Income

Frequently Asked Questions

Gro Retire Flex Pro

Product Coverage

Q:What is Gro Retire Flex Pro?

A:

Gro Retire Flex Pro is a participating endowment¹ plan specially designed for retirement planning. This policy is divided into 2 periods, i.e. an accumulation period and a payout period.

This plan provides protection against death and terminal illness of the insured during the policy term.

For regular premium policy, the compulsory rider – Gro Retire Flex Pro – Protection Benefit 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?

If the insured dies during the accumulation period or payout period, we will pay the benefit shown in the table below.

Time when claim event happens

Benefit

During the accumulation period

1. The higher of:

• 105% of all net premium(s) paid; or

• the guaranteed portion of the cash value, and

2. 100% of the terminal bonus.

During the payout period

1. The higher of:

• 105% of all net premium(s) paid less all monthly cash benefits paid, except any cash benefit paid out under the disability care benefit; or

• the guaranteed portion of the cash value, and

2. 100% of the terminal bonus less all monthly cash bonuses paid.

We will pay the cash value if it is higher than the benefit shown in the table above.

We will also pay any accumulated cash benefits and cash bonuses.

This 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 you, and any amount you owe us, from the cover start date.

Terminal Illness (TI) Benefit

Q:What is the TI benefit payable?

If the insured becomes terminally ill during the accumulation period or payout period, we will pay the benefit shown in the table below.

Time when claim event happens

Benefit

During the accumulation period

1. The higher of:

• 105% of all net premium(s) paid; or

• the guaranteed portion of the cash value, and

2. 100% of the terminal bonus.

During the payout period

1. The higher of:

• 105% of all net premium(s) paid less all monthly cash benefits paid, except any cash benefit paid out under the disability care benefit; or

• the guaranteed portion of the cash value, and

2. 100% of the terminal bonus less all monthly cash bonuses paid.

We will pay the cash value if it is higher than the benefit shown in the table above.

We will also pay any accumulated cash benefits and cash bonuses.

This 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 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;
- unlawful acts, provoked assault, or deliberate exposure to danger; or
- the effects of alcohol, drugs or any dependence.

Cash Benefit

Q:How long is the payout period?

A:

The policyholder can select a payout period of 10, 20 years or till age 100. We will pay the first monthly cash benefit on the policy anniversary immediately after the end of the accumulation period.

For the choice of payout period of till age 100, it must fulfill the condition of insured entry age plus accumulation period is greater or equal to 60 years. The age of the insured at the point of policy issuance will be used to compute the payout period.
Q:Can I change my payout period?

A:

Yes, you can change your payout period during the accumulation period and we will work out a new monthly cash benefit. However, you will not be able to change your payout period once you have made a claim on the Disability care benefit or once the payout period begins.
Q:What is the frequency of the cash benefit during the payout period?

A:

The cash benefit is paid monthly during the payout period. The first monthly cash benefit will be paid on the policy anniversary immediately after the end of the accumulation period.
Q:What can I do with the 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.

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.

Gro Retire Flex Pro – Protection Benefit

Q:What is Gro Retire Flex Pro – Protection Benefit rider?
A:
For regular premium policy, the non-participating compulsory rider – Gro Retire Flex Pro – Protection Benefit will be attached to the basic policy.

This is a non-participating compulsory rider that provides accidental death benefit, disability care benefit and retrenchment benefit for a limited period.

The Gro Retire Flex Pro – Protection Benefit rider will end immediately:
- when its basic policy ends;
- upon claim of the accidental death benefit; or
- at the end of the policy term of this rider.
whichever is earliest.

Accidental Death Benefit

Q:What is the accidental death benefit payable?

A:

If the insured dies as a result of an accident (before the anniversary immediately after insured reaches the age of 70), we will pay an additional 105% of all net premium(s) paid, on top of the death benefit. The benefit is only payable if death happens within 365 days of the accident.

If the insured was taking part in a restricted activity at the time of the accident, we will only pay an additional 63% of all net premium(s) paid, on top of the death benefit.
Q:What is the definition of accident or accidental?

