Non-payment of life insurance premium

If your premium due date falls between 1 April 2021 and 31 December 2021, you can apply for Deferment of Premium Payment (DPP) under Scheme 5 to defer premium payments by up to six months. Please note that each customer shall only qualify for this Scheme 5 once between 1 April 2021 to 31 December 2021 for each Scheme 5 Policy and the Scheme 5 Policy must not be the same Regular Premium Plan and Rider(s) approved under Scheme 2. If the customer has applied for a Scheme 5 policy prior to 1 April 2021, all premiums due under the Scheme 5 Policy applied prior to 1 April 2021 must also be re-paid to Income in full to be eligible for this Scheme 5 Policy.

If you continue to face difficulty with premium payment after the end of the deferment period, you may consider one of the following:

  • Convert the policy to a reduced paid-up
  • Advance your outstanding premiums as an automatic premium loan (APL) but with interest waived for up to six months.
  • Opt for our instalment repayment plan (IPP). Approvals are subject to terms and conditions.

For policies taken up before April 1994 or purchased with CPF funds or assigned to Official Assignee / Insurance Company / Bank, the default option is “Automatic Paid-up”.

For policies without cash value, the default option is “Automatic termination”.

For all others, the default option is “Automatic Premium Loan (APL)”.

Yes. You would need to complete an application form. You can request the form by writing in to csquery@income.com.sg, calling us at 6788 1122 (Mon-Fri, 8.30am-6.30pm) or visiting any Income branches.

Instalment Payment Plan (IPP)

IPP is a repayment plan available to policyholders whose life insurance premiums have been allowed Deferment of Premium Payment (DPP) to help with repayment of outstanding deferred premiums after the end of deferment period.

IPP is only available for term life or life policies which have been allowed DPP and do not have sufficient cash value for an Automatic Premium Loan (APL) to be activated.

All IPPs will be for a maximum period of six months, depending on the number of monthly premiums deferred.

No. Once the APL is activated at the end your policy’s DPP period, you cannot apply for IPP on that same policy.

No. If your life policy has been terminated or has lapsed, you cannot apply for IPP. The policy must be in-force. You may apply for reinstatement of the policy back to its original terms, and the application will be subjected to health underwriting.

No. If your life policy is converted to paid-up, you cannot apply for IPP. You may apply for reinstatement the policy back to its original terms, and the application will be subjected to health underwriting.

Under this IPP, the policy’s premium frequency will be converted into monthly mode and the premiums are to be paid through GIRO. The monthly deferred premium will be deducted together with the current premium through GIRO. Please refer to the examples below:

Example 1: Policy A with monthly premiums of $100.

01 April 2020

Start of deferment period

30 Sep 2020

End of deferment period

01 Oct 2020

Enrolled IPP

06 Oct 2020

Deduct $100 for the premium due 01 Apr 2020 and $100 for the current premium due 01 Oct 2020

06 Nov 2020

Deduct $100 for the premium due 01 May 2020 and $100 for the current premium due 01 Nov 2020

06 Dec 2020

Deduct $100 for the premium due 01 Jun 2020 and $100 for the current premium due 01 Dec 2020

06 Jan 2021

Deduct $200 for the premium due 01 Jul 2020 and current premium due 01 Jan 2021

06 Feb 2021

Deduct $200 for the premium due 01 Aug 2020 and current premium due 01 Feb 2021

06 Mar 2021

Deduct $200 for the premium due 01 Sep 2020 and current premium due 01 Mar 2021

06 Apr 2021

Deduct $100 for current premium due 01 Apr 2021



Example 2: Policy B with yearly premium of $1,153.80. The policy’s premium frequency will be converted to monthly. The monthly premiums will be $100. Please note that paying premiums on a monthly basis can be more costly as compared to other payment frequency such as yearly, half yearly or quarterly.

01 April 2020

Start of deferment period

30 Sep 2020

End of deferment period

01 Oct 2020

Enrolled IPP

06 Oct 2020

Deduct $100 for the premium due 01 Apr 2020 and $100 for the current premium due 01 Oct 2020

06 Nov 2020

Deduct $100 for the premium due 01 May 2020 and $100 for the current premium due 01 Nov 2020

06 Dec 2020

Deduct $100 for the premium due 01 Jun 2020 and $100 for the current premium due 01 Dec 2020

06 Jan 2021

Deduct $200 for the premium due 01 Jul 2020 and current premium due 01 Jan 2021

06 Feb 2021

Deduct $200 for the premium due 01 Aug 2020 and current premium due 01 Feb 2021

06 Mar 2021

Deduct $200 for the premium due 01 Sep 2020 and current premium due 01 Mar 2021

06 Apr 2021

Deduct $100 for current premium due 01 Apr 2021

You will receive a reminder from us a month before the end of your DPP period. Upon receiving the reminder, if you wish to apply for IPP, you can email your request, indicating the policy number, as well as, your full name and contact details to supportscheme@income.com.sg. If your policy is eligible for IPP, you will receive an INSTALMENT PAYMENT PLAN REQUEST APPLICATION form via email to be completed and returned to us.

