Frequently Asked Questions

Billing and payment

Direct Debit Authorisation (DDA) / GIRO application

  • Application for New DDA/ Giro arrangement

    • Q: What do I need to do if I wish to pay my premiums by GIRO? A:

      Please complete a DDA / GIRO Application Form. You can obtain a copy of the DDA / GIRO Application Form by the following methods:

      • Download a copy of it from the website. Click here for a copy of the DDA/ GIRO Application Form.
      • Send an email to csquery@income.com.sg
      • Contact your insurance advisers
      • Call our Income hotline
      • Visit our Income branches to complete the DDA / GIRO Application Form
    • Q: How do I submit my DDA / GIRO application? A:

      Please submit the ORIGINAL DDA / GIRO Application Form to us by:

      • posting to Income Centre, 75 Bras Basah Road, Singapore 189557
      • visiting to any of Income branches

      Fax and email modes are not accepted. Photocopied and incomplete GIRO Form will be rejected and return to you for re-submission.

    • Q: How do I complete the DDA / GIRO Application Form? A:

      . Please ensure that you and the Bank Accountholder complete the following compulsory fields on the “GIRO Application Form”:

      1. Policy Number
      2. Policyholder’s Name
      3. Policyholder’s NRIC
      4. Bank Accountholder’s Name
      5. Bank Accountholder’s NRIC
        1. (For Foreigners, this will be the ID that the Bank Account is operated under.
        2. For Companies, the Bank Accountholder’s NRIC must be the registered ID of the Company. This ID must correspond with the Accountholder’s Bank record.)
      6. Bank Name
      7. Bank Account number
      8. Signature of the Bank Accountholder

      Any alteration on the form must be accompanied by a corresponding signature by the Bank Accountholder. Any amendments not endorsed by the Bank Accountholder will be rejected. Alteration by correction fluid / tape is not allowed.

      For applications where the Bank Accountholder is not the Policyholder or if the Policyholder ID is different from the Bank Accountholder ID, a new GIRO application form is required.

      Please complete one GIRO form for one policy number only.

    • Q: Why does Income insist on making the Policyholder submit an original and complete DDA / GIRO Application Form? A:

      We require the ORIGINAL form to be submitted as we need to ensure that the authorization from the Bank Accountholder is genuine. Furthermore, the banks will also require the ORIGINAL form to be submitted for their processing and approval.

    • Q: How long does the DDA / GIRO application take? A:

      When we received your fully completed application form, please allow us 14 to 60 days to process the application.

    • Q: Can I pay all my policy premiums using GIRO? A:

      The majority of the policy premiums can be paid using GIRO except the following:

      • DPS – Payment mode is via CPF.
    • Q: Why do I receive a SMS for GIRO approval? A:

      We do not send any SMS for GIRO approval. For some banks, like DBS, a SMS will be sent to notify their customers of the application status. You may contact your bank for more information.

  • Policy loan repayment via GIRO

    • Q: Can I repay my Life policy loan via GIRO? A:

      You can use GIRO for the policy loan repayment if:

      • Policy is not an Annuity product; or
      • Policy is not an Investment Linked Product.

      At the same time, your premium payment must also be deducted from the same GIRO account. Hence, if you are currently not using GIRO for your policy premium payment, you will need to complete the following two forms:

      • ORIGINAL “GIRO Application Form” – For policy premium payment
      • ORIGINAL “ Policy Loan Repayment Arrangement Form” – For policy loan repayment

      For a copy of the GIRO Application Form, click here.
      For a copy of the Policy Loan Repayment Arrangement Form, click here.

    • Q: How can I arrange to pay my monthly policy loan repayment via GIRO? A:

      You will be required to complete the “Policy Loan Repayment Arrangement Form”. Please ensure that you complete the following information on the form:

      1. Policy Number
      2. Policyholder’s Name
      3. Policyholder’s NRIC
      4. Bank Accountholder’s Name
      5. Bank Accountholder’s NRIC
        1. (For Foreigners, this will be the ID that the Bank Account is operated under.
        2. For Companies, the Bank Accountholder’s NRIC must be the registered ID of the Company. This ID must correspond with the Accountholder’s Bank record.)
      6. Bank Name
      7. Bank Account number
      8. Signatures of the Bank Accountholder and / or Policyholder
      9. Monthly loan repayment amount that is to be deducted

      Once, you have completed the form, please submit the form to us by:

      • posting to Income Centre, 75 Bras Basah Road, Singapore 189557
      • visiting to any of Income branches

      Any alterations must be accompanied by a corresponding signature of the Bank Accountholder. Any amendments not endorsed by the Bank Accountholder will be rejected. Alteration by correction fluid / tape is not allowed.