A:

Accident and accidental mean an unexpected incident that results in an injury or death. The injury or death must be caused entirely by being hit by an external object that produces a bruise or wound, except for injury or death caused specifically by drowning, food poisoning, choking on food, or suffocation by smoke, fumes or gas.
Q:What is the definition of Restricted activity?
A:
Restricted activity means any of the following activities:
- Duties as firefighters, police force personnel, fishermen, armed security guards, aircrew, ship crew, marine salvage crew, oil riggers, dock workers, drivers, despatch riders, driving instructors, bodyguards and bouncers.
- Any activities involving explosives, heavy machinery, woodworking, dangerous gases or substances, using underwater breathing apparatus, work on construction or demolition sites, work at heights above 10 metres, work in underground tunnels, oil and gas rigs or offshore work.
- Military, air force or naval operations in peacetime, including training and exercises for national servicemen or reservists in peacetime.
- Motorcycling whether as rider or pillion rider.
- Professional sports, any form of race (except racing on foot, cycling or swimming), action or adventure sports that involve speed, height at above 10 metres, highly specialized gear, stunts or using underwater breathing apparatus. This definition includes rock climbing, mountaineering, parachuting, white-water rafting, horse riding, winter sports and scuba diving.
Q:What are the exclusion(s) for accidental death benefit?
A:
We will not pay the accidental death benefit if the claim arises directly or indirectly from:
- deliberate acts such as self-inflicted injuries, suicide or attempted suicide;
- unlawful acts, provoked assault or deliberate exposure to danger;
- the effects of alcohol, drugs or any dependence;
- illnesses, psychological conditions or eating disorders;
- heat stroke;
- a bad reaction to drugs or medication;
- the effects of viruses (for example, dengue), bacteria or diseases;
- the negative effects or complications of medical and surgical care;
- treatments aimed at improving appearance, such as cosmetic surgery or any treatment relating to a previous cosmetic treatment;
- radiation or contamination from radioactivity;
- being in any aircraft, except as a fare-paying passenger in a commercial aircraft, or during military operations in peacetime;
- military, air force or naval operations, except when carried out in peacetime;
- warlike operations (whether war is declared or not), war, invasion, riot or any similar event;
- an accident which happens outside of Singapore; if the insured has been outside Singapore for more than 180 days in a row at the time of the accident; or
- an act of terrorism. However, the policy will pay S$10,000 or 10% of all net premium(s) paid, whichever is lower, on top of the amount payable for death benefit.

Disability Care Benefit

Q:What will be payable for the disability care benefit?
A:
If the insured is diagnosed with any one of the conditions stated in the table below arising from an accidental injury or sickness during the term of this rider, we will pay the benefit according to the date of diagnosis.

Item Condition

1 Loss of use of one limb

2 Loss of speech

3 Loss of sight of one eye

4 Loss of hearing

During the accumulation period of the basic policy

If the insured is diagnosed with any one of the conditions stated in the table above arising from accidental injury or sickness, we will pay the policyholder a lump-sum benefit which is equivalent to six times the monthly cash benefit.

The policyholder will stop making premium payments on this rider and its basic policy for the remaining term of the policy. This rider and its basic policy will continue to apply (as if premiums have been paid) during this period even though the policyholder is not paying the premiums.

When the payout period begins, we will also pay an additional amount equal to 50% of the monthly cash benefit on top of each monthly cash benefit during the payout period, or until the rider ends, whichever is earlier.

For policies issued by us that include a disability care benefit, no matter how many of such policies we have issued for the insured, we will pay no more than:
- a total of S$3,000 for the additional amount, on top of the monthly cash benefit for the same insured; and
- a total of S$1.1 million, including additional monthly cash benefits, lump-sum benefit and premiums waived, under the disability care benefit for the same insured.
During the payout period

If the insured is diagnosed with any one of the conditions stated in the table above arising from an accidental injury or sickness, we will pay the policyholder an additional amount equal to 50% of the monthly cash benefit on top of each monthly cash benefit during the payout period or until the rider ends, whichever is earlier.

For policies issued by us that include a disability care benefit, no matter how many of such policies we have issued for the insured, we will pay no more than:
- a total of S$3,000 for the additional amount, on top of the monthly cash benefit for the same insured; and
- a total of S$1.1 million, including additional monthly cash benefits, lump-sum benefit and premiums waived, under the disability care benefit for the same insured.
The payout period cannot be changed after a claim has been made on this benefit.
Q:What are the definitions of Loss of use of one limb, Loss of speech, Loss of sight of one eye and Loss of hearing?
A:
Loss of use of one limb means:
- total absence of limb power due to injury or disease of the hand or an arm from the fingers to any point between the wrist and shoulder, confirmed by a registered medical practitioner who is a specialist in the relevant field, to have lasted for a period of at least 6 continuous months; or
- total absence of limb power due to injury or disease of a foot or a leg from the toes to any point between hip and the ankle joint, confirmed by a registered medical practitioner who is a specialist in the relevant field, to have lasted for a period of at least 6 continuous months; or
- total physical loss of a hand or arm at or above the wrist due to injury or disease; or
- total physical loss of a foot or leg at or above the ankle joint due to injury or disease.
Loss of use of limb due to self-inflicted injuries, alcohol or drug abuse are excluded.

