Frequently Asked Questions

Gro Retire Ease

Product Coverage
  • Q:What is Gro Retire Ease?

    A:

    Gro Retire Ease is a participating, regular premium endowment¹ plan specially designed for retirement planning. This policy is divided into 2 periods, i.e. an accumulation period and a payout period.
     

    This plan provides protection against death, accidental death (before the age of 70) and also provides a disability care benefit during the policy term.
     
    ¹An endowment plan combines insurance protection with a savings element. A participating policy is entitled to share in the profits of the participating fund. These profits are distributed via bonus declarations and are payable upon maturity, surrender or when there is a claim.

  • 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.

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

    A:

    During the accumulation period

    Upon death of the insured during the accumulation period, we will pay 105% of all net premiums paid (excluding premiums paid on riders) and 100% of terminal bonuses. If the cash value is more than the death benefit, we will pay the cash value instead. The policy terminates thereafter.

     

    During the payout period

    Upon death of the insured during the payout period, we will pay 105% of all net premiums paid (excluding premiums paid on riders) and 100% of terminal bonuses, less all monthly cash benefits and cash bonuses paid. The monthly cash benefit paid excludes any cash benefit paid out under the disability care benefit. If the cash value is more than the death benefit, we will pay the cash value instead.

    Any accumulated monthly cash benefits and cash bonus will also be paid out together with the death benefit. The policy terminates thereafter. 

  • Q:What is the exclusion for death benefit?

    A:

    We will not pay the death benefit if the insured commits suicide within the first year of the cover start date. The policy will cease with immediate effect and we will refund the total premiums paid, without interest, less any payout and any amount you owe us, from the cover start date.

  • Q:What is the accidental death benefit payable?

    A:

    Upon death of the insured before the age of 70 due to an accident, 105% of all net premiums (excluding premiums paid on riders) will be payable in addition to the death benefit. The benefit is only payable if death happens within 365 days of the accident.
     

    If death is due to the insured’s involvement in any restricted activity at the time of the accident, 63% of all net premiums (excluding premiums paid on riders) will be payable instead on top of the death benefit. The policy terminates thereafter.
     

    Restricted activity means any of the following activities:

    1. 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.
    2. 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.
    3. Military, air force or naval operations in peacetime, including training and exercises for national servicemen or reservists in peacetime.
    4. Motorcycling whether as rider or pillion rider.
    5. 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 is the exclusion for accidental death benefit?

    A:

    We will not pay the accidental death benefit 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;
    • treatments 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. However, the policy will pay S$10,000 or 10% of all net premiums paid (excluding premiums paid on riders), whichever is lower, on top of the amount payable for death benefit.
Disability Care Benefit
  • Q:What is the disability care benefit payable?

    A:

    During the accumulation period

    Upon diagnosis of the insured with any one of the conditions stated in the table below arising from accidental injury or sickness during the accumulation period, a lump sum which is equal to six times of the monthly cash benefit will be paid.

    If the premium term has not ended, the future premiums on the basic policy will be waived from the date of diagnosis, for the remaining premium term. The basic policy will continue to apply for the remaining unclaimed benefits even though premiums are not paid.


    When the payout period begins, an additional one month of cash benefit will be paid on top of each monthly cash benefit during the payout period or until the policy ends, whichever is earlier.


    During the payout period

    Upon diagnosis of the insured with any one of the conditions stated in the table below arising from accidental injury or sickness during the payout period, an additional one month of cash benefit will be paid on top of each monthly cash benefit during the payout period or until the policy ends, whichever is earlier.

     

    ItemCondition
    1Loss of use of one limb
    2Loss of speech
    3Loss of sight of one eye
    4Loss of hearing

     

    The maximum additional monthly cash benefit payable on the additional stream is S$3,000. The disability care benefit can only be claimed once and any cash benefits paid under this benefit cannot be accumulated with Income at the prevailing interest rate. The payout period cannot be changed after a claim has been made on this benefit.

