Frequently Asked Questions

VivaLink

Product Coverage

    • Q: What does this plan covers? A:

      The basic coverage includes death and total permanent disability (TPD). You can enhance your protection by attaching riders available on the plan.

    • Q: What is VivaLink? A:

      VivaLink is a whole of life regular premium investment-linked policy which provides protection and investment opportunities for wealth accumulation.

Total and Permanent Disability (TPD) Benefit

    • Q: What is the meaning of totally and permanently disabled? A:

      Total and permanent disability, and totally and permanently disabled, mean any of the below:

      • If the insured is under 65 years old, total and permanent disability, and totally and permanently disabled mean total physical loss, or the inability to take part in any paid work for the rest of a person’s life. Income do not pay if the insured is merely unable to perform the same job as before, or is unable to perform a job to which his or her training, education or experience is suited for.
      • If the insured is 65 years old and above but under 70 years old, total and permanent disability, and totally and permanently disabled mean total physical loss, or severe disability.

      Total physical loss means:

      • the total and permanent loss of sight in both eyes;
         
        1. the loss of, or total and permanent loss of use of, two limbs at or above the wrist or ankle; or
        2. the total and permanent loss of sight in one eye and the loss of, or total and permanent loss of use of, one limb at or above the wrist or ankle.

      Severe disability means the inability to perform at least three of the following activities of daily living, even with the aid of special equipment and always needing the help of another person throughout the entire activity.

      • Washing - the ability to wash in the bath or shower (including getting into and out of the bath or shower) or wash satisfactorily by other means.
      • Dressing - the ability to put on, take off, secure and unfasten all garments and, as appropriate, any braces, artificial limbs or other surgical appliances.
      • Transferring - ability to move from a bed to an upright chair or wheelchair and vice versa;
      • Mobility - the ability to move indoors from room to room on level surfaces.
      • Toileting - the ability to use the lavatory or otherwise manage bowel and bladder functions so as to maintain a satisfactory level of personal hygiene.
      • Feeding - the ability to feed oneself once food has been prepared and made available.
    • Q: How much is payable for non-accidental TPD benefit? A:

      Upon diagnosis of the insured with TPD (before the age of 70), we will pay the higher of the following:

      • basic benefit; or
      • the policy value,

      less any applicable fees and charges. The policy terminates thereafter.

      The policy will end when we make this payment.

      The basic benefit refers to the sum assured plus total top-ups less total withdrawals.

      The insured will have to be certified by a registered medical practitioner to have been totally and permanently disabled for at least six continuous months.

      The maximum aggregate TPD benefit payable on a single life, inclusive of all policies issued by Income and by any other insurer cannot be more than S$3.75 million (not including bonuses). The TPD benefit will be paid in a lump sum, subject to a maximum of S$1millon each year. If the benefit is more than S$1million, the balance due after the S$1million will be paid in yearly instalments, provided the insured remains in TPD.

Accidental Death and Total and Permanent Disability (TPD) Benefit

    • Q: How much is payable for accidental death and TPD benefit? A:

      Upon accidental death or TPD of the insured as a result of an accident during the policy term (within 365 days of the accident) before the age of 70, we will pay 100% of the sum assured or $100,000, whichever is lower, in addition to the death or TPD benefit.

      If accidental death or TPD occurs due to the insured’s involvement in any restricted activity at the time of the accident, we will pay 30% of the sum assured or $30,000, whichever is lower instead.

      The policy will end when we make this payment.

    • Q: What is the meaning of accident and accidental? A:

      Accident and accidental mean an unexpected incident that results in an injury or death. The injury or death must be caused entirely by being hit by an external object that produces a bruise or wound, except for injury or death caused specifically by drowning, food poisoning, choking on food, or suffocation by smoke, fumes or gas.

    • Q: What are restricted activities under the accidental death and TPD benefit? A:

      Restricted Activity includes any of the following activities:

      • Duties as firefighters, police force personnel, fishermen, armed security guards, aircrew, ship crew, marine salvage crew, oil riggers, dock workers, drivers, despatch riders, driving instructors, bodyguards and bouncers.

