In this Terms of Offer the following terms shall have the meaning assigned to them below:
• “Campaign” means the SNACK Investment Pre-Launch Party!
• “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 Campaign 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 online application.
• “SNACK Investment” means the SNACK micro-investment-linked policy which may be made available by Income via the SNACK App.
• “SNACK Product” means any Income SNACK insurance policy offered in the SNACK App.
• “Sub-Fund” means a group of assets that is invested accordingly to a particular investment objective.
• “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. Income is offering the following to the participants of the Campaign:
For every premium ($0.30, $0.50 or $0.70) Income received for a SNACK Product linked to the completion of the Lifestyle Activity, you will receive an equivalent amount in the form of Investment Credits, subject to this Terms of Offer.
2. The Promotion is valid from 2 June 2021 until 31 August 2021 (inclusive of both dates) (the “Promotion Period”). Income reserves the right to extend the Promotion Period from time to time.
3. You will be eligible to participate in the Campaign if:
a. You are a Singapore Citizen or Singapore Permanent Resident (PR);
b. You are between 18 – 61 years old (inclusive of both years);
c. You have signed up for a SNACK account or have an existing and valid SNACK account on the SNACK App.
d. You are one of the first 2700 participants that are eligible to participate in the Campaign;
e. You have linked a Lifestyle Activity to any SNACK Product via the SNACK App; and
f. We have received the premium and you have been issued with, a SNACK Product.
4. You will be eligible to redeem the Investment Credits if:
a. the SNACK Investment has been made available for sign up by Income on the SNACK App and you have successfully sign up for a SNACK Investment.
b. You have a minimum of $0.30 as Investment Credits in your SNACK account;
b. You have passed the Customer Knowledge Assessment Form (CKA) via the SNACK App when you sign up for the SNACK Investment via the SNACK App ;
c. You have submitted your application for the SNACK Investment and the relevant information required by Income via the SNACK App; and
d. We have received the premium and you have been issued with the SNACK Investment.
5. Each participant shall only be entitled to redeem the Investment Credits once, under this Campaign when the participant signs up for the SNACK Investment via the SNACK App.
6. By redeeming the Investment Credits via the SNACK App, you authorised Income to invest the total value of the Investment Credits redeemed on your behalf.
7. Each participant will only be eligible to accumulate Investment Credits up to the value of $100 under this Campaign and 100% of the Investment Credits redeemed 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.
8. You agree that your right to redeem the Investment Credits under this Campaign is subject to SNACK Investment being made available by Income via the SNACK App and you meeting all the eligibility criteria as set out in this Terms of Offer . If for any reason, SNACK Investment is not made available by Income by 31 August 2021 via the SNACK App, Income reserves the right to replace the Investment Credits accumulated by you under this Campaign 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 Investment Credits.
9. Once the SNACK Investment is made available by Income via the SNACK App, you must redeem the Investment Credits which you have accumulated within 3 months from the date SNACK Investment is made available via the SNACK App, failing which, you shall be deemed to have forfeited your right to the Investment Credits and no compensation will be given or paid in lieu.
10. If you have redeemed your Investment Credits during the Promotional Period, you will not be eligible to accumulate anymore Investment Credits.
11. Once you have redeemed your Investment Credits, there will be a minimum of 7 working days before the purchased units will be reflected on your SNACK Investment portfolio via the SNACK App.
12. Once you have redeemed your Investment Credits, the purchase of units will be spread across 5 weeks. If the total accumulated Investment Credits is below $5, it will be fully invested in the first week.
13. If any withdrawal was made with remaining Investment Credits, the remaining Investment Credits will be deemed to have forfeited and no compensation will be given or paid in lieu.
14. Income reserves the right to replace the Investment Credits with a Replacement Item at any time for any reason whatsoever (including where SNACK Investment is not made available by Income via the SNACK App by 31 August 2021) without prior notice and after which you shall have no further claim to the Investment Credits.
15. This Terms of Offer do not affect or change any term of the policy contract issued to you. 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.
16. The Investment Credits is not exchangeable for cash or any benefit in kind.
17. The Campaign is not valid in conjunction with other incentives and promotions offered by Income.
18. Income shall not be liable to you, 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).
19. Income reserves the right to change, suspend (in whole or in part) the terms and conditions of the Campaign and /or terminate the Campaign without any prior notice.
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.
• Protected up to specified limits by SDIC.
Information is correct as at 2 June 2021.
