Frequently Asked Questions

i50 product

Application and Procedures

• Q:What is the age limit if I wish to apply for this policy?

  A:

  The age limit is 65 years old based on last birthday. For children age 15 days old to 15 years old, parents/guardian must be the proposer.

• Q:Who can be covered under a Family?

  A:

  You can cover yourself and/or your spouse, as well as unlimited number of your dependent children who are:

  • under 18 years of age; or
  • under 25 years of age, unmarried and not on full-time employment; and are primarily dependent on the policyholder for maintenance and support. For example, full-time students or national servicemen.

• Q:Can I cover my home?

  A:

  You can cover your Singapore home if you are the policyholder and are:

  • the owner or co-owner of the premises; or
  • a tenant or co-tenant who is currently renting the premises.

• Q:Can I choose my own benefit limits for my home?

  A:

  We are only offering fixed plans at this time. If you wish to choose your own benefit limits, you may wish to consider our Enhanced Home Insurance instead.

• Q:If I change my mind after taking up this insurance, can I cancel it?

  A:

  
  

  Yes, you can cancel this plan by notifying us via email at pline@income.com.sg or call us at 6788 6616. The cancellation will take effect from the date we receive your request.

  For cancellation after the 14-day free look period, we will work out and refund the premium as follows if no claim has been made under this policy.

  Period of Insurance (in days) still left to run x 85% of the premium paid

  Original period of insurance of the policy

  We will not refund any premium below $54.00 @ 8% GST in 2023 and $54.50 @ 9% GST from 2024.

Coverage for your home under Home 360

• Q:What does “First loss” for home insurance mean?

  A:

  First-loss for home insurance means that your claim will not be subject to pro-ration.

  This is best understood by comparing with a typical non first-loss home insurance where there is a pro-ration penalty if your sum insured is less than the amount required to replace the property in the event that everything is destroyed.

  For example, if you insure your contents for $50,000 when you actually have $100,000 worth of contents, you are considered to be 50% under-insured.

  If you suffer a loss of $5,000, you would be able to claim:

  • $2,500 if the policy is not on a first-loss basis (because you would be subject to a 50% pro-ration penalty)
  • $5,000 if the policy is on a “first-loss” basis

• Q:Can I still sign up for Home 360 if I already have another home/fire insurance (e.g. Enhanced Home/HDB/MCST Fire Insurance)?

  A:

  Yes you can. You can take up this plan to enhance your coverage.

  For example, if you have a HDB fire insurance which covers only the internal building structure, fixtures and fittings based on the original standards of HDB flat when it is handed over to the first lessee, you can take up this plan to cover your personal contents and any additional renovations or improvements which you have made to your home.

  If you already have coverage for your contents, you can also use this plan to top up your content coverage if required.

• Q:What am I insured for under Building cover?

  A:

  Building cover refers to the building structure of your home.

  For Housing Development Board (HDB) flats, condominiums, apartments or cluster houses, it will include the building structure (but not the foundations), fixtures and fittings based on HDB’s or the property developer’s standard specifications. This means we will not cover areas you do not own or which are not provided just for your use. For example, this can include shared areas such as corridors, car parks, stairways, lift lobbies and swimming pools.

  For landed properties such as bungalows, semi-detached and terrace houses, it will include the building structure (but not the foundations), garages, outbuildings, swimming pools, terraces, footpaths, driveways, gardens, gates, fences and other private areas you own and which the public do not have access to.

• Q:Renovation covers the improvements and additions made within the premises by you or any previous owner or tenant in the form of fixtures and fittings. For example, this could include flooring, built-in wardrobes and kitchen cabinets. They do not form part of the building cover.

  A:

  
  

• Q:What am I insured for under Contents cover?

  A:

  Contents cover refers to any physical and movable household items or personal belongings including money and valuables kept within the premises that belong to you or your family members. This is subject to a limit which varies with different items.

  Contents	Sub-limit
  Legal documents	$500 in total
  Mobile phones	$500 for each item or set and $1,500 in total
  Bicycles	$1,000 in total
  Money	$1,000 in total
  Laptop, desktop and tablet computer	$1,500 for each item or set and $5,000 in total
  Valuables	5% of the overall section limits under contents cover for each item, set or pair and up to one-third of the overall section limit under contents cover.
  All contents not listed above	15% of the overall section limit for each item or set

• Q:Are bicycles covered under this plan?

  A:

  Yes, bicycles are covered. This is provided that the loss or damage to your bicycle occurs within your premises. For example, we will not provide cover if your bicycle is parked in a common corridor.

• Q:Are valuables such as antiques, works of art and jewellery covered?

  A:

  Yes, valuables are covered under contents cover. The sub-limit for each item, set or pair is 5% of the overall section limit under contents cover and up to one-third of the overall section limit under contents cover in total.

• Q:Is damage caused by bursting of water pipes or tanks covered?

  A:

  Yes. We will cover the loss or damage to your building, renovations or contents caused by bursting of water pipes or tanks within your premises. However, we do not cover the loss or damage to the pipes and tanks or the expenses to trace any leakage.

Emergency Home Assistance under Home 360

• Q:What is this Emergency Home Assistance?

  A:

  This is a bonus complimentary service for i50 policyholders.

  If a specified accident happens at your premises during the period of insurance, policyholders can call our 24/7 hotline for assistance.

  This service is provided on a complimentary basis and is not part of the insurance policy. We may amend or discontinue the services at our sole discretion without prior notice.

  Please refer to the Terms & Conditions for more details.

• Q:What are the types of services available under the Emergency Home Assistance?

  A:

  The Emergency Home Assistance includes emergency plumbing, electrician, locksmith and pest control services.

  For more details on the scope of services available, please refer to the Terms & Conditions.

• Q:How does this service work?

  A:

  Upon calling the hotline, our emergency home assistance provider will assist you to search for suitable repairer(s).

  You will be given an estimate of the total cost involved and have full discretion in engaging the recommended repairer.

  Income will not be responsible nor liable for any loss or damages suffered directly or indirectly by you or any party as a result of or in connection with the services, including any delay in the provision of the services.

• Q:Is this service 24/7?

  A:

  Yes, the hotline is available 24/7; including weekends and public holidays.

• Q:Do I need to pay when I use this service?

  A:

  You will not need to pay for up to 4 repairs per year, subject to a limit of $100 per accident.

  During the call, you will be informed of the estimated cost involved before the assistance is dispatched. If the cost is estimated to be above $100, you will still be able to engage the service. We will cover up to the limits of $100, and you will need to pay for the remaining amount billed.