Frequently Asked Questions

Gro Cash Flex

Product Coverage
  • Q:What is Gro Cash Flex?

    A:

    Gro Cash Flex is a participating, regular premium endowment1 plan. It provides protection against death and terminal illness of the insured during the policy term.  

    We will also pay a maturity benefit at the end of the policy term.

    The compulsory rider – Savings Protector will be attached to this policy.

    1An endowment plan combines insurance protection with a savings element. A participating policy is entitled to share in the profits of the participating fund. These profits are distributed via bonus declarations and are payable upon maturity, surrender or when there is a claim.

  • Q:Is there guaranteed acceptance for this plan?

    A:

    Yes, there is guaranteed acceptance for this plan regardless of the insured’s health condition. However, financial underwriting is applicable.

Death Benefit
  • Q:What is the death benefit payable?

    A:

    If the insured dies during the term of the policy, we will pay 105% of all net premium(s) paid and a terminal bonus.

    We will also pay any cash benefits and cash bonuses which have built up, including any interest earned, until then.  

    The policy will end when we make this payment.

    If you have appointed a secondary insured before the insured dies, we will not pay this benefit. Upon the death of the insured, the secondary insured becomes the insured and this policy will continue.

  • Q:What are the exclusion(s) for death benefit?

    A:

    This policy is not valid if the insured commits suicide within one year from the cover start date.

    We will refund the total premiums paid, without interest, less any amounts we have paid the policyholder, and any amount the policyholder owes us, from the cover start date.

Terminal Illness (TI) Benefit
  • Q:What is the TI benefit payable?

    A:

    If the insured becomes terminally ill during the term of the policy, we will pay 105% of all net premium(s) paid and a terminal bonus.

    We will also pay any cash benefits and cash bonuses which have built up, including any interest earned, until then.  

    The policy will end when we make this payment.

    If you have appointed a secondary insured before the insured dies, we will not pay this benefit. Upon the death of the insured, the secondary insured becomes the insured and this policy will continue.

  • Q:What is the definition of TI?

    A:

    Terminal illness (TI), and terminally ill mean an illness which, in the opinion of the registered medical practitioner involved and a registered medical practitioner we have appointed, is highly likely to lead to death within 12 months. However, we will exclude terminal illness in the presence of human immunodeficiency virus (HIV).

  • Q:What are the exclusion(s) for TI benefit?

    A:

    We will not pay this benefit if your claim arises from:

    - deliberate acts such as self-inflicted injuries, illnesses or attempted suicide; or

    - unlawful acts, provoked assault, or deliberate exposure to danger; or

    - the effects of alcohol, drugs or any dependence.

Cash Benefit
  • Q:What are the cash benefits payable?

    A:

    If the insured survives at the end of two years from the policy entry date, and if premiums for this policy have been paid for at least two years, a cash benefit will be paid. The first cash benefit will be paid two years from the policy entry date.

    Each yearly cash benefit is 3% of the sum assured and we pay it every year as long as the insured is still alive and the policy has not ended.

    If the sum assured of the policy is at least S$80,000, the yearly cash benefit can be received in monthly payments. The amount of each monthly cash benefit payment will be worked out.

    If the insured survives at the end of the policy term and the policy has not already ended, the final yearly cash benefit (in other words, 3% of the sum assured) and the cash bonus will be paid as a lump-sum with the maturity benefit. The policy will end once this payment is made.

    You cannot change the payout frequency (i.e. between yearly or monthly) once the first cash benefit is paid.

  • Q:What can I do with my cash benefits?

    A:

    You can choose to use the cash benefit in any one of the following ways.

    - Place it in a deposit account to earn interest at a rate we will set.

    - Receive it as a payout.

  • Q:How do I inform Income of my choice for the cash benefits?

    A:

    We will write to you before the first cash benefit to remind you what you chose. If we do not receive your instruction from you at least 30 days before the first cash benefit is due, we will go ahead with your original wishes.


    We will follow this same choice for the later cash benefits, unless you tell us your choice at least 30 days before the next cash benefit is due.

Guaranteed Insurability Option to Buy Another Life Policy
  • Q:When will the guaranteed insurability option to buy another life policy be available?

