Frequently Asked Questions



  • Product coverage

    • Q: What are the benefits payable? A:

      We will pay if the Insured dies or becomes Totally and Permanently Disabled, in accordance to the terms set out in the policy contract, during the policy term.

      We will also pay a guaranteed cash coupon each year, starting from the second policy anniversary if the Insured survives during the policy term.

      If the Insured survives at the end of the policy term and the policy has not ended, we will pay a maturity benefit.

  • Death benefit

    • 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 (TPD) benefit

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

      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.

      Insured must be incapable of engaging in any occupation when is he Totally and Permanently Disabled. 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 training, education or experience is suited.

      “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 the TPD Benefit payable? A: In the event the insured is diagnosed as totally and permanently disabled before the age of 70 (last birthday), we will pay the sum assured and accumulated bonuses (if any). Any cash benefit deposited with us will also be paid out. The maximum aggregate TPD Benefit payable on the same life is S$3.75 million (excluding bonuses), inclusive of all policies issued by Income and by other insurers.
    • Q: How does Income pay the TPD Benefit? A:

      We will pay this benefit in a lump sum, subject to a maximum payment of S$1 million each year. We will pay the remaining amount of this benefit in yearly installments if the benefit exceeds S$1 million.

    • 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
      • effects of alcohol, drugs or any dependence.

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

    • 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 and all Riders (except for Extended Total and Permanent Disability Benefit) will cease immediately and you do not have to pay premiums

  • Riders / supplementary benefits

    • Q: What Riders can I attach to my policy? A: For RevoSave, the following supplementary benefit riders are available:
      •Living Rider
      •Early Cancer Waiver
      •Dread Disease Premium Waiver
      •Hospital Benefit
      •Payor Premium Waiver 
      •Enhanced Payor Premium Waiver
    • Q: Can I add or remove Riders after the policy is in force? A:

      Yes, you can add or remove Riders anytime after the policy is in force. However, adding Riders after the policy is in force will be subject to a reassessment of your health and financial situation.

  • Cash value, bonuses & maturity benefits

    • 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 there any cash value for Riders added to this policy? A:

      No, there is no cash value for Riders.

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

      Yes, your policy is eligible to bonuses after the end of the second policy year. There are two types of bonuses.

      • Annual Bonus is added to your policy each year.
      • Terminal Bonus is an extra bonus that we pay at the time of claim or when you surrender your policy.
      • Bonuses are not guaranteed. They are recommended by our Appointed Actuary and approved by our Board of Directors.

    • 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

      • final guaranteed cash benefit, equal to 120% of the sum assured less total cash benefits paid before maturity
      • accumulated bonuses
      • deposits, if applicable.


      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 two years. 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 benefits, also known as Coupon Payments, are guaranteed cash payments. It is equal to 5% of the Sum Assured and given to you each year so long as the Insured is alive, starting from the second policy anniversary.

    • Q: How do I inform Income of my choice for the Cash Benefits? A:

      We will write to you before your first cash benefit is due to confirm how you would like to use it. There is a default option in the letter. You should inform us if your choice is different from the default option.

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

      You can exercise any one of the following options:

      • Withdraw to spend in the way you wish, eg. go for holiday or pay your children’s tuition fees; or
      • Deposit with us at prevailing interest rates.
  • Deposits

    • Q: What are Deposits? A:

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

    • 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 subject to review.

    • Q: Can I top-up my Deposits? A:

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

    • 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 is subject 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: 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 are the minimum and maximum Sum Assured for this policy? A:

      The minimum Sum Assured is $15,000 per policy.

      There is no maximum limit on the Sum Assured but it will be subject to an assessment of your health and financial condition.

    • Q: Can I backdate my policy? A:

      Yes, you can backdate your policy up to 6 months, so that you can pay premiums based on a lower entry age.

  • Policy loan

    • Q: Can I take a policy loan? A:

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