Secure your finances for your golden years with Gro Retire Flex Pro.
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Receive monthly cash payouts[1] consisting of a monthly cash benefit[2] during your payout period and a non-guaranteed cash bonus on top of each monthly cash benefit.
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Flexibility to choose when you want to start receiving your monthly cash payouts[1].
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Option to accumulate your cash payouts[1] with us at an interest rate of up to 3.00% p.a.[3] or spend as you wish!
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Receive coverage[4] in the event of the insured’s death or diagnosis of terminal illness.
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Receive additional coverage against accidental death[5][6] and disability[5][7].
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Guaranteed acceptance[8] regardless of your health condition.
Receive protection as you save
Death Benefit and Terminal Illness Benefit
During the accumulation period |
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During the payout period |
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We will pay the cash value if it is higher than the benefit shown in the table above.
Accidental Death Benefit
Coverage provided by the Accidental Death Benefit[5][6] will apply for regular premium policies only.
Disability Care Benefit
- Loss of use of one limb
- Loss of speech
- Loss of sight of one eye
- Loss of hearing
During accumulation period | Waiver of future premiums[9] | Lump sum benefit[10] | Additional amount[11] equal to 50% of the monthly cash benefit will be paid on top of each monthly cash benefit during the payout period or until the Gro Retire Flex Pro – Protection Benefit rider ends, whichever is earlier |
During payout period | Additional amount[11] equal to 50% of the monthly cash benefit will be paid on top of each monthly cash benefit during payout period or until the Gro Retire Flex Pro – Protection Benefit rider ends, whichever is earlier |
Coverage provided by the Disability Care Benefit[5][7] will apply for regular premium policies only.
Retrenchment Benefit
Learn more about our benefits.
Cancer Premium Waiver (GIO)
You will not need to make future premium payments for your basic policy if you are diagnosed with a major cancer[14] during the term of the rider.
Enhanced Payor Premium Waiver
(Only applicable if the insured is not the policyholder)
You will not need to make future premium payments for the basic policy that you have bought for a loved one, if you pass away, are totally or permanently disabled (before age 70), or are diagnosed with dread disease[15] (except for angioplasty and other invasive treatment for coronary artery) during the term of the rider.
Dread Disease Premium Waiver
You will not need to make future premium payments for your basic policy if you are diagnosed with dread disease[15] (except for angioplasty and other invasive treatment for coronary artery) during the term of the rider.
Retirement Dreams
Watch this video as we explore the retirement dreams of Singaporean parents and reveal surprising truths.Let us walk you through Gro Retire Flex Pro.
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How Gro Retire Flex Pro helps you achieve your dream retirement
30 years old
Mr Tan decides to start planning for retirement today by committing to the Gro Retire Flex Pro plan. He chooses to receive a monthly cash benefit1 of $1,000 for 20 years from age 55, when he intends to retire.
He will pay a yearly premium of $17,487 over the next 10 years.
Scenario 1
Before 55 years old
Mr Tan has a Gro Retire Flex Pro plan and can enjoy his life with peace of mind.
Scenario 2
38 years old
After paying his 8th annual premium, Mr Tan meets with an unfortunate accident and loses the use of his arm.
He qualifies to claim under the Disability Care Benefit3,4. The remaining two years of premiums5 (a total of $34,974) will be waived. He also receives a lump sum benefit6 of $6,000.
55 years old
Mr Tan retires and starts receiving $2,411 monthly. This amount consists of $1,000 cash benefit1 and a non-guaranteed cash bonus2 of $1,411.
55 years old
Mr Tan retires and starts receiving $2,411 monthly. This amount consists of $1,000 cash benefit1 and a non-guaranteed cash bonus2 of $1,411.
He also receives an additional $5007 monthly from the Disability Care Benefit3,4. The additional amount7 is equal to 50% of the monthly cash benefit that will be paid on top of each monthly cash benefit during the payout period.
75 years old
The policy matures, and Mr Tan would have received a total illustrated payout of $578,7122 over the entire policy term.
The illustrated payout consists of:
- $240,000 of total cash benefit1
- $338,712 of total illustrated non-guaranteed cash bonus2
75 years old
The policy matures, and Mr Tan would have received a total illustrated payout of $704,7122 over the entire policy term.
The illustrated payout consist of:
- $240,000 of total cash benefit1
- $338,712 of total illustrated non-guaranteed cash bonus2
- $6,000 of lump sum benefit6 from Disability Care Benefit3,4
- $120,000 of total additional amount7 from Disability Care Benefit3,4
The figures used are for illustrative purposes only and are rounded to the nearest dollar.
The non-guaranteed figures above are based on the assumption that the Life Participating Fund earns a long-term average return of 4.25% p.a.