    A:

    If the original insured experiences any of the following life events, the original insured may choose to take up a new policy (with only death and total and permanent disability benefits) on their own life, without evidence of good health:

    - Turning 21
    - Marriage
    - Divorce
    - Becoming a parent
    - Death of spouse
    - Purchase of a residential property

  • Q:What are the conditions that must be met to exercise this option?

    A:

    The following conditions are to be met to exercise the option to buy another life policy: - The sum assured for the new policy will be limited to 50% of the sum assured for this policy, or S$100,000, whichever is lower.

    - The original insured must take up this option within three months after the date of the life event.

    - The original insured must not be totally and permanently disabled, or be diagnosed with an advanced-stage dread disease at the time of taking up this option.

    - The original insured must be 50 years old and under at the time of taking up this option.

    - The life event must have taken place no earlier than 12 months after the cover start date of this policy. 

    - At our request, the original insured must provide satisfactory documentary proof of a life event.

    - The original insured can take up this option no more than two times. Each time the original insured takes up this option, it must be on a different life event.

    - Any special terms that are added to this policy (such as extra exclusions or an increased premium) will also be added to the new policy which the insured takes up.

  • Q:What are the plans that I can apply under the guaranteed insurability option?

    A:

    The original insured has the option to buy another new life policy which covers only death and total and permanent disability. The list of plans available under the guaranteed insurability option are: 

    - iTerm
    - Mortgage Term
    - Star Secure
    - DIRECT Star Protect
    - Gro Sure Saver

Secondary Insured Option
  • Q:What is secondary insured option?

    A:

    You may appoint or remove a secondary insured before the death of the insured provided the following conditions are met:

    - the premium of this policy is paid only with cash;
    - no nomination of beneficiary has been made for this policy; and
    - there is no change to the ownership of this policy including assignment, bankruptcy, and trust.

    In the event of death of the insured, the secondary insured will become the insured of the policy and the policy continues until the death of the insured or end of the policy term, whichever happens first.

    Any premium payments shall continue to be payable.

    The policy can only have one insured at any point of time.

  • Q:What is the definition of secondary insured?

    A:

    The secondary insured must be you (before the age of 65 years old), your spouse (before the age of 65 years old), or your child or ward (before the age of 18 years old) at the time of exercising this option.

  • Q:How many times can I exercise the secondary insured option?

    A:

    You can exercise this option to appoint a secondary insured no more than three times.

Savings Protector
  • Q:What is Savings Protector rider?

    A:

    This compulsory rider will be attached to the basic policy and provides total and permanent disability and retrenchment benefit for the policyholder for a limited period.

    The Savings Protector rider will end immediately:

    - when its basic policy ends;
    - when its basic policy is vested;
    - upon claim of the TPD benefit;
    - upon death of the policyholder;
    - when you reach the anniversary immediately after you reach the age of 70; or
    - at the end of the policy term of this rider.
    whichever is earliest.

Total and Permanent Disability (TPD) Benefit
  • Q:What is the TPD benefit payable?

    A:

    If the policyholder becomes totally and permanently disabled (before the anniversary immediately after the policyholder reaches the age of 70) during the premium term, the policyholder will stop making premium payments on the basic policy for the remaining premium term.

     The basic policy will continue to apply (as if premiums have been paid) during this period. The policyholder cannot change the premium term or increase the sum assured after the policyholder claims this benefit.

    This rider will also pay a lump sum benefit equivalent to two years annual premium of this rider and the basic policy. If the premiums for this rider and the basic policy have already been fully paid, this rider will only pay the lump sum benefit.

  • Q:What is the definition of TPD, Total physical loss and Severe disability?

    A:

    Total and permanent disability (TPD), and totally and permanently disabled, mean any of the below. 

    - If the policyholder is under 65 years old, TPD, and totally and permanently disabled mean total physical loss, or the inability to take part in any paid work for the rest of a person’s life.

    - If the policyholder is 65 years old and above (but before the anniversary immediately after the policyholder reaches the age of 70 years old), TPD, and totally and permanently disabled mean total physical loss, or severe disability.

    Total physical loss means:

    - the total and permanent loss of sight in both eyes; 

    - the loss of, or total and permanent loss of use of, two limbs at or above the wrist or ankle; or 

    - the total and permanent loss of sight in one eye and the loss of, or total and permanent loss of use of, one limb at or above the wrist or ankle.

