    IB4No charges$50 per annum
    IP1/IP2No charges$25 per annum
    ID1$100$50 per annum
    ID2$100$50 per annum
    ID5$90$50 per annum
    ID6No charges$4 per month
    ID7No charges$4 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:

    • ID2 – the subsequent policy fee was $30 per annum.
    • ID5 – $80 per annum.
  • Q:Can the policy fees be waived?

    A:

    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).

  • Q:What are the other charges?

    A:

    The other charges are as follows:

    • Mortality Charges - with effect from 1 Aug 2005, the charges had been waived except for the older series of ILP (IB1/IP1/IP2).
      Mortality Charge and other Benefit Charges for Flexi-Link (IB1) and Old Ideal Policies (IP series) For the older Ideal policies (IP1 and IP2), the mortality charge is known as annual benefit charge for the sum assured of the policy. This charge is deducted at policy anniversary via the cancellation of units at the prevailing bid price. It is calculated based on the policyholder's attained age and either
      1. the difference between the sum assured or cash value (incremental basis) at policy anniversary, or
      2. the actual sum assured (fixed basis). Note: The choice of fixed or incremental basis was made by the policyholder when the policy was bought. For older Flexi-link (IB1) policies, mortality charges are applicable to the premium invested from age 60 onwards. This charge is deducted from the single premium and/or ad hoc top up premium. Depending on the premium amount, we can waive the mortality charge on a case to case basis.
        Mortality charge:
    Age (last birthday)% of Premium Invested
    59 and below0%
    60 to 641.0%
    65 to 691.5%
    70 and above2.5%

    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.


    • Fund Switching Fees - All policies (except ID5) are entitled to 2 free switches each calendar year. A fee of $30 or 1% of transacted value (whichever is higher) will be charged for all subsequent switches. For ID5, a switching fee of 0.2% of transacted value applies for each transaction. All switching fees are payable in cash and not deducted from the transaction amount.
    • 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.
    • Advisory Fees - applicable to ID2/ID6/ID7 and Old Ideal Policies (IP1/IP2). ID2 - There is an advisory fee of 15% of the initial annual premium charged for the first 3 years. Only 85% of the premium paid is invested. To any decrease of regular premium within the first three years of policy inception, the advisory fee on the initial regular premium will still be payable. To any increase of regular premium, a 45% advisory fee will be deducted upfront for the annualized portion that is in excess of the highest regular premium paid before the increase. ID6 – There is an advisory fee of 20% of the initial regular premium charged for the first 36 months. To any decrease of regular premium within the first three years of policy inception, the advisory fee on the initial regular premium will still be payable. To any increase of regular premium, 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. ID7 – For policy that had been sold through an Insurance Adviser, 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. IP1 – 50% of first year premium IP2 – 80% of first year premium
    • Surrender Penalty – applicable to ID2/ID5/ID6/ID7. For ID2/ID6 policies, if the policy is fully surrendered within the first 3 years of inception, the balance of the advisory fee will still be deducted from the cash value as a surrender penalty. For ID5 policies, if the policy is surrendered within the first 20 years from date of inception, a surrender penalty will be deducted from the cash value. The penalty is based on $40 per year, multiplied by the remainder of the 20 years. E.g. If you surrender your ID5 policy in the 5 policy year, we will deduct $40 x (20-5) = $600 as a penalty. For ID7 policies, if the policy is fully surrendered within the 12 months from the date the premium was increased, the balance of the advisory fee will still be deducted from the cash value as a surrender penalty. There is no surrender penalty for partial withdrawals.

     

Investment Linked Plans – Premium Holiday
  • Q:What is meant by Premium Holiday?

    A:

    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.

  • Q:When can I apply for Premium Holiday?

    A:

    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.

    • There must be positive units in all the funds of the policy.
    • There must be minimum premium payment for 12 months.

    If the application is successful, we will send you a letter indicating the period of Premium Holiday applied.

  • Q:What happens when the policy is placed on Premium Holiday?

    A:

    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.

  • Q:How long is the period of premium suspension?

    A:

    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.

  • Q:Can I apply for a longer suspension?

