^ The bonus units are only limited to the first $100,000 single premium invested in each qualifying policy during the promotion period. Entitlement for bonus units is in addition to the usual 0.5% bonus units, note that 0.5% bonus units is applicable for transactions buying at offer price only. Promotion terms and conditions apply.
1 Upon death of the insured during the policy term, Income will pay:
a. the basic benefit; or
b. the policy value at the time of the claim;
Whichever is higher, taking off any fees and charges which apply to your policy. The basic benefit means 105% of net premium(s) paid when the death of the insured happens before the anniversary immediately after the insured reaches the age 65 or 101% of all net premium(s) paid when the death of the insured happens on or after the anniversary immediately after the insured reaches age 65. The policy terminates thereafter. Net premium(s) means the initial single premium paid, and the total of all top-ups made, less all amounts cashed in.
2 Income will either pay for the Death Benefit or the Accidental Death Benefit only, whichever is higher. Income will pay this benefit only if the death happens within 365 days of the accident. Otherwise, we will pay only the Death Benefit, taking off any fees and charges which apply to your policy. Income will not pay any further benefits, your policy will end when Income make this payment. Please refer to policy conditions for more details.
For enquiries on the Promotion, Customers may reach out to Income via firstname.lastname@example.org.
The Promotion is not to be construed as an offer, recommendation, advice or solicitation for the subscription, purchase or sale of any investment-linked plan (“ILP”) sub-fund. The Promotion does not constitute financial advice and does not have regard to the specific investment objectives, financial situation and particular needs of any persons.
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 future or likely performance of any ILP sub-fund. The performance of any ILP sub-fund is not guaranteed and the value of the units in any 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 all ILP sub-funds are available and can be obtained from your Income 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 any ILP sub-fund.
All of Income’s products are developed to benefit our customers but not all our products may be suitable for your specific needs. If you are unsure if a product is suitable for you, we strongly encourage you to speak to a qualified Income insurance advisor. Otherwise, you may end up purchasing a product that does not meet your expectations or needs. As a result, you may not be able to afford the premiums or obtain the insurance protection you seek. Purchasing 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.
The precise terms, conditions and exclusions of the WealthLink plan are specified in www.income.com.sg/wealthlink-policy-conditions.pdf.
Protected up to specified limits by SDIC.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
The Terms and Conditions of the Promotion were published on 10 November 2023.
- Income Insurance Limited (“Income”) is offering the following promotion(s) (the “Promotion”) subject to these Terms and Conditions:
1.1. A customer who successfully signs up for a new WealthLink policy (the “Qualifying New Policy”) or makes any single premium top-ups to any of the customer’s existing Investment-Linked Policies (ILPs) (the “Qualifying Single Premium Top-up Policies”) (each a “Qualifying Policy” and collectively “Qualifying Policies”) within the Promotion Period will be entitled to the bonus units (“Bonus Units”) as set out in the table on webpage above in accordance with the minimum single premium amount of the Qualifying Policy purchased.
1.2. Adding up premium amounts from multiple policies or dividing the premium amount of a single policy to meet the minimum single premium amount set out in the table above is not allowed.
- For a customer to be eligible to enjoy the Promotion:
2.1. Applications for Qualifying Policies must be submitted to Income from 17 October 2023 to 31 December 2023 (both dates inclusive) (the “Promotion Period”), and if such applications are approved by Income, the policies must be issued no later than 29 February 2024; and
2.2. In relation to the Qualifying Single Premium Top-up Policies, the premium must be received by Income within 7 business days of the top-up request, unless otherwise specified.
- A customer who is eligible to enjoy the Promotion is entitled to Bonus Units only once under this Promotion. For avoidance of doubt, a customer with WealthLink or any existing Investment-Linked Policies (ILPs), including any rider(s) issued, whether issued before or during the Promotion Period and whether with any eligibility to enjoy the Promotion, who subsequently increases their sum assured and/or premium amount, tops-up, or applies for riders during the Promotion Period will not be eligible to enjoy this Promotion as a result of such increase(s) in sum assured and/or premium amount, top-ups, or applications for riders.
