In this Terms of Offer the following terms shall have the meaning assigned to them below:
- “Promotion” means the 2023 SNACK Investment Referral Promotion
- “Distribution” means the bonus that will be given by the fund manager due to good performance of the sub-fund.
- “Income” means Income Insurance Limited.
- “Investment” or “Invest” means a purchase of units from selected sub-fund using premiums or investment credits
- “Investment Credits” means the value in the form of credits accumulated under this Promotion that will be invested once it has been redeemed. The value of the Investment Credits will not fluctuate, and it will not be eligible for any Distribution from the sub-fund, Asian Income Fund.
- “Referrer” means an existing SNACK by Income user who refers his / her friends to sign up for SNACK By Income with his / her unique assigned referral code and start SNACK Investment product.
- “New Referred User” or “New Referred Applicant” means an eligible new SNACK By Income user who signs up with a unique referral code given to the user and links up a Lifestyle Activity with SNACK Investment product for the first time.
- “SNACK App” means the SNACK BY INCOME mobile application.
- “SNACK Investment” means the micro investment linked policy in the SNACK App.
- “Lifestyle Activity” means one or more actions that the policyholder has selected in the policy application via the SNACK by Income mobile application to perform the lifestyle activity requirement which upon our receipt of the confirmation by the activity source of the policyholder’s completion of the lifestyle activity requirement and premium payment, will result in the issuance of this policy.
1. Income is offering the following:
i) to the New Referred Applicant:
1x complimentary investment credits worth $20 (“New User’s complimentary investment credits”) when he/she signs up for SNACK by Income for the first time, with a unique referral code, successfully links a Lifestyle Activity to SNACK Investment for the first time and have boosted Investment successfully;
ii) to the Referrer:
1x complimentary investment credits worth $20 (“Referral complimentary investment credits”) each time a New Referred Applicant signs up for SNACK by Income, with the unique referral code issued by the Referrer, and the New Referred Applicant successfully links a Lifestyle Activity to the SNACK Investment for the first time via the SNACK App and have boosted Investment successfully; subject to this Terms of Offer.
2. The Promotion is valid from 13 February 2023 until:
i) 20 June 2023 (inclusive of both dates), or
ii) the total amount of complimentary investment credits issued under this Promotion cumulatively, reaches $100,000, whichever is earlier (the “Promotion Period”).
3. The New Referred Applicant will be eligible for the New User’s complimentary investment credits based on Clause 3 of the Terms and Conditions of SNACK Investment $20 Welcome Promotion.
4. The Referrer will be eligible for the referral complimentary investment credits worth $20 under this Promotion if:
i) you are a Singapore Citizen or Singapore Permanent Resident;
ii) you are between 18 – 61 years old (inclusive of both years);
iii) you have completed the Customer Knowledge Assessment Form (CKA) via the SNACK App when you sign up for the SNACK Investment via the SNACK App; and
iv) you have successfully linked a Lifestyle Activity to SNACK Investment for the first time, and ensure you have boosted your Investment via the SNACK App (refer to step 1-4 here);
v) you have submitted your application for SNACK Investment and the relevant information required by Income via the SNACK App; and
vi) you have successfully referred a New Referred Applicant to sign up for a SNACK Account with your SNACK referral code and the New Referred Applicant successfully signs up a SNACK account with the Referrer’s unique referral code and linked a Lifestyle Activity for the first time to SNACK Investment;
5. A Referrer is eligible for more than one Referral complimentary investment credits, provided that each referral qualifies as a New Referred Applicant.
6. 100% of the Referral complimentary investment credits will be invested in units from the sub-fund known as the Asian Income Fund when redeemed. To find out more on the sub-fund, please click on the link https://www.income.com.sg/funds/asian-income-fund.
7. When a New Referred Applicant is eligible to receive the New User’s complimentary investment credits, it will be reflected in the SNACK Investment portfolio by the end of the following month after the New Referred Applicant has linked his/her first Lifestyle Activity to the SNACK Investment. The New User’s complimentary investment credits will be allocated to the New Referred Applicant’s SNACK Investment portfolio registered under his/her account on the SNACK App.
8. When a Referrer is eligible to receive the Referral complimentary investment credits, it will be reflected in his/her SNACK Investment portfolio by the end of the following month after the New Referred Applicant has linked his/her first Lifestyle Activity to his/her SNACK Investment. The Referral complimentary investment credits will be allocated to the Referrer’s SNACK Investment portfolio registered under his/her account on the SNACK App.
9. Each New Referred Applicant shall only be entitled to the New User’s complimentary investment credits once, under this Promotion.
10. Each New Referred Applicant will only be eligible to a total of $20 worth of New user’s complimentary investment credits, which will be invested in units from the sub-fund known as the Asian Income Fund. To find out more on the sub-fund, please click on the link https://www.income.com.sg/funds/asian-income-fund.
11. The Referral complimentary investment credits and New User’s complimentary investment credits are non-exchangeable for cash or benefit in kind.
12. By accepting the investment credits via the SNACK App, the Referrer and New Referred Applicant authorise Income to invest the total value of the credits on their behalf in the sub-fund known as the Asian Income Fund.
13. The complimentary investment credits under this Promotion is given subject to the eligibility criteria as set out in this Terms of Offer. Income reserves the right to replace the complimentary investment credits with any item of similar value (“Replacement Item”) at any time without prior notice to anyone.
14. If monies from the SNACK Investment are withdrawn before the complimentary investment credits are issued, the credits will be deemed to have been forfeited and no compensation will be given or paid in lieu.
15. The Promotion is not valid in conjunction with other incentives and promotions offered by Income.
16. This Terms of Offer does not affect or change any term of the policy contract issued. If there is any inconsistency between this Terms of Offer and any term of the policy contract, the term of the policy contract shall prevail.
17. Income reserves the right to change the terms and conditions of this Terms of Offer without any prior notice.
18. Income shall not be liable to any applicant or party, whether in contract or tort (including negligence) or otherwise, for any liabilities, losses and damages, claims, costs and expenses or for any special or consequential damages or losses in connection with, related to or resulting from the use of the investment credits or the Replacement Item (if any).
Important Notes:
- This material shall not constitute an advice of the suitability of the product. You should seek independent advice from a qualified advisor where in doubt. Buying insurance products that are not suitable for you may impact your ability to finance your future insurance needs.
- The relevant policy contracts shall be made available to the applicant via the SNACK App. Terms, conditions and exclusions apply. This insurance plan is underwritten and issued by Income.
- Protected up to specified limits by SDIC.
Information is correct as at 13 February 2023