    • Q: Can I use a different bank account to pay for my policy loan? A:

      No, you will not be able to use a different bank account to pay for your policy loan. The bank account that you wish to use for the loan repayment must be of the same bank account as your premium payment.

    • Q: What is the frequency of this loan repayment deduction from my GIRO account? A:

      The policy loan repayment will be deducted on a monthly basis regardless of the policy premium payment frequency.

      For Example:
      Your policy premium payment frequency may be deducted via your GIRO account on a quarterly / half yearly / annual basis. Your policy loan repayment will still be deducted via GIRO on a monthly basis.

    • Q: When is the GIRO deduction date for the policy loan repayment? A:

      The deduction date for policy loan repayment is on the 6th of every month only. The monthly deduction will take place until the policy loan is fully paid. We will only attempt to deduct one instalment on each deduction date, regardless of whether the previous deduction attempt was successful or unsuccessful.

    • Q: How do I submit the Loan Repayment Form to Income? A:

      You may submit the form to us by:

      • posting to Income Centre, 75 Bras Basah Road, Singapore 189557
      • visiting to any of Income branches

      Fax and email modes are not accepted. Photocopied and incomplete GIRO forms will be rejected and returned to you for re-submission.

  • Giro deduction

    • Q: What is the date for GIRO deduction? A:

      The GIRO deduction dates are on the 6th or 18th of the month.
       
      If the 6th or 18th falls on a Sunday or Public Holiday, the deduction will then be re-scheduled to the next working day.

    • Q: What happens if I don’t have sufficient funds in my GIRO account? A:

      If there is insufficient fund in the bank account for the 1st deduction, another attempt will be made on the next deduction date.

      For Life Insurance products, there will be a maximum of four attempts over two months to deduct the premium due on the 6th and 18th respectively.

      For Health and General insurance products, there will be a maximum of two attempts to deduct the premium due on the 6th and 18th respectively.

      If the deduction is still unsuccessful after the maximum attempts for your policy, you will need to make payment directly to Income. GIRO will resume only after the overdue premium is paid.

    • Q: Why is it that my GIRO deduction is unsuccessful when there are sufficient funds in my Bank account? A:

      The unsuccessful GIRO deduction could be due to a few possible scenarios. Some of the common GIRO deduction rejection reasons are as follows:

      • Existing GIRO arrangement is terminated
      • Bank account is closed
      • Deduction amount has exceeded the limit set
      • Change of bank account number
      • Cheque is not cleared

      As this involves confidential information, the banks will not disclose the reason to us. Hence, you need to contact your bank directly to seek their clarification.

    • Q: Will there be any fees for unsuccessful deduction? A:

      We will not impose any charges for unsuccessful deductions. However, some banks will impose a service charge as unsuccessful deduction is treated like a bounced cheque. Please contact your bank on these charges (if applicable).

    • Q: Can I set a payment limit for my GIRO deduction? A:

      Yes, the Bank Accountholder can set a payment limit for GIRO deduction through their bank. However, if you set a deduction limit, it might cause the GIRO deduction to fail if the premium due amount exceeds the limit specified.

      A notification letter will be sent to inform you to increase or remove the GIRO deduction limit when the limit is exceeded.

      For Example:
      You have two policies with premium amount of $313.75 and $113.15. You have also set a payment limit of $350 and $150 respectively with your bank.

      The GIRO deduction will fail due to "Amount Exceeded". This is because the total premium amount to be deducted is $426.90 ($313.75 + $113.15). The bank will take the highest limit that you have set on the billing organization as the payment limit. In this case, the payment limit is $350 which is lower than the total premium to be deducted of $426.90. Hence, the GIRO deduction will be unsuccessful.

    • Q: Can I change the bank account to pay for my premiums? A:

      Yes, you can but you will need to submit a new GIRO application with details of the new bank account to us. Please allow sufficient time (about 14 -60 days) for the new application to be processed and activated. Please refer to Q3 under the Section on Application for New DDA / GIRO Arrangement on completing the new GIRO Application Form.

