Frequently Asked Questions

Gro Secure Saver

Product Coverage
  • Q:What is Gro Secure Saver?

    A:

    Gro Secure Saver is a participating, regular premium endowment plan with a policy term that ranges from 10 to 25 years. The premium terms available are 5, 10 or 15 years.


    This plan provides protection against death, accidental death, total and permanent disability (before the age of 70) and accidental total and permanent disability (before the age of 70) during the policy term.


    If the insured survives at the end of the policy term and the policy has not already ended, we will pay a maturity benefit instead.

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

    A:

    Upon death of the insured during the term of the policy, we will pay:

    • 105% of all net premiums paid, and 100% of bonuses; or
    • the cash value;

    whichever is higher.


    Any policy loan and interest will be deducted from the benefit amount payable.


    The policy terminates thereafter.

  • Q:What are the exclusion 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 total premium 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 policy term, we will pay:

    • 105% of all net premiums paid, and 100% of bonuses; or
    • the cash value;

    whichever is higher.


    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) of 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 during the policy term  or upon diagnosis of TPD of the insured before the age of 70 due to an accident (within 365 days of the accident), 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:

    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 are the exclusion(s) for Accidental Death and Accidental TPD benefit payable?

    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 $10,000 or 10% of the sum assured, whichever is lower in addition to the death or TPD benefit will be payable.
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:What are the riders/supplementary benefits that can be attached to this plan?

    A:

    The following rider(s) / supplementary benefit(s) can be added to Gro Secure 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 years. If the premium term for your policy is five years, 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, the sum assured and bonuses will be payable in one lump sum.


    Any policy loan and interest will be deducted from the benefit amount payable.


    The policy terminates thereafter.

Eligibility & Premiums
  • 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:What are the minimum and maximum entry ages?

    A:
     MinimumMaximum
    Insured080 less policy term
    Policyholder10*N.A.

     
    *Parental/legal guardian’s consent is required if the policyholder is between 10 and 16 years old.

  • Q:What is the minimum and maximum sum assured set for the policy?

    A:

    The minimum sum assured is set at S$20,000 per policy. The maximum sum assured would be subjected to financial underwriting.

  • Q:What are the available premium payment terms?

    A:

    The premium payment terms available are 5, 10 or 15 years.

  • Q:What are the policy terms available?

    A:

    Policy term range from 10 to 25 years depending on selected premium payment term.

    Premium Term (Years)Policy Term (Years)
    10 - 25
    10 15 - 25
    1520 - 25
  • Q:Can I backdate my policy?

    A:

    No, you cannot backdate your policy.

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

    A:

    Yes, you can take a policy loan subject to the prevailing terms and conditions.