Frequently Asked Questions

Limited Pay RevoSave

Accidental death and accidental TPD benefit

    • Q: What is the definition of accident or 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 is the accidental death and accidental TPD benefit payable? A:

      Upon death of the insured or diagnosis of TPD of the insured before the age of 70 due to an accident (within 365 days of the accident) during the policy term, 100% of the sum assured will be payable in addition to the death benefit or TPD benefit respectively. If death or TPD occurs due to the insured’s involvement in any restricted activity at the time of the accident, 60% of the sum assured will be payable instead.

      Restricted activity means any of the following activities:

      1. 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.
      2. 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.
      3. Military, air force or naval operations in peacetime, including training and exercises for national servicemen or reservists in peacetime.
      4. Motorcycling whether as rider or pillion rider.
      5. 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.

Product coverage

    • Q: What is Limited Pay RevoSave? A: Limited Pay RevoSave is a participating, regular premium endowment1 plan. It provides guaranteed yearly cash benefits from the 2nd policy anniversary and a maturity benefit at the end of the policy term. The capital is guaranteed upon maturity.

      This plan also provides protection against death, accidental death, total and permanent disability (TPD) and accidental TPD during the policy term (if accidental death, TPD and accidental TPD occur before the age of 70).

      1 An endowment policy has a fixed maturity date and combines insurance protection with a savings element. A participating policy is entitled to share in the profits of the participating fund. These profits are distributed via bonus declarations and are payable upon maturity, surrender or when there is a claim.
    • Q: Is there guaranteed acceptance for this plan? A: Yes, there is guaranteed acceptance for this plan regardless of the insured’s health condition. However, financial underwriting is applicable.

Cash benefit

    • Q: What is cash benefit payable? A: If premiums for the policy have been paid for at least two years, a guaranteed cash benefit at 5% of the sum assured will be paid every year as long as the insured is still alive and the policy has not ended. The first cash benefit will be paid two years from the policy entry date.
    • Q: What can I do with the cash benefits? A:

      You can exercise any one of the following options:

      • Receive it as a payout; or
      • Deposit with Income at prevailing interest rates, currently at 3.50% p.a.

      The interest rate for the cash benefits is not guaranteed. Prevailing interest rate at the point of deposit as determined by Income will apply.

      When your policy comes to an end, any cash benefits deposited with Income will be paid out.

    • Q: How do I inform Income of my choice for the cash benefits? A:

      We will write to you before the first cash benefit is due to confirm how you would like to use it. We will then follow this same choice for the later cash benefits, unless you tell us your choice at least 30 days before the next cash benefit is due. If there is no response from you, we will make a choice for you.

      The default option will be set out in the letter. You should inform us if your choice is different from the default option.

Total and Permanent Disability (TPD) Benefit

    • Q: What is the definition of TPD? A:

      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. We 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;
      • the loss of, or total and permanent loss of use of, two limbs at or above the wrist or ankle; or
      • 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: What is the TPD benefit payable? A:

      Upon diagnosis of TPD (before the age of 70) of the insured during the term of the policy, 105% of all net premiums paid (excluding premiums paid on riders) and 100% of bonuses will be paid. 

      We will also pay any accumulated cash benefits with TPD benefit. Any policy loan and interest will be deducted from the benefit amount payable.

      The 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$6.5 million (not including bonuses).

      The policy terminates thereafter.

    • Q: What are the exclusions for TPD benefit? A:

      We will not pay this benefit if your claim arises from:

      1. deliberate acts such as self-inflicted injuries, illnesses or attempted suicide;
      2. unlawful acts, provoked assault, or deliberate exposure to danger; or
      3. the effects of alcohol, drugs or any dependence.

      We will also not pay this benefit unless the insured is certified by a registered medical practitioner to have been totally and permanently disabled for at least six months in a row.

Death benefit

    • Q: What is the death benefit payable? A:

      Upon death of the insured during the term of the policy, 105% of all net premiums paid (excluding premiums paid on riders) and 100% of bonuses will be paid. 

      We will also pay any accumulated cash benefits with death benefit. Any policy loan and interest will be deducted from the benefit amount payable.

      The policy terminates thereafter.

