Make your dream lifestyle a reality with Gro Cash Flex Pro
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Enjoy yearly cash payouts[1] from the end of the 2nd policy year.
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Flexible choice of premium and policy terms.
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Appoint your loved one as a secondary insured[2] so your policy can continue in the event of death of the insured.
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With capital guaranteed upon maturity, get back at least all of the premiums you have paid[3], excluding premiums on optional rider(s), on top of the non-guaranteed bonuses[4]. This applies to policies paid yearly only.
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Receive coverage[5] in the event of the insured’s death or diagnosis of terminal illness.
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Enhance your coverage with a rider. Get premiums waived[6][7] upon total and permanent disability (before the anniversary immediately after you reach the age of 70) for the remaining premium term of your basic policy. A lump sum benefit equivalent to two years’ annual premium[7] will also be paid.
Here’s a closer look at some of the benefits you get.
Yearly cash payouts from the end of the 2nd policy year
Flexible choice of premium and policy terms
Premium Term (Years) | Policy Term (Years) |
5 | 10, 15, 20, 25, 30 years or till age 120 |
10 | 15, 20, 25, 30 years or till age 120 |
15 | 20, 25, 30 years or till age 120 |
20 | 25, 30 years or till age 120 |
25 | 30 years or till age 120 |
30 | Till age 120 |
Option to accumulate or enjoy your cash payouts
Maturity benefit at end of the policy term
Guaranteed acceptance regardless of health conditions
Need more protection? Enhance your coverage with a rider.
Savings Protector Pro
In the unfortunate event of Total and Permanent Disability (TPD before the anniversary immediately after you reach the age of 70), the future premiums on the basic policy will be waived[6][7] for the remaining premium term. The basic policy will continue to apply (as if premiums have been paid) during this period. A lump sum benefit equivalent to two years annual premium[7] will also be paid.
You will also enjoy peace of mind in the event of retrenchment. Should you get retrenched and stay unemployed for 3 consecutive months, you do not have to pay premiums for your policy for 6 months with our Retrenchment Benefit[6][10]. You will still receive the same coverage during that time and have a peace of mind while looking for a new job. If you remain retrenched at the end of the 5th month when your premiums are waived for your policy, you can choose to defer[11] the payment of premiums for your policy for the next 6 months.
Cancer Premium Waiver (GIO)
You can also choose to add on the Cancer Premium Waiver (GIO) rider so that your future premiums are waived should you be diagnosed with a major cancer during the term of the rider[12].
Let us walk you through Gro Cash Flex Pro.
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How Gro Cash Flex Pro gives you yearly payouts for your desired lifestyle
40 years old
Ms Lee is planning for her retirement and signs up for Gro Cash Flex Pro with a sum assured of $37,310.
She also supplements her plan with a rider, Savings Protector Pro1.
She pays a yearly premium $6,000 for 10 years for a policy term of 15 years.
42 years old
After the end of the 2nd policy year, the policy begins to pay an illustrated yearly cash payout2of $1,7683. Ms Lee chooses to receive yearly cash payouts to fund her annual shopping vacation to Japan.
45 years old
Ms Lee was medically certified to be totally and permanently disabled after an accident.
The premiums for the remaining 5 years of premium term ($30,000) are waived1,4. She also receives a lump sum benefit of $12,0001,4, which is equivalent to 2 years of her annual premiums.
She continues to receive yearly cash payouts2 to supplement her living expenses.
54 years old
Should Ms Lee pass away at age 54 and no secondary insured5 is appointed, her family would have received a payout of $65,7443,6 and the policy terminates thereafter.
The figures are rounded to the nearest dollar, and are used for illustrative purposes only.
The non-guaranteed figures above are based on the assumption that the Life Participating Fund earns a long-term average return of 4.25% per annum.
