In this Terms and Conditions the following terms shall have the meaning assigned to them below:
- “Promotion” means the SNACK Exclusive Investment 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 credit.
- “Investment Credits” means the value in the form of credits accumulated by you 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.
- “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.
- Eligible SNACK Products means any of these SNACK Products - SNACK Personal Accident, SNACK Critical Illness, SNACK Term Life or SNACK Investment.
1. Income is offering Investment Credits worth 20% of the total SNACK premiums paid, capped at $1,000 with a minimum of $2,500 worth of premiums that the applicant have issued (including premiums that is triggered and issued via Lifestyle Activity and/or auto invested; excluding any bonus Investment Credits and/or distribution units and/or free coverage) during the Promotion Period (the “Complimentary Investment Credits”) subject to this Promotion Terms and Conditions.
2. The Promotion is valid from 20 October 2022 until:
- 25 December 2022, or
- the date the total value of Complimentary Investment Credits issued by Income under this Promotion cumulatively, reaches $300,000, (inclusive of both dates), whichever is earlier (the “Promotion Period”).
3. You will be eligible for the Complimentary Investment Credits under this Promotion if:
- you directly receive an invitation via in-app push notification or email from Income regarding this promotion;
- you are a Singapore Citizen or Singapore Permanent Resident;
- you are between 18 – 61 years old (inclusive of both years);
- you are an existing SNACK Account user and have an active SNACK Investment policy
- you have turned on Auto Invest feature;
- you have set a weekly cap of minimum $500;
- you have kept Auto Invest on throughout and you have not switch off Auto Invest at any point of time during the Promotion Period;
- you have issued a minimum of $2,500 worth of premiums on Eligible SNACK Products during the Promotion Period.
4. If you are eligible to receive the Complimentary Investment Credits, it will be reflected on your SNACK Investment portfolio by 31 December 2022. The Complimentary Investment Credits will be allocated to your SNACK Investment portfolio registered under your account on the SNACK App.
5. Each applicant shall only be entitled to the Complimentary Investment Credits once, under this Promotion.
6. By accepting the Complimentary Investment Credits via the SNACK App, you authorised Income to invest the total value of the Investment Credits on your behalf.
7. The Complimentary Investment Credits is non-exchangeable for cash or benefit in kind.
8. 100% of the Complimentary Investment Credits issued will be allocated into buying 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.
9. You agree that your right to redeem the Complimentary Investment Credits under this Promotion is subjected to you meeting all the eligibility criteria as set out in this Terms and Conditions. Income reserves the right to replace the Complimentary Investment Credits accumulated by you under this Promotion with any item of similar value (“Replacement Item”) at any time without prior notice and after which, you shall have no further claim to the Complimentary Investment Credits.
10. If you fully withdraw your monies from the SNACK Investment before the Complimentary Investment Credits are being issued, the Complimentary Investment Credits will be deemed to have forfeited and no compensation will be given or paid in lieu.
11. Income reserves the right to replace the Complimentary Investment Credits with a Replacement Item at any time for any reason whatsoever without prior notice and after which you shall have no further claim to the Complimentary Investment Credits.
12. This Terms and Conditions does not affect or change any term of the policy contract issued to you. If there is any inconsistency between this Terms and Conditions and any term of the policy contract, the term of the policy contract shall prevail.
13. Income reserves the right to change, suspend (in whole or in part) the terms and conditions of the Promotion and /or terminate the Promotion without any prior notice.
14. 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 Complimentary Investment Credits or the Replacement Item (if any).
- 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.
- Protected up to specified limits by SDIC.
Information is correct as of 18 October 2022.