In this Promotion Terms and Conditions, the following terms shall have the meaning assigned to them below:
• “Promotion” means the SNACK $88 Investment Credit Promotions for SAFRA members
• “Distribution” means the bonus that will be given by the fund manager due to good performance of the sub-fund.
• “Income” means NTUC Income Insurance Co-operative 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 online 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. For every dollar of the SNACK Investment premium that the applicant invested during the Promotion Period, Income is offering a dollar’s worth of Investment Credits, up to $88 per applicant, to the applicant (the “Complimentary Investment Credits”) under this Promotion. Subject to this Promotion Terms and Conditions.
2. The Promotion is valid from 1 July 2022 until:
i) 31 August 2022, or
ii) the date the total value of Complimentary Investment Credits issued by Income under this Promotion cumulatively, reaches $50,000,
(inclusive of both dates), whichever is earlier (the “Promotion Period”).
3. You will be eligible for the Complimentary Investment Credits under this Promotion if:
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 signed up for a SNACK account via referral code "SNK55" or have an existing and valid SNACK account on the SNACK App;
iv) you are an existing NTUC Union member and have identified yourself on SNACK App, as a SAFRA SNACK+ member;
v) you have successfully linked a Lifestyle Activity to SNACK Investment via the SNACK App;
vi) 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;
vii) You have submitted your application for SNACK Investment and the relevant information required by Income via the SNACK App; and
viii) You did not initiate a withdrawal of your SNACK Investment policy one month after you have accumulated $88 Investment credits.
4. Each applicant will only be eligible to accumulate up to a total of $88 worth of Complimentary Investment Credit under this Promotion and the applicant agrees that 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.
5. If an applicant is entitled to the Complimentary Investment Credits, it will be issued to applicant's SNACK Investment Portfolio by 30 September 2022.
6. Each applicant shall only be entitled to the Complimentary Investment Credits once, under this Promotion.
7. 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.
8. The Complimentary Investment Credit is non-exchangeable for cash or benefit in kind.
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 Promotion 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 Investment Credits.
12. The Promotion is not valid in conjunction with other incentives and promotions offered by Income.
13. This Promotion Terms and Conditions does not affect or change any term of the policy contract issued to you. If there is any inconsistency between this Promotion Terms and Conditions and any term of the policy contract, the term of the policy contract shall prevail.
14. 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.
15. 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).
- 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 of 1 July 2022