Should the long-term average return be 3.00% per annum, the illustrated yearly cash payout2 would be $1,4777. Should Ms Lee pass away at age 54 and no secondary insured7 is appointed, the policy would have paid out $64,9686,7
1Savings Protector Pro is a non-participating rider, which includes the TPD Benefit and Retrenchment Benefit. Please refer to the policy contract for further details.
2If 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.
3The figures in the illustration are not guaranteed and are illustrated based on the assumption that the Life Participating Fund earns a long-term average return of 4.25% per annum in the future. Returns are illustrated based on estimated bonus rates that are not guaranteed. The actual benefit payable will vary according to the future performance of the Life Participating Fund.
4If the policyholder becomes totally and permanently disabled (TPD before the anniversary immediately after the policyholder reaches the age of 70) during the premium term, the TPD Benefit allows you to stop paying premiums on the basic policy for the remaining premium term subject to the terms of the policy contract. If the premium for the basic policy and Savings Protector Pro rider has already been fully paid, only the lump sum benefit will be paid. The lump sum benefit is equivalent to 2 years of the annual premium for the basic policy and Savings Protector Pro rider. You cannot change the premium term or increase the sum assured after you claim this benefit.
5Only you as the policyholder (before the age of 65 years old), your spouse (before the age of 65 years old), or your child/ward (before the age of 18 years old) can be the secondary insured at the time you exercise 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.
6In the event of the insured’s death or terminal illness during the term of the policy, the policy will pay 105% of all net premium(s) and a terminal bonus. Net premium(s) means the regular premium amount as shown in the policy schedule, or the reduced regular premium amount if a part of this policy has been cashed in earlier. If you change the frequency of your regular premium amount, we will use the then current regular premium amount to work out all net premium(s) paid. Net premium(s) do not include the premiums paid on riders. We will also pay any cash benefits and cash bonuses which have built up (accumulated). If the option to receive the cash benefits in monthly payments was selected, the remaining monthly cash benefit payments and cash bonuses (if any) for that policy year will be paid out. The policy terminates thereafter.
7The figures in the illustration are not guaranteed and are illustrated based on the assumption that the Life Participating Fund earns a long-term average return of 3.00% per annum in the future. Returns are illustrated based on estimated bonus rates that are not guaranteed. The actual benefit payable will vary according to the future performance of the Life Participating Fund. If cash benefits and cash bonuses are accumulated with us, the interest rate will be based on 1.50% per annum and it is not guaranteed. Prevailing interest rate at the point of deposit will be determined by us.
© 2022 Income. All rights reserved. -
How Gro Cash Flex Pro provides for your family and prepares you for a comfortable retirement
Mr Lee: 55 years old
Mr Lee wants to grow his wealth and plan for his retirement.
He signs up for Gro Cash Flex Pro with a sum assured of $41,667 and a policy term till age 120. He pays a yearly premium of $25,000 for five years, and appoints his 17-year-old son, Gary, as the secondary insured1.
Mr Lee: 57 years old
After the end of the 2nd policy year, Mr Lee receives a yearly cash payout2. He chooses to accumulate his yearly cash payout2 with Income.
Mr Lee: 70 years old
When Gary decides to buy a new house at age 32, Mr Lee withdraws the illustrated accumulated cash payout of $59,8023 to support his son’s home renovation expenses.
Mr Lee then chooses to start receiving the illustrated yearly cash payout2 of $3,5003 to support his retirement years.
Mr Lee: 80 years old
Gary: 42 years oldMr Lee passes away, and the Gro Cash Flex Pro policy continues with Gary as the insured of the policy.
Gary: 82 years old
When Gary turns 82, the policy matures and he receives a payout of $274,1673,4 . By this time, the policy would have provided an illustrated total payout of $508,9693, which is 4.07 times of the premiums paid.
The figures are rounded to the nearest dollar, and are used for illustrative purposes only.
However, should Gary pass away at age 80, his family would receive a payout of $203,4673,6, and the policy terminates thereafter. The policy would have provided an illustrated total benefit of $431,2693, which is 3.45 times of the premiums paid.