    A:

    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.

  • Q:How do I apply for Premium Holiday?

    A:

    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.

Life insurance application
  • Q:Can I backdate my regular premium policy?

    A:

    For regular premium plans we allow backdating subject to the following conditions:

    1. The cover start date is  1 day before the insured’s birthday;
    2. The cover start date cannot be before product launch date;
    3. The backdating cannot be more than 6 months; and
    4. The premium rate increases with the age of the insured.
  • Q:Can I decide on where to do the medical examination?

    A:

    All medical examinations and tests have to be conducted at a clinic from our Panel.

    We will assign a clinic in our list of Panel of Doctors that is near the Insured’s home. Please contact us to make the arrangement if the Insured prefers to go to another clinic listed in our Panel.

  • Q:Can I request for my policy document to be hand-delivered?

    A:

    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 me@income to view or print the electronic copy of your policy document. If you have any issues in logging into me@income, you may visit our FAQ here.

  • Q:Can I use a recent test report instead of going for another medical examination?

    A:

    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.

  • Q:Do I need to complete the application form by myself?

    A:

    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.

  • Q:Do I need to go through a medical examination?

    A:

    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.

  • Q:Do I need to inform you if there is a change in my health status while my application is being processed?

    A:

    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.

  • Q:How can I make payment for my premiums?

    A:

    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, ATM or phone banking. We encourage GIRO deductions for policies with regular premium payments as it is hassle free and reduces the chances of missing any payments.

  • Q:How do I know the outcome of my application?

    A:

    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.

  • Q:How is interest calculated for backdating?

    A:

    Interest is calculated based on the prevailing interest rate of 5.5% per annum on the premiums to be paid to backdate your policy.

  • Q:How long will you take to process my life insurance application?

    A:

    We will be able to process your application within seven working days, provided:

    • We have received full documentation;
    • We have received the first premium payment; and
    • You are not required to go for a medical examination.

    The time required to process your application will be longer if there is incomplete documentation or the need for a medical examination.

  • Q:How will you deliver the policy document to me?

    A:

    We will send you a confirmation SMS/email that includes a link to your electronic policy document.

  • Q:Is there any insurance coverage while you process my life insurance application?

    A:

    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.

  • Q:What are the possible outcomes of underwriting?

    A:

    These are some of the possible outcomes of underwriting:

    • Accept the application with standard terms of the policy;
    • Require additional information on the health or financial status of the Insured if there is insufficient information to make a decision;
    • Charge a higher premium or impose special terms¹ appropriate to the level of risk involved;
    • Defer the application and reassess the risk later;
    • Offer a lower sum assured for the same product or another product; or
    • Decline the application.

    ¹ Special terms are terms offered by insurance companies that are outside the standard policy terms and conditions.

  • Q:What can I do if I disagree with the underwriting decision?

    A:

    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.

  • Q:What does the “14 days Free-Look Period” mean?

    A:

    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.

  • Q:What is underwriting?

    A:

    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.

  • Q:When does the 14 days Free-Look Period start?

    A:

    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.

  • Q:When will my life insurance coverage commence?

    A:

    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.

  • Q:When will the premium be deducted from my credit card?

    A:

    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.

  • Q:Who pays for the medical examination?

    A:

    We will pay for the medical examination and tests fees that we request.

  • Q:Why are special terms1 such as premium loading and exclusions imposed on some policies?

    A:

    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.

  • Q:Why are you charging interest for backdating?

    A:

    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.

  • Q:Why is there a need for me to make premium payment upon application?

    A:

    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.

Motor online application
  • Q:How do I get a Motor online quote to purchase online?

    A:

    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.

  • Q:Which class of Motor Insurance can I purchase online?

    A:

    You can purchase both Private Car Insurance and Motorcycle Insurance online.

  • Q:What are the payment modes available when I purchase online?

    A:

    You can pay either via eNETS Direct Debit or Visa/MasterCard Credit Cards.

  • Q:If I am a supplementary cardholder, can I still purchase my Motor Insurance online?

    A:

    Yes, as long as the Credit Card is valid and is issued in your name.