      Until the new GIRO arrangement is approved and activated, Income will continue to deduct the premium payment from the existing bank account. Policyholder and Bank Accountholder are advised to maintain sufficient fund in the existing GIRO bank account.

    • Q: Can I pre-schedule my GIRO commencement date to be different from my policy premium due date? A:

      No, we are unable to support the pre-scheduling of GIRO commencement date.

  • Stop GIRO deduction

    • Q: Can I request to stop the GIRO deduction for my premium as I may not have sufficient funds in my bank account? A:

      Yes, you can request to stop GIRO deduction in the coming deduction date.

      Please call our Income hotline or send an email to csquery@income.com.sg to inform Income of your request with the following information:

      • Policy number
      • Bank account number
      • Premium amount to be stopped
      • Deduction date

      Your request to stop the GIRO deduction will need to reach us at least four working days before the deduction date on the 6th or 18th. We would like to inform that we will not be able to process any requests received after the deadline.

    • Q: I have a total of four policies that are deducting from the same bank account. Can I request to only stop the GIRO deduction for one policy? A:

      No, you are not able to stop the GIRO deduction for only one policy, any request to stop GIRO deduction will apply to all policies. If we received your request to stop GIRO deduction for only one policy, all the remaining three policies will not be deducted as well.

    • Q: Will there be any fee imposed for stopping GIRO deduction? A:

      Income will not impose a fee, however, the bank will charge a fee of $5 for such requests. You will also need to make payment for this fee at any of our branches before we process your request.

  • Termination / cancellation of GIRO arrangement

    • Q: How do I terminate the GIRO arrangement for my premium payments? A:

      You can terminate the GIRO arrangement for your premium payments via the following options:

      • You and / or Bank Account holder can authorise the termination by completing the “Cancellation / Termination of GIRO Arrangement Form”.
      • Bank Accountholder can terminate the arrangement directly with their bank.
    • Q: Can I fax the cancellation form to Income? A:

      We are unable to accept fax, email or photocopied form to terminate the GIRO arrangement. Please send us the ORIGINAL form for our processing.

    • Q: How long will it take for the GIRO arrangement to be terminated? A:

      When we receive the ORIGINAL “Cancellation / Termination of GIRO Arrangement Form”, it will take 7 to 30 days for the request to be processed.

      Please maintain sufficient funds in your existing bank account for the premium deduction until you receive our GIRO Cancellation letter confirming that the GIRO arrangement has been terminated.

    • Q: Will I receive any notification from Income when I terminate the GIRO arrangement? A:

      Yes, we will send you a letter to inform you on the cancellation of the GIRO arrangement and to make any premium payments directly to us.

  • Rejection of GIRO application

    • Q: Why is my GIRO application rejected when my bank account number was written correctly as per my bank record? A:

      The Bank Accountholder will need to contact their bank to obtain further details on the rejection.

    • Q: Can Income help to make the changes on my GIRO Application Form and re-send to the Bank for approval? A:

      No, we will not be able to make any amendments on the GIRO Application Form on behalf of the Bank Accountholder.

      Any amendments on the GIRO Application Form need to be endorsed by the Bank Accountholder. Correction fluid / tape is also not allowed. Alternatively, the Bank Accountholder can complete a new GIRO Application Form and mailed it to Income Centre, 75 Bras Basah Road, Singapore 189557 or by bringing it down to any of Income branches.

      We also wish to advise that a previously rejected GIRO Application Form cannot be used for re-submission.

  • Receipts and statements

    • Q: Will I be getting any receipts for my premiums paid using GIRO? A:

      No receipts will be issued for GIRO deductions. Policyholders / Bank Accountholders can check if the deduction is successful in their bank statement or when the passbook is updated. The successful deduction will be identified as INS (for Insurance).

    • Q: Can I request for a supporting document to indicate the total premiums that I have paid via GIRO in order to seek reimbursement from my company? A:

      Yes, you can request for a copy of the summarized Premium Statement for the year for claiming purposes. Please send an email to csquery@income.com.sg or call our Income hotline with the following information:

      • Policy Number
      • Policyholder / Life Assured Name

      When we receive your request, we will prepare a Premium Statement to be sent out to you within five working days.

    • Q: Can I request for a statement of the total premium paid for my Life policies? A:

      Yes, you can request for breakdown of the total premium paid. Please send an email to csquery@income.com.sg or call our hotline with the following information:

      • Policy Number
      • Period required

      We can provide a statement of the total premium paid for the last 24 months for free. However, for each subsequent block of 12 months, it will be charged at $10 per block.