  • Q:What are the exclusion(s) for disability care benefit?

    A:

    We will not pay the disability care benefit if the claim arises from:

    • deliberate acts such as self-inflicted injuries, illnesses or attempted suicide;
    • unlawful acts, provoked assault or deliberate exposure to danger;
    • the effects of alcohol, drugs or any dependence;
    • acquired immunodeficiency syndrome (AIDS), AIDS-related complex or infection by human immunodeficiency virus (HIV);
    • treatments aimed at improving appearance, such as cosmetic surgery or any treatment relating to a previous cosmetic treatment;
    • being in any aircraft, except as a fare-paying passenger in a commercial aircraft, or during military operations in peacetime;
    • taking part in any 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;
    • a chronic illness where the insured suffered symptoms of, had investigations for, was treated for, or was diagnosed with any time before or within 90 days after the cover start date;
    • an impairment where the insured suffered symptoms of, had investigations for, was treated for, or had any time before or within 90 days after the cover start date;
    • a claim that is excluded or not covered under the terms of the policy.

     

    Chronic illness means chronic obstructive pulmonary disease, diabetes mellitus, stroke, major depression, schizophrenia, dementia, bipolar disorder, Alzheimer’s disease,  Parkinson’s disease, epilepsy, rheumatoid arthritis, cancer, chronic hepatitis, cerebral palsy, multiple sclerosis, motor neuron disease, HIV/AIDS, chronic kidney disease, or an auto-immune disease.

    Impairment means any of the following:

    • A disability or medical condition that limits a person's capacity to move, coordinate actions, or perform physical activities. It is also accompanied by difficulties in one or more of the following areas: physical and motor tasks, independent movement, performing daily living functions.
    • Glaucoma, or any disorder with the vision or eye sight that cannot be corrected by wearing spectacles or any medical condition that could lead to loss of sight of one eye.
    • Any disorder of the ears or medical condition that could lead to permanent loss of hearing
    • Any disorder of the vocal cord or medical condition that could lead to loss of speech.
Cash Benefit
  • Q:How long is the payout period?

    A:

    The policyholder can select a payout period of 10, 20 or 30 years.

  • Q:Can I change my payout period?

    A:

    Yes, if you can change your payout period during the accumulation period and we will work out a new monthly cash benefit. However, you will not be able to change your payout period once you have made a claim on the disability care benefit or once the payout period begins.

  • Q:What is the frequency of the cash benefit during the payout period?

    A:

    The cash benefit is paid monthly during the payout period. The first monthly cash benefit will be paid on the policy anniversary immediately after the end of the accumulation period.

  • Q:What can I do with the cash benefits?

    A:

    You can exercise any one of the following options:

    • Receive it as a payout; or
    • Deposit with Income at prevailing interest rates, currently at 3.25% p.a. The interest rate is not guaranteed and will be determined by Income.
       

    The default option is to accumulate the monthly cash benefit with Income at prevailing interest rates. Monthly cash benefit, once received as a payout, cannot be accumulated with Income. If this policy has not already ended, it will end when the last cash benefit is paid.

  • Q:How do I inform Income of my choice for the cash benefits?

    A:

    Before the first monthly cash benefit is due, we will write to you to remind you of the option you have chosen for using the cash benefit, the monthly cash benefit amount chosen, and also the payout period selected.

    If we do not receive a different instruction from you at least 30 days before the first monthly cash benefit is due, we will go ahead with the original choices. We cannot change the payout period after this. We will then follow this same choice for the later monthly cash benefit payouts unless you tell us your choice at least 30 days before the next monthly cash benefit is due.

Deposits
  • Q:What are deposits?

    A:

    Deposits are cash benefits that you have deposited with us to earn interest.   

  • Q:Can I top up to my deposits?

    A:

    No, you cannot top up this account with any other money, including past cash benefits paid out under the disability care benefit and past cash benefits which were not placed in this account.  
     