  • Q:Will my policy be activated once I purchase my Motor Insurance online?

    A:

    Yes, as long as your payment confirmation is successful.

  • Q:How will I receive my policy document?

    A:

    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.

Car servicing workshops
  • Q:Why does Income provide car servicing referral?

    A:

    We would like to add value to the motoring needs of our motor policyholders.

  • Q:How reliable are these workshops?

    A:

    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.

  • Q:Why are these workshops offering different packages?

    A:

    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.

  • Q:What is Income's role in this referral service?

    A:

    Income’s role is to identify workshops that can provide reliable service to our customers.

  • Q:Who can I approach to make a servicing booking?

    A:

    You may make the servicing booking with the workshop.

  • Q:How can I be sure that the workshops do not make me change parts or pay for services unnecessarily?

    A:

    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.

  • Q:Who can I approach if I have disputes with the workshop on the servicing?

    A:

    You should try to resolve it with the workshop directly. If it is not successful, Income will help to mediate.

  • Q:Do your workshops offer the lowest servicing package?

    A:

    Our selected servicing workshops offer competitive servicing rates with our assurance of reliability and quality.

  • Q:Do your workshops offer car collection and delivery services?

    A:

    Yes, our workshops can collect and deliver your car to you for a small fee.

  • Q:Do the workshops provide after-service warranty?

    A:

    Yes, our workshops will provide after-service warranties in line with industry practices.

Nomination of Beneficiaries (NOB) framework
  • Q:Can a nomination under the Insurance Act be made for all types of policies?

    A:

    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.

    Travel insurance
    Personal accident assurance
    Personal accident insurance
    Personal accident infectious diseases insurance
    Personal accident rideshield insurance
    PrimeShield
    Overseas student personal accident insurance
    Overseas Study Protection Plan


    Under the Insurance Act, you have the option to make either:

    1. A revocable nomination
    2. A trust (irrevocable) nomination;

    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.
     

  • Q:Do I need to name a trustee for a Trust Nomination?

    A:

    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:

    1. Consent to the revocation of the trust
    2. Consent to variation of any term of the policy
    3. Give a valid discharge to the insurer for monies received under the policy

     

  • Q:How did the Nomination of Beneficiaries framework under the Insurance Act come about?

    A:

    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.

  • Q:How do I cancel a Trust Nomination?

    A:

    To cancel the nomination, consent must be obtained from either:

    1. A trustee who is not the policy owner; or
    2. Each beneficiary who is at least 18 years old or, in the case of a beneficiary who is below 18 years old, consent from the parent / legal guardian who is not the policy owner
  • Q:I have an Income policy which I have made a nomination under the Co-operative Societies Act. Can this nomination be superseded by a subsequent Will?

    A:

    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.

  • Q:Is there any cap on the death proceeds an insurer can pay out when a nomination is made?

    A:

    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.

  • Q:What are the age requirements for policy owners, trustees and witnesses named in a nomination?

    A:

    The age requirements for a policy owner, trustee and witness are listed in the following table.

     Revocable NominationTrust Nomination
    Policy OwnerAt least 18 years oldAt least 18 years old
    TrusteeNo Trustee requiredAt least 18 years old
    WitnessAt least 21 years oldAt least 21 years old
  • Q:What are the requirements for a Will to cancel an earlier Revocable Nomination?

    A:

    Under the Insurance Act, the Will must:

    1. Provide for the distribution of all death benefits under the policy; and
    2. Specify particulars of the policy as required under Regulation 5(3) of the Insurance (Nomination of Beneficiaries) Regulations 2009. The Regulations require the following particulars to be specified in the Will:
      1. The name of the insurer that issues the policy;
      2. The policy number;
      3. The name of each beneficiary to whom any portion (including the whole) of the death benefits under the policy is bequeathed;
      4. Where a beneficiary referred to in sub-paragraph (iii) is an individual, the following particulars of the beneficiary: NRIC / Birth Certificate / Foreign passport number, address, date of birth;
      5. Where a beneficiary referred to in sub-paragraph (iii) is not an individual, the following particulars of the beneficiary:
        • The Singapore unique entity number of the beneficiary or, if the beneficiary does not have such a number, any other official registration number which identifies and is unique to the entity; and
        • The address of the beneficiary;
      6. The portion of the death benefits under the policy which is bequeathed to each beneficiary.  
  • Q:What are the restrictions on nomination types for policies that are purchased with CPF funds?

