Frequently Asked Questions
Gro Flex Saver
Q:What is Gro Flex Saver?A:
Gro Flex Saver is a participating, regular premium endowment plan. It provides guaranteed yearly cash benefits from the 2nd policy anniversary and a maturity benefit at the end of the policy term.
This plan also provides protection against death, accidental death, total and permanent disability (TPD) and accidental TPD during the policy term (if accidental death, TPD and accidental TPD occur before the age of 70).
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.
Q:What is the death benefit payable?A:
Upon death of the insured during the term of the policy, 105% of all net premiums paid (excluding premiums paid on riders) and 100% of bonuses will be paid.
We will also pay any accumulated cash benefits with the death benefit.
Any policy loan and interest will be deducted from the benefit amount payable.
The policy terminates thereafter.
Q:What are the exclusion(s) for death benefit?A:
We will not pay the death benefit if the insured commits suicide within one year from the date:
- we issue the policy;
- we issue an endorsement to include or increase a benefit; or
- we reinstate the policy.
whichever is latest.
The policy will cease with immediate effect and we will refund the premiums paid, without interest, less any payout and any amount you owe us, from the cover start date.
Total and Permanent Disability (TPD) Benefit
Q:What is the TPD benefit payable?A:
Upon diagnosis of the insured with TPD (before the age of 70) during the term of the policy, we will pay 105% of all net premiums paid (excluding premiums paid on riders) and 100% of bonuses.
We will also pay any accumulated cash benefits with the TPD benefit. Any policy loan and interest will be deducted from the benefit amount payable.
The policy terminates thereafter.
Q:What is the definition of TPD, Total physical loss and Severe disability?A:
TPD, and totally and permanently disabled, mean any of the below.
- If the insured is under 65 years old, TPD, 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.
- If the insured is 65 years old and above but under 70 years old, TPD, 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 - the 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) for 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
- 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.
Accidental Death & Accidental TPD Benefit
Q:What is the accidental death and accidental TPD benefit payable?A:
Upon death of the insured or diagnosis of TPD of the insured before the age of 70 due to an accident (within 365 days of the accident) during the policy term, 100% of the sum assured will be payable in addition to the death benefit or TPD benefit respectively. If death or TPD occurs due to the insured’s involvement in any restricted activity at the time of the accident, 60% of the sum assured will be payable instead.
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 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 are the exclusion(s) for accidental death & accidental TPD benefit?A:
The accidental death and accidental TPD benefit will not be paid 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;
- treatment 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 of terrorism. However, an amount of S$10,000 or 10% of the sum assured, whichever is lower in addition to the death or TPD benefit will be payable.
Q:What is cash benefit payable?A:
If premiums for the policy have been paid for at least two years, a guaranteed cash benefit at 5% of the sum assured will be paid every year as long as the insured is still alive and the policy has not ended. The first cash benefit will be paid 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 will 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 is due to confirm how you would like to use it. We will then 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. If there is no response from you, we will make a choice for you.
The default option will be set out in the letter. You should inform us if your choice is different from the default option.
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 Rider(s) / Supplementary Benefit(s) be added to this plan?A:
The following rider(s) / supplementary benefit(s) can be added to Gro Flex Saver:
Cancer Premium Waiver (GIO)
Q:Can the rider(s) be added after policy is in force?A:
No, the rider(s) cannot be added after the policy is in-force.
Cash Value, Bonuses & Maturity Benefit
Q:Is there any cash value for this policy?A:
Yes, the policy will have a cash value when premiums have been paid for at least two year. If the premium term for your policy is five years and below, the policy will have a cash value when premiums have been paid for at least one year.
Q:Is this 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:
- “Annual” or “reversionary” bonus is added to the policy each year.
- “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.
Bonus pay-outs to policyholders are primarily influence by the performance of the Life Participating Fun (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: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, less all cash benefits that are calculated based on the sum assured; or
- 100% of all net premiums paid (excluding premiums paid on riders) and 100% of bonuses, less all cash benefits that are calculated based on the sum assured.
whichever is higher.
Any accumulated cash benefits will also be paid out together with the maturity benefit. Any policy loan and interest will be deducted from the benefit amount payable.
The policy terminates thereafter.
Eligibility & Premiums
Q:What are the minimum and maximum entry ages?A:
Minimum Maximum Insured 0 75 Policyholder 10* N.A.
For other combinations of premium term and policy term
Minimum Maximum Insured 0 85 – policy term Policyholder 10* 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 are the policy terms and premium terms available?A:
Premium term (years) Policy term (years) 5 10, 15, 20, 25 10 15, 20, 25 15 20, 25
Q:What are the minimum and maximum sum assured for this policy?A:
The minimum sum assured is subject to premium term as seen below:
Premium term (years) Minimum sum assured 5 S$15,000 10 S$15,000 15 S$15,000
The maximum sum assured is subject to underwriting.
Q:Can I backdate my policy?A:
Yes, the policy can be backdated only if all the following conditions are met:
i. You are backdating a traditional life insurance policy to qualify for a lower premium or higher minimum protection value. Backdating for investment-linked policy is not allowed.
ii. The policy is backdated to a date:
a) one day before the Insured’s last birthday;
b) within 6 months from date of receipt of application by us; and
c) not earlier than the official launch date of the main plan or rider, if applicable.
Q:Can I take a policy loan?A:
Yes, you can take a policy loan based on the prevailing terms and conditions.