Loss of speech means total and irreversible loss of the ability to speak as a result of injury or disease to the vocal cords. The inability to speak must be established for a continuous period of 12 months. This diagnosis must be supported by medical evidence furnished by an Ear, Nose, Throat (ENT) specialist.

All psychiatric related causes are excluded.

Loss of sight of one eye means the total and irreversible loss of sight in one (1) eye as a result of illness or accident to the extent that even when tested with the use of visual aids, vision is measured at 3/60 or worse in the affected eye using a Snellen eye chart or equivalent test, or visual field of 20 degrees or less in the affected eye. The blindness must be confirmed by a registered medical practitioner who is an ophthalmologist.

Loss of hearing means total and irreversible loss of hearing in both ears as a result of illness or accident. This diagnosis must be supported by audiometric and sound-threshold tests provided and certified by an Ear, Nose, Throat (ENT) specialist.

Total means “the loss of at least 80 decibels in all frequencies of hearing”.

Irreversible means “cannot be reasonably restored to at least 40 decibels by medical treatment, hearing aid and/or surgical procedures consistent with the current standard of the medical services available in Singapore after a period of 6 months from the date of intervention.”
Q:How many times can I claim for this benefit?

A:

You can only claim for this benefit once under this rider.
Q:What are the exclusion(s) for disability care benefit?
A:
We will not pay the disability care benefit if the claim arises from:
- deliberate acts such as self-inflicted injuries, illnesses or attempted suicide;
- unlawful acts, provoked assault or deliberate exposure to danger;
- the effects of alcohol, drugs or any dependence;
- acquired immunodeficiency syndrome (AIDS), AIDS-related complex or infection by human immunodeficiency virus (HIV);
- treatments aimed at improving appearance, such as cosmetic surgery or any treatment relating to a previous cosmetic treatment;
- being in any aircraft, except as a fare-paying passenger in a commercial aircraft, or during military operations in peacetime;
- taking part in any professional sports, any form of race (except racing on foot, cycling or swimming), action or adventure sports that involve speed, height at above 10 metres, highly specialized gear, stunts or using underwater breathing apparatus. This definition includes rock climbing, mountaineering, parachuting, white-water rafting, horse riding, winter sports and scuba diving;
- a chronic illness where the insured suffered symptoms of, had investigations for, was treated for, or was diagnosed with any time before or within 90 days after:
  
  the cover start date, for the original insured; or
  
  the date the secondary insured (if applicable) becomes the insured of this policy for the remaining policy term, the date we reinstate this rider or the date we issue an endorsement to include or increase a benefit, whichever is latest, for the secondary insured;
- an impairment where the insured suffered symptoms of, had investigations for, was treated for, or had any time before or within 90 days after:
  
  the cover start date, for the original insured; or
  
  the date the secondary insured (if applicable) becomes the insured of this policy for the remaining policy term, the date we reinstate this rider or the date we issue an endorsement to include or increase a benefit, whichever is latest, for the secondary insured; or
- a claim that is excluded or not covered under the terms of the rider.
Q:What are the definitions of Chronic illness and Impairment?
A:
Chronic illness means chronic obstructive pulmonary disease, diabetes mellitus, stroke, major depression, schizophrenia, dementia, bipolar disorder, Alzheimer’s disease, Parkinson’s disease, epilepsy, rheumatoid arthritis, cancer, chronic hepatitis, cerebral palsy, multiple sclerosis, motor neuron disease, HIV/AIDS, chronic kidney disease, or an auto-immune disease.

Impairment means any of the following:
- A disability or medical condition that limits a person's capacity to move, coordinate actions, or perform physical activities. It is also accompanied by difficulties in one or more of the following areas: physical and motor tasks, independent movement, performing daily living functions.
- Glaucoma, or any disorder with the vision or eye sight that cannot be corrected by wearing spectacles or any medical condition that could lead to loss of sight of one eye.
- Any disorder of the ears or medical condition that could lead to permanent loss of hearing
- Any disorder of the vocal cord or medical condition that could lead to loss of speech.

