Frequently Asked Questions

Gro Retire Wise

Product Coverage
  • Q:What is Gro Retire Wise?

    A:

    Gro Retire Wise is a single premium endowment insurance plan specially designed for retirement planning. It comprises of two periods, (i) the accumulation period and (ii) the payout period.


    (i) The Accumulation Period

    The accumulation period starts from policy inception for a fixed term of 10, 15, 20, 25, or 30 years, or up to age 55, 60, 62 or 65 last birthday, depending on the entry age of the insured.


    (ii) The Payout Period

    The payout period of 20 years begins immediately after the end of the accumulation period. During the payout period, you can enjoy a stream of regular payments, and the first regular payment will be paid to you one year after the end of the accumulation period.


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

Eligibility & Premium Payments During Accumulation Period
  • Q:What is the premium term?

    A:

    You can only buy this plan using single premium payment.

  • Q:Can I use funds in Central Provident Fund (CPF) or Supplementary Retirement Scheme (SRS) to buy this policy?

    A:

    You can use cash or SRS funds, but not CPF funds, to buy this plan.

  • Q:What is the minimum and maximum premium set for this plan?

    A:

    The minimum single premium investment is S$10,000.


    There is no maximum limit set on the premium because it will be subjected to an assessment of your health and financial condition.

  • Q:Can I backdate my policy?

    A:

    No, you cannot backdate your policy.

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

    A:

    We will pay 105% of the net single premiums and accumulated bonuses, in one lump sum as the death benefit. However, for insured with Substandard Life, the benefit payable is reduced to 101% of the net single premium and accumulated bonus.

  • Q:What is the meaning of Medically Substandard Life?

    A:

    Medically Substandard Life refers to an Insured suffering from any of the following medical conditions, at the time of application, within three months from the date of policy issue or reinstatement of the policy: 

    • Cancer
    • Heart or heart valve conditions
    • Chronic kidney disease
    • Stroke
    • Liver cirrhosis or end stage liver failure
    • Systemic lupus erythematosus
    • Terminal illness
    • Total loss, or total loss of use of one or both limbs, or total loss of use of one or both eyes
  • 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 premium paid, without interest, less any payout and any amount you owe us, from the cover start date.


Total Permanent Disability (TPD) Benefit During Accumulation
  • Q:What is the TPD benefit?

    A:

    We will pay 105% of the net single premium and accumulated bonuses, if the insured is diagnosed with TPD before age 70 (last birthday).


    However, for insured with Substandard Life, the benefit payable is reduced to 101% of the net single premium and accumulated bonus.

  • Q:What is the definition of TPD and total physical loss?

    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.
  • 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, drug or any dependence.


    We will also not pay this benefit unless you are certified by a registered medical practitioner to have been totally and permanently disabled for at least six months in a row.

Riders / Supplementary Benefits During Accumulation Period
  • Q:Can I add riders?

    A:

    No, you cannot add any rider to this plan.

Cash Value & Bonuses During Accumulation Period
  • Q:Is there any cash value for this plan?

    A:

    Yes, your policy will have a cash value immediately.

  • Q:Is this policy eligible for any bonus during Accumulation Period?

    A:

    Yes, your policy is eligible to bonuses after the end of the second policy year. There are two types of bonuses:

    1. The first type of bonus is an ‘Annual’ or ‘Reversionary’ bonus added to your policy each year. Once we have added an Annual Bonus, we cannot remove it. Annual Bonus during the accumulation period is defined as a percentage of the net single premium paid. The minimum Annual Bonus rate in the first 5 policy years of the accumulation period is 1.30% per annum.
    2. The second type of bonus is ‘Terminal’ or ‘Special’ bonus which is an extra bonus that we pay:
      • at the time of claim,
      • when you surrender your policy or 
      • when you convert the entire policy to a stream of payment for 20 years at the end of the accumulation period. 


    Special Bonus is only applicable during the accumulation period. 


    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 During Accumulation Period
  • Q:Can I take a policy loan?