The non-guaranteed figures above are based on the assumption that the Life Participating Fund earns a long-term average return of 4.25% per annum.
Should the long-term average return be 3.00% per annum, the illustrated accumulated cash payout would be $38,4255 when Gary is age 32. Should Gary pass away at age 80, the policy would have paid out $197,2004,6 and the policy would have provided an illustrated total benefit of $355,0015. If Gary survives to the end of the policy term, the maturity benefit would be $261,6674,5 and the policy would have paid out an illustrated total benefit of $424,4425. The yearly cash payout2 that Mr Lee will receive at age 71 to support his retirement years is $2,4875.
1Only you as the policyholder (before the age of 65 years old), your spouse (before the age of 65 years old), or your child/ward (before the age of 18 years old) can be the secondary insured at the time you exercise 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.
2If 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 five-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 five-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.
3The figures in the illustration are not guaranteed and are illustrated based on the assumption that the Life Participating Fund earns a long-term average return of 4.25% per annum in the future. Returns are illustrated based on estimated bonus rates that are not guaranteed. The actual benefit payable will vary according to the future performance of the Life Participating Fund.
4If the insured survives at the end of the policy term and the policy has not already ended, the policy will pay the cash value. Any accumulated cash benefits and cash bonuses will also be paid. The policy terminates thereafter.
5The figures in the illustration are not guaranteed and are illustrated based on the assumption that the Life Participating Fund earns a long-term average return of 3.00% per annum in the future. Returns are illustrated based on estimated bonus rates that are not guaranteed. The actual benefit payable will vary according to the future performance of the Life Participating Fund. If cash benefits and cash bonuses are accumulated with us, the interest rate will be based on 1.50% per annum and it is not guaranteed. Prevailing interest rate at the point of deposit will be determined by us.
6In the event of the insured’s death or terminal illness during the term of the policy, the policy will pay 105% of all net premium(s) and a terminal bonus. Net premium(s) means the regular premium amount as shown in the policy schedule, or the reduced regular premium amount if a part of this policy has been cashed in earlier. If you change the frequency of your regular premium amount, we will use the then current regular premium amount to work out all net premium(s) paid. Net premium(s) do not include the premiums paid on riders.
We will also pay any cash benefits and cash bonuses which have built up (accumulated). If the option to receive the cash benefits in monthly payments was selected, the remaining monthly cash benefit payments and cash bonuses (if any) for that policy year will be paid out. The policy terminates thereafter.
© 2022 Income. All rights reserved.
Your policy toolkit.
Eligibility and payment frequency
For policyholders
Minimum Entry Age (last birthday) | Maximum Entry Age (last birthday) |
16^ | N.A. |
For the insured
Premium Term | Minimum Entry Age (last birthday) | Maximum Entry Age (last birthday) |
5 years | 0 | 70 |
10 years | 0 | 65 |
15 years | 0 | 60 |
20 years | 0 | 55 |
25 years | 0 | 50 |
30 years | 0 | 45 |
^Individuals who take up the policy on their own from 10 to 15 years old (age last birthday) will require parental/legal guardian’s consent. Parents cannot take up policies on the lives of their children who are 18 years old (age last birthday) and above.
You can make your payments monthly, quarterly, half-yearly, or yearly.
Your queries answered.
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Footnotes
- 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. - Only you as the policyholder (before the age of 65 years old), your spouse (before the age of 65 years old), or your child/ward (before the age of 18 years old) can be the secondary insured at the time you exercise 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. - Capital guarantee on Gro Cash Flex Pro 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.
- Bonus rates are not guaranteed and will vary according to the future performance of the Life Participating Fund.