  • Q:What is the current interest rate for deposits?

    A:

    The current interest rate for deposit is 3.25% p.a. This is not guaranteed and is subjected to review.

  • Q:How is the interest computed?

    A:

    Interest for deposits is computed daily.

  • Q:When can I withdraw my deposits?

    A:

    Withdrawals can be made anytime, subject to a minimum amount for each withdrawal. The current minimum amount is S$500 and this is subject to review.

  • Q:What happens to my deposits when my policy is no longer in force?

    A:

    It will be paid to you in a lump sum when your policy is no longer in force.

Cash Value and Bonuses
  • Q:Is there any cash value for the policy?

    A:

    There is a cash value on this policy after 2 years of premiums have been paid. Please note that buying a life insurance policy is a long-term commitment. Early termination of the policy usually involves high costs and the cash value payable may be less than the total premiums paid.

  • Q:Is the policy eligible for any bonus?

    A:

    Yes, this policy is eligible for bonuses. There are two types of bonuses:

    1. “Terminal” or “special” bonus is an extra bonus which we pay upon claim or surrender of the policy.
    2. Cash bonus, an extra bonus which may be payable on top of the monthly cash benefit during the payout period, or until the policy ends.

    The cash bonus, (if any) will be paid out together with the monthly cash 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 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.

Policy Loan
  • Q:Can I take a policy loan?

    A:

    Yes, you can take a policy loan during the accumulation period based on the prevailing terms and conditions. 

Riders/Supplementary Benefits
  • Q:What are the riders/supplementary benefits?

    A:

    Riders, also known as supplementary benefits, can be attached to a basic insurance plan to provide additional protection at lower cost.

  • Q:Can riders be included?

    A:

    For Gro Retire Ease, the following rider is available:

    1. Cancer Premium Waiver (GIO) (for 1st or 3rd party policy)

     

    The following riders are also available, subject to underwriting:

    1. Dread Disease Premium Waiver (for 1st or 3rd party policy)
    2. Enhanced Payor Premium Waiver (for 3rd party policy)

         

    Riders can only be added at the point of policy inception. Only one rider can be added to the policy.  

Eligibility and Premium Payment
  • Q:What are the premium terms available?

    A:

    You have a choice of premium terms of 5 years, 10 years or pay regularly throughout the accumulation period except the last 5 years.

    You will not be able to change your premium term. 

  • Q:What are the accumulation periods and entry ages available?

    A:

    The following tables show the entry age for various accumulation periods and premium terms:

    Accumulation period
    (last birthday)
    Minimum entry age
    (last birthday)
    Maximum entry age
    (last birthday)
    Pay 5 years1 Pay 10 years2 Pay regularly3
    10 years  
     
     
    20
      654 - -
    15 years 55 55 -
    Up to age 50 40 35 34
    Up to age 55 45 40 39
    Up to age 60 50 45 44
    Up to age 65 55 50 49

    1 The accumulation period must be at least 10 years.
    2 The accumulation period must be at least 15 years.
    3 The accumulation period must be at least 16 years. Payout will commence 5 years after the end of premium term. Minimum premium term is 11 years.
    4 Only for payout period of 10 and 20 years. For payout period of 30 years, the maximum entry age is 60 (ALB).

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

    A:

    The minimum premium allowed is as follows:

    Premium Payment Frequency 5-years premium term Other premium terms
    Monthly S$400 S$200
    Quarterly S$1,188.40 S$594.20
    Half-Yearly S$2,354.00 S$1,177.00
    Yearly S$4,615.20 S$2,307.60

    The maximum premium amount is subject to financial underwriting.

  • 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:

    Yes, the policy can be backdated only if all the following conditions are met:


    • 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.
    • The policy is backdated to a date:
    1. one day before the Insured’s last birthday;
    2. within 6 months from date of receipt of application by us; and
    3. not earlier than the official launch date of the main plan or rider, if applicable.