Frequently Asked Questions

Luxe Solitaire

Product Coverage
  • Q:What is Luxe Solitaire?

    A:

    Luxe Solitaire is a participating, single-premium whole-life plan with a policy term that lasts until the anniversary immediately after the original insured’s 120th birthday.

    Cash benefits are payable each month, starting from the 25th month after the policy entry date.

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

  • Q:Is there guaranteed acceptance?

    A:

    Yes, there is guaranteed acceptance for this plan regardless of the insured’s health condition. However, financial underwriting will be required.

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

    A:

    If the insured dies during the term of the policy, we will pay: 

    - 105% of the net single premium and a terminal bonus less all monthly cash benefits and cash bonuses paid; or 

    - the cash value;

    whichever is higher.
     

    We will also pay any cash benefits and cash bonuses which have built up.

    This 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 the policyholder, and any amount the policyholder owes us, from the cover start date.

Terminal Illness (TI) Benefit
  • Q:What is the TI benefit payable?

    A:

    If the insured becomes terminally ill during the term of the policy, we will pay: 

    - 105% of the net single premium and a terminal bonus less all monthly cash benefits and cash bonuses paid; or 

    - the cash value;

    whichever is higher.

    We will also pay any cash benefits and cash bonuses which have built up.

    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 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.

Cash Benefit
  • Q:What are the cash benefits payable?

    A:

    If the insured survives at the end of two years from the policy entry date, we will pay a monthly cash benefit equivalent to 0.104% of the net single premium and we will pay the cash benefit as long as the insured is still alive and the policy has not ended. The first monthly cash benefit is payable at the start of the 25th month after the policy entry date.

  • 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; 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.

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.

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

    A:

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

  • Q:Is the 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:

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

    2. “Cash” bonus is added on top of each cash benefit.

    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, which is to the anniversary immediately after the original insured’s 120th birthday, and the policy has not already ended, we will pay 105% of the net single premium and a terminal bonus.

    We will also pay any cash benefits and cash bonuses which have built up.

    This policy will end when we make this payment.

Eligibility & Premium Payments
  • Q:What are the minimum and maximum entry ages?

    A:

    MinimumMaximum
    Insured075
    Policyholder10*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 is the minimum and maximum single premium for the policy?

    A:

    The minimum single premium is S$100,000 and the maximum single premium is S$7,000,000.

  • 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: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.

  • Q:Can the single premium be increased or decreased?

    A:

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

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.