Income Support Schemes

The threat of COVID-19 remains and its impact on the economy is unlike anything we’ve seen before. As all of us adjust to a new norm in our lives, many have fallen on hard times and are trying to cope with their circumstances – socially and financially. It is important to us that our customers are able to sustain their insurance commitments and cover even in difficult times.

We have therefore extended our support schemes application deadline to 31 December 2021, so that more policyholders can continue to get the support they need.

Customers whose motorcycles are registered for delivery business can also continue to enjoy a 20% discount on motorcycle insurance premiums up to 31 December 2021.

Yes, you can apply for more than one Support Scheme as long as you meet the eligibility criteria of each scheme. 

Customers can visit income.com.sg/support-scheme to find out more about the Income Support Schemes.

No, the Support Schemes are not exchangeable for cash or any benefits-in-kind.

Find out more about exercising other options within your policies to further ease your cash flow.

You can apply for the Income Support Schemes either via your Income advisor or complete the online application form at www.income.com.sg/support-scheme. If you need further clarification, please submit your queries via our online form.

All applications must be submitted within the Application Period [1 April 2021 to 31 December 2021].

Applications for Scheme 1 must be submitted one month before the renewal date of the eligible IncomeShield Plans. The Scheme only applies to eligible IncomeShield Plans that are being renewed from 1 April 2021 to 31 December 2021 (inclusive of both dates).

Eligible Group A customers are also required to furnish proof of a valid CHAS Blue or Orange Card or relevant documents, such as pay slip or CPF contribution statement, that stipulates the household monthly income per person or the annual value of home.

Applications for Scheme 2 must be submitted when coverage for the Income Regular Premium Plan and riders have lapsed.

The following is the list of Regular Premium Plans and Riders eligible for Scheme 2:

• Star Assure/ VivoAssure
•  VivoLife
• DIRECT Star Classic Protect
• Gro Prime Saver/ VivoCash Prime
• Gro Cash Harvest
• Gro Saver/ Endowment
• Gro Flex Saver/ LP RevoSave
• Gro Steady Saver/ RevoSave
• Gro Secure Saver/ RevoSecure
• Gro Retire Ease/ RevoRetire
• Gro Goal Saver/ RevoEase
• Gro Junior Saver/ VivoChild
• Gro Gen Saver/ RevoGift
• TermLife Solitaire
• iTerm
• DIRECT – Term
• Mortgage Term
• Disability Accelerator
• Payer Premium Waiver

You may submit your request and query via our online form.

Customers in Group C are those who own an Income motorcycle insurance and have registered the motorcycle for delivery business. 

Group C customers are eligible for Scheme 4 (20% discount on motorcycle insurance premium for registered motorcycle for delivery business) and the details are as follows.

The Scheme offers a 20% discount on an eligible customer’s Income motorcycle insurance premium, provided the motorcycle is registered for delivery business. The 20% discount will apply for renewals from 1 April 2021 onwards. The premium discount will be automatically reflected in the premium notice for the customer. 

You can apply for the Income Support Schemes either via your Income adviser or complete the online application form at www.income.com.sg/support-scheme. If you need further clarification, please submit your queries via our online form.

All applications must be submitted within the Application Period [1 April 2021 to 31 December 2021].

Delivery business will include food delivery services and courier services.

This scheme is only open to individual policyholders (under personal ownership).

Yes. We can extend your coverage to include the use of your motorcycle for delivery business and there will be no additional premium charged during the period of Scheme 4, if you qualify.

Yes, we can allow the discount as the effective date falls within the scheme period.

Yes, we can allow the discount as the effective date falls within the scheme period.

This discount will not apply retrospectively to any policy.

Customers under Group D are individuals who are from the Affected Industries listed below and are facing financial difficulties triggered by the Covered Events that have resulted from the Covid-19 pandemic.

