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This information is not to be construed as an offer or solicitation for the subscription, purchase or sale of any investment-linked plan (ILP) sub-fund. The information and descriptions contained in this material are provided solely for general informational purposes and do not constitute any financial advice. It does not have regard to the specific investment objectives, financial situation and particular needs of any persons. The precise terms, conditions and exclusions of these plans are specified in their respective policy contract.
Investments are subject to investment risks including the possible loss of the principal amount invested. Past performance, as well as the prediction, projection or forecast on the economy, securities markets or the economic trends of the markets are not necessarily indicative of the future or likely performance of the ILP sub-fund. The performance of the ILP sub-fund is not guaranteed and the value of the units in the ILP sub-fund and the income accruing to the units, if any, may fall or rise. A product summary and product highlights sheet(s) relating to the ILP sub-fund are available and can be obtained from your insurance advisor or online at www.income.com.sg/funds. A potential investor should read the product summary and product highlights sheet(s) before deciding whether to subscribe for units in the ILP sub-fund.
All our products are developed to benefit our customers but not all may be suitable for your specific needs. If you are unsure if this plan is suitable for you, we strongly encourage you to speak to a qualified insurance advisor. Otherwise, you may end up buying a plan that does not meet your expectations or needs. As a result, you may not be able to afford the premiums or get the insurance protection you want. Buying a life insurance plan is a long-term commitment on your part. If you cancel your plan prematurely, the cash value you receive (if applicable) may be zero or less than the premiums you have paid for the plan. If you find that this plan is not suitable after purchasing it, you may terminate it within the free-look period, and obtain a refund of premiums paid. We may recover from you any expense incurred in underwriting this plan (subject to the respective products’ terms and conditions). For ILP, the refund amount is based on the market value of your selected funds and this could mean that you get back less than the original investment.
These policies are protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact Income or visit the GIA/LIA or SDIC web-sites (www.gia.org.sg or www.lia.org.sg or www.sdic.org.sg).
This advertisement has not been reviewed by the Monetary Authority of Singapore.
ft1 Capital guarantee on Gro Saver Flex excludes any optional rider(s), on the condition all premiums are paid, and that the policy is held until maturity date with no policy alterations or claims made during the entire policy term.
ft2 If the insured survives at the end of two years from the policy entry date and premiums for this policy have been paid for at least two years, you will start to receive cash payouts after the end of the 2nd policy year. The cash payout consists of a yearly cash benefit, which is 3% of your sum assured, and a non-guaranteed cash bonus, which is up to 5.40% of your sum assured (based on a 5 year premium term for a policy term till age 120 and the assumption that the Life Participating Fund earns a long-term average return of 4.25% per annum). The non-guaranteed yearly cash bonus is dependent on the premium term and policy term, and may vary according to the future performance of the Life Participating Fund. If the Life Participating Fund earns a long-term average return of 3.00% per annum, the non-guaranteed cash bonus will be up to 2.97% of the sum assured (based on a 5 year premium term for a policy term till age 120). The policyholder will receive the final yearly cash benefit and cash bonus as a lump-sum with the maturity benefit if the insured is still alive and the policy has not ended. The policy will end once this payment is made.
If the sum assured of the policy is at least $80,000, the yearly cash payouts can be received in monthly payments. The amount of each monthly cash benefit payment will be worked out. The policyholder cannot change the payout frequency once the first cash benefit is paid.
ft3 Only yourself (policyholder before the age of 65 years old), your spouse (before the age of 65 years old), or your child or ward (before the age of 18 years old) can be the secondary insured at the time of exercising this option. You can exercise this option to appoint a secondary insured no more than three times, and provided the following conditions are met:
- The premium of this policy is paid only with cash;
- No nomination of beneficiary has been made for this policy; and
- There is no change to the ownership of this policy including assignment, bankruptcy and trust.
ft4 For regular premium policy, Gro Retire Flex includes Gro Retire Flex – Protection Benefit, a non-participating rider, which includes the Accidental Death Benefit, Disability Care Benefit and Retrenchment Benefit. Please refer to the policy contract for further details.
ft5 If the insured dies as a result of an accident (before the anniversary immediately after the insured reaches the age of 70), we will pay an additional 105% of all net premium(s) paid, on top of the death benefit, as long as the insured was not taking part in a restricted activity at the time of the accident. If the insured was taking part in a restricted activity at the time of the accident, we will only pay an additional 63% of all net premium(s) paid, on top of the death benefit. We will pay this benefit only if the death happens within 365 days of the accident. Please refer to the policy contract for further details.