      • Any activities involving explosives, heavy machinery, woodworking, dangerous gases or substances, using underwater breathing apparatus, work on construction or demolition sites, work at heights above 10 metres, work in underground tunnels, oil and gas rigs or offshore work.

      • Military, air force or naval operations in peacetime, including training and exercises for national servicemen or reservists in peacetime.

      • Motorcycling whether as rider or pillion rider.

      • Professional sports, any form of race (except racing on foot, cycling or swimming), action or adventure sports that involve speed, height at above 10 metres, highly specialized gear, stunts or using underwater breathing apparatus. This definition includes rock climbing, mountaineering, parachuting, white-water rafting, horse riding, winter sports and scuba diving.
    • Q: What are the exclusions under the accident TPD benefit? A:

      We will not pay the accidental death or TPD if death or TPD is caused directly or indirectly by:

      • Deliberate acts such as self-inflicted injuries, suicide or attempted suicide;
      • Unlawful acts, provoked assault or deliberate exposure to danger;
      • The effects of alcohol, drugs or any dependence;
      • Illnesses, psychological conditions or eating disorders;
      • Heat Stroke;
      • A bad reaction to drugs or medication;
      • The effects of viruses (for example, dengue), bacteria or diseases;
      • The negative effects or complications of medical and surgical care;
      • Treatment aimed at improving appearance, such as cosmetic surgery or any treatment relating to a previous cosmetic treatment;
      • Radiation or contamination from radioactivity;
      • Being in any aircraft, except as a fare-paying passenger in a commercial aircraft, or during military operations in peacetime;
      • Military, air force or naval operations, except when carried out in peacetime;
      • Warlike operations (whether war is declared or not), war, invasion, riot or any similar event;
      • An accident which happens outside of Singapore, if the insured has been outside Singapore for more than 180 days in a row at the time of the accident; or
      • an act of terrorism. However, we will pay $10,000 or 10% of the sum assured, whichever is lower, on top of the death or TPD benefit.

Life Events Benefit

    • Q: What is the Life Events Benefit? A:

      If the insured experiences a specified life event, you may choose to take up either or both of these options:

      • Guaranteed insurability option
      • Bonus unit option

      Guaranteed insurability option
      You may increase the death and total and permanent disability sum assured without evidence of good health. The increase in sum assured will be limited to 50% of the original sum assured for this policy, or $100,000, whichever is lower. An increase in sum assured may require an increase of regular premiums to the required amount. If we have added any special terms to this policy (such as extra exclusions or loadings), we will also apply these terms when the option is exercised.

      Bonus unit option
      You can receive bonus units if you increase the regular premium of this policy and the new regular premium amount exceeds the previous highest regular premium amount. Bonus units is equivalent to one month of the increased portion of the regular premium to the policy. We will buy units at bid price using 100% allocation rate and the bonus units will be allocated to the policy based on the existing fund allocation. We will allocate the bonus units to the policy once the increase in regular premium is effective. An increase in regular premium may require an increase in sum assured to the required level.

    • Q: When will the Life Events Benefit be available? A:

      The Life Events Benefit will be available when the insured experience any of the following life events below:

      • Turning 21
      • Purchase of a residential property
      • Marriage
      • Becoming a parent
      • Divorce
      • Death of spouse
    • Q: What are the conditions that must be met to exercise the Guaranteed insurability and Bonus unit option? A:

      The insured must meet all the following conditions to exercise either of the options.

      • The insured must take up this option within three months after the date of the life event.
      • The insured must take up this option (each time) on a different life event.
      • The life event must have taken place no earlier than 12 months after the cover start date of the plan.
      • The insured must not be totally and permanently disabled, or be diagnosed with an advanced-stage dread disease at the time of taking up this option.
      • The insured must be 50 years old and under at the time of taking up this option.
      • At Income’s request, the insured must provide satisfactory documentary proof of a life event.