      Please make payment of the applicable fees at any of our branches before we can process your request. Upon receiving your payment, we will prepare the statement to be sent to you within 14 working days.

Motor premium payment

  • Method of payment

    • Q: What are the different types of premium payment methods available for me to pay for my motor insurance policy? A:

      For your convenience, we have the following premium payment methods available for you to choose from.

      Payment Methods New Motor Insurance Policy Renewal of Motor Insurance Policy
      AXS Stations -
      ATM -
      Cash
      Cheque
      Credit Card
      Internet Banking -
      NETS
      Phone Banking -
      www.income.com.sg

      For the locations of the AXS stations, please click here.

  • Payment via cheque

    • Q: Who should I make my cheque payable to? A:

      You can make the cheque payable to “NTUC Income”.
      On the back of the cheque, please indicate your name, policy number and contact details.

    • Q: Can I issue a post dated cheque? A:

      No, we do not accept post dated cheque.

    • Q: Can I use a third party’s cheque? A:

      Yes, you can.
      In a case where there is excess premium, the refund will be paid to the policyholder.

  • Payment via credit card

    • Q: What types of credit card can I use? A:

      We accept both MasterCard and Visa credit cards.

    • Q: What are the payment options available to me when making a payment via my credit card? A:

      You can choose to settle the payment via lump sum credit card payment.
      Alternatively, you can opt for an Instalment Payment Plan (IPP) through your credit card.

    • Q: What is this Instalment Payment Plan (IPP) through credit card? A:

      IPP is an interest free instalment payment plan offered by the banks (Participating Banks include DBS / POSB, OCBC and UOB) for Income's motor insurance. The bank will bill the cardholder monthly.

      For terms and conditions on the IPP, please refer to the respective banks’ website:

      • For DBS / POSB website, please click here.
      • For OCBC website, please click here.
      • For UOB website, please click here.
    • Q: How can I activate this Instalment Payment Plan (IPP)? A:

      You will need to be present at any Income servicing branch to sign the credit card confirmation slip.

      For the locations of Income servicing branches, please click here.

    • Q: If I am unable to activate this instalment plan, can I have an insurance adviser to assist me to activate it ? A:

      Yes, you can. However, the insurance adviser will need to fill up a copy of the application form to authorise him/her to activate the instalment plan on your behalf.

      For a copy of the application form, please click here.

    • Q: What is the minimum premium to qualify for Instalment Payment Plan (IPP) and how many months instalment am I allow to apply? A:

      The minimum premium to qualify for IPP is $200 with a repayment period of 6 months. For a 12 months repayment period, a minimum of $500 is required.

    • Q: Can I use a third party’s credit card (e.g. Spouse’s card) for this instalment plan? A:

      Yes, you can. Both the policyholder and the cardholder will need to be present at any Income servicing branch.

      The cardholder is required to sign the credit card confirmation slip while the policyholder is required to sign the declaration form for the premium payment using third party credit card.

      For the locations of Income servicing branches, please click here.

      For a copy of the declaration form, please click here.

    • Q: If the cardholder is not available to sign the credit card confirmation slip at the branch, can he / she give a written authorisation? A:

      No, the cardholder needs to be present for verification of the credit card details and sign the credit card confirmation slip. This is to safeguard the cardholder’s interest and prevent the misuse of written authorisation.

    • Q: If I am a supplementary cardholder, can I still apply for this instalment plan? A:

      Yes, as long as the credit card is issued in your name.

    • Q: If my vehicle is registered under a company, can I still apply for this instalment plan? A:

      Yes, you can. Both the policyholder and the cardholder will need to be present at any Income servicing branch with a copy of the company business profile.

      The cardholder is required to sign the credit card confirmation slip while the policyholder is required to sign the declaration form for the premium payment using third party credit card.

      For the locations of Income servicing branches, please click here.

    • Q: Currently, my road tax expires earlier than my motor insurance policy. If I want to purchase a motor insurance policy for less than 12 months to coincide both their expiry dates, can I still apply for this instalment plan? A:

      Yes, you can still opt for IPP provided the motor insurance policy that you purchase is for a minimum period of nine months.

