Frequently Asked Questions

Gro Power Saver

Product coverage
  • Q:What is Gro Power Saver?

    A:

    Gro Power Saver is a participating, regular premium endowment1 plan with a policy term of 10 years. After premiums have been paid for the first 3 policy years, a Premium Privilege will begin and premium payments will not be required for the remaining term of the policy. 

    This plan also provides protection against death and terminal illness of the insured during the policy term. It also provides a waiver of premium upon total and permanent disability of the policyholder (before the anniversary immediately after the policyholder reaches the age of 70) during the premium term. If there is no claim from the policy, it will pay a maturity benefit at the end of the policy term.

    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 premiums paid and 100% of bonuses; or

    • the cash value;

    whichever is higher.

    The policy will end when we make this payment.

  • Q:What is the exclusion 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 owe us, from the cover start date.

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

    A:

    If the policyholder is under 65 years old, total and permanent disability, 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. We do not pay if the policyholder is merely unable to perform the same job as before, or is unable to perform a job to which his or her training, education or experience is suited for.

    If the policyholder is 65 years old and above (but before the anniversary immediately after the policyholder reach the age of 70 years old), total and permanent disability, 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 - 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 is the TPD Premium Waiver 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 policy for the remaining premium term.

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

    The policyholder may also choose to receive, at the point of claim:

    • 105% of all net premiums paid and 100% of bonuses; or

    • the cash value;

    whichever is higher instead of having the future premiums on this policy waived.

    Once the waiver of the premiums on this policy has started, the policyholder cannot choose to receive this lump sum benefit.

    The policy will end when we make this payment.

    The aggregate TPD benefit payable on a single life, inclusive of all policies issued by Income and by any other insurer cannot be more than S$6.5 million (not including bonuses).

  • Q:What are the exclusions 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, drugs or any dependence. 

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

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 premiums paid and 100% of bonuses; or

    • the cash value;

    whichever is higher.

    The policy will end when we make this payment.

  • 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 is 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.

Premium Privilege
  • Q:What is the Premium Privilege?

    A:

    If the insured survives at the end of three years from the policy entry date, and if premiums have been paid for at least three policy years, the Premium Privilege will begin and premium payments will not be required for the remaining term of the policy.

Cash value, Bonuses and Maturity benefit
  • Q:Is the 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:

    1. “Annual” or “reversionary” bonus is added to the policy each year.
    2. “Terminal” or “special” bonus is an extra bonus that we pay at the time of claim, surrender or maturity.

    Bonus rates are not guaranteed and the actual rates payable will vary according to the future performance of the Life Participating Fund.

    Bonus pay-outs to policyholders are primarily influenced by the performance of the Life Participating Fund (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:Is there any cash value for the policy?

    A:

    Yes, the policy will have a cash value when premiums have been paid for at least one year. The policyholder may cash in this policy for its cash value and it will end.

    Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value may be less than the total premiums paid.

  • Q:What is the maturity benefit payable?

    A:

    If the insured survives at the end of the policy term and the policy has not already ended, we will pay:

    • 90% of the sum assured and 100% of bonuses, or

    • 90% of all net premiums paid and 100% of bonuses;

    whichever is higher.

    The policy will end when we make this payment.

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

    A:

    Yes,  the policyholder can take a policy loan based on 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.

Riders / Supplementary benefits
  • Q:What are the 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 and Premium Payments
  • Q:What are the minimum and maximum entry ages?

    A:

    MinimumMaximum
    Insured075
    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 set for the policy?

    A:

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

  • Q:What is the policy term?

    A:

    The policy term is 10 years.

  • Q:What is the premium term?

    A:

    The policyholder is required to pay premiums for 3 years. After premiums have been paid for the first three policy years, the Premium Privilege will begin and premium payments will not be required for the remaining term of the policy.

  • Q:What are the premium frequencies available?

    A:

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

  • Q:Can the policy be back dated?

    A:

    No, backdating is not allowed for this policy.