GrowthLink is a single premium investment-linked plan 1.
1 An investment-linked plan is a plan where the premiums paid are used to purchase units in an investment fund. The price of the units will depend on the investment performance of the fund
We will pay if the Insured dies or becomes totally and permanently disabled in accordance to the terms set out in the policy document.
We will pay the cash value or Basic Benefit of your policy, whichever is higher.
|Standard Life||Non-standard Life|
|0 - 64||105% x (Initial single premium + Total top-up premiums - Total withdrawals)||101% x (Initial single premium + Total top-up premiums - Total withdrawals)|
|65 and above||100% x (Initial single premium + Total top-up premiums - Total withdrawals)||100% x (Initial single premium + Total top-up premiums - Total withdrawals)|
We will not pay the death benefit if the insured committed suicide within one year from the cover start date. We will refund only the cash value and the policy will be completely free of all legal effect.
Non-standard life refers to an insured suffering from any of the following medical conditions, at the time of application, within three months from the cover start date:
Total and permanent disability (TPD) benefit
|Age when becoming totally
and permanently disabled
|Standard Life||Non-standard Life|
|Under 65||1.05 times
|Above 64||1 times
The insured must be incapable of engaging in any occupation when he/she is 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/her training, education or experience is suited.
Total and permanent disability/totally and permanently disabled means the inability to take part in any paid work for the rest of the insured’s life, or total physical loss.
“Total physical loss” means:
We will not pay this benefit if your claim arises from:
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.
No, you cannot add riders for this plan.
Cash value and bonuses
Yes, your policy has a cash value. The amount of cash value will be based on the valuation price (offer 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 business day (Monday to Friday, excluding weekends and public holidays).
No, this plan does not provide bonus.
Yes, your policy has a surrender value. The surrender value is the amount of cash value, less charges and deductions if applicable.
Buying a life insurance policy is a long-term commitment and an early termination of the policy usually involves high costs and the surrender value may be less than the total premiums paid.
Eligibility and premium payment
You can only use cash or SRS to buy this plan.
The minimum single premium investment is $10,000 per policy, with a minimum of $2,500 allocated to each selected fund.
There is no maximum limit set for investment but it will be subjected to an assessment of your health and financial condition.
No, you cannot backdate your policy.
You can do a single premium top-up.
The minimum top-up premium is $2,500 per top-up. For each top-up premium payment, we will allocate extra 0.5% as bonus units.
Bonus Units = Top-up Premium/ Offer Price × 0.5%
If you wish to top-up into more than one fund, the premium amount allocated into each of the selected fund must be at least $1,000.
The top-up premium will be taken into account for the computation of insurance coverage.
Investment-linked policy (ILP) funds available for investment
The following ILP funds are available for your investment:
|Core Funds||Target Maturity Funds|
|Managed Funds||Specialised / Thematic Funds|
Aim Now Fund, Asian Income Fund, Asian Bond Fund and Global Income Fund offers distribution.
The distribution will be made out of the income, capital gains, and/or capital of the respective funds. The unit price of the respective funds will be reduced accordingly after the distribution. The number of units available will remain the same, unless the distribution is reinvested into the fund.
The details for distribution are as follows:
|Distribution Features||Aim Now Fund||Asian Income Fund||Global Income Fund||Asian Bond Fund|
|Amount of distribution||Semi-annual distributions of up to 3% of the net asset value.
The distributions are not guaranteed.
|Monthly distributions of up to 5% per annum of the net asset value.
The distributions are not guaranteed.
|Monthly distributions of 4% to 5% per annum of the net asset value.
The distributions are not guaranteed.
|The sub-fund intends to provide a monthly distribution with effect from 27 May 2016. The underlying fund has historically provided a monthly payout of around 4.5% to 5.5% p.a. The distributions are not guaranteed.|
|Declaration Dates||The Declaration Dates are set as 31 May and 30 Nov each year.
||The Declaration Dates are set as the second last business day of each month.||The Declaration Date is usually set on the 4th Tuesday of the month.||The Declaration Date is usually set on the 3th last business day of each month.|
|If these dates fall on a weekend/public holiday, the last business day before these dates will be taken as the Declaration Date.