Yes, the instalment premiums are to be deducted using GIRO.

You may apply via me@income and get an instant approval if you are paying your LIFE policy renewal premiums using POSB/ DBS bank account. Otherwise, please submit the GIRO Application Form to us by: posting to Income Centre, 75 Bras Basah Road, Singapore 189557 or visiting to any of Income branches.

The GIRO deduction dates are on the 6th or 18th of the month.

If the deduction on the 6th is unsuccessful, there will be another attempt for deduction on the 18th of the same month. If the current premium payable is outstanding for 3 months, the policy’s non-forfeiture option will be applied to the policy.

No, we are not able to allow customisation of the instalment amount.

Such a payout or refund will be used to off-set against any of the outstanding premium before it is paid.

If you would like to pay your policy premiums in another payment frequency, you can submit your request via me@income.

Automatic Premium Loan (APL)

Not necessarily. APL is a loan on the policy. Interest is charged. If at any time the amount of the loans and interest is more than the cash value, the policy will cease.

Therefore it is important for you to monitor your policy’s cash value in relation to the loans and interest.

You may make a full or partial repayment towards your policy loans. There is no fixed repayment amount.

Please quote the Loan Repayment Number (LRN) (not your policy number) to ensure that your loan records are updated accurately. LRN is an 11-digit reference number unique to each individual policy. You may login to me@income or call us at 6788 1122 (Mon-Fri, 8.30am-6.30pm) to obtain the LRN and the latest loan figure.

You may repay the loan by any of the methods below:

  • Cash or NETS at any Income branch 
  • AXS by selecting "Life Policy Loan" and quoting your LRN
  • Internet banking (DBS, OCBC & UOB) by selecting "one-time bill payment" and quoting your LRN
  • Cheque made payable to "NTUC Income". Quote your LRN, policy number and contact number on the reverse side of the cheque and post: Income Centre, 75 Bras Basah Road, Singapore 189557

The current interest rate is 5.5% per annum. We may change the interest rate at any time by giving you 30 days’ notice at your last known address. This interest is calculated daily and compounded every year end. You are encouraged to repay the loan as early as possible to avoid interest accumulation.

Besides, this loan and interest will also reduce any subsequent payouts from the policy. And if at any time the amount of the loans and interest is more than the cash value, the policy will cease.

If an APL has been activated on your life policy after a DPP period as an advance for outstanding deferred premiums, interest will be waived for up to six months.

You can use GIRO for the policy loan repayment if:

    • Policy is not an Annuity product; or
    • Policy is not an Investment Linked Product.

At the same time, your premium payment must also be deducted from the same GIRO account. Hence, if you are currently not using GIRO for your policy premium payment, you will need to complete the following two forms:

You will be required to complete the “Policy Loan Repayment Arrangement Form”. Please ensure that you complete the following information on the form:

  1. Policy Number
  2. Policyholder / Assignee's Name
  3. Policyholder / Assignee's NRIC (last 4 characters only)
  4. Bank Accountholder’s Name
  5. Bank Accountholder’s NRIC
    • For Foreigners, this will be the ID that the Bank Account is operated under.
    • For Companies, the Bank Accountholder’s NRIC must be the registered ID of the Company. This ID must correspond with the Accountholder’s Bank record.
  6. Bank Name
  7. Bank Account number
  8. Signatures of the Policyholder and Bank Accountholder (if different from Policyholder)
  9. Monthly loan repayment amount that is to be deducted

Once, you have completed the form, please submit the form to us:

Any alterations must be accompanied by a corresponding signature of the Bank Accountholder. Any amendments not endorsed by the Bank Accountholder will be rejected. Alteration by correction fluid / tape is not allowed.

You may submit the form to us:

Submission by fax and email are not accepted.

No, you will not be able to use a different bank account to pay for your policy loan. The bank account that you wish to use for the loan repayment must be of the same bank account as your premium payment.

The policy loan repayment will be deducted on a monthly basis regardless of the policy premium payment frequency.

For Example:
Your policy premium payment frequency may be deducted via your GIRO account on a quarterly / half yearly / annual basis. Your policy loan repayment will still be deducted via GIRO on a monthly basis.

The deduction date for policy loan repayment is on the 6th of every month only. The monthly deduction will take place until the policy loan is fully paid. We will only attempt to deduct one instalment on each deduction date, regardless of whether the previous deduction attempt was successful or unsuccessful.

Yes. Instead of APL, you may opt for the paid-up option if you do not want to pay any further premiums on your policy.

We will reduce the sum assured of your basic policy so that you will retain some form of minimal coverage. We will only do this if the policy has enough cash value.

Cash value means the amount available upon cancellation of a policy that has a savings feature, before it becomes payable upon a claim event (e.g. death), or maturity as in the case of an endowment type of policy.