Covered Events:

• Retrenchment
• Forced no-pay-leave
• Pay cut or suffer loss of income by at least 25%
• Involuntary business closure due to new regulation

Affected Industries:

• Aviation
• Tourism
• Hospitality
• MICE & event organisers
• Retail
• Transportation
• Tuition or Enrichment Centres
• Food & beverage services (include bars and entertainment venues including night clubs, discos, cinemas, theatres, and karaoke outlets)
• Maritime
• Arts & Culture
• Fitness & Wellness
• Construction
• Manpower Agencies
• Real Estate
• Manufacturing

You can apply for the Income Support Schemes either via your Income advisor or complete the online application form at www.income.com.sg/support-scheme. If you need further clarification, please submit your queries via our online form.

All applications must be submitted within the Application Period.

Eligible Group D customers are required to provide the relevant documents that will furnish proof of the Covered Events (such as official letter or notification from employer on retrenchment, extended no pay leave, pay slip or CPF contribution statement) and that they come from the Affected Industry.

To qualify for Scheme 5, the customer must have purchased the plan before 31 March 2020 and the next premium due date of the plan must fall within the period set out below for the following policy:

• for individual life or health policy (excluding PrimeShield), between 1 April 2021 and 31 December 2021 (inclusive of both dates);
• for PrimeShield, between 1 May 2020 and 31 December 2020 (inclusive of both dates).

To qualify for Scheme 6, the plan must be a new annual premium plan purchased or an annual premium plan renewed, between 1 April 2021 and 31 December 2021.

Customers have to submit the application on or before 31 December 2021 and provide the relevant documents to Income evidencing the customer’s eligibility for this Scheme 5 at least 1 month before the life insurance policy’s premium due date or IncomeShield policy’s renewal date. The premium due date or renewal date must be between 1 April 2021 and 31 December 2021 (inclusive of both dates).

The following Life and Health Regular Premium Plans are eligible for Scheme 5: 

• Whole Life Plans, Savings Plans
• Term Plans and Affinity Schemes (LUV, SAFRA, HOMETEAMNS, CEGIS, PLUS!)
• Integrated Plan and Riders
• Co-Pay Assist Plan

Investment-Linked plans are more flexible than participating and non-participating plans as they offer premium holiday.

Yes, policyholder can apply for the scheme for multiple policies if the eligibility criteria are met.

Yes, you can provided the previous deferred premiums have been paid in full.

A premium deferment is applicable for an in-force life or health policy that has a premium due date or policy renewal date between 1 April 2021 to 31 December 2021, provided you fall under the eligibility criteria indicated above. If you are eligible, you can apply to defer the payment of your premiums until 1 Nov 2021, i.e. six months from the premium due date. You may also choose to switch to a monthly payment if you are unable to pay the full annual premium amount.

You can cancel your GIRO account if you wish to defer the payment. You need to submit the GIRO cancellation form. However, if you wish to resume the GIRO payment in future, you will need to make a GIRO application again.

If the deduction is unsuccessful and you are eligible to defer your premium payment for 6 months, you can contact us to update the premium mode to cash. You can make the premium payment by cash after 6 months or convert it back to CPF-OA if you have sufficient funds in your CPF-OA then.

The cash value of your policy will remain unchanged until premium payments resume.

No, the cash value will remain the same.

If premium is already paid up to the due date of the cash benefit, you will receive full cash benefit (assuming there is no outstanding loan). If your premium is outstanding prior to the pay out of the cash benefit, you will only receive the balance cash benefit after we use the cash benefit to offset the outstanding premium (and outstanding loans, if any).

You can apply for a policy loan as long as your policy is eligible and it has a cash value. Interest is chargeable at 5.50% per annum.

At any time the amount of the loans and interest is more than the cash value, the policy will cease. Therefore, it is important for you to monitor your policy’s cash value in relation to the loans and interest. You are encouraged to repay your policy loans as soon as possible to reduce the interest charged on your policy loans.

Once the deferment period ends, the policy contractual provisions regarding premium payment will resume. Outstanding premiums will need to be paid in full. Otherwise, the policy may lapse.

