DIRECT Star Protect Pro

DIRECT Star Protect Pro is a regular premium whole-life participating plan that provides protection against total and permanent disability (TPD before the age of 65), terminal illness (TI) and death.

This is a Direct Purchase Insurance (DPI) product with no financial advice provided. The product is only available if you buy direct from us, it is not available for sale through all other distribution channels of Income Insurance.

If the insured dies, we will pay the sum assured and bonuses.

The policy will end when we make this payment.

This policy is not valid if the insured commits suicide within one year from the cover start date.

We will refund the total premiums paid, without interest, less any amounts we have paid you, and any amount you owe us, from the cover start date.

If the insured becomes terminally ill, we will pay the sum assured and bonuses.

The policy will end when we make this payment

Terminal illness, and terminally ill, means “any condition caused by illness or injury, where at the time of claim, despite all reasonable medical treatment, the insured is expected to live for no more than 12 months.”

The specialist medical practitioner treating the condition must provide supporting evidence of the condition, possible medical treatment, the prognosis after undergoing the possible medical treatment, and certify that the insured is expected to live for no more than 12 months despite all possible medical intervention. We reserve the right to appoint an independent medical specialist who is an expert in the condition to confirm the diagnosis and prognosis.

Terminal Illness in the presence of HIV infection is excluded.

We will not pay this benefit if your claim arises from:

• deliberate acts such as self-inflicted injuries, illnesses or attempted suicide; or

• unlawful acts, provoked assault, or deliberate exposure to danger; or

• the effects of alcohol, drugs or any dependence.

If the insured becomes totally and permanently disabled (before the age of 65), we will pay the sum assured and bonuses.

The policy will end when we make this payment.

Total and permanent disability (TPD) means the complete and continuous inability of the life insured at that time and at all times thereafter to engage in any business or occupation or perform any work of any kind for remuneration or profit, or total physical loss. 

 Total physical loss means:

• the total and irrecoverable loss of sight of both eyes;

• the loss by complete severance or total and irrecoverable loss of use of both limbs at or above the wrist or ankle; or

• the total and irrecoverable loss of sight of one eye and the loss by complete severance or total and irrecoverable loss of use of one limb at or above the wrist or ankle.

Under the definition of TPD, TPD means the complete and continuous inability of the life insured at that time and at all times thereafter to engage in any business or occupation or perform any work of any kind for remuneration or profit, or total physical loss. We do not pay if the insured is merely unable to perform the same job as before, or is unable to perform a job to which his or her training, education or experience is suited for.

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 specialist to have been totally and permanently disabled for at least six months in a row. You must provide adequate medical evidence and we may ask the insured to have a medical examination by a doctor we have appointed.

This rider can be attached to DIRECT Star Protect Pro policy to provide additional dread disease cover. Application is subject to underwriting and additional premiums are payable for this rider to be added.

If the insured is diagnosed with a specified dread disease (except angioplasty and other invasive treatment for coronary artery), we will pay the sum assured. We will also pay any bonuses of the main plan. This rider will end after we make this payment.

If the insured undergoes angioplasty and other invasive treatment for coronary artery, we will pay 10% of the sum assured, subject to a maximum of S$25,000. We will only pay for this condition once under this benefit. We will also pay any corresponding bonuses of the main plan. After this payment, we will reduce the sum assured of this rider and the main plan. We will work out any future premiums or claims based on the reduced sum assured.

It is important to note that whenever we make an accelerated payment on this rider, the sum assured of its main plan will be reduced by the same amount. The main plan and this rider will end when the sum assured reach zero.

There is a total of 30 dread diseases that are covered under this rider. You can refer to the policy contract for detailed definition of each dread disease as you will receive a payout under the rider only if the illness falls within the definition stated in the contract.

Additional premiums are payable for this rider to be added. You will need to consider whether you can afford the additional premiums and whether your insurance needs can be better met with the addition of this rider.

The 30 specified dread diseases are:

The full definition of each dread disease covered and the circumstances in which you can claim are stated in the policy contract.

We will not pay this benefit if your claim arises from:

• deliberate acts such as self-inflicted injuries, illnesses or attempted suicide;

• deliberate misuse of drugs or alcohol;

• acquired immunodeficiency syndrome (AIDS), AIDS-related complex or infection by human immunodeficiency virus (HIV), except as stated under HIV due to blood transfusion and occupationally acquired HIV; or

• major cancer, heart attack, coronary artery by-pass surgery, or angioplasty and other invasive treatment for coronary artery, where the insured was diagnosed with the disease within 90 days from the cover start date. For coronary artery by-pass surgery and angioplasty and other invasive treatment for coronary artery, the date of diagnosis shall refer to the date of diagnosis of the medical condition that leads to the surgical procedure, and not to the date of surgical procedure.

Yes, your policy will have a cash value when premiums have been paid for at least two years.

No, there is no cash value for the rider.

