Gro Retire Flex Pro II

Gro Retire Flex Pro II is an endowment plan. It comprises of two periods, (i) accumulation period and (ii) payout period. The accumulation period helps you to build up savings and provide a regular income during the payout period.

(i) Accumulation Period
The accumulation period starts from policy entry date and it will range from 5 years up to 50 years for the single premium term while it will range from 10 years up to 50 years for the regular premium terms. During the accumulation period, depending on the premium term selected, premiums are payable as a single premium, for 5, 10, 15 or 20 years. Premiums are payable up to 5 years before the end of the accumulation period.

(ii) Payout Period
The payout period option of 10, 15, 20 years or till age 100 of the original insured, begins immediately after the end of the accumulation period. During the payout period, a stream of monthly cash benefit will be paid, and the first monthly cash benefit will be paid on the anniversary immediately after the end of the accumulation period.

This plan provides protection against death and terminal illness of the insured during the policy term.

This policy includes a non-participating regular premium compulsory rider, Gro Retire Flex Pro II – Protection Benefit. It pays accidental death benefit, disability care benefit and retrenchment benefit. This compulsory rider is only applicable for regular premium basic policy and cannot be removed. This rider will end immediately when its basic policy ends.

Gro Retire Flex Pro II is a participating life insurance policy. It allows you to participate in the performance of the Life Participating Fund in the form of bonuses that are not guaranteed.

Health underwriting is not applicable. However, financial underwriting is applicable.

If the insured is diagnosed with terminal illness or dies during the accumulation period or payout period, we will pay the benefit shown in the table below.

We will pay the cash value if it is higher than the benefit shown in the table above.

We will also pay any accumulated cash benefits and cash bonuses.

This policy will end when we make this payment.

If you have appointed a secondary insured before the insured dies, we will not pay this benefit. Upon the death of the insured, the secondary insured becomes the insured and this policy will continue.

Terminal illness (TI), and terminally ill means the conclusive diagnosis of an illness that is expected to result in the death of the insured within 12 months. This diagnosis must be supported by a specialist and confirmed by our appointed specialist. Terminal illness in the presence of HIV infection is excluded.

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.

This policy is not valid if the original insured commits suicide within one year from the cover start date.

We will refund the total premiums paid, without interest, less any amounts we have paid you, and any amount you owe us, from the cover start date.

The policyholder can select a payout period of 10, 15, 20 years or till age 100 of the original insured. We will pay the first monthly cash benefit on the policy anniversary immediately after the end of the accumulation period.

To select the payout period option till age 100 of the original insured, the sum of the insured’s entry age and accumulation period will need to be at least 50. The age of the insured at the point of policy issuance will be used to compute the payout period.

Yes, you can choose to change the payout period, subject to the following conditions:

• The request to change the payout period must be made on a date:
  a) At least 2 years after the policy entry date; and
  b) At least 30 days before the first monthly cash benefit.
• You have not made a claim on the disability care benefit; and
• You can only change the payout period once.

If you change the payout period, the following will apply:

• We will recalculate your policy benefits (including cash benefit and guaranteed cash value), bonuses (if any) and rider benefits (if any), according to the revised payout period; and
• You will no longer be able to change your payout period.

The cash benefit is paid monthly during the payout period. The first monthly cash benefit will be paid on the anniversary immediately after the end of the accumulation period.

You can choose to use the cash benefit in any one of the following ways.

• Place it in a deposit account to earn interest at a rate we will set.
• Receive it as a payout.

We will write to you before the first cash benefit to remind you what you chose. If we do not receive your instruction from you at least 30 days before the first cash benefit is due, we will go ahead with your original wishes.

We will follow this same choice for the later cash benefits, unless you tell us your choice at least 30 days before the next cash benefit is due.

The flexi retire option allows you to shorten or extend the accumulation period, by up to 5 years, in multiples of 1 year, subject to the following conditions:

• The request to exercise this option must be made on a date:

1. a) 

• no nomination of beneficiary has been made for this policy; and
• there is no change to the ownership of this policy except via absolute assignment.

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 yourself (before the age of 75 years old), your spouse (before the age of 75 years old), or your child or ward (before the age of 18 years old) at the time of appointment.

You can exercise this option to appoint a secondary insured no more than three times.

The flexi retire option allows you to shorten or extend the accumulation period, by up to 5 years, in multiples of 1 year, subject to the following conditions:

• The request to exercise this option must be made on a date:
  a) At least 2 years after the policy entry date; and
  b) At least 2 years before the end of your original or revised accumulation period, whichever is earlier.
• The revised accumulation period falls within the minimum and maximum accumulation period available, depending on the entry age of the original insured, and the payout period cannot exceed age 100 of the original insured;
• You have not made a claim on the disability care benefit;
• You do not have any policy loan on this policy; and
• You can only exercise this option once.