The Declaration Date is subject to review and the dates are stated in our website.
Important notes on distribution for Asian Bond Fund
The first declaration for distribution is scheduled to start on 27 May 2016. The distribution will be paid within 45 days from the Declaration Date.
You can choose to encash or reinvest the distribution (can be different for each fund) and the latest instruction received by Income before the Declaration Date will be applicable. A combination of encashment and reinvestment option within a fund is not allowed.
The default option for distribution is to reinvest them at bid price into the respective fund.
If you wish to encash the distribution, you will need to either indicate your choice in the application form or notify us in writing at least 30 days before the Declaration Date. A cheque would be sent to you within 45 days from the Declaration Date.
However, any distribution below S$50 has to be reinvested and encashment is not allowed. Also, any distribution from funds purchased using CPFIS/SRS monies, if applicable, will also be reinvested.
The unit prices for reinvestment will be determined on Payout date, which would be within 45 days from the Declaration Date.
The insurance coverage is not affected by the encashment of distribution when they are due. Likewise, reinvestment of distribution into the fund will not increase the net investment.
However, if the distribution is reinvested and subsequently withdrawn, the net investment will be reduced accordingly.
Policyholder can refer to the Fund Report for more information. These reports are available in our website.
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.
There is no restriction in the number of funds that can be selected, but it is subjected to the prevailing terms implemented to manage the investment accounts.
Currently a minimum investment of $2,500 is set for each selected fund.
Yes, you can switch investment into any of the available, subject to the following terms:
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.
Unit pricing and allocation
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 investment-linked policy (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.
For cash policy, all transactions submitted and premiums received by us by 3 pm (Singapore time) each day will be executed based on the unit prices of the same business day. For transactions submitted on a non-business day (i.e. Saturday, Sunday or public holiday), the execution will be based on the prices valued for the following business day.
For SRS policy, all transactions submitted and received by us by 3.00 pm (Singapore time) each day will be executed based on the unit prices of the same business day. For transactions submitted on a non-business day (i.e. Saturday, Sunday or public holiday), the execution will be based on the prices valued for the following business day.
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.
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.
Our fund prices are updated daily on our website.
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.
For single premium investment and top up, the nominal bid-offer spread is 3.0%. This is implemented by allocating premiums using offer price (still calculated as per bid-offer spread of 3.5%) and automatically adding extra 0.5% bonus units, i.e.
Total Units Allocated = (Single / Top-up Premium / Bid Price x (1+3.50%)) x (1+0.5%)
100% of the single premium and top-up premium payments will be allocated, together with the extra 0.5% bonus units.
Fees and charges
A policy fee is deducted from the policy at the beginning of each policy year, paid via unit cancellation at bid price.
The amount of policy fee is not guaranteed and is subject to revision by giving notice to policyholders. The current policy fee is set as follows:
|First Policy Year||Renewal Years|
Policy fee will be waived for net premium paid of $25,000 or higher.
The annual management fee is not the same for all ILP funds. The fee for each fund could be found in the Fund Report.
No additional charges will be deducted from your premium. The insurance cover is given to you free.
Partial withdrawal and surrender
Yes, you can make partial withdrawal from your funds at any time provided that the minimum partial withdrawal amount is $500 each time. There is no limit to the amount of partial withdrawals. However, you need to hold a minimum value of units worth $1,750 under each selected fund or $3,500 in aggregate (across all funds) under the policy.
Partial withdrawals have the effect of reducing the Minimum Death / total and permanent disability benefit and fund value of the policy.
The withdrawal amount is calculated based on bid prices as follows:
Withdrawal Amount = Unit × Price
Yes, the benefits payable for death and total and permanent disability would be adjusted.
Upon cancellation during free look, the lower of follow two values will be returned to you and the policy will terminate.
If the policy document was mailed to you, the 14 days Free-Look period will start seven calendar days after we have mailed the policy document.
Yes, you can take a policy loan (for cash policy only) subjected to the prevailing terms and conditions.
The current policy loan amount is up to the lower of the following:
Policy loan interest rate is currently set at 5.5% p.a. This is not guaranteed and subject to revision.
If at any time the amount of loans and interest exceed the cash value of the policy, all benefits under the policy shall automatically cease.