Should the long-term average return be 3.00% p.a., the total illustrated payout (assuming there is no payout from Disability Care Benefit3,4) would be $419,4968, and the corresponding illustrated yield at maturity would be 2.95% p.a.8.
1If the policy has not already ended when the accumulation period ends, we will check the cash value of this policy. If the cash value is less than S$10,000 after taking into account the policy loan and interest, we will pay you the policy’s cash value and the policy will end. If the cash value is at least S$10,000 after taking into account the policy loan and interest, the payout period will begin and we will pay you a monthly cash benefit for the next 10, 20 years or till age 100, depending on the payout period you have chosen, or until the policy ends.
The monthly cash benefit is the ‘cash benefit’ amount shown in the policy schedule. If you change your regular premium amount or payout period, we will work out a new monthly cash benefit. We will pay the first monthly cash benefit on the policy anniversary immediately after the end of the accumulation period. You cannot change the payout period once we have paid the first monthly cash benefit. If this policy has not already ended, it will end when we pay the last cash benefit.2The 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. The calculation for the illustrated yield at maturity also assumes that all cash benefits and cash bonuses due for the entire policy term are paid out to the policyholder.
3For regular premium policy, Gro Retire Flex Pro includes Gro Retire Flex Pro – Protection Benefit, a non-participating rider, which includes the Accidental Death Benefit, Disability Care Benefit and Retrenchment Benefit. Please refer to the policy contract for further details.
4Disability Care Benefit will apply upon diagnosis of the insured with any one of the conditions – loss of use of one limb, loss of speech, loss of sight of one eye and loss of hearing, arising from accidental injury or sickness during the term of the Gro Retire Flex Pro – Protection Benefit rider. The benefit will be paid according to the date of diagnosis. There are certain conditions under which no benefits will be payable. Please refer to the policy contract for the definition of each condition and the circumstances in which a claim can be made.
For policies issued by us that include a Disability Care Benefit, no matter how many of such policies we have issued for the insured, we will pay no more than:
- a total of S$3,000 for the additional amount, on top of the monthly cash benefit for the same insured; and
- a total of S$1.1 million, including additional monthly cash benefits, lump-sum benefit and premiums waived, under the Disability Care Benefit for the same insured.5Future premiums on the basic policy and Gro Retire Flex Pro – Protection Benefit rider will be waived for the remaining premium term from the date of diagnosis, if the insured is diagnosed with any one of the covered conditions, arising from accidental injury or sickness during the accumulation period and provided that the premium term has not ended.
6Lump sum benefit equivalent to 6 times the monthly cash benefit will be paid only if the insured is diagnosed with the covered conditions during the accumulation period.
7The additional amount is equivalent to 50% of the monthly cash benefit (capped at $3,000), which will be paid on top of the monthly cash benefit during the payout period or until the Gro Retire Flex Pro – Protection Benefit rider ends, whichever is earlier. For policies issued by us that include Disability Care Benefit, no matter how many of such policies we have issued for the insured, we will pay no more than:
- a total of S$3,000 for the additional amount, on top of the monthly cash benefit for the same insured; and
- a total of S$1.1 million, including additional monthly cash benefits, lump-sum benefit and premiums waived, under the Disability Care Benefit for the same insured.8The 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. The calculation for the illustrated yield at maturity also assumes that all cash benefits and cash bonuses due for the entire policy term are paid out to the policyholder. 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. Any cash benefits paid under the Disability Care Benefit cannot be accumulated with us.
© 2022 Income. All rights reserved.
This retirement calculator is for educational and illustrative purposes only. It is for general information only and is not meant to provide any recommendation, investment or financial advice. The calculator projects the amount you may require for retirement based on the data you provided. The information, assumptions and simulation are obtained from sources Income believed to be reliable. Income makes no representation or warranty as to its adequacy, completeness, accuracy or timeliness for any particular purpose and does not assume liability for any illustration provided here or for your reliance on these illustrations.
We strongly encourage you to speak to an advisor if you require any professional advice.
Information correct as at 19 September 2022
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) |
Single Premium | 20 | 70 |
5 years | 20 | 65 |
10 years | 20 | 55 |
15 years | 20 | 50 |
20 years | 20 | 45 |
25 years | 20 | 40 |
30 years | 20 | 35 |
35 years | 20 | 30 |
40 years | 20 | 25 |
^Parents cannot take up policies on the lives of their children who are 18 years old (age last birthday) and above.
For a choice of payout period till 100 years, it must fulfill the condition: Entry age (last birthday) + Selected accumulation period = 60 years and above
You can make your payments monthly, quarterly, half-yearly, or yearly.
Your queries answered.
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Footnotes
- The cash payout consists of a monthly cash benefit and a non-guaranteed cash bonus.