    • Q: What is the exclusion for Death Benefit? A:

      We will not pay the death benefit if the insured commits suicide within the first year of the cover start date. The policy will cease with immediate effect and we will refund the total premiums received without interest

Cash value, Bonuses and Maturity benefit

    • Q: Is there any cash value for the policy? A: Yes, the policy will have a cash value when premiums have been paid for at least two year. If the premium term for your policy is five years and below, the policy will have a cash value when premiums have been paid for at least one year.
    • Q: Is the policy eligible for any bonus? A:

      Yes, this policy is eligible for bonuses after the end of the second policy year. There are two types of bonuses:

      1. “Annual” or “reversionary” bonus is added to the policy each year.
      2. “Terminal” or “special” bonus is an extra bonus that we pay at the time of claim, surrender or maturity.

      Bonus rates are not guaranteed and the actual rates payable will vary according to the future performance of the Life Participating Fund.

    • Q: What is the maturity benefit payable? A:

      If the insured survives at the end of the policy term and the policy has not already ended, we will pay:

      • 120% of the sum assured and 100% of bonuses, less all cash benefits that are calculated based on the sum assured; or
      • 100% of all net premiums paid (excluding premiums paid on riders) and 100% of bonuses, less all cash benefits that are calculated based on the sum assured;

      whichever is higher.

      Any accumulated cash benefits will also be paid out together with the maturity benefit. Any policy loan and interest will be deducted from the benefit amount payable.

      The policy terminates thereafter.

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

      Yes, when you have been paying premiums for this policy for at least two years, you may cash in this policy for its cash value and it will end.

      However, if the premium term for your policy is five years or below, you may cash in this policy for its cash value after you have paid premiums for at least one year. The policy will end after you cash in.

      Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value may be less than the total premiums paid.

Riders / Supplementary benefits

    • Q: What are the riders/supplementary benefits that can be attached to this plan? A: Only the Cancer Premium Waiver (GIO) (for 1st or 3rd party policy) can be attached to this plan. Upon diagnosis of the insured with any one of the major cancers after one year from the cover start date and during the term of the rider, it will waive future premiums on the policy for the remaining term of the rider. The total sum assured for this rider is capped at $500,000 per insured for all in-forced policies.
    • Q: Can the Cancer Waiver Premium (GIO) be added or removed after the policy is in force? A:

      It cannot be added to basic plan at mid-term. However, it can be removed after the policy is in force.

Deposits

    • Q: What are deposits? A: Deposits are cash benefits that you have deposited with us to earn interest. 
    • Q: Can I top up to my deposits? A: No, you cannot top up to your deposit with any other money, including past cash benefits which were not deposited with us
    • Q: What is the current interest rate for deposits? A: The current interest rate for deposit is 3.50% p.a. This is not guaranteed and is subjected to review.
    • Q: How is the interest computed? A: Interest for deposits is computed daily.
    • Q: When can I withdraw my deposits? A: Withdrawals can be made anytime, subject to a minimum amount for each withdrawal. The current minimum amount is $500 and this is subject to review.

Eligibility and Premium Payments

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

      For 3-Pay-10 and 5-Pay-10

        Minimum Maximum
      Insured 0 75
      Policyholder 10* N.A.

      For other combinations of Premium Payment Term and Policy Term

        Minimum Maximum
      Insured 0 85 – policy term
      Policyholder 10* N.A.

      *Individuals who take up the policy on their own from 10 to 15 years old (age last birthday) will require parental/legal guardian’s consent. Parents cannot take up policies on the lives of their children who are 18 years old (age last birthday) and above.

    • Q: What are the policy terms and premium payment terms available? A:
      Premium payment term (years) Policy term (years)
      3 10
      5 10, 15, 20, 25
      10 15, 20, 25
      15 20, 25
    • Q: What is the minimum and maximum sum assured set for the policy? A:

      The minimum sum assured is subject to premium payment term as seen below:

      Premium payment term (years) Minimum<
      3< $25,000<
      5< $15,000<
      10<
      15<

      The maximum sum assured is subject to underwriting.

    • Q: What are the premium payment frequencies available? A: The premiums can be paid monthly, quarterly, half-yearly or yearly.
    • Q: Can the policy be back dated? A:

      Yes, the policy can be back dated subject to terms and conditions.

Policy Loan

    • Q: Can I take a policy loan? A: Yes, you can take a policy loan based on the prevailing terms and conditions. More information on policy loan can be obtained from the FAQ for Policy Servicing.