Frequently Asked Questions

DreamSaver

Product coverage

    • Q: What are the benefits payable? A:

      If you die or become Totally and Permanently Disabled, we will pay in accordance to the terms set out in the policy document.

      We will also pay a guaranteed Cash Coupon monthly, starting from the end of the 61 months from the policy entry date.

      If you survive at the end of the policy term and the policy has not ended, we will pay 100% of all net premiums paid, and a terminal bonus, after deducting the sum of all cash benefits we have paid out earlier. The policy will end when we make this payment.

Death benefit

    • Q: What is payable under Death Benefit payable? A:

      We will pay the guaranteed Death Benefit and bonuses (if any) as follows:

      Age at time of death Guaranteed death benefit
      0 – 59 105% of net premiums paid
      60 and above 101% of net premiums paid

      You may wish to note that for substandard life, the Guaranteed Death Benefit is set at 101% of the Net Premiums Paid.

      Any accumulated cash benefits will also be paid out.

      This benefit will be paid in one lump sum, less any loan and debt. The policy will cease after the benefit is paid.

    • Q: What is the meaning of substandard life? A:

      Substandard life refers to an Insured suffering from any of the following medical conditions, at the time of application, within three months from the Date of Issue of the policy; or the date of receipt by us of any top-up in premiums or the effective date of increase in the amount of the regular premium, whichever is applicable:

      • Cancer
      • Heart and / or Heart Valve Conditions
      • Chronic Kidney Disease
      • Stroke
      • Liver Cirrhosis and / or End Stage Liver Failure
      • Systemic Lupus Erythematosus
      • Terminal Illness
      • Severance or total loss of use of one or both limbs OR total loss of use of one or both eyes
    • 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 policy commencement. The policy will cease with immediate effect and we will refund the total premium received without interest.

Total and permanent disability benefit

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

      You must be incapable of engaging in any occupation. We do not pay if you are merely unable to perform the same job as before, or are unable to perform a job to which your training, education or experience is suited.

      Total and Permanent Disability is defined as the inability to take part in any paid work for the rest of the Insured’s life, or Total Physical Loss.

      “Total Physical Loss” refers to:

      • the total and permanent loss of sight in both eyes;
      • the loss of, or total and permanent loss of use of, two limbs at / above the wrist / 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 / ankle.
    • Q: What is payable under the TPD Benefit? A: In the event the insured is diagnosed as totally and permanently disabled before the age of 70 (last birthday), we will pay the benefit as follows:
       
      Age of the insured at time of claim Benefit
      Under 60 105% of all net
      premiums paid, and a terminal bonus
      60 and above 101% of all net
      premiums paid, and a
      terminal bonus
       
      If the insured is a non-standard life, we will pay 101% of all net premiums paid, and a terminal bonus. We will pay this benefit in a lump sum, up to $1 million each year. If the benefit is more than $1 million, we will pay in yearly installments. The policy will cease after the benefit is paid. The maximum aggregate total and permanent disability benefit payable on the insured is S$3.75 million (excluding any bonuses), inclusive of all in forced policies issued by us and by any other insurer.
       
    • Q: How does Income pay the TPD Benefit? A:

      While the TPD benefit is payable in lump sum, the total benefit payable will be subjected to a maximum of $1 million each year. Any balance due after $1 million has been paid in each year will be paid one year later provided the Insured remains in TPD.

    • Q: What are the exclusions of TPD Benefit? A:

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

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

      We do not pay if you are merely unable to perform the same job as before, or are unable to perform a job due to the limitations of your training, education or experience.

      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.

    • Q: What is required when I submit a TPD claim? A:

      You will need to provide us with a medical certificate by a Registered Medical Practitioner certifying that the Insured is Totally and Permanently Disabled for at least six months consecutively.

    • Q: Do I need to continue paying premiums while I am receiving the TPD Benefit in instalments? A:

      No, once we begin paying the TPD benefit, your policy will cease immediately and you do not have to pay premiums.

Riders/supplementary benefits

    • Q: Can I add Riders? A:

      No, you cannot add riders for this plan.