    Severe disability means the inability to perform at least three of the following activities of daily living, even with the aid of special equipment and always needing the help of another person throughout the entire activity.

    - Washing – the ability to wash in the bath or shower (including getting into and out of the bath or shower) or wash satisfactorily by other means; 

    - Dressing – the ability to put on, take off, secure and unfasten all garments and, as appropriate, any braces, artificial limbs or other surgical appliances; 

    - Transferring – the ability to move from a bed to an upright chair or wheelchair and vice versa; 

    - Mobility – the ability to move indoors from room to room on level surfaces; 

    - Toileting – the ability to use the lavatory or otherwise manage bowel and bladder functions so as to maintain a satisfactory level of personal hygiene; 

    - Feeding – the ability to feed oneself once food has been prepared and made available.

  • Q:What are the exclusion(s) for TPD benefit?

    A:

    We will not pay this benefit if your claim arises from:

    - deliberate acts such as self-inflicted injuries, illnesses or attempted suicide;

    - unlawful acts, provoked assault or deliberate exposure to danger; or

    - the effects of alcohol, drug or any dependence.

    We will also not pay this benefit unless you are certified by a registered medical practitioner to have been totally and permanently disabled for at least six months in a row.

Retrenchment Benefit
  • Q:What is the retrenchment benefit and when can I make a claim for this benefit?

    A:

    If the policyholder is retrenched, the policyholder will not have to pay the premiums for the basic policy and this rider for six months from the next premium due date onwards. For this to apply, the policyholder must meet all the following conditions.

    - The policyholder must have paid at least six months’ premiums. 

    - The policyholder’s retrenchment must have taken place no earlier than six months after the cover start date. 

    - The policyholder has not been able to find employment for three months in a row after being retrenched.

    The policyholder will have to pay premiums for the month that the policyholder starts permanent paid employment and this benefit will end.

    At the end of the fifth month when the policyholder has stop paying premium, the policyholder can choose to defer the premiums for this rider, its basic policy and optional riders for the next six months. For this to apply, the policyholder must meet all the following conditions.

    - The policyholder remains retrenched and is unable to pay premiums. 

    - If the basic policy does not have any or sufficient cash value to activate the automatic premium loan. 

    - The policyholder must inform us at least one month before the start of the deferment period.

    The following will apply during the deferment period: 

    - this rider, its basic policy and any optional rider will remain in force; 

    - anniversary remains unchanged; 

    - any cash benefit payable will be paid after deducting the deferred premiums due; 

    - bonus will continue to be declared.

    At the end of the deferment period, the policyholder will need to pay the deferred six months premium in a single payment.

  • Q:What are the definitions of Retrenched, Retrenchment, Employer, Permanent paid employment, Self-employed and Deferment period?

    A:

    Retrenched and retrenchment mean losing your job as a result of redundancy or because your employer’s profession, business, trade or work is being reorganised.

    Employer means any person, company, association, club, society or organisation that is formed, incorporated or registered in Singapore and which employs people. This includes the Government and any statutory organization or authority in Singapore.

    Permanent paid employment means entering into any contract of service with any person, company, association, club, society, government or authority, whether in Singapore or overseas, where you agree to serve as an employee, including an apprenticeship contract or agreement, or are self-employed.

    Self-employed means being a sole proprietor, a partner of a business or employed by a business or company where you or your husband or wife, parents, parents-in-law, brothers and sisters, brothers- and sisters-in-law or children own at least 20% of the share capital or are entitled to at least 20% of the profits, either individually or jointly.

    Deferment period means the period of six months when you are allowed to postpone the payment of premiums.

  • Q:What are the exclusion(s) for retrenchment benefit?

    A:

    We will not pay this benefit if the claim arises directly or indirectly from the policyholder: 

    - retiring, leaving after a probation period, resigning or being dismissed; 

    - suffering a psychological condition, disability or illness; 

    - taking part in a labour dispute; 

    - coming to the end of an employment contract; 

    - being involved in a staff-reduction programme or unemployment the policyholder knew was going to happen before the cover start date; 

    - being employed for less than six months by an employer; or 

    - being employed by an employer not incorporated or registered in Singapore.

  • Q:Do I need to notify Income in advance if I know that I will be retrenched soon?