Death Benefit

    • Q: How much is payable for non-accidental death benefit? A:

      Upon death of the insured during the term of the policy, we will pay the higher of the following:

      • basic benefit; or
      • the policy value,

      less any applicable fees and charges.

      The policy will end when we make this payment.

      The basic benefit refers to the sum assured plus total top-ups less total withdrawals.

    • Q: What happens if the insured commits suicide? A:

      We will pay the cash-in value if the insured commits suicide within one year from the cover start date.

No Lapse Guarantee (NLG) Benefit

    • Q: What is the NLG benefit? A:

      Within the first 10 years from the start of the policy, the NLG benefit will ensure that the policy and any unit-deducting riders attached will not lapse even if the policy value is insufficient to pay the applicable fees and charges, provided all the conditions are met:

      • all regular premiums during this period must be paid when due before the policy goes into premium holiday;
      • total withdrawals are equal or less than total top-ups made; and
      • no withdrawals made on any distribution that has been reinvested.

      If the NLG benefit is activated, the applicable fees and charges on the policy and any unit-deducting riders attached (if applicable) will continue to accrue and shall be payable from the policy value or any claim on the basic policy subsequently.

      If any of the above conditions are not met, the NLG benefit will terminate and cannot be reinstated.

Retirement option

    • Q: What is the Retirement option? A:

      The Retirement option allows you to reduce the sum assured to zero. Thereafter, the insurance cover charge on the basic policy will not be applicable. You can choose to exercise this benefit as long as both the following conditions are met:

      • the insured has attained age 55; and
      • the request takes place after 10 years from policy inception.

      If there are any riders selected on the policy, the insurance cover charge will continue to be applicable.

      You can continue to pay regular premiums after this option is exercised. If you chooses to stop paying premiums, the policy will go into premium holiday.

Eligibility and Premium Payments

    • Q: What is the premium payment term? A:

      The regular premium is payable throughout the policy term.

    • Q: What are the minimum and maximum entry ages? A:

      This plan is available for all ages up to 64 as at last birthday (LB).

    • Q: Can I use CPF or SRS funds to buy this plan? A:

      No, you can only use cash to buy this plan.

    • Q: What are the premium payment frequencies available? A:

      The premiums can be paid monthly, quarterly, half-yearly or yearly.

    • Q: What is the minimum premium set for the policy? A:

      The minimum regular premium amounts under different payment frequencies are as follows:

      Monthly Quarterly Half-yearly Yearly
      $100 per month $300 per quarter $600 per half-year $1200 per year

      In addition to the minimum regular premium requirements above, for each regular premium payment, the premium amounts that are allocated into each selected fund must not be lower than the amounts as set out below:

      Monthly Quarterly Half-yearly Yearly
      $50 per month $150 per quarter $300 per half-year $600 per year
    • Q: Can I change the amount of regular premium ILP? A:

      You may choose to increase or reduce regular premium amounts while the policy remains in force and is not on premium holiday. The regular premium can be increased at any time and may require an increase in sum assured to the required level. However, all regular premium amounts due in the first 12 months must be fully paid before reduction in regular premium could be allowed.

    • Q: Can I change my sum assured? A:

      You may increase your sum assured can be increased at any time, subject to underwriting. An increase in sum assured may require an increase in regular premium to the required amount.

      You may reduce your sum assured any time to an amount not less than the minimum sum assured required under the policy

      Any change in the sum assured will commence from the next date where the insurance cover charge will be deducted.

    • Q: What options are available if I want to increase my ILP investment? A:

      You can exercise any of the following options:

      You can choose to increase your regular premium at any time and it may require an increase in sum assured to the required level.

      For increase in regular premium, the minimum increment amounts under different payment frequencies are as follows:

      Monthly Quarterly Half-yearly Yearly
      $50 per month $150 per quarter $300 per half-year $600 per year

      The increment amount will be allocated to the funds based on the existing fund allocation.