If you have appointed a secondary insured before the insured dies as a result of an accident (before the anniversary immediately after insured reaches the age of 70), we will not pay this benefit. Upon the accidental death of the insured, the secondary insured becomes the insured and the basic policy and its rider, Gro Retire Flex – Protection Benefit, will continue.
ft6 Disability Care Benefit will apply upon diagnosis of the insured with any one of the conditions – loss of use of one limb, loss of speech, loss of sight of one eye and loss of hearing, arising from accidental injury or sickness during the term of the Gro Retire Flex – Protection Benefit rider. The benefit will be paid according to the date of diagnosis. There are certain conditions under which no benefits will be payable. Please refer to the policy contract for the definition of each condition and the circumstances in which a claim can be made.
ft7 During the policy term, if the insured becomes terminally ill or dies, before the policy anniversary immediately after the insured reaches the age of 80, 100% of sum assured and 100% of non-guaranteed bonuses, or minimum protection value of the basic policy, whichever is higher will be paid. The minimum protection value of the basic policy depends on the age of the insured at policy entry date (age last birthday), and could be up to 320% of the sum assured. If the insured becomes terminally ill or dies, on or after the policy anniversary immediately after the insured reaches the age of 80, 100% of the sum assured and 100% of non-guaranteed bonuses will be paid.
ft8 Heritage Solitaire includes a non-participating compulsory rider, Heritage Solitaire – Protection Benefit. This rider pays part of the minimum protection value and an extra lump sum for accidental death. Please refer to the policy conditions for further details.
ft9 Guaranteed cash value of 80% of your single premium applies to policies issued at standard premium. Standard premium refers to the premium amount before any premium discount or additional premiums charged due to medical conditions.
ft10 If the insured survives at the end of 2 years from the policy entry date, you will start to receive cash payouts starting from the 25th policy month after the policy entry date. The monthly cash payout consists of the guaranteed monthly cash benefit and the non-guaranteed monthly cash bonus. The guaranteed monthly cash benefit is 0.104% of the net single premium, while your non-guaranteed monthly cash bonus is up to 0.20% of your net single premium (based on the assumption that the Life Participating Fund earns a long-term average return of 4.25% per annum). Over 12 months, you would receive 1.248% of the net single premium as guaranteed cash benefit and up to 2.40% of the net single premium as non-guaranteed cash bonus. The non-guaranteed monthly cash bonus may vary according to the future performance of the Life Participating Fund. If the Life Participating Fund earns a long-term average return of 3.00% per annum, the non-guaranteed monthly cash bonus will be up to 0.1025% of the net single premium. You will continue to receive your monthly cash payout at subsequent policy months if the insured is still alive and the policy has not ended. Net single premium means the single premium amount as shown in the policy schedule, or the reduced single premium amount if a part of the policy has been cashed in earlier.
ft11 Only yourself (policyholder before the age of 65 years old), your spouse (before the age of 65 years old), or your child or ward (before the age of 18 years old) can be the secondary insured at the time of exercising this option. You can exercise this option to appoint a secondary insured no more than three times, and provided the following conditions are met:
- The premium of this policy is paid only with cash;
- No nomination of beneficiary has been made for this policy; and
- There is no change to the ownership of this policy including assignment, bankruptcy and trust.
The secondary insured becomes the insured of this policy upon death of the insured for the remaining policy term. The policy can only have one insured at any point of time.
ft12 The original insured means the insured that was appointed when the policy was issued.
ft13 Sum assured multiple means the factor we use to work out your sum assured for your basic policy, or for a specific rider that you attach to your basic policy, based on your regular premium when we issue the policy. The sum assured multiple cannot be changed unless the retirement option is exercised.
ft14 Each time the insured experiences a life event, you may choose to take up the Guaranteed insurability option, subject to the policy’s terms and conditions. Please refer to the policy conditions for further details on the life events and the applicable terms and conditions.
ft15 We reimburse you the eligible hospitalisation cost you have incurred, subject to deductible, co-insurance, admission of ward class, benefit limits and any other policy terms (including exclusions).
ft16 Star Secure includes a non-participating compulsory rider, Star Secure – Protection Benefit. This rider pays accidental death benefit, Retrenchment Benefit, Family Waiver Benefit, and part of the minimum protection value. Please refer to the policy conditions for further details.
ft17 For Star Secure, the minimum protection value is 100%, 200%, 300%, 400% or 500% of the sum assured before the anniversary immediately after the insured reaches the age of 70, selected at the start of the policy and is applicable upon death, total and permanent disability or terminal illness. Advanced Secure Accelerator rider’s and Early Secure Accelerator rider’s minimum protection value will follow Star Secure’s minimum protection value.