We reserve the right to reject or accept any request under this option.

If you exercise this option, the following will apply:

• The accumulation period will be revised accordingly;
• The payout period option will not change;
• We will recalculate the benefits of your policy (including cash benefit and guaranteed cash value), bonuses (if any) and rider benefits (if any), according to the revised accumulation period; and
• You will not be able to change your option.

Gro Retire Flex Pro II – Protection Benefit is a non-participating, regular premium compulsory rider that provides coverage for Accidental Death Benefit, Disability Care Benefit and Retrenchment Benefit.

This compulsory rider is only applicable for regular premium basic policy and cannot be removed.

This rider will end immediately when its basic policy ends.

If the insured dies as a result of an accident (before the anniversary immediately after insured reaches the age of 70), we will pay an additional 105% of all premiums 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 premiums paid, on top of the death benefit.

We will pay this benefit only if the death happens within 365 days of the accident.

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 this rider and its basic policy will continue.

This rider and its basic policy will end when we make this payment. We will not pay any further benefits.

Restricted activity means any of the following activities:

• Duties as firefighters, police force personnel, fishermen, armed security guards, aircrew, ship crew, marine salvage crew, oil riggers, dock workers, drivers, despatch riders, driving instructors, bodyguards and bouncers;
• Any activities involving explosives, heavy machinery, woodworking, dangerous gases or substances, using underwater breathing apparatus, work on construction or demolition sites, work at heights above 10 metres, work in underground tunnels, oil and gas rigs or offshore work;
• Military, air force or naval operations in peacetime, including training and exercises for national servicemen or reservists in peacetime;
• Motorcycling whether as rider or pillion rider; or
• Professional sports, any form of race (except racing on foot, cycling or swimming), action or adventure sports that involve speed, height at above 10 metres, highly specialized gear, stunts or using underwater breathing apparatus. This definition includes rock climbing, mountaineering, parachuting, white-water rafting, horse riding, winter sports and scuba diving.

Accident and accidental mean an unexpected incident that results in an injury or death. The injury or death must be caused entirely by being hit by an external object that produces a bruise or wound, except for injury or death caused specifically by drowning, food poisoning, choking on food, or suffocation by smoke, fumes or gas.

We will not pay the accidental death benefit if the claim arises directly or indirectly from:

• deliberate acts such as self-inflicted injuries, suicide or attempted suicide;
• unlawful acts, provoked assault or deliberate exposure to danger;
• the effects of alcohol, drugs or any dependence;
• illnesses, psychological conditions or eating disorders;
• heat stroke;
• a bad reaction to drugs or medication;
• the effects of viruses (for example, dengue),bacteria or diseases;
• the negative effects or complications of medical and surgical care;
• treatments aimed at improving appearance, such as cosmetic surgery or any treatment relating to a previous cosmetic treatment;
• radiation or contamination from radioactivity;
• being in any aircraft, except as a fare-paying passenger in a commercial aircraft, or during military operations in peacetime;
• military, air force or naval operations, except when carried out in peacetime;
• warlike operations (whether war is declared or not), war, invasion, riot or any similar event;
• an accident which happens outside of Singapore; if the insured has been outside Singapore for more than 180 days in a row at the time of the accident; or
• an act of terrorism.

Except as stated in the last paragraph of this section, we will not pay this benefit if the claim arises from:

• deliberate acts such as self-inflicted injuries, illnesses or attempted suicide;
• unlawful acts, provoked assault or deliberate exposure to danger;
• the effects of alcohol, drugs or any dependence;
• acquired immunodeficiency syndrome (AIDS), AIDS-related complex or infection by human immunodeficiency virus (HIV);
• treatments aimed at improving appearance, such as cosmetic surgery or any treatment relating to a previous cosmetic treatment;
• being in any aircraft, except as a fare-paying passenger in a commercial aircraft, or during military operations in peacetime;
• taking part in any professional sports, any form of race (except racing on foot, cycling or swimming), action or adventure sports that involve speed, height at above 10 metres, highly specialized gear, stunts or using underwater breathing apparatus. This definition includes rock climbing, mountaineering, parachuting, white-water rafting, horse riding, winter sports and scuba diving;
• a claim that is excluded or not covered under the terms of this rider;
• a chronic illness where the insured suffered symptoms of, had investigations for, was treated for, or was diagnosed with any time before or within 90 days from:
  1. the cover start date, for the original insured; or
  2. the date the secondary insured (if applicable) becomes the insured of this policy for the remaining policy term, the date we reinstate this rider or the date we issue an endorsement to include or increase a benefit, whichever is latest, for the secondary insured; or
• an impairment where the insured suffered symptoms of, had investigations for, was treated for, or had any time before or within 90 days from:
  1. the cover start date, for the original insured; or
  2. the date the secondary insured (if applicable) becomes the insured of this policy for the remaining policy term, the date we reinstate this rider or the date we issue an endorsement to include or increase a benefit, whichever is latest, for the secondary insured.