      1. Single and recurring top-up.

        You can choose to put a top-up on a one-time basis or recurring basis.

        The single top-up must be equal or more than the minimum of $2,500. You can select the fund(s) to be invested. The premium amounts allocated into each selected fund must not be lower than $1,000.

        The recurring top-up must be equal or more than the minimum stated:
        Monthly Quarterly Half-yearly Yearly
        $100 per month $300 per quarter $600 per half-year $1200 per year

        The premium amounts will be allocated to the fund(s) based on the existing fund allocation and must not be lower than the amount set out below:

        Monthly Quarterly Half-yearly Yearly
        $50 per month $150 per quarter $300 per half-year $600 per year
      2. Increase amount of regular premium payment.
    • Q: Can the policy be back dated? A:

      No, you cannot backdate your policy.

Riders/supplementary benefits

    • Q: Can the riders be added or removed after the policy is in force? A:

      Yes, the riders can removed or added (subjected to underwriting) after the policy is in force from 11 November 2016 onwards, based on the policy’s premium due date.

    • Q: What are the riders/supplementary benefits that can be attached to this plan? A:

      You may add the following riders to your plan, subjected to underwriting:

      • Dread Disease Cover (ILP) (1st and 3rd party policies)
      • Dread Disease Premium Waiver (ILP) (1st and 3rd party policies)

      It waives future premiums on the policy for the remaining term of the rider upon diagnosis of the policyholder with one of the 39 specified dread diseases (DD) during the term of the rider.

Policy loan

    • Q: Can I take a policy loan? A:

      No, you cannot take a policy loan for this product.

ILP funds available for investment

    • Q: What ILP funds are available for my investment? A:

      The following ILP funds are available for your investment:

        Fund Name Annual Management Charge
      Core Funds Global Bond Fund 0.85%
      Global Equity Fund 1.25%
      Singapore Bond Fund 0.5%
      Singapore Equity Fund 0.65%

      Managed Funds

      Singapore Managed Fund 1.0%
      Asia Managed Fund 1.0%
      Global Managed Fund (Balanced) 0.9375%
      Global Managed Fund (Conservative) 0.87%
      Global Managed Fund (Growth) 1.005%
      Target Maturity Funds AIM Now 0.85%
      AIM 2025 1.0%
      AIM 2035 1.0%
      AIM 2045 1.0%

      Specialised Funds

      Money Market Fund** 0.25%

      Thematic Funds

      Prime Fund 1.0%
      Takaful Fund 1.0%
      Global Technology Fund 1.25%
      Asian Income Fund 1.25%
      Global Income Fund 1.25%
      Asian Bond Fund 1.0%

      **For switch in only. Not available at inception, recurring top-ups or single top-ups.

      The number of funds that can be chosen under one policy is unlimited. However, there is a minimum requirement on the amount allocated into each selected fund upon each premium payment.

      For all funds that declare distributions, we will reinvest each distribution into the fund from which it is paid.

    • Q: How can I obtain more information on your ILP funds? A:

      Policyholder can refer to the fund reports for more information.

    • Q: Which ILP fund should I invest in? A:

      Each investment-linked fund has its own investment objective, asset allocation and risk classification. You should consider all aspects of your financial situation, including risk profile and investment horizon, before making a decision. If you are in any doubt as to which fund to invest, you should consult your insurance adviser.

    • Q: How many funds can I select for investment? A:

      There is no restriction in the number of funds you can select, but it is subjected to the prevailing terms implemented to manage the investment accounts.

      Currently a minimum regular premium of $50 per month, or its equivalent for other premium payment frequency, is set for each fund.

    • Q: Can I switch ILP funds? A:

      Yes, you can switch investment into any of the available, subject to the following terms:

      • The fund switch is done based on bid-to-bid.
      • Minimum switch amount is a nominal amount of $1,000 each time.
      • Remaining cash value of each selected fund under this policy should be at least $1,000
      • If the fund value is below $1,000 and a fund switch is requested, it will require 100% of the fund value to be switched.