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 remain 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 this rider.

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:What are the riders benefits that can be attached to this plan?

A:

The following rider(s) can be added to Gro Retire Flex Pro:

List of available rider(s)

Cancer Premium Waiver (GIO)

Dread Disease Premium Waiver*

Enhanced Payor Premium Waiver*

*Medical underwriting is applicable

Cash Value and Bonuses

Q:Is there any cash value for the policy?

A:

Yes, for regular premium policy, you can only cash in this policy after you have been paying premiums for at least two years.

For single premium policy, you can only cash in this policy after you have paid the net premium(s).

During the accumulation period only and if we have not paid the disability care benefit, you may choose to cash in this policy partially and keep the benefits on the part that you do not cash in.
Q:Is the policy eligible for any bonus?
A:
Yes, this policy is eligible for bonuses. There are two types of bonuses:
1. “Terminal” bonus is an extra bonus that we pay at the time of making a claim or if you cash in this policy.
2. Cash bonus is added on top of the monthly cash benefit during the payout period, or until the policy ends.
To avoid doubt, Gro Retire Flex Pro - Protection Benefit does not form part of the Life Participating Fund, and no bonus is payable on the benefit.

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

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.

Eligibility and Premium Payment

Q:What are the premium terms available?

A:

You have a choice to pay via a single premium or premium term of 5 years, 10 years, 15 years, 20 years, 25 years, 30 years, 35 years or 40 years. Premiums are payable up to 5 years before the end of the accumulation period.

You will not be able to change your premium term.
Q:What are the accumulation periods?

A:

The accumulation period will range from 5 years to 50 years for the single premium term while the accumulation period will range from 10 years to 50 years for the regular premium terms.
Q:What are the minimum and maximum entry ages?

A:

Gro Retire Flex Pro

For single premium and premium term 5 years:

Minimum Maximum

Insured 20 75 less Accumulation Period Chosen

Policyholder 16* N.A.

For premium terms 10, 15, 20, 25, 30, 35 or 40 years:

Minimum Maximum

Insured 20 70 less Accumulation Period Chosen

Policyholder 16* N.A.

Gro Retire Flex Pro – Protection Benefit

For premium term 5 years:

Minimum Maximum

Insured 20 75 less Accumulation Period Chosen

Policyholder 16* N.A.

For premium terms 10, 15, 20, 25, 30, 35 or 40 years:

Minimum Maximum

Insured 20 70 less Accumulation Period Chosen

Policyholder 16* N.A.

*Parents cannot be the policyholder on their child who are 18 years old (age last birthday) and above at the point of application.

Gro Retire Flex Pro – Protection Benefit 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 Gro Retire Flex Pro – Protection Benefit.
Q:What is the minimum and maximum premium set?

A:

The minimum premium allowed is as follows:

For single premium:

Cash: S$20,000

SRS: S$15,000

For regular premium:

Premium Payment Frequency 5-years premium term Other premium terms

Monthly S$400 S$200

Quarterly S$1,188.40 S$594.20

Half-Yearly S$2,354.00 S$1,177.00

Yearly S$4,615.20 S$2,307.60

The maximum total premium amount is S$2,000,000.
Q:What are the premium frequencies available?

A:

You can pay either via a single or regular premium.

For regular premium, the premiums can be paid monthly, quarterly, half-yearly or yearly.
Q:Can I use funds in Central Provident Fund (CPF) or Supplementary Retirement Scheme (SRS) to buy this policy?

A:

For single premium, this plan can be bought using cash or SRS. For regular premium, this plan can only be bought using cash.
Q:Can the policy be backdated?

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, we may grant the loan from this policy depending on our 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.

Item	Condition
1	Loss of use of one limb
2	Loss of speech
3	Loss of sight of one eye
4	Loss of hearing

	Minimum	Maximum
Insured	20	75 less Accumulation Period Chosen
Policyholder	16*	N.A.

Premium Payment Frequency	5-years premium term	Other premium terms
Monthly	S$400	S$200
Quarterly	S$1,188.40	S$594.20
Half-Yearly	S$2,354.00	S$1,177.00
Yearly	S$4,615.20	S$2,307.60