By opting in to receive your payouts from Income via PayNow, you agree to all the Terms and Conditions set out below:
1. You agree to receive the following types of payouts under the relevant life insurance policies (the “Qualifying Policies”) issued by Income Insurance Limited (“Income”) via PayNow by entering your Singapore NRIC/ FIN (the "PayNow Option"), instead of by way of cheque issued to you by Income:
ii) Cash Benefits
iv) Recurring Payouts
v) Policy Loan Payout
The list of Qualifying Policies may be updated by Income from time to time.
2. If you are eligible, the PayNow Option shall take effect from 25 July 2022. If you are not agreeable to the PayNow Option, please complete and submit the Opt-out Form to opt out of the PayNow Option. Otherwise, you are deemed to have agreed to proceed with the PayNow Option.
3. For avoidance of doubt, the PayNow Option is not applicable for PayNow Mobile and PayNow UEN.
4. You will only be eligible for the PayNow Option if:
i) You have registered for PayNow using your Singapore NRIC or FIN with a participating bank (the “Provider”)
ii) You have linked your Singapore NRIC or FIN to your bank account in which you wish to receive the payout via the PayNow Option;
iii) The payout is made under the Qualifying Policies;
iv) Your existing payout method is by cheque.
5. If you are eligible for the PayNow Option, Income will credit the payout made under the Qualifying Policies to your bank account linked to your Singapore NRIC/FIN, which you have registered with the Provider for PayNow.
7. Income shall be entitled to terminate or suspend the PayNow Option and/or add to, delete, change or vary the terms and conditions in connection with the PayNow Option at any time or from time to time without notice. You will not be entitled to any payment or compensation whatsoever in respect of such termination, suspension, addition, deletion, change or variation.
8. Unless required by any applicable laws in which Income is subject to, Income shall not be responsible or liable to you or any other party for any loss or damage to any person or property in connection with the use of PayNow or PayNow Option including but not limited to any i) delay, error, interruption, breakdown or malfunction in any computer system, equipment, software, internet connection, ii) loss or misdirection of data or notices in transmission, or iii) any unauthorised access or use of your personal computer, or any other devices.
9. You declare that all information that you have provided to Income for the purposes of the PayNow Option is correct, complete and accurate. You shall ensure that all information provided by you for the PayNow Option is correct, complete and accurate and remains correct, complete and accurate at all times during the course of your use of the PayNow Option.
10. The payout made via the PayNow Option will only be credited to your Singapore NRIC/FIN which you have linked to your bank account. In the event of any changes made to your Singapore NRIC/ FIN, you are required to contact Income immediately to update your personal particulars. Income shall not be responsible or liable for any failure to credit or delay of any payout to your bank account via the PayNow Option in connection with such changes, any incomplete or inaccurate information provided to Income.
11. In the event of any failure to credit the payout via the PayNow Option to your bank account for any reason whatsoever, Income will provide you a notification of the failure through an SMS/Email to allow you to setup your PayNow account with your bank. After which, Income will make a second attempt to pay you via PayNow NRIC/FIN in three working days from the date of the above notification. Should the above second payment attempt failed, Income shall have the sole discretion to arrange for the payout to be refunded and reissue the payout to you by way of a cheque within seven working days from the date the second payment attempt fails. The cheque will be sent to your last known mailing address registered with Income.
12. You shall indemnify Income against all claims, losses, damages, liabilities, expenses and costs (including all legal costs on a full indemnity basis), resulting directly or indirectly or arising from any act, negligence, or omission by you in connection with the use of the PayNow Option or PayNow and any breach of any terms and conditions applicable to the PayNow Option or PayNow.
13. These terms and conditions shall be governed by the laws of Singapore and you irrevocably submit to the non-exclusive jurisdiction of the courts of Singapore.
14. A person who is not a party to the agreement governed by these terms and conditions shall have no right under the Contracts (Rights of Third Parties) Act (Cap 53B) to enforce any of these terms and conditions.