    A:

    The table below summarises the restrictions on nomination types for policies that are purchased with CPF funds.

    Policy TypeRevocable NominationTrust Nomination
    Minimum Sum Scheme (MSS) AnnuitiesNoNo
    Minimum Sum Plus Scheme (MSPS) AnnuitiesYesYes
    Dependent Protection Scheme (DPS)YesNo
    CPFIS OA (Ordinary Account) or SA (Special Account)YesNo
    SRS (Special Retirement Scheme)YesNo
  • Q:What do I need to know before making a Trust Nomination?

    A:

    Making a Trust Nomination has many consequences, as listed below, and you should consider carefully before making such a nomination.

    1. Policy owner loses all rights and control over his policy.
    2. Proceeds under the policy, whether made during the policy owner’s lifetime or after his death, will be payable to the beneficiaries.
    3. Policy owner cannot, on his own, change his nomination. To change or cancel his trust nomination, he must obtain the consent of each beneficiary who is at least 18 years old or a trustee who is not the policy owner. In the case of a beneficiary who is below 18 years old, the parent or guardian (who is not the policy owner) can consent on the beneficiary’s behalf.
    4. Policy owner cannot on his own give instructions to change any part of the policy. An insurer can carry out the policy owner’s instructions to change the policy (including any instructions to alter the benefits payable under the policy) only if consent has been obtained from each beneficiary who is at least 18 years old or a trustee who is not the policy owner. In the case of a beneficiary who is below 18 years old, the parent or guardian (who is not the policy owner) can consent on the beneficiary’s behalf.
    5. The trust is not affected by a divorce. This may be an issue if the spouse is one of the beneficiaries.
  • Q:What if a beneficiary under a Revocable Nomination predeceases the policy owner?

    A:

    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.

  • Q:What if a beneficiary under a Trust Nomination predeceases the policy owner?

    A:

    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.

  • Q:What if after making a nomination under the Insurance Act, I make a Will that covers the same policy?

    A:

    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?”.

  • Q:What is a Revocable Nomination?

    A:

    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.

  • Q:What is a Trust (or Irrevocable) Nomination?

    A:

    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.

    •          ElderShield Supplement Plans (ESP), i.e. PrimeShield
    •          Integrated MediShield Plans (IMP), i.e. IncomeShield, Enhanced IncomeShield
    •          Insurance policies purchased using Supplementary Retirement Scheme (SRS) funds
  • Q:When will my nomination take effect?

    A:

    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.

  • Q:Where can I find a summary of the changes to Revocable and Trust Nominations prior to and after 01 Sep 2011, as well as the similarities and differences between Revocable and Trust Nominations under the Insurance Act?

    A:

    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 the Co-operative Societies Act and the Insurance Act
    • Table 2 – Comparison of Key Differences between Trust Nominations under Section 73 of the Conveyancing and Law of Property Act and the Insurance Act
    • Table 3 – Comparison of Key Differences between Trust Nomination and Revocable Nomination under the Insurance Act.

    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 2009Insurance Act from 01 Sep 2009
    Revocable Nomination governed under S45 of Co-operative Societies ActRevocable Nomination governed under S49M(2) of Insurance Act
    Use of Income’s prescribed form to nominateUse of Form 4 of Insurance (Nomination of Beneficiaries) Regulations to nominate
    One nomination form for one or more policiesOne 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 payoutNomination 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 WillNomination 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, encumbranceNomination 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 2009Insurance Act from 01 Sep 2009
    Trust created under Section 73 of Conveyancing and Law of Property ActTrust (or Irrevocable) Nomination under S49L(2) of Insurance Act
    Use of Income’s prescribed form to nominateUse of Form 1 of Insurance (Nomination of Beneficiaries) Regulations to nominate
    One nomination form for one or more policiesOne 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 trusteeTrustee 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 appointmentConsent of Trustee is required before appointment
    Trustee must be at least 21 years oldTrustee 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 oldCancellation 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 01 SEP 2009