    • Q: How and when will my instalment payments be deducted? A:

      Once the bank approves, the bank will bill you monthly. The amount deducted will be reflected in your monthly statement.

    • Q: What will happen to my motor insurance policy if I fail to pay the instalment? A:

      Your motor insurance policy will remain in force but the bank will charge you the usual late payment fee with interest.

    • Q: If I am still paying for my instalment payments and decide to sell my vehicle, how is my refund computed for my motor insurance policy cancellation? A:

      The refund of premium deducted via credit card will be settled by credit card. The refund will be displayed in the cardholder’s credit card statement as “INC POL xxxxxxxxxx”.

      The refund is a lump sum amount which will reduce the cardholder’s overall outstanding bill in the credit card statement. Cardholder will continue to service the remaining Instalment with the Bank.

      The motor insurance policy refund is calculated based on the following conditions:

      • Taking up another motor insurance policy with us within 90 days from the effective date of cancellation

        Premium Refund = Premium x Unexpired period of Insurance (Days)/Original Period of Insurance (Days)

      • Not taking up another motor insurance policy with us

        Premium Refund = (85% of Premium) x Unexpired period of Insurance (Days)/Original Period of Insurance (Days)

       

  • Payment via other methods

    • Q: What information do I need to have to make my premium payment via ATM / AXS / Internet / Phone Banking or www.income.com.sg? A:

      For premium payment via ATM / AXS / Internet or Phone Banking, you will need to enter the Bill Reference Number and premium amount in order to make your payment. Both the Bill Reference Number and premium amount can be found on your Renewal Notice.

      For premium payment via www.income.com.sg, you need to enter the Policy Number, Product Type and the exact premium amount.

    • Q: What happens if I were to enter the wrong payment amount? A:

      For insufficient payment, you will need to make payment for the difference in amounts using the same Bill Reference Number.

      For excess payment, you can inform us via our online enquiry web form for the refund cheque to be sent to you. When submitting your request, please indicate your Vehicle Registration Number. You can click here to access our online enquiry web form.

      This does not apply to payment via www.income.com.sg.

Official Receipt

    • Q: Official Receipt A: Official receipts will only be generated upon request. Please send an email to csquery@income.com.sg or call our Income hotline with the following information: 
       
      • Policy Number
      • Payment details (e.g. Cheque No, Cheque Amount)

      We will generate the official receipt and send to you within five working days. 

      Note: No receipts will be issued for GIRO deductions. Policyholders / Bank Accountholders can check if the deduction is successful in their bank statement or when the passbook is updated.

Payment of general insurance premium by credit card

    • Q: Can I pay my general insurance premium via credit card? A:

      Yes, you can pay your general insurance's premium via credit card. The deductions can be done as follows:

      For lump sum

      1. Over the Counter Swipe
      2. Batch Processing
        This is for the purchase/renewals/endorsements of policies through phone calls and/or emails where the physical credit card is not available on-site.

      3. Website
        1. Via "Online Application (Travel Insurance)"
        2. Via "Online Application (Private Car Only)"
        3. Via "Pay your premium here" at Online Payment Portal
        4. Via "Login" at me@income

      For Foreign maid insurance applied via phone, the cardholder must provide the three digit CVV security code to effect the transaction. Payment will be deducted via the credit card immediately.

      For Instalment Payment Plan (only applicable for Motor Insurance)

      1. Over the Counter Swipe only Instalment cases are allowed only if they relate to the credit card Instalment Payment Plan (IPP). The participating Banks are UOB, OCBC, DBS & POSB.
    • Q: Are all types of credit cards accepted? A:

      At the moment, only Master and Visa cards are accepted. Other cards such as Diners or American Express or Debit cards are not accepted.

      Debit cards are only allowed for “Lump-Sum - Over the Counter Swipe”. Debit cards for “Batch Processing” and for “IPP – Over the Counter Swipe” are not accepted.

    • Q: Can I pay my premium partially by credit card and partially by other modes? A:

      Premium charged to credit card must be for the full premium. Partial cash payment and partial credit card payment are not allowed.

    • Q: Is there any cap on the premium deductible via credit card and what are the related charges? A:

      There are no additional charges for payment via credit card.

      There is also no cap on the premium deductible via credit card for Motor Insurance and Personal Lines Insurance. Premium deductible via credit card is subject to the credit limit set by the Bank on the credit card holder.

