Frequently Asked Questions

Provenance Solitaire

Product Coverage

  • Q:What is Provenance Solitaire?

    A:

    Provenance Solitaire is a single premium whole life insurance plan that includes Provenance Solitaire – Protection Benefit, a single premium compulsory rider. This plan provides protection against death and terminal illness during the policy term. There is a minimum protection value of up to 320% for the insured till age 85. 

Death Benefit

  • Q:What is the death benefit payable?

    A:

    During the term of this policy, if the insured dies, we will pay the benefit shown in the table below.

    Age of the insured when death occursBenefit
    Before the anniversary immediately after the insured reaches the age of 85

    100% of sum assured and 100% of bonuses;

    or

    Minimum protection value1;

    whichever is higher.

    On or after the anniversary immediately after the insured reaches the age of 85100% of sum assured and 100% of bonuses.

    The policy will end when we make this payment. We will not pay any further benefits.

    1For more details, please refer to the topic on Minimum Protection Value (MPV).

  • 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?

    A:

    During the term of this policy, if the insured becomes terminally ill, we will pay the benefit shown in the table below.

    Age of the insured when TI occursBenefit
    Before the anniversary immediately after the insured reaches the age of 85

    100% of sum assured and 100% of bonuses; or

    Minimum protection value 1;

    whichever is higher.

    On or after the anniversary immediately after the insured reaches the age of 85100% of sum assured and 100% of bonuses.

    The policy will end when we make this payment. We will not pay any further benefits.

    1For more details, please refer to the topic on Minimum Protection Value (MPV).

  • 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.

Provenance Solitaire - Protection Benefit

  • Q:What is Provenance Solitaire – Protection Benefit?

    A:

    This is a non-participating compulsory rider attached to Provenance Solitaire to provide part of the minimum protection value1

    1For more details, please refer to the topic on Minimum Protection Value (MPV).

Minimum Protection Value (MPV)

  • Q:What is the MPV payable?

    A:

    The MPV varies depending on the age of the insured at policy entry date and is a percentage of the sum assured. The MPV is applicable before the anniversary immediately after the insured reaches the age of 85.

    Age of the insured at policy entry date (age last birthday)MPV for Death and Terminal illness Benefit
    0 - 45320% of sum assured
    46 - 50280% of sum assured
    51 - 55250% of sum assured
    56 - 60210% of sum assured
    61 - 65180% of sum assured
    66 - 70150% of sum assured
    71 - 75115% of sum assured
Cash Value and Bonuses

  • Q:Is there any cash value for this policy?

    A:

    Yes, cash value is available after the single premium is paid.

    You may choose to cash in this policy fully or partially. The policy will end after you cash in this policy fully.


  • Q:Is this policy eligible for any bonus?

    A:

    Yes, there are two types of bonuses:

    • “Annual” or “reversionary” bonus is added to the policy each year.
    • "Terminal" bonus is an extra bonus which we pay at the time of making a claim or if you cash in this policy.

    To avoid doubt, Provenance Solitaire – 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.

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 Riders / Supplementary Benefit be added to this plan?

    A:

    The Provenance Disability Accelerator can be attached to the basic insurance policy. It provides coverage on total and permanent disability (TPD) for a limited period of time.

Eligibility and Premium Payments

  • Q:What are the minimum and maximum entry age for insured?

    A:

    There is no minimum entry age and maximum entry age for insured is 75 age last birthday.

  • Q:What are the minimum and maximum entry ages for the policyholder?

    A:
    Minimum entry age (last birthday)Maximum entry age (last birthday)
    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.

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

    A:

    The minimum sum assured is S$250,000 per policy. The maximum sum assured would be subjected to underwriting.

  • Q:Can the single premium be increased?

    A:

    No, you cannot increase your single premium after policy is incepted.

  • Q:Can I use funds in Central Provident Fund or Supplementary Retirement Scheme 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.

    For backdating of Provenance Solitaire, you are required to pay interest charges at our prevailing rate if the backdating is more than 1 month or if the single premium is more than S$1 million. The interest payable will be from one day before the Insured’s last birthday to the date of receipt of application by us and based on the single premium.

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. To avoid doubt, Provenance Solitaire – Protection Benefit is not eligible for the loan.

    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.