Frequently Asked Questions

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.

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:

• ORIGINAL “GIRO Application Form” – For policy premium payment
• ORIGINAL “ Policy Loan Repayment Arrangement Form” – For policy loan repayment

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:

• by post to Income Centre, 75 Bras Basah Road, Singapore 189557; or
• by visiting an Income branch

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:

• by post to Income Centre, 75 Bras Basah Road, Singapore 189557; or
• by visiting an Income branch

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.

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:

• At any Income branch; or
• By email to life.health@income.com.sg, with the documents as PDF attachments.

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.

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").

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.