Gro Steady Saver

Gro Steady Saver is a participating regular premium, anticipated endowment insurance plan.

Guaranteed cash benefits are payable each year, starting from the end of the 2nd policy year. A maturity benefit is payable at the end of the policy term.

This plan also provides protection against death, and total & permanent disability (before the age of 70) during the policy term.

Upon death of the insured during the term of the policy, we will pay the sum assured and bonuses.

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

The policy terminates thereafter.

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 premium paid, without interest, less any payout and any amount you owe us, from the cover start date.

Upon diagnosis of the insured with TPD (before the age of 70) during the policy term, we will pay the sum assured and bonuses.

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

The policy terminates thereafter.

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

• If the insured is 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 the insured is 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 refers to:

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

If the insured survives at the end of two years from the policy entry date, and if premiums for this policy have been paid for at least two years, we will begin to pay out a cash benefit.

Each cash benefit is 5% of the sum assured and we pay it every year as long as the insured is still alive and the policy has not ended. We will pay the first cash benefit two years from the policy entry date.

You can exercise any one of the following options:

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

We will write to you before your first cash benefit is due to confirm how you would like to use it. We will then 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. If there is no response from you, we will make a choice for you.

The default option will be set out in the letter. You should inform us if your choice is different from the default option.

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 Gro Steady Saver:

• Hospital CashAid
• Dread Disease Premium Waiver
• Payor Premium Waiver 
• Enhanced Payor Premium Waiver
• Essential Protect

Yes, you can add or remove riders anytime after the policy is in force. However, adding riders after the policy is in force will be subject to a reassessment of your health and financial situation.

Yes, your policy will have a cash value when premiums have been paid for at least two years.

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

• “Annual” or “reversionary” bonus is added to your policy each year.
• “Terminal” or “special” bonus is an extra bonus that we pay at the time of claim, surrender or maturity.

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.

If the insured survives at the end of the policy term and the policy has not already ended, we will pay 120% of the sum assured and 100% of bonuses, after we take away all cash benefits we have already paid out.

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

The policy terminates thereafter.

No, you can only use cash to buy this policy.

The minimum sum assured is S$15,000 per policy. The maximum limit on the sum assured would be subjected to financial underwriting.

Yes, the policy can be backdated only if all the following conditions are met:

i. You are backdating a traditional life insurance policy to qualify for a lower premium or higher minimum protection value. Backdating for investment-linked policy is not allowed.

ii. The policy is backdated to a date:

a) one day before the Insured’s last birthday;

b) within 6 months from date of receipt of application by us; and

c) not earlier than the official launch date of the main plan or rider, if applicable.

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