ft18 An event (including a future unknown disease) leading to a surgery or an infection, and requires a stay in ICU for 5 days or more in one hospital admission, which is claimable under the Major Impact Benefit, subject to policy’s terms, conditions and exclusions.
ft19 Guaranteed renewal is applicable only if there is no claim on your policy during the policy term and the insured is age 79 (last birthday) and below. We will renew your policy for the same sum assured and policy term. However, if the insured’s 84th birthday falls within the next policy term, we will only renew it for a shorter term (in multiples of 5 years) such that the renewal term will not exceed the insured’s 84th birthday. The renewal premium will be determined by Income and is based on the policy’s renewal term, sum assured and the age of the insured at the time the policy is renewed.
ft20 We will not pay this benefit if the insured was diagnosed with the dread disease within 90 days from the cover start date for major cancer, heart attack of specified severity, coronary artery bypass surgery, angioplasty and other invasive treatment for coronary artery or other serious coronary artery disease.
However, for angioplasty and other invasive treatment for coronary artery, we will pay 10% of the sum assured, subject to a maximum amount of $25,000. The benefit for angioplasty and other invasive treatment for coronary artery will end once we make this payment. The policy will continue with a reduced sum assured instead.
ft21 Underwriting will be based on the health declaration found in your proposal form or the medical questionnaires. However, if we deemed necessary after assessing the declaration, we may require the insured to go for specified medical tests.
ft22 If the insured becomes terminally ill or dies during the term of the policy, we will pay the sum assured. The policy will end when we make this payment.
ft23 We will renew your policy for the same policy term at its prevailing sum assured only if your policy has not ended as a result of a claim during its term and the insured is age 74 (last birthday) and below. However, if the original policy term is not a multiple of five years, or if the original policy term is a multiple of five years but the anniversary immediately after the insured’s 100th birthday falls within the next policy term, we will renew it for a shorter term that is a multiple of five years, as long as the minimum term is 10 years, such that the renewal term will neither go beyond the original policy term, nor the anniversary immediately after the insured’s 100th birthday. We will work out the renewal premium based on the policy’s renewal term, sum assured and the age of the insured at the time the policy is renewed.
ft24 This benefit limit is applicable under Plan 4. It is subject to the scale of compensation as shown in the Policy Contract. We pay this benefit if you become permanently disabled within 12 months from the date of accident.
ft25 This plan does not cover infectious disease diagnosed within 14 days from the policy start date as well as any infectious disease which has been announced as:
(a) an epidemic by the health authority in Singapore or the Government of the Republic of Singapore; or
(b) a pandemic by the World Health Organisation (WHO), from the date of such announcement until the epidemic or pandemic ends.
ft26 Plans 1 and 2 cover only children who are:
- under 18 years of age; or
- under 25 years of age, unmarried and not on full-time employment, and are primarily dependent on the policyholder for maintenance and support. For example, full-time students or national servicemen.
ft27 We will decide the type of new policy to be offered and all the following conditions must be met.
- The insured mother must take up the new policy within 60 days after the birth of her child; and
- The insured mother may buy more than one policy, but the cover for death, total and permanent disability and dread disease for all policies, whichever is highest, must not be more than $150,000.
This benefit can be transferred to the father or legal guardian of the insured child, to take up the new policy for the insured child.
ft28 Contents means any physical and movable household items or personal belongings including money and valuables kept within the premises that belong to you or your family members. But it does not include, amongst other items, motor vehicles, pets and items connected with your business or trade. Please refer to the policy contract for the exclusions and the benefit sub-limits for each type of content.
ft29 Renovations means improvements and additions made within the premises by you or any previous owner or tenant in the form of fixtures and fittings. For example, this could include flooring, built-in wardrobes and kitchen cabinets. They do not form part of the building cover.
ft30 Fire is an insured event.
ft31 Income has arranged for our appointed Emergency Home Assistance company to provide policyholders with emergency plumbing, electrician, locksmith and pest control services 24/7, subject to policy conditions. This bonus service is a complementary service provided to you. It does not form part of the benefit provided under the policy contract. Income reserves the right to amend or discontinue the service at any time at its sole discretion without prior notice. Learn more at www.income.com.sg/home-insurance/EHA.
ft32 The accidental death or permanent disability suffered by your domestic helper due to an injury must happen within 12 months from the date of the accident. The amount of benefit payable is subject to the scale of compensation in the policy contract.
ft33 This Letter of Guarantee is only applicable if your domestic helper is hospitalised at a Singapore government restructured hospital, and is capped at a maximum limit of $10,000 per admission. Subject to individual hospital guidelines. Other terms and conditions apply.
ft34 Roadside Breakdown Assistance Benefit
If your vehicle cannot be driven due to any puncture to its tyre(s) or any mechanical or electrical breakdown and not due to an accident involving your vehicle, we will pay you the reasonable expenses incurred on site up to $200 once for each period of insurance for the following services rendered:
- Service charge to replace the defective batteries.
