Frequently Asked Questions

Gro Cash Harvest

Product Coverage
  • Q:What is Gro Cash Harvest?

    A:

    Gro Cash Harvest is a participating, regular premium whole life plan with a policy term that lasts until the anniversary immediately after the original insured’s 120th birthday. The premium terms available are 5, 10, 15 or 20 years. Cash benefits are payable from the end of the 5th policy year.


    This plan provides protection against death of the insured during the policy term. It also provides a waiver of premium upon total and permanent disability of the policyholder (before age 70) during the premium term.

  • 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:

    Upon death of the insured during the term of the policy, we will pay 105% of all net premiums paid.


    Any accumulated cash benefits and cash bonuses will also be paid out. If the option to receive the cash benefits in monthly payments was selected, the remaining monthly cash benefit payments and cash bonuses (if any) for that policy year will be paid out.


    Any policy loan and interest will be deducted from the benefit amount payable.


    The policy terminates thereafter.


    If a secondary insured has been appointed, the death benefit will not be paid out. Upon the death of the insured, the secondary insured becomes the insured and the policy will continue.

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

    A:

    We will not pay the death benefit if the insured commits suicide within one year from the date:

    • we issue this policy;
    • we issue an endorsement to include or increase a benefit; or
    • we reinstate this policy;

    whichever is latest.


    The policy will cease with immediate effect and we will refund the total premiums paid, without interest, less any payout and any amount you owe us, from the cover start date.

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

    A:

    Upon diagnosis of the policyholder with TPD (before age 70) during the premium term, we will waive the future premiums on the basic policy for the remaining premium.


    The policy will continue to apply (as if premiums have been paid) during this period.


    The premium term cannot be changed and an increase in sum assured cannot be made after a claim has been made on this benefit.

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

    A:

    TPD, and totally and permanently disabled, mean any of the below.

    • If you are 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 your life.
    • If you are 65 years old and above but under 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 Premium Waiver 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.

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

    A:

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


    Each yearly cash benefit is 2.1% of the sum assured and will be paid every year up to age 120 of the insured provided 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, 2.1% 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 is due to confirm how you would like to use it. We will then 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. If there is no response from you, we will make a choice for you.


    The default option will be set out in the letter. You should inform us if your choice is different from the default option.

Retrenchment Cash Benefit
  • Q:What is the retrenchment cash benefit payable?

    A:

    If you are retrenched, we will pay you a one-time benefit that is equivalent to one yearly cash benefit (in other words, 2.1% of the sum assured).


    You cannot place this retrenchment cash benefit in the deposit account to earn interest. You can only receive it as a payout.

  • Q:When can I make a claim for this benefit?

    A:

    You can make a claim when all the following conditions are met:

    • You must have paid at least six months’ premiums.
    • Your retrenchment must have taken place no earlier than six months after the cover start date.
    • You have not been able to find employment for three months in a row after being retrenched.
  • Q:What are the definitions of Retrenched, Retrenchment and Employer?

    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 organisation or authority in Singapore.

  • Q:What are the exclusions for retrenchment cash benefit?

    A:

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

    • 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 you 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.

  • Q:Does this benefit cover the attached riders?

    A:

    No, this benefit does not cover the riders attached.

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 the Gro Cash Harvest 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 Assure
    • DIRECT Star Classic Protect
    • Star Prime Life
    • Gro Steady Saver
    • Gro Saver
    • Gro Junior Saver
Secondary Insured Option
  • Q:What is secondary insured option?

    A:

    A secondary insured may be appointed (including at application) during the policy term when the policy is in force to ensure the continuity of the policy upon death of the insured.


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

    • 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.

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, we may pay a cash bonus on top of each cash benefit from the end of the 5th policy year up to the termination of the policy.


    The policyholder can choose to leave both the cash bonus and cash benefits with Income to accumulate at the prevailing interest rate.


    This bonus is not guaranteed. It is recommended by our Appointed Actuary and approved by our Board of Directors.


    Bonus pay-outs to policyholders are primarily influence by the performance of the Life Participating Fun (Par Fund). The Fund’s performance is predominantly driven by factors such as the investment returns of the Par Fund, its expenses and claims experience. Aligned to industry practice, Income is safeguarding policyholders’ interest by allocating 90% of Par Fund surpluses to them. This means for every $9 distributed to policyholders, only a maximum of $1 is allocated to shareholders.

  • Q:What is the maturity benefit payable?

    A:

    If the insured survives at the end of the policy term, that is the anniversary immediately after the original insured’s 120th birthday, and the policy has not already ended, we will pay 120% of all net premiums paid.


    Any accumulated cash benefits and cash bonuses will also be paid. Any policy loan and interest will be deducted from the benefit amount payable.


    The policy terminates thereafter.

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

    A:

    For premium term of 5 years


    MinimumMaximum
    Insured065
    Policyholder10*N.A.


    For premium term of 10, 15 and 20 years


    MinimumMaximum
    Insured060
    Policyholder10*N.A.


    *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.

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

    A:

    The minimum sum assured is S$25,000 per policy. The maximum sum assured is subject to financial underwriting.

  • Q:What is the premium term?

    A:

    You have a choice to select a premium term of 5, 10, 15 or 20 years. You cannot change your premium term after a claim has been made on the TPD Premium Waiver Benefit.

  • 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:

    No, you cannot backdate your policy.

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

    A:

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

  • Q:Can Rider(s) / Supplementary Benefit(s) be added to this plan?

    A:

    The following rider(s) / supplementary benefit(s) can be added to Gro Cash Harvest:

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

    A:

    No, the rider(s) cannot be added after the policy is in-force.

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

    A:

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