      Depending on the circumstances in the future, we may revise the terms for switching. Sufficient notice will be given to you before any changes take effect.

Cash Value, Bonuses and Maturity Benefit

    • Q: Is there a surrender value for the policy? A:

      Yes, your policy has a surrender value. The surrender value is the amount of cash value, less charges and deductions if applicable.

    • Q: Is there any cash value for the policy? A:

      Yes, the policy has a cash value. The amount of cash value will be based on the valuation price (bid price) of your units multiplied by the number of units, less charges and deductions if applicable.

      The cut-off time used to determine the pricing of units is 3.00 pm (Singapore time) on each working day (Monday to Friday, excluding weekends and public holidays). The cut-off time is subject to revision.

Unit pricing and allocation

    • Q: What is the meaning of forward pricing? A:

      Forward pricing means that the prices of your transacted funds will only be known after the close of each dealing day.

      The price is not available at the time of transaction. This is because many of our ILP funds are well diversified across the world. Due to the time-zone differences, the market value of some global investments is not available immediately.

    • Q: What is the cut-off time used to determine pricing of the units? A:

      The cut-off time used to determine the pricing of units is 3.00 pm (Singapore time) on each working day (Monday to Friday, excluding weekends and public holidays). The cut-off time is subject to revision.

      The prices will be available as follows:

      • For Cash/GIRO payment, prices will be available two working days after payment received date.
      • For recurring top up, we will use the offer price at each money receipt date.
    • Q: How are the prices calculated? A:

      When you buy into a fund, you are actually buying into units of the fund. The fund invests your money by buying into stocks, bonds, alternatives or a combination. The total market value of all the investments in the fund (net of charges) is called the Net Asset Value (NAV).

      • The bid price is the net asset value divided by the total number of units of the refund. It is the net asset value per unit of the fund.
      • The offer price is the bid price plus a bid-offer spread, which is 3.5% for ILP funds.
    • Q: What is the price used for surrendering/switching/top-up of funds? A:

      The offer price is used when you buy or top-up your funds.

      The bid price is used when you sell units, surrender or switch unit from your funds.

    • Q: How do I monitor the fund prices? A:

      Our fund prices are updated daily on our website.

    • Q: How much is the bid-offer spread for regular premium ILP? A:

      Currently, the bid-offer spread is 3.50%. This is factored into the offer prices of the funds; e.g. Bid Price of Fund A = 2.000

      Offer Price of Fund A = 2.000 × (1 + 3.50%) = 2.070

      The offer prices are applied during unit allocation.

    • Q: How much is the bid-offer spread for top-up? A:

      For top-up premium payments, the nominal bid-offer spread is 3%. This is implemented by allocating premium using offer price (still calculated as per bid-offer spread of 3.5%) and adding extra 0.5% as bonus units; i.e.

      Total Units Allocated =       Top-up Premium       × (1 + 0.5%)
      Bid Price × (1 + 3.50%)
    • Q: What is the allocation ratio for regular premium investment? A:

      For regular premium, the allocation ratio is as follows.

      Monthly regular premium (or its equivalent) for each premium stream1 Regular Premium Allocation Rate
      1st – 12th  25%

       

      13th – 24th 60%

       

      25th – 36th

       

      80%

       

      37th – 108th 100%

       

      109th onwards

       

      105%

       

      1or its equivalent if regular premiums are paid annually or quarterly

      If you choose to increase the regular premium, the change will be effected when the next regular premium is due. The increment amount of regular premium will be treated as a new regular premium stream when applying the regular premium allocation rates.

      We may change the allocation rate for the 109th month onwards by giving you notice. The allocation rate for the 109th month onwards will not be less than 100%.

      There will be a 5% special bonus allocation to the premium payable, depending on the premium payment mode, on top of the existing allocation rate on the 169th to 180th and 229th to 240th monthly regular premium.