- If the policy has not already ended, when the accumulation period ends, we will check the cash value of this policy. If the cash value is less than $10,000 after taking into account the policy loan and interest, we will pay you the policy’s cash value and the policy will end. If the cash value is at least $10,000 after taking into account the policy loan and interest, the payout period will begin and we will pay you a monthly cash benefit for the next 10, 20 years or till age 100, depending on the payout period you have chosen, or until the policy ends. The monthly cash benefit is the ‘cash benefit’ amount shown in the policy schedule. If you change your regular premium amount or payout period, we will work out a new monthly cash benefit. We will pay the first monthly cash benefit on the policy anniversary immediately after the end of the accumulation period. You cannot change the payout period once we have paid the first monthly cash benefit. If this policy has not already ended, it will end when we pay the last cash benefit.
- Interest rate of 3.00% per annum is not guaranteed. Prevailing interest rate at the point of deposit will be determined by us. Any cash benefits paid under the Disability Care Benefit cannot be accumulated with us.
- We will also pay any cash benefits and cash bonuses which have built up (accumulated). The policy terminates thereafter. Net premium(s) means the regular or single premium amount as shown in the policy schedule, or the reduced regular or single 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.
- For regular premium policy, Gro Retire Flex Pro includes Gro Retire Flex Pro – Protection Benefit, a non-participating rider, which includes the Accidental Death Benefit, Disability Care Benefit and Retrenchment Benefit. Please refer to the policy contract for further details.
- If the insured dies as a result of an accident (before the anniversary immediately after the insured reaches the age of 70), we will pay an additional 105% of all net premium(s) 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 net premium(s) paid, on top of the death benefit. We will pay this benefit only if the death happens within 365 days of the accident. Please refer to the policy contract for further details. 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 the basic policy and its rider, Gro Retire Flex Pro – Protection Benefit, will continue.
- Disability Care Benefit will apply upon diagnosis of the insured with any one of the conditions – loss of use of one limb, loss of speech, loss of sight of one eye and loss of hearing, arising from accidental injury or sickness during the term of the Gro Retire Flex Pro – Protection Benefit rider. The benefit will be paid according to the date of diagnosis. There are certain conditions under which no benefits will be payable. Please refer to the policy contract for the definition of each condition and the circumstances in which a claim can be made.
For policies issued by us that include a Disability Care Benefit, no matter how many of such policies we have issued for the insured, we will pay no more than:
- a total of S$3,000 for the additional amount, on top of the monthly cash benefit for the same insured; and
- a total of S$1.1 million, including additional monthly cash benefits, lump-sum benefit and premiums waived, under the Disability Care Benefit for the same insured. - You can further enhance your protection with Enhanced Payor Premium Waiver, Dread Disease Premium Waiver or Cancer Premium Waiver (GIO) rider. You are not required to undergo any medical underwriting unless you are applying for the Enhanced Payor Premium Waiver or Dread Disease Premium Waiver rider to your policy.
- Future premiums on the basic policy and Gro Retire Flex Pro – Protection Benefit rider will be waived for the remaining premium term from the date of diagnosis, if the insured is diagnosed with any one of the covered conditions, arising from accidental injury or sickness during the accumulation period and provided that the premium term has not ended.
- Lump sum benefit equivalent to 6 times the monthly cash benefit will be paid only if the insured is diagnosed with the covered conditions during the accumulation period.
- The additional amount is equivalent to 50% of the monthly cash benefit (capped at $3,000) which will be paid on top of the monthly cash benefit during the payout period or until the Gro Retire Flex Pro – Protection Benefit rider ends, whichever is earlier. For policies issued by us that include Disability Care Benefit, no matter how many of such policies we have issued for the insured, we will pay no more than:
- a total of S$3,000 for the additional amount, on top of the monthly cash benefit for the same insured; and
- a total of S$1.1 million, including additional monthly cash benefits, lump-sum benefit and premiums waived, under the Disability Care Benefit for the same insured. - If you are retrenched, you will not have to pay the premiums for the basic policy and the Gro Retire Flex Pro – Protection Benefit 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.
- 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 premium, you can choose to defer the premiums for your basic policy and its rider, Gro Retire Flex Pro – Protection Benefit 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, your basic policy, Gro Retire Flex Pro – Protection Benefit 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 Gro Retire Flex Pro – Protection Benefit 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 Retire 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.
- We will not pay this benefit if the insured was diagnosed with the disease within 90 days from the date we issue the rider, include or increase any benefit, or reinstate the rider (whichever is latest) for major cancer, heart attack of specified severity, coronary artery by-pass surgery, angioplasty and other invasive treatment for coronary artery or other serious coronary artery disease.
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 contract. 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 5 December 2024.
Apply for Gro Retire Flex Pro.