    Only applicable to death benefits

     Revocable S49M(2)Trust S49L(2)
    Policy TypeLife, general insurance and accident & health policies with death benefits and the policies insure the life of the policy ownerLife, general insurance and accident & health policies with death benefits and the policies insure the life of the policy owner
    Minimum Age of Policy Owner18 years old18 years old
    Making the NominationAnytime during policy periodAnytime during policy period
    Annuities under MSSNot applicableNot applicable
    Annuities under MSPSApplicableApplicable
    DPS/CPFIS/SRS policiesApplicableNot applicable
    BeneficiaryAny legal entity (e.g. individual, association or corporation)Only spouse / child (e.g. legitimate / illegitimate, stepchild, adopted child)
    Cancellation by Policy OwnerYes, anytimeWith 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 CancellationAutomatically 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 NominationNomination 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 OwnerIf 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 benefitsApplicable to both living and death benefits for life and accident & health policies.
    Appointment of Trustee(s)Not necessaryYes and policy owner, beneficiaries or witnesses may be appointed as trustees
  • Q:Why am I not allowed to make a Trust Nomination for DPS, PrimeShield and policies purchased with CPFIS / SA and SRS funds?

    A:

    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.

  • Q:Why am I not allowed to make any nomination for annuities purchased under the Minimum Sum Scheme (MSS) but I am allowed to do so for annuities purchased under the Minimum Sum Plus Scheme (MSPS)?

    A:

    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.

  • Q:Why is the restriction imposed on a policy owner who is also a trustee under a Trust Nomination when there is no such restriction under Section 73 of the Conveyancing and Law of Property Act?

    A:

    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.

  • Q:Why is there a need to implement a new Nomination of Beneficiaries framework under the Insurance Act?

    A:

    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.

Deposit Withdrawal
  • Q:When can I withdraw the deposited regular payments in the deposit account?

    A:

    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.

  • Q:How can I inform Income to withdraw the deposited regular payments?

    A:

    When we have received the required documents, we will handle your withdrawal request within three working days. For your convenience, we strongly encourage you to opt for bank crediting by providing a copy of your bank book/statement.

  • Q:Can I request to withdraw the deposited regular payments if I am overseas?

    A:

    If you are residing overseas, the form is to be witnessed either by an Official from the Singapore High Commission/Embassy of the Republic of Singapore (for Singaporeans) 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 common 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 can submit the request by logging in to me@income & select “Withdraw Deposited Cash Benefits”.

    Please ensure that your NRIC/identification number registered with us is the same as the bank’s record. The cheque will be rejected if you opened your bank account with a different identification number.

  • Q:What type of personal identification document do I need to submit?

    A:

    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.   
  • Q:Can I put back the withdrawal deposited regular payment after it is withdrawn?

    A:

    No, once you have withdrawn the deposit, you are not allowed to return the withdrawn amount to re-deposit with us.

  • Q:Can I request to withdraw the deposited regular payments if the policy is assigned under absolute assignment?

    A:

    If the policy is assigned under absolute assignment1, the assignee instead of the policyholder can give us the instruction for the deposit withdrawal. The payment will be paid to the assignee.
     
    1An 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.

  • Q:Can I request to withdraw the deposited regular payments if the policy is a trust created under section 73 of the Conveyancing and Law of Property Act?

    A:

    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).

  • Q:Can I request to withdraw the deposited regular payments if the policy is a trust (Irrevocable Nomination) created under section 49L(2) of the Insurance Act?

    A:

    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.

Purchase of insurance by an undischarged bankrupt
  • Q:How is Income notified about my bankruptcy status?

    A:

    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.

  • Q:Can an undischarged bankrupt purchase insurance?

    A:

    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:

    • Spouse
    • Parent and child or
    • Employer and employee

    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.

  • Q:How does an undischarged bankrupt pay his / her premiums?

    A:

    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"NTUC Income" 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    

  • Q:Who can I contact if I have any further enquiries?

    A:

    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.