Luxe Plus Solitaire II

Luxe Plus Solitaire II is a participating, single-premium whole-life plan with a policy term that lasts until the anniversary immediately after the original insured’s 120^th birthday.

Cash benefits are payable each month, starting from the 37^th month from the policy entry date.

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

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

If the insured dies during the term of the policy, we will pay the sum of:

1. The higher of:

• 105% of all net single premium paid less all monthly cash benefits paid; or

• the guaranteed portion of the cash value,

2. and 100% of the terminal bonus less cash bonuses paid.

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

We will also pay any cash benefits and cash bonuses which have built up.

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.

This policy is not valid if the original insured or new insured (as applicable) 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.

If the insured becomes terminally ill during the term of the policy, we will pay the sum of:

1. The higher of:

• 105% of all net single premium paid less all monthly cash benefits paid; or

• the guaranteed portion of the cash value,

2. and 100% of the terminal bonus less cash bonuses paid.

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

We will also pay any cash benefits and cash bonuses which have built up.

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, and terminally ill, means “any condition caused by illness or injury, where at the time of claim, despite all reasonable medical treatment, the insured is expected to live for no more than 12 months.”

The specialist medical practitioner treating the condition must provide supporting evidence of the condition, possible medical treatment, the prognosis after undergoing the possible medical treatment, and certify that the insured is expected to live for no more than 12 months despite all possible medical intervention. We reserve the right to appoint an independent medical specialist who is an expert in the condition to confirm the diagnosis and prognosis.

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.

If the insured survives at the end of three years from the policy entry date, a monthly cash benefit equivalent to 0.109% of the net single premium (i.e. 1.308% of the net single premium annually) will be paid at the start of each policy month up to the policy anniversary immediately after the original insured’s 120th birthday provided the insured is still alive and the policy has not ended. The first monthly cash benefit is payable at the start of the 37th month from the policy entry date.

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.

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.

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 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 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 you (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. 

Yes, once the policy is vested to the insured, he/she can appoint a secondary insured.  

No, a company cannot appoint a secondary insured as the secondary insured can only be the policyholder/assignee himself, spouse or child/ward.

If a secondary insured has been appointed and is subsequently assigned, any existing appointment of secondary insured will be automatically revoked upon the effective date of assignment of the policy.

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

If the policy is subsequently assigned, the total number of appointments remains at no more than three times.

You may request to change the insured after 2 years from the policy entry date. Such change shall be subject to our prevailing underwriting, administrative and legal requirements, and such other terms and conditions as we shall determine from time to time. 

 The change to a new insured may be requested before the death of the insured 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 except via absolute assignment.  

 The policy can only have one insured at any point of time. Insurance coverage under this policy: 

• for the existing insured (prior to the change under this section) shall end when the new insured is appointed; and 
• for the new insured shall commence on the cover start date for such new insured. 

You must have an insurable interest on the new insured at the effective date of change. The new insured must be before the age of 75 years old at the point of exercising this option. 

There is no limit to the number of times this option can be exercised. 

Yes, the company (assignee) can request to change the insured, provided all conditions are met.

Yes, cash value is available after the single premium is paid.

Yes, this policy is eligible for bonuses after the end of the third policy year. There are two types of bonuses:

• “Terminal” bonus is an extra additional bonus that we may pay at the time of claim, surrender or maturity.
• “Cash” bonus is added on top of each cash benefit.

Bonuses are not guaranteed and they are declared annually Bonus allocations are approved by the Board of Directors, based on recommendations by the Appointed Actuary.

Bonus pay-outs to policyholders are primarily influenced by the performance of the Life Participating Fund (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 Insurance 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, which is to the anniversary immediately after the original insured’s 120^th birthday, and the policy has not already ended, the policy will pay 105% of the net single premium paid and a terminal bonus.

Any accumulated cash benefits and cash bonuses will also be paid out together with the maturity benefit. Any policy loan and interest will be deducted from the benefit amount payable.

This policy will end once the final payout is made.  

*Parents cannot be the policyholder on their child who are 18 years old (age last birthday) and above at the point of application.

The minimum single premium is S$100,000 and the maximum single premium is S$10,000,000.

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

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.

For backdating of single premium policy (if allowed), you are required to pay interest charges at our prevailing loan rate if the backdating is more than 1 month or if the single premium is more than S$ 1,000,000. The interest payable will be from one day before the Insured's last birthday to the date of receipt of this application by us and based on the single premium.

You cannot increase the single premium once the policy is incepted.

However, you may decrease your single premium, provided the net single premium is at least S$100,000.00 after the reduction.

Yes, policy loan is available when there is a surrender value. 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 exceeds the cash value of the policy, the policy will end automatically.