      For Instalment Payment Plan (only applicable for Motor Insurance), the minimum premium and instalment period applies:

      • Minimum $200 for 6 months instalment
      • Minimum $500 for 12 months instalment

      For Commercial Lines Insurance, the cap on the premium deductible via credit card is at $5,000 per policy.

    • Q: How do I activate the Instalment Payment Plan for my Motor Insurance premium? A:

      You can visit any of our NTUC Income branches.

      For more details on NTUC Income branches, please click here.

    • Q: What happens if the deduction via my credit card “Batch Processing” fails? A:

      We will attempt for credit card deduction once. If the deduction fails, the Debit Note will be suspended (i.e. will not go for another round of deduction). You will be notified by mail and you may then settle your premium direct to NTUC Income.

      Acceptable payment methods are cheques made payable to “NTUC Income”, cash or NETS at any of our NTUC Income branches. If you are paying by cheque, please quote your policy number at the back of the cheque to facilitate proper processing. Please also indicate your contact number so that we can contact you in the event of any discrepancy. You can send your cheque by post to NTUC Income Centre, 75 Bras Basah Road, Singapore 189557.

      If a second attempt for deduction is required, instruction has to be given to Contact Centre who will then inform Motor Insurance and Personal Lines Insurance to unsuspend the Debit Note and trigger system extraction after two working days.

    • Q: When will the premium be deducted from my credit card for “Batch Processing”? A:

      Once your policy has been issued and your credit card details have been entered in our system, the outstanding premium will be deducted within five working days.

    • Q: What will be reflected in the cardholder’s credit card statement? A:

      For Batch Processing, the deduction will be displayed in the cardholder’s credit card statement as “INC POL xxxxxxxxxx”

      For Over the Counter Swipe, the deduction will be displayed in the cardholder’s credit card statement as “NTUC INCOME INSURANCE”

    • Q: How will the refund of premium deducted via credit card be paid? A:

      For Instalment Payment Plan (IPP) cases, the refund of premium deducted via credit card will be settled by credit card. The refund will be displayed in the cardholder’s credit card statement as “INC POL xxxxxxxxxx”. The refund is a lump sum amount which will reduce the cardholder’s overall outstanding bill in the credit card statement. Cardholder will continue to service the remaining Instalment with the Bank.

      For Lump Sum cases, refund of premium deducted via credit card will be settled by cheque unless instructed otherwise.

    • Q: Are insurance advisers allowed to use their own credit card to settle the premium? A:

      No, insurance advisers are not allowed to use their own credit card to settle the premium.

    • Q: Who is responsible for amending credit card details for “Batch Processing”? A:

      Motor Insurance and Personal Lines Insurance will handle the addition/amendment of new/existing credit card account creations and their details.

Payment of life premium by credit card

    • Q: Can I pay my life insurance premium via credit card? A:

      Yes, you can pay your life insurance's first premium via credit card. You are not allowed to make subsequent renewal premium via credit card. This applies to all payment frequencies i.e. monthly, quarterly, half-yearly and yearly.

      For single premium, you cannot pay via credit card.

    • Q: Why can't I pay my subsequent renewal premiums via credit card? A:

      As a social enterprise, we aim to keep our premium rates as low as possible. Hence we look for the most cost effective collection method so that our policyholders can continue to benefit from the competitive premium rates. We are absorbing the credit card cost for the first payment.

      As life insurance is a long term contract, it is convenient and more cost effective to pay the premium by GIRO or Internet banking.

    • Q: Is there any cap on the premium amount deducted via credit card and what are the related charges? A:

      There is no cap on the premium amount but the amount to be deducted has to be within your individual credit limit with the bank. At this moment, there are no charges for payment via credit card.

    • Q: Are all types of credit cards accepted? A:

      At the moment, only Master and Visa cards are accepted. Other cards such as Diners or American Express or Debit cards are not accepted.

    • Q: Can I pay my premium partially by credit card and partially by other modes? A:

      Premium charged to credit card must be for the full premium.

    • Q: What details do I need to provide to have my premium deducted via credit card? A:

      You need to provide the following details:

      1. Credit card holder name
      2. 16-digit credit card number
      3. Expiry date i.e. MMYY
      4. Master or Visa
      5. Relationship of credit card holder to policyholder (where policyholder is not the credit card holder)
      6. Issuing Bank

      The above details will be requested in the application form if you have selected ‘credit card’ as your first premium payment method.