You will not pay any further premiums. You will keep any bonuses added to this policy before the date we convert the policy to paid-up. If we declare any subsequent bonuses on paid-up policies in the future, they will be based on the reduced sum assured (called the paid-up sum assured). Once paid-up, any riders attached to the basic policy will cease.

Do take note that converting your policy to a paid-up policy will usually lead to a significant reduction in your coverage. You will also lose all benefits under any existing riders that are attached to your basic policy.

If you have considered carefully and still prefer the paid-up option, you can apply for it by completing an application form. You may request for this form by writing to us at csquery@income.com.sg, calling us at 6788 1122 (Mon-Fri, 8.30am-6.30pm) or visiting any Income branch.

Paid up policy

Paid-up is an option provided to policyholders who wish to stop paying the premiums on their policies. The cash value of the policy will be used to pay up the policy in full. In turn, the sum assured of your policy will be reduced so that you continue to maintain minimum coverage.

In exercising this option, the policy’s basic sum assured will be reduced and you need not pay any further premiums.

You can keep any bonuses which were added to your policy before the date you convert your policy. Currently, we do not declare any bonuses for paid-up policies. If we do declare any bonuses on your paid-up policy in the future, they will be based on the reduced paid-up sum assured.

The main insurable events stated in your policy contract will still be covered but at a lower paid-up value. This paid-up value consists of the paid-up sum assured plus existing policy bonuses.

However, some additional policy benefits (for example, accidental death benefits, minimum death or terminal illness benefits) would no longer apply once your policy is converted to paid-up. Please refer to your policy’s contract for these additional policy benefits that will be affected by a conversion to a paid-up policy. If your policy pays a regular cash benefit, these cash benefit payments would cease upon conversion to a paid-up policy as well.

A paid-up policy’s cash value accumulates slowly each year. However, its paid-up protection value would likely remain the same. You may request from us an illustration which projects the future protection and cash values if you were to convert your policy into a paid-up policy at the next policy anniversary.

If your policy provides a paid-up option, you may convert it to a paid-up policy after the policy has accumulated a cash value. Most policies accumulate cash value when premiums have been paid for at least two years. However, some policies do not accumulate cash value.

You need to submit the signed and completed “Life Policy Alteration” form with a clear copy of your NRIC (both sides) either:

We will handle your paid-up request when we receive the required documents.

If you need assistance, you may write in to csquery@income.com.sg, call us at 6788 1122 (Mon-Fri, 8.30am-6.30pm) or visit any Income branch.

If you are residing overseas, the “Life Policy Alteration” form is to be witnessed either by an Official from the Singapore High Commission/Embassy of the Republic of Singapore or a Notary Public. A Notary Public is a state appointed officer who can witness and authenticate documents.

When documents originate from or are signed in another country, it is a common practice for most institutions to require them to be notarised before they can be used for official purposes. This is a matter of prudence to ensure that the person signing the documents is actually who he purports to be. The Notary mainly acts as an impartial and legally trained witness. You can locate a registry of notaries by conducting a search on the internet.

If you have difficulty in obtaining an official witness, you may submit the documents through me@income (select "Service Request" > "Waiver of Notarisation").

Your paid-up policy will still have a cash value and you may terminate it to receive its cash value.

Decreasing sum assured and premium

Yes, you can but it is subjected to a minimum sum assured value and premium amount. Any change is effective from the next premium due date.

Your policy’s coverage would be reduced accordingly and if your policy has a maturity payout or cash benefits payable, these payouts would be reduced too.

If your policy has an existing cash value, a portion of the cash value would be refunded to you accordingly.

You can write in to life.health@income.com.sg and we will provide you the documents required. Alternatively, you may also call us at 6788 1122 (Mon-Fri, 8.30am-6.30pm) or visiting any Income branch.

If you are residing overseas, the documents required are to be witnessed either by an Official from the Singapore High Commission/Embassy of the Republic of Singapore or a Notary Public. A Notary Public is a state appointed officer who can witness and authenticate documents.

When documents originate from or are signed in another country, it is a common practice for most institutions to require them to be notarised before they can be used for official purposes. This is a matter of prudence to ensure that the person signing the documents is actually who he purports to be. The Notary mainly acts as an impartial and legally trained witness. You can locate a registry of notaries by conducting a search on the internet.

If you have difficulty in obtaining an official witness, you may submit the documents through me@income (select "Service Request" > "Waiver of Notarisation").

Non-payment of IncomeShield insurance premium

If your premium due date falls between 1 April 2020 and 31 March 2021, you can apply for Deferment of Premium Payment (DPP) to defer premium payments by up to six months.

If you still have not paid the outstanding premium after the deferment period ends, your policy will lapse.

All Singapore Citizens and Permanent Residents are covered by MediShield Life from 1 Nov 2015. In the event that you cannot afford, or do not wish to continue paying the premiums for your IncomeShield, you can switch to a lower coverage but more affordable plan with us. Regardless of your decision, you will still remain covered by MediShield Life for life, without any exclusion.

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