      If the policy goes into premium holiday (applied or otherwise) at any time, such special bonus allocation will be deferred for the same duration as the premium holiday.

    • Q: Will the allocation ratio be applied if the regular premium is reduced? A:

      For reduction in regular premium, we follow a last-in-first-out principle, i.e. the reduced portion is deducted from the most recent premium stream, if there is more than one premium stream.

      You may wish to note that all regular premium amounts due in the first 12 months must be fully paid before reduction in regular premium could be allowed, and the reduced regular premium must meet the minimum premium requirement set.

    • Q: What is the allocation ratio for top-up? A:

      100% of the top-up premium will be allocated, together with the extra 0.5% bonus units.

Fees and charges

    • Q: How much is the policy fee? A:

      Policy fee of $5 is charged monthly in advance to the policy through cancelling units at the bid price. This amount is not guaranteed and we may change the policy fee by giving you notice.

    • Q: Is the annual management fee same for all ILP funds? A:

      The annual management fee is not the same for all ILP funds. The fee for each fund could be found in the fund reports.

    • Q: How much are the charges for insurance coverage? A:

      Insurance cover charge rates vary with attained age, gender, smoker status and sum at risk. If the sum at risk for a given month is zero, there is no charge applicable. The insurance cover charge will also apply to unit deducting riders (if any).

      Insurance cover charge is deducted monthly in advance by cancelling units at the bid price. The units will be deducted across the various funds in proportion to fund the charges.

Premium holiday

    • Q: What is premium holiday? A:

      Premium holiday is a feature that allows you to stop paying your regular premium for a certain period of time for as long as the cash value of that policy is enough to keep it on force.

    • Q: When does premium holiday start? A:

      You are given a grace period of 30 days to pay the second and subsequent premiums when they are due. The premium holiday starts after the grace period has ended.

    • Q: Am I subjected to a health assessment after premium holiday? A:

      You are not subjected to health assessment if you have applied for a premium holiday prior to the expiration of the grace period.

    • Q: Is there any insurance coverage provided during premium holiday? A:

      Yes, your insurance cover charge continue to apply during premium holiday hence your insurance coverage will be provided during premium holiday.

    • Q: How do I submit a request for premium holiday? A:

      You can complete the Premium Holiday Form and submit to any of our Income branches, by fax to 6338 1500 or as an email attachment to li.health@income.com.sg.

      Alternatively, you may approach your insurance advisor for more details on the plan.

Partial withdrawal and surrender

    • Q: Can I make a partial withdrawal from my investment? A:

      Yes and the minimum partial withdrawal amount is $500.

      There is no limit to the amount of partial withdrawals done as long as the remaining policy value is $1,000 in aggregate (across all sub-funds).

      These limits are not guaranteed, and are subject to revision by the management after policy inception.
      If the policy value drops below minimum required policy value due to the partial withdrawal, it will be treated as a full surrender.

    • Q: How is the withdrawal value computed? A:

      The withdrawal amount is calculated based on bid prices as follows:

      Withdrawal Amount = Unit × Price

      Where:

      • Unit is the number of units withdrawn from selected fund, and
      • Price is the Bid Price of the fund
    • Q: Will my insurance coverage be reduced as a result of partial withdrawal? A:

      Yes, the basic benefit of your policy will be reduced if your total withdrawals are more than total top-ups made. In addition, your NLG benefit will terminate too and cannot be reinstated.

      If your policy value is insufficient to pay the applicable fees and charges, it will lapse if there is no NLG benefit.

    • Q: How much will be refunded to me if I cancel the application during free-look? A:

      You can choose to cancel the policy within 14 days from receipt of the policy document. Upon free look, the lower of following 2 values will be returned to you and the policy will terminate.

      • Paid premium; or
      • Policy value calculated using offer prices at the time of free look, plus all applicable fees and charges deducted at policy inception.
    • Q: Is there any surrender charges? A:

      No, there is no surrender charges.