    • Q: What happens if the deduction via my credit card fails? A:

      We will attempt credit card deduction once only. If the deduction fails, your agent will be informed to follow up.

    • Q: When will the premium be deducted from my credit card? A:

      Once your life insurance application has been approved and your credit card details have been entered in our system, the premium will be deducted within three working days.

    • Q: At what unit price will Investment Linked Plan (ILP) Policies paid via credit card be based on? A:

      For Investment Linked Plan (ILP) Policies, the unit price will be based on the transaction date when the payment is received by us.

    • Q: If premium has been deducted via credit card, how will the refund of premium be paid? A:

      Any refund of premium deducted via credit card will be refunded by cheque.

    • Q: If I submit my application and choose "Cash" as my mode of payment, can I cancel it later and change my mode of payment to "Credit Card"? A:

      Yes, but you will have to fill up the Credit Card Authorisation Form for Life Insurance to effect this change.

      For a copy of the Credit Card Authorisation Form, please click here.

    • Q: Who can I contact if I have further queries? A:

      If you have any queries, please contact your insurance adviser. Alternatively, you may email us at csquery@income.com.sg or call our NTUC Income hotline at 6788 1122.

Policy servicing

  • Automatic Premium Loan (APL)

    • Q: What is Automatic Premium Loan (APL) and how can I benefit from it? A:

      APL is a common non-forfeiture feature in many life insurance policies. It prevents the policy's insurance cover from being terminated when premiums due on the policy are not paid after the period of grace.

      When premiums remain unpaid after the period of grace, we will advance the premiums on your behalf so the basic policy and its riders can continue at their original coverage amount (called the sum assured). We will only do this if the policy has enough cash value1. We treat this as a loan (called APL) and charge you interest. If there is not enough cash value, the policy will cease. We will deduct these loans and interest from any amount we may be due to pay under the policy. If at any time the amount of the loans and interest is more than the cash value, the policy will cease.

      1 Cash value means the amount you will receive when you cancel a policy that has a savings feature, before it matures. Its calculation is determined by us.

    • Q: How do I apply for this APL feature? A:

      You do not have to apply for this feature if APL is the default non-forfeiture option for your policy. APL is the default non-forfeiture option if your policy has not been purchased with CPF funds, not assigned to Official Assignee, insurance company or bank and has been taken up with us after Apr 1994.

      If not, you can apply for this feature by completing an application form. You may request this form by emailing csquery@income.com.sg, calling us at 6788 1122 or visiting any of our servicing branches.

    • Q: When exactly will you activate the APL? A:

      You will have 30 days as a period of grace to pay the premiums that are due. When premiums remain unpaid after the period of grace, we can activate the APL. But in most cases, we will activate the APL only after 90 days.

      Therefore, if your policy’s payment frequency is monthly, we will advance three months of premiums on your behalf each time APL is activated. We will compute interest from the due date of each premium. A notice will be sent to you on the amount that has been advanced. You are encouraged to repay the loan as early as possible.

    • Q: How much is the interest charged under the APL? A:

      The current interest rate is 5.5% per annum. We may change the interest rate at any time by giving you 30 days’ notice at your last known address. This interest is calculated daily and compounded every year end. You are encouraged to repay the loan as early as possible to avoid interest accumulation.

      Besides, this loan and interest will also reduce any subsequent payouts from the policy. And if at any time the amount of the loans and interest is more than the cash value, the policy will cease.

    • Q: How do I repay the premium loans that you have advanced on my behalf? A:

      You may make a full or partial repayment towards your policy loans. There is no fixed repayment amount. Please quote the Loan Repayment Number (LRN) (not your policy number) to ensure that your loan records are updated accurately. LRN is an 11-digit reference number unique to each individual policy. You may call Income hotline at 6788 1122 to obtain the LRN and the latest loan figure.

      You may repay the loan by any of the methods below:

      • Cash or Nets at our branch (Find an Income Branch)  
      • AXS by selecting "Life Policy Loan" and quote LRN
      • Internet banking (DBS, OCBC & UOB) by selecting "one-time bill payment" and quote LRN
      • Cheque made payable to "NTUC Income"and quote LRN, policy number and your contact number on the reverse side of the cheque. Please post the cheque to us at:
        Income Centre
        75 Bras Basah Road
        Singapore 189557
    • Q: How am I kept informed on the activation of the APL? A:

      We will send you at least two premium notices on the outstanding premium before activating the APL. Once the option is activated, we will also send you a notice.

