Frequently Asked Questions

Gro Junior Saver

Product Coverage
  • Q:What is Gro Junior Saver?

    A:

    Gro Junior Saver is a regular premium endowment insurance plan that accumulates funds for a child’s education. Guaranteed cash benefits are payable at different stages of the child’s education.


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

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

    A:

    Upon death of the insured, we will pay the sum assured and accumulated bonuses (if any).


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


    The policy terminates thereafter.

  • 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 and Permanent Disability (TPD) Benefit
  • Q:What is the TPD benefit payable?

    A:

    Upon diagnosis of the insured with TPD, we will pay the sum assured and accumulated bonuses (if any). Any cash benefit deposited with us will also be paid out.

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

    A:

    TPD, and totally and permanently disabled mean any one of the below.

    • If the insured is 17 years or under, TPD, and totally and permanently disabled mean the need to be confined to a home, hospital or other institution, requiring constant care and medical attention for the rest of a person’s life, or total physical loss.
    • If the insured is 18 years or above, TPD, and totally and permanently disabled mean the inability to take part in any paid work for the rest of a person’s life, or total physical loss.


    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) of total and permanent disability 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 the insured is certified by a registered medical practitioner to have been totally and permanently disabled for at least six months in a row.


Hospital Benefit
  • Q:What is the hospital benefit payable?

    A:

    We will pay S$100 for each day the insured is in the hospital, up to 30 days for each confinement. This benefit is only paid once for each of these three conditions that resulted in the hospitalisation.

  • Q:What are the medical conditions that are covered for hospital benefit?

    A:

    The medical conditions covered are hand-foot-mouth disease, food poisoning or dengue. Other medical conditions are not covered.

  • Q:Is there a need to apply for this benefit at the point of application?

    A:

    This is a built-in benefit and there is no need for the policyholder to apply for this benefit.

Cash Benefit
  • Q:What are cash benefits payable?

    A:


    Cash benefits are guaranteed cash payments to support different stages of the insured’s education needs. If the insured survives at the end of one year from the policy entry date, and if premiums for this policy have been paid for at least one year, we will begin to pay out cash benefits at specific policy anniversaries after the insured reaches certain milestone ages.

    Each cash benefit is a percentage of the sum assured and we pay it as long as the insured is still alive and the policy has not ended.

    If the policy matures on the policy anniversary after the insured turns 20, we will pay as follows:

    Sequence of Cash Benefit Payable Entry Age 6 years and below (Last Birthday) Entry age 7 to 11 years (Last Birthday)
      Milestone Age (Last Birthday) Guaranteed Cash Benefit Milestone Age (Last Birthday) Guaranteed Cash Benefit
    1st Cash Benefit 7 years 5% 12 years 5%
    2nd Cash Benefit 12 years 5% 16 years 5%
    3rd Cash Benefit 16 years 5% 18 years 35%
    4th Cash Benefit 18 years 35% 19 years 30%
    5th Cash benefit 19 years 30% Not applicable

    If the policy matures on the policy anniversary after the insured turns 22, we will pay as follows:

    Sequence of Cash Benefit Payable Entry Age 6 years and below (Last Birthday) Entry age 7 to 11 years (Last Birthday)
    Milestone Age (Last Birthday) Guaranteed Cash Benefit Milestone Age (Last Birthday) Guaranteed Cash Benefit
    1st Cash Benefit 7 years 5% 12 years 5%
    2nd Cash Benefit 12 years 5% 16 years 5%
    3rd Cash benefit 16 years 5% 18 years 5%
    4th Cash Benefit 18 years 5% 20 years 30%
    5th Cash Benefit 20 years 30% 21 years 30%
    6th Cash Benefit 21 years 30% Not applicable

    If the policy starts at an insured’s age where any earlier cash benefit payment is missed out, such cash benefit will be paid at the end of the policy term as part of the maturity benefit.

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

    A:

    You can exercise any one of the following options:

    • Place it in a deposit account to earn interest at a rate we will set.
    • Receive it as a payout.
  • Q:Are these cash benefits guaranteed?

    A:

    Yes, the cash benefits are guaranteed.

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

    A:

    We will write to you before your first cash benefit is due to confirm how you would like to use it. There is a default option in the letter. You should inform us if your choice is different from the default option.

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 available for this plan?

    A:

    The following riders can be added to this plan:

    • Payor Premium Waiver (3rd party policy only)
    • Enhanced Payor Premium Waiver (3rd party policy only)
    • Dread Disease Premium Waiver (1st or 3rd party policy)
  • Q:Can I add or remove riders after the policy is in force?

    A:

    Yes, you can add or remove riders any time after the policy is in force. However, adding riders after the policy is in force will be subjected to a reassessment of your health and financial situation.

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

    A:

    If the premium term is 5 years, your policy will have a cash value when premiums have been paid for one year. However, if the premium term is 10 years and above, the policy will have a cash value when premiums have been paid for two years.

  • Q:Is this policy eligible for any bonus?

    A:

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

    • “Annual” or “reversionary” bonus is added to your policy each year.
    • “Terminal” or “special” bonus is an extra bonus that we pay at the time of claim or when you surrender your policy.


    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:

    The maturity benefit is a lump sum payment made to the policyholder when the policy matures at the end of the policy term. The amount of the benefit is full sum assured and 100% of accumulated bonuses (if any), less all cash benefits paid by us.


    Any cash benefit deposited with us will also be paid to the policyholder.


    The policy will cease after the benefit is paid.

Eligibility & Premium Payments
  • 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 pay for this policy.

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

    A:

    The minimum sum assured is S$15,000 per policy.

  • Q:Can I backdate my policy?

    A:

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

    i. 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.

    ii. The policy is backdated to a date:

    a) one day before the Insured’s last birthday;

    b) within 6 months from date of receipt of application by us; and

    c) not earlier than the official launch date of the main plan or rider, if applicable.

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

    A:

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