Cash value, bonuses & maturity benefit

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

      Yes, your policy will have a cash value when premiums have been paid for at least two years.

    • Q: Is this policy eligible for any bonus? A:

      Yes. However, this plan is only eligible for a terminal bonus. The terminal bonus, or special bonus, is a bonus, which we expect to pay at the time of death, TPD before age 65, maturity or full surrender of the policy.

      Terminal Bonuses are not guaranteed. Each year, the Board of Directors will decide on the terminal bonus rates, based on the recommendation by the Appointed Actuary.

      The Terminal Bonus is a multiple of the monthly premium. If the terminal bonus rate due at death is 500%, this means that the terminal bonus is 5 times the monthly premium. Although the final amount of Terminal Bonus payable at maturity is not guaranteed, it will be more than 0.5 times of the monthly premium.

    • Q: What is the Maturity Benefit? A:

      The Maturity Benefit is a lump sum payment made to you when your policy matures at the end of the policy term. At maturity, we will pay:

      • Guaranteed Maturity Benefit, equal to 100% of all net premiums paid less the total cash benefits paid before maturity and any loan and debt
      • Terminal bonuses
      • Deposits (applicable if cash benefits are not withdrawn)

      The amount of guaranteed and non-guaranteed Maturity Benefit is shown in the Benefit Illustration.

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

      Yes, your policy has a surrender value after you have paid premiums for at least one year. However, 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.

Cash benefits / coupon payments

    • Q: What are Cash Benefits / Coupon Payments? A:

      Cash Coupons are guaranteed cash payments.

      Depending on the policy term, the Cash Coupons will be paid according to either of the following schedule.

      Eight Year Policy Term
      End of policy month Amount of Cash Coupon
      1 to 60 0
      61 to 95 1 x Monthly Premium
       
      10 Year Policy Term
      End of policy month Amount of Cash Coupon
      1 to 60 0
      61 to 119 1 x Monthly Premium
    • Q: Are these Cash Coupons guaranteed? A:

      Yes, they are guaranteed at one x Monthly Premium when they are due for payment.

    • Q: What can I do with the Cash Coupons? A:

      You can exercise any one of the following options:

      • Withdraw to spend in the way you wish, e.g. go for holiday or pay your children’s tuition fees; or
      • Deposit with us at prevailing interest rates.
    • Q: How do I inform Income of my choice for the Cash Coupons? A:

      Before the first cash benefit is due, we will write to ask for your choice.
      If we do not receive your instructions at least 30 days before the first cash benefit is due, we will make the choice for you.

Deposits

    • Q: What are Deposits? A:

      Deposits are Cash Coupons that you have accumulated with us to earn interest.

    • Q: Can I top-up my Deposits? A:

      You can only top up using subsequent Cash Coupons at the time when they are due. Topping up of Deposits after the Cash Coupons is withdrawn, or using cash is not allowed.

    • Q: What is the current interest rate for Deposits? A:

      The current interest rate for Deposit is 3.5% p.a. This is not guaranteed and will be 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. The current minimum amount is $500 and this will be subjected to review.

    • Q: What happens to my Deposits when my policy is no longer in force? A:

      It will be paid to you in a lump sum when your policy is no longer in force.

Eligibility & premium payments

    • Q: What are the entry age and policy terms available? A:

      The entry age and policy term available is as follows:

      Entry Age (Last Birthday) Policy Term (Years)
      Policy Term (Years) 8
      0 to 60 10

      The premium payment term is fixed at five years regardless of the policy term.

    • Q: Can I use funds in Central Provident Fund or Supplementary Retirement Scheme to buy this policy? A:

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

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

      The minimum premium set for this policy is $200 per month, or its equivalent if other premium payment frequency is chosen.

      There is no maximum premium set for this policy as it will be subjected to an assessment of your health and financial condition.

    • Q: Can I backdate my policy? A:

      No, you cannot backdate your policy.

Policy loan

    • Q: Can I take a policy loan? A:

      Yes, you can take a policy loan subject to the prevailing terms and conditions.