Frequently Asked Questions

PrimeShield

General

  • Q:Why should I purchase PrimeShield?

    A:

    A stay in a private nursing home costs from $800 to above $4,000 (Straits Times, 13 Jan 2009). This is much higher than the benefit offered under your ElderShield policy. Therefore, you should buy PrimeShield to help expenses for the care of a person with severe disability.

    As the application is subject to underwriting, you are encouraged to apply PrimeShield as early as you reach age 40. This is because the older you get, the higher the risk of you having various medical conditions and we may not be able to grant you cover.

    Also, premiums are based on your entry age. Entry age refers to the age as at your last birthday that you apply for PrimeShield. This means that the earlier you apply for PrimeShield, the lower premium you will have to pay.

  • Q:How can I pay for my PrimeShield premium?

    A:

    You can use your CPF Medisave account to pay for your PrimeShield premiums. If you do not have enough funds in your account, you can use the CPF Medisave accounts of your spouse, parents, children or grandchildren. To do so, you are required to complete and submit the Change of Premium Payment Method form.

    Alternatively, you can pay the full premium by cash, cheque or GIRO. For GIRO, please complete and submit the GIRO application form.

    You should note that the maximum amount that you can use from the CPF Medisave account(s) to pay for ElderShield Supplements is $600 per insured per calendar year. You will have to pay any remaining amount by cash, cheque or GIRO.

    We will send you a premium notice if we cannot collect the premium from your or any other authorised account through CPF or GIRO, in which case, you must pay us the premium by cash or cheque.

  • Q:Can I purchase PrimeShield with Income if I already have existing ElderShield Supplements with another insurer?

    A:

    Yes, you can. But you should note that the maximum amount that you can use from the CPF Medisave account(s) to pay for ElderShield Supplements is $600 per insured per calendar year. This means that if your existing ElderShield Supplement has already used up the $600 limit, you will have to pay your PrimeShield premiums in cash, cheque or GIRO. For GIRO, please complete and submit the GIRO application form.

  • Q:Can I cancel my ElderShield policy since I am applying for PrimeShield?

    A:

    No. In order to apply for PrimeShield, your ElderShield policy has to be in force. PrimeShield is a supplement plan that is integrated with your ElderShield policy.

  • Q:Does PrimeShield have a Non-forfeiture feature?

    A:

    Yes, it does. After you have made a minimum number of premium payments, your PrimeShield policy will be treated as paid-up. This means that your PrimeShield policy will not terminate due to non-payment of premiums. Your PrimeShield policy will instead have a reduced benefit.

New Application

  • Q:Why do I still have to pay by cash although I have submitted the GIRO form?

    A:

    It may take some time for the bank to approve the Interbank GIRO application. Meanwhile, we will send you a premium notice when premium is due, in which case, you must pay us the premium by cash or cheque.

  • Q:Can I terminate my PrimeShield policy later if I decide that it is not suitable for my needs?

    A:

    If you request to terminate your PrimeShield policy within the free-look period of 60 days from the policy commencement date, you shall be entitled to cancel this policy and receive a full refund of premiums paid. There is no refund for termination request made after the free-look period and the policy will be terminated at the next renewal.

    To terminate your PrimeShield policy, you will need to complete the termination form. You can choose to submit the completed form:

    • At any Income branch
    • Send it by post to Income Centre 75 Bras Basah Road Singapore 189557
Policy Renewal

  • Q:How will I be notified of my PrimeShield Renewal?

    A:

    You will receive a Renewal Notice from us two months before your policy renewal date.

  • Q:What do I need to do when I receive my Renewal Notice?

    A:

    Depending on your PrimeShield premium payment mode, please ensure the necessary actions indicated in the table below.

    Premium payment modeNecessary actions we require from you
    CPF Medisave accountPlease ensure sufficient funds in the CPF Medisave account(s) to avoid any disruption to your coverage.
    GIROPlease ensure sufficient funds in the GIRO account(s) to avoid any disruption to your coverage.
    CashYou may: issue a cheque to “Income Insurance Limited”. Please indicate your name, contact number and policy number at the back of the cheque; or pay by NETS or cash at any of our servicing branches
Policy Reinstatement

  • Q:Why has my PrimeShield policy lapsed?

    A:

    Your PrimeShield policy has lapsed due to non-payment of premiums that are overdue for 75 days after the renewal date.

  • Q:How do I reinstate my PrimeShield policy?

    A:

    You are allowed to reinstate your policy within 180 days from your policy lapse date. You will need to complete the reinstatement form and declare all your health information. Your reinstatement application will be subject to underwriting.

    You can choose to submit the completed form:

    • At any Income branch
    • Send it by post to Income Centre 75 Bras Basah Road Singapore 189557

  • Q:What should I do if it is past 180 days from my lapse date?

    A:

    You will no longer be able to reinstate your PrimeShield policy. Instead, you will need to take up a new PrimeShield policy. You will need to complete the PrimeShield application form and declare all your health information. Your application will be subject to underwriting.

    You can choose to submit the completed form:

    • At any Income branch
    • Send it by post to Income Centre 75 Bras Basah Road Singapore 189557
Policy Alteration

  • Q:How do I change my premium payment mode for my PrimeShield policy?

    A:

    You will need to complete the Change of Premium Payment Method form at least two weeks before your policy renewal date.

    You can choose to submit the completed form:

    • At any Income branch
    • Send it by post to Income Centre 75 Bras Basah Road Singapore 189557

  • Q:How do I terminate my PrimeShield policy?

    A:

    You should note that you will not receive any refund and your PrimeShield policy will only be terminated at your next policy renewal. In order for us to process your termination, you will need to complete the termination form.

    You can choose to submit the completed form:

    • At any Income branch
    • Send it by post to Income Centre 75 Bras Basah Road Singapore 189557

  • Q:Can I increase or decrease my PrimeShield monthly benefit?

    A:

    Yes, you can. You will need to complete the Alteration form and the changes to the policy can only be approved if

    • the policy duration is less than 2 years from your PrimeShield policy start date;
    • the Alteration form is submitted to us before age 65; and
    • the new monthly benefit does not exceed 2 times your initial monthly benefit.

    Your application will be subject to underwriting (only for request to increase benefit).

    You can choose to submit the completed form:

    • At any Income branch
    • Send it by post to Income Centre 75 Bras Basah Road Singapore 189557

    Once approved, changes will be effective from your next policy renewal and the revised premium is based on your age last birthday.

Others

  • Q:I am currently receiving Additional Premium Support (APS) from the Government. Will I still receive APS if I am insured under PrimeShield?

    A:

    Anyone who pays for, or is insured under PrimeShield is not eligible for Additional Premium Support (APS) from the Government. ^

    If you are currently receiving APS to pay for your MediShield Life and/or CareShield Life premiums, and you choose to be insured under PrimeShield, you will stop receiving APS. This applies even if you are not the person paying for PrimeShield. In addition, if you choose to be insured under PrimeShield, the person paying for PrimeShield will stop receiving APS, if he or she is currently receiving APS.

    ^ APS is for families who need assistance with MediShield Life and/or CareShield Life premiums, even after receiving premium subsidies and making use of MediSave to pay for these premiums.