Yes, there are two types of bonuses:

i. “Annual” or “reversionary” bonus may be added to the policy each year.

ii. “Terminal” bonus is an additional bonus, which we may pay at the time of a claim, maturity (for endowment) or surrender of the 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 influenced by the performance of the Life Participating Fund (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 Insurance 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.

Yes, we may grant the loan from this policy depending on our terms and conditions. 

We will take all loans and their interest from any amount we may be due to pay under this policy. If at any time the amount of the loans and interest is more than the cash value, this policy will end.

A policy loan cannot be taken on the rider, if a rider is added to the main plan.

The available premium term and entry age are as follows:

The minimum sum assured for DIRECT Star Protect Pro is S$50,000 per policy and the total maximum sum assured per insured is S$200,000

The maximum sum assured per insured for all DPI products, regardless of the number of policies purchased with Income Insurance, is S$400,000; with a sub-limit of S$200,000 sum assured for Whole life DPI.

The premiums can be paid monthly, quarterly, half-yearly or yearly.

No, this product is only available to customers who are buying direct from us without any financial advice.

You can apply for DPI anytime online via our website. Before you purchase, we will give you additional materials such as:

• Policy Illustration
• Product Summary
• Direct Purchase Insurance (DPI)
• Fact Sheet and Checklist
• Sample policy document on the precise terms, conditions and exclusions for your consideration.

These will give you full details of the policy and rider before you buy.

You may also apply personally at any of our specified Client Advisory Centres listed in the relevant FAQ below during operating hours. A Client Adviser will be assigned to assist you in the application of DPI. 
The Client Adviser will provide you the following documents for application of DPI:

• Policy illustration and product summary
• Application form and additional health questionnaire, if applicable
• Direct Purchase Insurance Fact Sheet and Checklist
• Fact Sheet Supplementary Form
• Nomination form
• GIRO form for premium deduction.

If you are an employment pass holder or are holding multiple tax residences, an advisor will need to assist you in submitting the required declaration forms before the purchase.

If you are considered a Selected Client (refer to the relevant FAQ below for the definition of Selected Client), it is recommended that you apply for DPI in the presence of a Trusted Individual (refer to the relevant FAQ below for the definition of Trusted Individual).

Upon completing the above documents, the Client Adviser will assist you to submit documents and premium payment. We will need to make a photocopy of your NRIC (as well as your Trusted Individual’s, if applicable) as part of the documents required for application.

We will keep you updated on the outcome of the application.

A Selected Client is one who meets at least 2 of the following criteria:

• Aged 62 or older;

• Not proficient in spoken or written English; or

• Below GCE ‘O’ Level or ‘N’ Level certifications, or equivalent academic qualifications.

If you are considered a Selected Client, you need to apply for DPI in the presence of a Trusted Individual.

A Trusted Individual is defined as an individual who meets all of the following criteria:

• At least aged 18;

• Possess at least GCE ‘O’ or ‘N’ level certifications or equivalent academic qualifications;

• Be proficient in spoken or written English; and

• Be a person who has the trust of the Selected Client.

You may refer to our branch information here.

Yes, your application will be subject to underwriting. We will keep you informed on the outcome of the underwriting.

Insurance coverage commences upon underwriting approval and receipt of premium payment.

Yes, if premium payment is made, we will pay the sum assured, if the insured dies as a result of an accident while we are processing the application.

We offer the following payment methods for your convenience:

1. By GIRO deduction
2. By credit card. Credit card payment is restricted to first premium payment for regular premium life insurance application. Subsequent premium payments have to be made using GIRO, AXS and Internet Banking.

We encourage payment by GIRO deduction for subsequent regular premium payment as it reduces the administrative work for all parties involved. 

The arrangements are as follows:

1. GIRO arrangement and commencement
   1. Once the policy is issued, please log on to My Income customer portal to apply for GIRO arrangement with instant approval.
2.  Deduction Dates
   1. The deduction dates in each month are:
      • 1st attempt: 6th
      • 2nd attempt: 18th
   2. The deduction date will be rescheduled to the next working day if the 6th or 18th falls on Sunday or Public Holiday.
3. Receipt 
   1. We will not issue any receipt for premiums deducted through GIRO. The deduction will be shown in the bank statement.

Currently we only accept Master and Visa cards. Other cards such as Diners or American Express are not accepted.

You may wish to note that debit cards are also not accepted.

Once the life insurance application has been approved and credit card details have been entered in our system, the premium will be deducted within 5 working days.

For your convenience, the electronic policy document will be sent to you via a link in SMS/email. Hence you do not need to collect it personally from us.

There is a 14-day free-look period during which you can evaluate if the policy meets your needs. In the event that you decide to give up the policy within the free-look period, we will refund you the premiums paid (less any incurred medical examination expenses).

The 14-day free-look period will start seven days after we have posted the policy.

Yes, you can send us your request via My Income customer portal.

You may wish to note that the change in payment frequency must coincide with the anniversary date of the policy.

Under the Insurance Act, if you effect a life insurance on your own life, you can nominate any person as a beneficiary to receive the insurance policy proceeds.