Where you have exercised the Flexi Retire Option or change in payout period and this increases the benefits to be paid out under this policy, we will not pay the increased portion of such benefits if the claim arises from:

• a chronic illness where the insured suffered symptoms of, had investigations for, was treated for, or was diagnosed with any time before or within 90 days from the date of exercise of the Flexi Retire Option or change in payout period; or
• an impairment where the insured suffered symptoms of, had investigations for, was treated for, or had any time before or within 90 days from the date of exercise of the Flexi Retire Option or change in payout period.

If you are retrenched, you will not have to pay the premiums for this rider and its basic policy 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;
• Your retrenchment must have taken place no earlier than six months after the cover start date; and
• You have not been able to find employment for three months in a row after being retrenched.

You will have to pay premiums for the month that you start permanent paid employment and this benefit will end.

At the end of the fifth month when you have stopped paying premiums, you can choose to defer the premiums for this rider, its basic policy and optional riders for the next six months. For this to apply, you must meet all the following conditions:

• You remain retrenched and are unable to pay premiums;
• If 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.

The following will apply during the deferment period:

• This rider, its basic policy and any optional rider will remain in force;
• Anniversary remains unchanged;
• Any cash benefit payable will be paid after deducting the deferred premiums due;
• Bonus will continue to be declared; and
• You are not allowed to take a policy loan on the basic policy.

At the end of the deferment period, you will need to pay the deferred six months premium in a single payment.

You can claim for the retrenchment benefit only once under this rider.

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.

Self-employed means being a sole proprietor, a partner of a business or employed by a business or company where you or your husband or wife, parents, parents-in-law, brothers and sisters, brothers- and sisters-in-law or children own at least 20% of the share capital or are entitled to at least 20% of the profits, either individually or jointly.

Deferment period means the period of six months when you are allowed to postpone the payment of premiums.

We will not pay this benefit if the 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.

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

Yes, for regular premium policy, you can only cash in this policy after you have paid premiums for at least two years.

For single premium policy, you can only cash in this policy after you have paid the single premium.

During the accumulation period only and if we have not paid the disability care benefit, you may choose to cash in this policy partially and keep the benefits on the part that you do not cash in.

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

1. During the accumulation period and payout period, we may pay a ‘terminal’ bonus at the time of making a claim, when we pay you the maturity benefit (if applicable), or if you cash in this policy.
2. During the payout period, we may pay a cash bonus on top of each monthly cash benefit. We pay this cash bonus together with the monthly cash benefit during the payout period. We may or may not pay this cash bonus for each monthly cash benefit.

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

To avoid doubt, Gro Retire Flex Pro II – Protection Benefit does not form part of the Life Participating Fund, and no bonus is payable on the benefit.

You have a choice to pay via a single premium or premium term of 5 years, 10 years, 15 years or 20 years. Premiums are payable up to 5 years before the end of the accumulation period.

You will not be able to change your premium term.

The accumulation period will range from 5 years up to 50 years for the single premium term while the accumulation period will range from 10 years up to 50 years for the regular premium terms.

You can pay either via a single or regular premium.

For regular premium, the premiums can be paid monthly, quarterly, half-yearly or yearly.

For single premium, this plan can be bought using cash or SRS. For regular premium, this plan can only be bought using cash.

Backdating is allowed if all of the following conditions are met:

i. The backdating is for a traditional individual (savings or protection) life policy paying regular premium or single premium. Backdating for investment-linked policy and annuity policy is not allowed;

ii. The backdating results in a lower premium or better protection value / policy payouts due to a lower entry age; and

iii. The policy is backdated to a date up to one day before the Insured’s last birthday and it must be within 6 months from date of receipt of application by Income.

iv. Backdating of policy to a date before the launch date of the main plan or rider is not allowed.

Yes, we may grant the loan from this policy depending on our terms and conditions.

We will take all loans and their interest from any amount we may be due to pay under this policy. If at any time the amount of the loans and interest is more than the cash value, this policy will end.