- Service charge to replace the punctured tyre.
- Towing fee incurred to tow the vehicle to the policyholder’s preferred workshop.
- Any other services charges necessarily incurred on site arising out of the breakdown.
The costs of replacing any part stated above is not covered by this Benefit.
If the vehicle breaks down, you have to contact the breakdown service provider to assist you. To submit your claim for this benefit, you must provide the following within 30 days of the breakdown:
- Claim form.
- Photographic evidence of the service(s) provided on site.
- Tax invoice/ Receipt with details on the type of services performed by the service provider and payment made.
Additional Medical Expenses
We will pay you a further sum of up to $1,000 for reasonable medical expenses which you have paid due to an accident involving your vehicle while you are the driver of, or a passenger, for the following treatments:
- Your pregnancy-related check-up or treatment necessitated and due to the accident; or
- Your cosmetic (aesthetic, plastic surgery or dental treatment, or any treatment) reconstructive surgery.
We will only pay the cosmetic reconstructive benefit if the treatment is carried out:
a. to restore any loss of function or change in appearance due to an injury or a condition sustained by you as a result of an accident involving your vehicle;
b. within 30 days after the date of the accident; and
c. by a medical practitioner registered under the Medical Registration Act.
This benefit is only payable to you once per period of insurance and provided you have a claim which is paid or payable by us under Section 1 of this policy.
Additional Personal Accident Benefits
We will pay you or your personal representative the amount shown in the scale of compensation for death or bodily injury arising out of an accident while you are the driver of, or a passenger in, your vehicle.
Scale of compensation:
a. Death - $10,000
b. Total and permanent loss of all sight in both eyes - $10,000
c. Total loss by physical severance at or above the wrist or ankle of both hands or both feet or of one hand together with one foot - $10,000
d. Total loss by physical severance at or above the wrist or ankle of one hand or one foot together with the total and permanent loss of all sight in one eye - $10,000
e. Total and permanent loss of all sight in one eye - $5,000
f. Total loss by physical severance at or above wrist or ankle of one hand or one foot - $5,000
We will only pay one of the items listed from a to f above for any one accident. If you die and/or suffer several injuries, we will only pay for the one item that provides the highest compensation. Our maximum limit that we will pay for any one accident is $10,000.
If you have more than one private car policy with us, we will pay under one of the policies only. This benefit applies to the policyholder who is pregnant at the material time of the accident. We will not pay you any compensation if the loss or injury is not listed in the scale of compensation.
ft35 This policy covers you when you are overseas except when you are living in or travelling to or through Afghanistan, Iraq, Liberia, Sudan or Syria. If your home country is not Singapore, please note that we do not cover claims arising in your home country under section 3 – Overseas medical expenses incurred due to injury, section 4 – Overseas medical expenses incurred due to sickness (outpatient medical treatment only), and Section 20a – Overseas medical expenses incurred due to sickness and injury. Section 14 – Kidnap and hostage also does not cover claims arising in your home country, countries in Central or South America, or Africa, or any country in which United Nations armed forces are present and active. Section 20b – Medical expenses overseas due to Covid-19 does not cover claims arising for Covid-19 treatment in Singapore or your home country.
ft36 You will need to pay the first $100 for each visit of your outpatient medical treatment due to sickness.
ft37 You must fulfil all vaccination, pre-departure tests and post-arrival tests requirements (if any) imposed by the destination country or transport operator at the time your trip is booked. You need not submit the test result or proof of vaccination at the time you sign up for the Overseas Medical Expenses rider but you must furnish it to us at the time you submit the claim.
If you are overseas on the start date of the Overseas Medical Expenses rider, you will only be covered for COVID-19 after 14 days from the start date of the Overseas Medical Expenses rider.
ft38 The policy will be renewed as long as:
- the eligibility requirements are met
- claims have not reached the lifetime limit allowed for the respective plans
- the full sum insured under the final expenses or permanent disability benefits have not been claimed.
Information is correct as at 7 April 2022.