Frequently Asked Questions

Gro Sure Saver

Product Coverage
  • Q:What is Gro Sure Saver?

    A:

    Gro Sure Saver is a participating, regular premium endowment1 insurance plan that offers regular savings, liquidity, and protection.

    Cash benefits are payable each year, starting from the end of the 2nd policy year. A maturity benefit is payable at the end of the policy term.

    This plan also provides protection against death, terminal illness and total & permanent disability (TPD before the anniversary immediately after the insured reaches the age of 70) during 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.

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

    A:

    If the insured dies during the term of the policy, we will pay the sum assured and bonuses. We will also pay any accumulated cash benefits.

    The policy will end when we make this payment. 

  • 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.

    We will also not pay this benefit if the insured has a material pre-existing condition which you did not tell us about when you applied for this policy.

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

    A:

    If the insured becomes totally and permanently disabled (before the anniversary immediately after he or she reaches the age of 70), we will pay the sum assured and bonuses. We will also pay any accumulated cash benefits.

    The policy will end when we make this payment.

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

    A:

    If the insured 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 insured 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 insured is 65 years old and above (but before the anniversary immediately after the insured reaches 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 are the exclusion(s) of 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

    • 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, we will pay the sum assured and bonuses. We will also pay any accumulated cash benefits.

    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 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

    We will also not pay this benefit if the insured has a material pre-existing condition which you did not tell us about when you applied for this policy.

Cash Benefits
  • 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, we will begin to pay out a cash benefit.

    Each cash benefit is 5% of the sum assured and we pay it every year as long as the insured is still alive and the policy has not ended. We will pay the first cash benefit two years from the policy entry date.

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

    A:

    You can exercise any one of the following options:

    • Place it in a deposit account to earn interest at a rate we set; or

    • 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.

Riders / Supplementary Benefits
  • Q:What are optional 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 rider(s) / supplementary benefit(s) can be added to this plan?

    A:

    The following rider(s) / supplementary benefit(s) can be added to Gro Sure Saver:

    • Essential Protect

    • Hospital CashAid

    • Payor Premium Waiver 

    • Enhanced Payor Premium Waiver

    • Dread Disease Premium Waiver

  • Q:Can I add or remove riders after the policy is in force?

    A:

    Yes, you can add or remove riders any time after the policy is in force. However, adding riders after the policy is in force will be subject to a reassessment of your health and financial situation.

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

    A:

    Yes, your policy will have a cash value when premiums have been paid for at least two years.

  • Q:Is this policy eligible for any bonus?

    A:

    Yes, this policy is eligible for bonuses. There are two types of bonuses:

    1. “Annual” or “reversionary” bonus is added to your policy each year.

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

    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 the policy has not already ended, we will pay 120% of the sum assured and 100% of bonuses, after we take away all cash benefits we have already paid out.

    Any accumulated cash benefits will also be paid out.

    The policy terminates thereafter.

Eligibility & Premium Payments
  • 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:What are the minimum and maximum sum assured for this policy?

    A:

    The minimum sum assured is S$15,000 per policy. The maximum limit on the sum assured would be subjected to financial underwriting.

  • 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.