    A:

    There is no need to inform us in advance because you can only claim for this benefit if you are unable to find employment for three months in a row after being retrenched.

  • Q:How many times can I claim for this benefit?

    A:

    You can only claim for this benefit once under your policy.

Cash Value, Bonuses & Maturity Benefit
  • Q:Is there any cash value for this policy?

    A:

    Yes, for all premium terms, cash value is available after premiums have been paid for at least 2 years.

  • Q:Is this policy eligible for any bonus?

    A:

    Yes, this policy is eligible for bonuses after the end of the second policy year. There are two types of bonuses:

    i. “Terminal” bonus is an extra bonus that we pay at the time of claim, surrender or maturity.

    ii. “Cash” bonus is added on top of each cash benefit, by applying a bonus rate to the sum assured.

    Bonuses are not guaranteed. They are recommended by our Appointed Actuary and approved by our Board of Directors.

  • Q:What is the maturity benefit payable?

    A:

    If the insured survives at the end of the policy term and this policy has not already ended, we will pay the cash value.

    We will also pay any cash benefits and cash bonuses which have built up.

    This policy will end when we make this payment.

Riders / Supplementary Benefits
  • Q:What are optional Riders / Supplementary Benefits?

    A:

    Optional riders, also known as supplementary benefits, can be attached to a basic insurance policy to provide additional protection at lower cost.

  • Q:What are the optional riders/supplementary benefits that can be attached to this plan?

    A:

    Only the Cancer Premium Waiver (GIO) (for 1st or 3rd party policy) can be attached to this plan. Upon diagnosis of the insured with any one of the major cancers after one year from the cover start date and during the term of the rider, it will waive future premiums on the policy for the remaining term of the rider. The total sum assured for this rider is capped at S$500,000 per insured for all in-forced policies.

  • Q:Can the Cancer Waiver Premium (GIO) be added or removed after the policy is in force?

    A:

    It cannot be added to basic plan at mid-term. However, it can be removed after the policy is in force.

Eligibility & Premium Payments
  • Q:What are the minimum and maximum entry ages?

    A:

    Gro Cash Flex


    MinimumMaximum
    Insured075 less premium term
    Policyholder10*N.A.


    Savings Protector


    MinimumMaximum
    Insured075 less premium term
    Policyholder10*69

    *Individuals who take up the policy on their own from 10 to 15 years old (age last birthday) will require parental/legal guardian’s consent. Parents cannot take up policies on the lives of their children who are 18 years old (age last birthday) and above.

    Savings Protector is a compulsory rider and will be included with the basic policy as long as the entry age of the policyholder and insured are met for Savings Protector.

  • Q:What is the minimum and maximum sum assured for this policy?

    A:
    Policy TermMinimumMaximum
    10, 15, 20, 25 or 30 yearsS$10,000S$2,000,000
    till age 120S$10,000S$3,500,000
  • Q:What are the premium terms and policy terms available?

    A:
    Premium Term (Years)Policy Term (Years)
    510, 15, 20, 25, 30 years or till age 120
    1015, 20, 25, 30 years or till age 120
    1520, 25, 30 years or till age 120
    2025, 30 years or till age 120
    2530 years or till age 120
    30till age 120

     

  • Q:Can I use funds in Central Provident Fund (CPF) or Supplementary Retirement Scheme (SRS) to buy this policy?

    A:

    No, you can only use cash to buy this policy.

  • Q:Can I backdate my policy?

    A:

    Backdating is allowed if all of the following conditions are met:

    i. The backdating is for a traditional individual (savings or protection) life policy paying regular premium or single premium. Backdating for investment-linked policy and annuity policy is not allowed;

    ii. The backdating results in a lower premium or better protection value / policy payouts due to a lower entry age; and

    iii. The policy is backdated to a date up to one day before the Insured’s last birthday and it must be within 6 months from date of receipt of application by Income.

    iv. Backdating of policy to a date before the launch date of the main plan or rider is not allowed.

Policy Loan
  • Q:Can I take a policy loan?

    A:

    Yes, you can take a policy loan subject to the prevailing terms and conditions.


    We will take all loans and their interest from any amount we may be due to pay under this policy. If at any time the amount of the loans and interest is more than the cash value, this policy will end.