    A:

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

Options At End Of Accumulation Period
  • Q:What options do I have at the end of the accumulation period?

    A:

    You have the following options at the end of the accumulation period:

    • Convert entire policy to a stream of payment for 20 years. An additional Special Bonus is included in the computation of Conversion Value if you choose this option.
    • Convert part of policy to a stream of payment for 20 years. The minimum Conversion Value is currently set at S$10,000 and is subject to revision.
    • Surrender the entire policy to receive lump sum payment.


    The default option is to convert the entire policy to a stream of payment for 20 years. The Conversion Day is the policy anniversary day right after the end of the accumulation period.

  • Q:What is conversion value?

    A:

    The conversion value is the sum of all the premiums that you have paid and accumulated bonus at the end of the accumulation period. This is used to provide a stream of payment for 20 years. The actual amount of the conversion value is not guaranteed. It is subject to bonuses declared on the policy during the accumulation period.

  • Q:When do I need to decide whether to convert policy?

    A:

    There is no need for you to decide at the point of application. We will be writing to inform you of the conversion value and the options available, at least one month before the end of the accumulation period. You can then make an informed decision based on your prevailing financial condition.

Payment Stream During Payout Period
  • Q:How long is the payout period?

    A:

    The payout period is fixed at 20 years.

  • Q:What are the components of the payment stream?

    A:

    Each payment consists of a regular payment and bonus.

    • Regular Payment
      Each regular payment is set at 5.50% p.a. of the conversion value. The absolute amount of this regular payment will depend on the actual conversion value at the end of the accumulation period, which is non-guaranteed.
    • Bonus
      Bonus, in addition to the regular payment, are determined each year as a percentage of the conversion value. It is projected at 2.5% p.a. of the conversion value and may vary from year to year.
  • Q:What is the payment mode during the payout period?

    A:

    The default option is for the payment stream to be paid to you yearly, at the end of each policy year, with the first payment starting one year after conversion. You can choose another payment mode i.e. monthly, quarterly or half-yearly if at least S$50,000 is converted into the payment stream. The amount of regular payment and bonus for other payment mode will be adjusted using the following formula:

    Payment FrequencyFormula
    MonthlyAnnual Payment x 0.08
    QuarterlyAnnual Payment x 0.241
    Half-YearlyAnnual Payment x 0.487


    If you were to select monthly payment mode, the monthly payment starts one month after the Conversion Day. Note that changing of payment mode during the payout period is not allowed.

  • Q:Is the amount of payout guaranteed?

    A:

    No, the amount of payout is not guaranteed.

  • Q:Can I deposit the payment from payout period to earn interest with you?

    A:

    No, the payment cannot be left to accumulate interest with us.

Insurance Coverage During Payout Period
  • Q:What is the death benefit payable?

    A:

    We will pay 105% of the outstanding Regular Payment (excluding any projected future bonuses) as the death benefit. However, for insured with Substandard Life, the benefit is reduced to 101% of the outstanding Regular Payments (excluding any projected future bonuses).

  • Q:What is the TPD benefit?

    A:

    We will pay 105% of the outstanding Regular Payment (excluding any projected future bonuses) as the total and permanent disability benefit. However, for insured with Substandard Life, the benefit is reduced to 101% of the outstanding Regular Payments (excluding any projected future bonuses).

  • Q:Can I add riders for the payout period?

    A:

    No, you cannot add riders during the Payout Period.

Cash Value & Bonuses During Payout Period
  • Q:Is there any cash value during the payout period?

    A:

    Yes, your policy will have a cash value during the payout period.

  • Q:Is this policy eligible for any bonus during the Payout Period?

    A:

    Yes, bonus is given as part of the payment stream. It is determined each year as a percentage of the Conversion Value. It is currently projected at 2.5% p.a. of the Conversion Value and it may vary from year to year.

    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 During Payout Period
  • Q:Can I take a policy loan?

    A:

    No, you cannot take a policy loan during the payout period.