      Subsequently, we will continue to send you a notice each time we advance premiums on your behalf. Because APL is treated as a loan, a specific loan statement showing the transactions in your policy loan account will also be sent to you every year. On top of all these, the annual Policyholder Statement which summarises the policies and loans you have with Income will also be available in me@income.

    • Q: Can APL keep my policy going on for me till the policy matures (in the case of an endowment type of policy) or till a claim event occurs? A:

      Not necessarily. APL is a loan on the policy. Interest is charged. If 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.

    • Q: Is there an alternative if APL is not my preferred option? A:

      Yes. Instead of APL, you may opt for the paid-up option if you do not want to pay any further premiums on your policy.

      We will reduce the sum assured of your basic policy so that you will retain some form of minimal coverage. We will only do this if the policy has enough cash value. You will not pay any further premiums. You will keep any bonuses added to this policy before the date we convert the policy to paid-up. If we declare any subsequent bonuses on paid-up policies in the future, they will be based on the reduced sum assured (called the paid-up sum assured). Once paid-up, any riders attached to the basic policy will cease.

      Do take note that converting your policy to a paid-up policy will usually lead to a significant reduction in your coverage. You will also lose all benefits under any existing riders that are attached to your basic policy.

      If you have considered carefully and still prefer the paid-up option, you can apply for it by completing an application form. You may request for this form by emailing to csquery@income.com.sg, contacting us at 6788 1122 or visit any of our servicing branches.

Premium Notice

    • Q: Will Premium Notices be sent to me to remind me of the upcoming payment for my policy? A:

      Premium Notices will be sent to inform you of the next premium due date. However, we will not send Premium Notices under the following scenarios:

      1. If your policy is on monthly payment mode, premium payment is via GIRO, and there is only one month of premium outstanding.
      2. If your outstanding premium is more than three months.
      3. If there are any pending transactions such as policy alteration requests or claims.

      There are two types of Premium Notices: Notice of Payment Due (NPD) and Notice of GIRO Deduction (NGD).

      • Notice of Payment Due (NPD) - If your policy premium payment is via cash.
      • Notice of Giro Deduction (NGD) - if your policy premium payment is via GIRO.

      All notices will be sent to your registered address in our records. The Premium Notices are usually generated on the 25th of every month.

    • Q: Who are the recipients of Premium Notices? A:

      We will send the Premium Notices to our Policyholders only.

    • Q: When will I receive the Premium Notices? A:

      You will usually receive the Premium Notices around the first week of the month.

      Please be informed that if your premium is due between the 1st to 10th of the month, you may receive the notice after the due date. However, we wish to highlight that you are given 30 days (from the premium due date) to make the premium payment. During this period, your policy is still active and in force.

    • Q: What information will be provided in the Premium Notices? A:

      The Premium Notice will include the following information:

      • Policy Number
      • Product Name
      • Name of Insured
      • Premium amount due
      • Premium due date
      • Months of Outstanding (if any)
    • Q: Why do I still have an outstanding premium when I have already made payment? A:

      You may ignore the Premium Notice if you have already made the payment. There is a cut-off date shown in the notice and we might have only received your payment after this date.

    • Q: Can I request not to receive Premium Notices? A:

      If your policy is on cash mode and you do not wish to receive Premium Notices, we would advise you to use GIRO for monthly payment. We are unable to support any request to suppress the sending of the notices.

    • Q: What are the alternative means for me to check my payments and premium due? A:

      You may access me@income or call our Income hotline to check on your premium due and payment made.

      To access me@income, please log onto http://www.income.com.sg/ and click on the me@income icon. You will need a password to access me@income. If you do not have one, you may request for it via me@income, call 6788 1122 or email to csquery@income.com.sg.

    • Q: Can I have separate premium notice for all my insurance policies? A:

      We are unable to support this request as our system is designed to consolidate all policies for the same customer into one premium notice.

    • Q: Can I have a copy of the latest premium notice if I have misplaced it/ did not receive it? A:

      Yes, we will send a re-print of the last notice to you.

    • Q: Can I receive a copy of the premium notice to make early payment for my premiums if I am going away for the next few months? A:

      We do not send premium notice in advance. You may access me@income or call our Income hotline to check on your premium due and you can make the payment via Internet Banking while overseas.