Alternatively, you may consider:

• Converting the policy to a reduced paid-up;
• Advancing your outstanding premiums as an automatic premium loan (APL) but with interest waive; or
• Opting for our instalment repayment plan (terms and conditions apply).

Please speak to your advisor on the options available to in your policy.

This would be subject to the review by the Income Tax Department. Kindly refer to https://www.iras.gov.sg/IRASHome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals/Life-Insurance-Relief/

We will require premiums to be paid up to date before the waiver of premiums can be processed to be waived from the next premium due date.

No. Under Scheme 5, the claim pay-out will be used to offset its outstanding premiums under the same policy if the claim pay-out.

You may request for the hospitals/clinics to electronically file the claim once the premium has been paid in full.

For all the Personal Lines products listed above:

If you are paying for your premiums yearly and your policy is expiring soon, you have the option of converting your payment frequency from yearly to monthly. This applies to both recurring credit card and GIRO payment, for monthly premiums which are more than $10.70 (including GST).

For PA Assurance, PA Guard, PA Rideguard, SilverCare, PioneerCare, MerdekaCare, SpecialCare (Autism), SpecialCare (DownSyndrome), HospitalCare, CancerAssist and i50 Insurance plans:

If your policy is not expiring so soon, i.e. you still have more than 3 months left in the current period of insurance, you have the option to downgrade your plan to the lowest plan type. We will cancel your existing policy and issue a new one with the lowest plan type. This ensures that you are covered, even though at a lower limit.

When your current 3-year plan expires, you have the option to convert your home insurance to a 1-year policy with monthly payment, provided your monthly premium is more than $10.70 (including GST). We will still apply the 15% discount to your policy premium for this 1 year.

If there is no claim (whether pending or paid) under your policy, we will allow you to cancel your policy to get a refund on the balance unused premiums provided it is more than $10.70 (including GST).

Customers under Group E are SME Corporate customers who are facing cash flow and financial liquidity difficulties resulting directly from the Covid-19 pandemic.

Note: An SME is a company with:

i) An annual sales turnover of up to S$100m; or

ii) Up to 200 employees.

Group E customers are eligible for Scheme 7 (Special instalment payment programme for Corporate Business Plans) and the details are as follows.

The Scheme offers an eligible customer with a Corporate Business Plan the annual premium to be paid in instalments. An eligible customer have following payment options: 

• To pay the annual premium in 12 equal monthly instalments by GIRO with the minimum annual premium of $2,400; or
• To pay the annual premium in 4 equal quarterly instalments by GIRO.

There is no late payment interest or administrative charges imposed throughout the period of instalment. Any claims admissible during the period of instalment will be paid after all outstanding premium is paid in full.

You can apply for the Income Support Schemes either via your Income advisor or complete the online application form at www.income.com.sg/support-scheme. If you need further clarification, please submit your queries via our online form.

All applications must be submitted within the Application Period [1 April 2021, 00:00 to 31 December 2021, 23:59].

Eligible Group E customers are required to provide the relevant documents that will furnish proof of annual sales turnover or company size. Income may also require the SME Corporate customer to submit a temporary bridging loan approval from the customer’s bank or any proof of the customer receiving a loan from the bank resulting directly from the Covid-19 pandemic for Income’s review/consideration.

To qualify for Scheme 7 the plan must be a new annual premium plan purchased or annual premium plan to be renewed between 1 April 2021 and 31 December 2021.

You can choose to pay the annual premium in:

• Twelve (12) equal monthly instalments either via credit card or GIRO with the minimum annual premium of $2,400; or
• Four (4) equal quarterly instalments either via credit card or GIRO.

You can make payment via pre-authorised GIRO arrangement with your bank.

The instalment payment is offered to our corporate customers free of interest.

If the claim is payable, we will offset the outstanding premium and pay you the difference.

Customers can apply for Scheme 6 for Annual Policies which commence between 1 April 2021 to 31 December 2021.

Your policy may lapse midway if you are unable to continue with the instalment payment. We will still provide your company cover for the period which premium has been paid for.

You can email to cline@income.com.sg for assistance.