- Each policy is entitled to Bonus Units for the first $100,000 investment during the Promotion Period. The cap is applied on each policy, regardless of the number of policies a policyholder can own. Entitlement for bonus units is in addition to the usual 0.5% bonus units, note that 0.5% bonus units is applicable for transactions buying at offer price only.
- The corresponding Bonus Units is dependent on the transaction’s investment amount, even if the full transacted amount does not qualify for the Bonus Units. For example, if a customer has already received Bonus Units for the first $60,000 investment into his policy, his next $60,000 investment will be calculated based on 1.0% Bonus Units capped at $40,000 of his investment (as only the first $100,000 investment in each policy will earn Bonus Units).
- The allocation of Bonus Units for an investment transaction into multiple funds of a policy will be according to the allocation rate to each fund. For example, if a customer makes a single premium top-up of $60,000 into his WealthLink policy, with 40% allocated to Asian Bond Fund and 60% allocated to Global Bond Fund, 1.0% Bonus Units on $24,000 of investment will be allocated to Asian Bond Fund while 1.0% Bonus Units on $36,000 of investment will be allocated to Global Bond Fund.
- The number of Bonus Units allocated to each fund is obtained by first multiplying the investment amount eligible for Bonus Units in that transaction, with the corresponding Bonus Units as set out in the table above, then divide by the price* of the selected fund at the transaction date. For example in Wealthlink which is a single pricing product, the first $60,000 investment into the Asian Bond Fund, with bid price of $1.50 at the time of transaction, would earn the customer 400 Bonus Units for Asian Bond Fund. The next $60,000 investment for the same policy into Asian Bond Fund, with bid price of $2.00 at the time of transaction, would earn the customer 200 Bonus Units for Asian Bond Fund, as only $40,000 of his second investment is eligible for Bonus Units.
*Single pricing products: divide using bid price
Purchased at offer price products: divide using offer price
- Customers’ entitlement for the Bonus Units is decided upon the issuance of the Qualifying New Policy or the successful payment for the Qualifying Single Premium Top-Up Policy, as applicable.
- Following the determination of a customer’s entitlement for the bonus units at paragraph 8 above, the allocation of the Bonus Units will be reflected in the following letters, sent to the customer’s latest mailing address in Income’s record:
9.1. Confirmation of Bonus Units letter, and
9.2. First customers’ Monthly Investment-Linked Policy Statement
- Under no circumstance shall Income be liable to any customer or party, whether in contract or tort (including negligence) or otherwise, for any liabilities, losses and damages, claims, costs and expenses (including any special or consequential damages or losses) in connection with, related to or resulting from this Promotion.
- A customer who applies for the Qualifying Policy(ies) within 90 days from the date of expiry or cancellation of any existing/in-force Qualifying Policy(ies) with Income will not be eligible to enjoy this Promotion.
- A customer may not enjoy this Promotion in conjunction with any other promotion and/or incentive offered by Income.
- The Promotion does not affect or change any term, condition and exclusion of the policy contract of the Qualifying Policies issued. The precise terms, conditions and exclusions of the Qualifying Policies are specified in their respective policy contracts.
- Income reserves the right to demand from a customer the full value of the Bonus Units under this promotion if customer cancels the Qualifying Single Premium Top-Up Policies or Qualifying New Policies during the free-look period. If the payment for the Qualifying New Policies or the Qualifying Single Premium Top-up Policies is not successful, Income will also claw back the Bonus Units under this Promotion. The full value refers to the stated worth price or the face value of the Bonus Units.
- Income reserves the right to replace the Bonus Units with item(s) of similar value (“Replacement Item(s)”).
- Usage of such Replacement Item(s) may be subject to additional terms and conditions imposed by Income or where applicable, imposed by a third party involved in the issuance of such Replacement Item(s).
- Income reserves the right to vary/amend the terms and conditions of this Promotion at any time without prior notice to customers.
- Income’s decision on all matters relating to this Promotion (including the issuance of the Bonus Units) shall be final, conclusive and binding. No appeals will be entertained.