Gro Gen Saver

Gro Gen Saver is a participating endowment insurance plan with a policy term that lasts until the anniversary immediately after the original insured’s 120th birthday. The premium terms available are single premium, 5, 10, 15 or 20 years.

This plan also provides protection against death during the policy term and a waiver of premium upon total and permanent disability (TPD before the age of 70) during the premium term. If the insured survives at the end of the policy term, which is the anniversary immediately after the original insured’s 120th birthday, and the policy has not already ended, the policy will pay a maturity benefit.

Yes, there is guaranteed acceptance for this plan regardless of the insured’s health condition. However, financial underwriting is applicable.

Upon death of the insured during the policy term, we will pay:

• 105% of all net premiums paid; or
• 101% of the surrender value;

whichever is higher.

Any policy loan and interest will be deducted from the benefit amount payable.

The policy terminates thereafter.

If a secondary insured has been appointed, the death benefit will not be paid out. Upon the death of the insured, the secondary insured becomes the insured and the policy will continue.

We will not pay the death benefit if the insured commits suicide within one year from the date:

• we issue the policy
• we issue an endorsement to include or increase a benefit or
• we reinstate the policy

whichever is latest. 

The policy will cease with immediate effect and we will refund the total premiums paid, without interest, less any payout and any amount you owe us, from the cover start date.

Upon diagnosis of the policyholder with TPD (before the age of 70) during the policy term, we will waive the future premiums on the policy for the remaining premium term.

The policy will continue to apply (as if premiums have been paid) during this period.

The premium term cannot be changed and an increase in sum assured cannot be made after a claim has been made on this benefit.

TPD, and totally and permanently disabled, mean any of the below.

• If you are under 65 years old, TPD, and totally and permanently disabled mean total physical loss, or the inability to take part in any paid work for the rest of a person’s life.
• If you are 65 years old and above (but under 70 years old), TPD, and totally and permanently disabled mean total physical loss, or severe disability.

Total physical loss means:

• the total and permanent loss of sight in both eyes;
• the loss of, or total and permanent loss of use of, two limbs at or above the wrist or ankle; or
• the total and permanent loss of sight in one eye and the loss of, or total and permanent loss of use of, one limb at or above the wrist or ankle.

Severe disability means the inability to perform at least three of the following activities of daily living, even with the aid of special equipment and always needing the help of another person throughout the entire activity.

• Washing – the ability to wash in the bath or shower (including getting into and out of the bath or shower) or wash satisfactorily by other means;
• Dressing – the ability to put on, take off, secure and unfasten all garments and, as appropriate, any braces, artificial limbs or other surgical appliances;
• Transferring – the ability to move from a bed to an upright chair or wheelchair and vice versa;
• Mobility – the ability to move indoors from room to room on level surfaces;
• Toileting – the ability to use the lavatory or otherwise manage bowel and bladder functions so as to maintain a satisfactory level of personal hygiene;
• Feeding – the ability to feed oneself once food has been prepared and made available.

We will not pay this benefit if your claim arises from:

• deliberate acts such as self-inflicted injuries, illnesses or attempted suicide;
• unlawful acts, provoked assault or deliberate exposure to danger; or
• the effects of alcohol, drugs or any dependence.

We will also not pay this benefit unless the insured is certified by a registered medical practitioner to have been totally and permanently disabled for at least six months in a row.

Upon the retrenchment of the policyholder during the premium term, the policyholder will not have to pay the premiums (excluding premiums for rider) for up to 6 months only if all the following conditions are met:

• 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.

The benefit will cease on the date the policyholder starts permanent paid employment.

Retrenched and retrenchment mean losing your job as a result of redundancy or because your employer’s profession, business, trade or work is being reorganised.

Employer means any person, company, association, club, society or organisation that is formed, incorporated or registered in Singapore and which employs people. This includes the Government and any statutory organization or authority in Singapore.

Permanent paid employment means entering into any contract of service with any person, company, association, club, society, government or authority, whether in Singapore or overseas, where you agree to serve as an employee, including an apprenticeship contract or agreement, or are self-employed.

We will not pay this benefit if your claim arises from:

• retiring, leaving after a probation period, resigning or being dismissed;
• suffering a psychological condition, disability or illness;
• taking part in a labour dispute;
• coming to the end of an employment contract;
• being involved in a staff-reduction programme or unemployment you knew was going to happen before the cover start date;
• being employed for less than six months by an employer; or
• being employed by an employer not incorporated or registered in Singapore.

No, this benefit does not cover the riders attached.

You can only claim once for this benefit once under your policy.

A secondary insured may be appointed (including at application) during the policy term when the policy is in force to ensure the continuity of the policy upon death of the insured.

You may appoint or remove a secondary insured before the death of the insured provided the following conditions are met:

• the premium of this policy is not paid with funds from the Supplementary Retirement Scheme (SRS);
• no nomination of beneficiary has been made for this policy; and
• there is no change to the ownership of this policy including assignment, bankruptcy, trust and vesting.

In the event of death of the insured, the secondary insured will become the insured of the policy and the policy continues until the death of the insured or end of the policy term, whichever happens first. Any premium payments shall continue to be payable.

The policy can only have one insured at any point of time.

The secondary insured must be you (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) at the time of exercising this option.

You can exercise this option no more than three times.

Riders, also known as supplementary benefits, can be attached to a basic insurance policy to provide additional protection at lower cost.

The following rider(s) / supplementary benefit(s) can be added to this plan:

• Cancer Premium Waiver (GIO)

No, the rider(s) cannot be added after the policy is in-force.

Yes, cash value is available after the net single premium is paid. For premium term of five years and above, cash value is available after premiums have been paid for at least 2 years.

If the insured survives at the end of the policy term, which is to the anniversary immediately after the original insured’s 120th birthday, and this policy has not already ended, we will pay the cash value.

Any policy loan and interest will be deducted from the benefit amount payable.

The policy terminates thereafter.

Yes, this policy is eligible for bonuses. There are two types of bonuses:

• “Annual” or “reversionary” bonus is added to the policy each year.
• “Terminal” or “special” bonus is an extra bonus that we pay at the time of claim, surrender or maturity. This TB is not guaranteed and will be determined annually. The TB will be expressed as a percentage of the sum assured.

Bonuses are not guaranteed. They are recommended by our Appointed Actuary and approved by our Board of Directors.

Bonus pay-outs to policyholders are primarily influence by the performance of the Life Participating Fun (Par Fund). The Fund’s performance is predominantly driven by factors such as the investment returns of the Par Fund, its expenses and claims experience. Aligned to industry practice, Income is safeguarding policyholders’ interest by allocating 90% of Par Fund surpluses to them. This means for every $9 distributed to policyholders, only a maximum of $1 is allocated to shareholders.

Yes, you can use SRS funds to buy this policy for single premium term only.

No, you cannot backdate your policy.

Yes, you can take a policy loan subject to the prevailing terms and conditions.