- In the event of the insured’s death or terminal illness during the term of the policy, the policy will pay 105% of all net premium(s) and a terminal bonus. Net premium(s) means the regular premium amount as shown in the policy schedule, or the reduced regular premium amount if a part of this policy has been cashed in earlier. If you change the frequency of your regular premium amount, we will use the then current regular premium amount to work out all net premium(s) paid. Net premium(s) do not include the premiums paid on riders.
We will also pay any cash benefits and cash bonuses which have built up (accumulated). If the option to receive the cash benefits in monthly payments was selected, the remaining monthly cash benefit payments and cash bonuses (if any) for that policy year will be paid out. The policy terminates thereafter. - Savings Protector Pro is a non-participating rider, which includes the TPD Benefit and Retrenchment Benefit. Please refer to the policy contract for further details.
- If the policyholder becomes totally and permanently disabled (TPD before the anniversary immediately after the policyholder reaches the age of 70) during the premium term, the TPD Benefit allows you to stop paying premiums on the basic policy for the remaining premium term subject to the terms of the policy contract. If the premium for the basic policy and Savings Protector Pro rider has already been fully paid, only the lump sum benefit will be paid. The lump sum benefit is equivalent to 2 years of the annual premium for the basic policy and Savings Protector Pro rider. You cannot change the premium term or increase the sum assured after you claim this benefit.
- The interest rate of 3.00% per annum is not guaranteed. Prevailing interest rate at the point of deposit will be determined by us.
- If the insured survives at the end of the policy term and the policy has not already ended, the policy will pay the cash value. Any accumulated cash benefits and cash bonuses will also be paid. The policy terminates thereafter.
- If you are retrenched, you will not have to pay the premiums for the basic policy and Savings Protector Pro rider for six months from the next premium due date onwards. For this to apply, you must meet all the following conditions. You must have paid at least six months’ premiums. The premium of this policy is paid only with cash;
• You must have paid at least six months’ premiums.
• Your retrenchment must have taken place no earlier than six months after the cover start date.
• You have not been able to find employment for three months in a row after being retrenched. - At the end of the 5th month when you have stop paying premiums, you can choose to defer the premiums for your basic policy, Savings Protector Pro rider and any optional riders for the next 6 months (“deferment period”). For this benefit to apply, you must remain retrenched and is unable to pay premiums, the basic policy does not have any or sufficient cash value to activate the automatic premium loan and you must inform us at least one month before the start of the deferment period. During the deferment period, the basic policy, Savings Protector Pro rider and any optional rider will still remain in force, anniversary remains unchanged, any cash benefit payable will be paid after deducting the deferred premiums due and bonus will continue to be declared. At the end of the deferment period, you will need to pay the deferred 6 months premium in a single payment. This benefit can only be claimed once under this Savings Protector Pro rider.
- This is applicable only after one year from the cover start date. Cover start date refers to the date we issue the rider or the date we issue an endorsement to include or increase a benefit; or the date we reinstate the rider (whichever is the latest). However, if the insured is diagnosed with any one of the major cancer within one year from the cover start date, we will end this rider and refund 100% of the premiums paid on this rider. You will then have to continue paying premiums for your Gro Cash Flex Pro policy. The insured must survive at least 30 days after the insured is diagnosed with a covered major cancer before we pay the major cancer benefit. We will not pay this benefit if the insured suffered symptoms of, had investigations for, or was diagnosed with, or received treatment for any cancer, including carcinoma-in-situ, before the cover start date. You can find the usual terms and conditions of this rider, full list of our specified major cancer and their definitions in your policy contract.
Exclusions
There are certain conditions whereby the benefits under this plan will not be payable. You can refer to your policy contract for the precise terms, conditions and exclusions of the plan. The policy contract will be issued when your application is accepted.
Important Notes
This is for general information only. You can find the usual terms, conditions and exclusions of this plan in the policy conditions. 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 may be zero or less than the premiums you have paid for the plan.
This policy is 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 Insurance 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.
Information is correct as at 7 October 2024.
Apply for Gro Cash Flex Pro.