Maturity / Bonus / Cash Benefit (Coupon) Payments

Maturity / Bonus / Cash Benefit (Coupon) Payments

If your policy is maturing soon, or if it offers bonus or cash benefit (coupon) payments, here is what to expect.

 

Maturity

You will receive a cheque by the maturity date. We will issue your payment as follows:

  • If you bought your policy with cash and do not instruct us to credit your payment to your personal bank account from two months to 15 days ahead of the maturity date, we will send you a cheque. Please note that we will only accept maturity instructions two months before your policy mature.
  • For policies bought with CPFOA or SRS funds, we will pay directly to your investment account with your agent bank.
  • For CPFSA policies, we will pay directly to the CPF Board.

Bonuses

We may issue two types of bonuses to our policyholders:

  • The annual bonus is an amount distributed yearly to all our participating policies1.
  • A special bonus (sometimes called a terminal bonus) is an extra bonus which we pay at the time of a claim, or upon maturity, or if you surrender the policy.

We may allow you to encash (take out) your accumulated annual bonuses and receive its discounted value. In some cases, the discounted value can be small. Where possible, you should keep your annual bonus intact.

If you wish to encash your bonus, you may email csquery@income.com.sg, call 6788 1122 or visit any of NTUC Income branches. We will send you a Bonus Encashment voucher for your completion.

1 Participating policy refers to the policy that is managed in the Participating Fund (“the Fund”). The policy shares in the profits or losses of the Fund, through bonuses added to your policy. For more information, please refer to this guide: Understanding Your Participating Policy.

Cash benefit (coupon) payments

Cash benefits (coupon) are guaranteed cash payments to policyholders. The payments are issued at regular intervals during the term of the policy. Paid-up policy is excluded.

In cases where the premiums are outstanding for more than one month or the policy’s cash value cannot support an existing policy loan, we will deduct from the cash benefit (coupon).

If you have a yearly cash benefit (coupon):

  • About five weeks before the cash benefit is due, you will receive a letter as to how you wish to use the cash benefit .
  • Your cash benefit option will be stated in the letter. You will need to notify us if your choice is different from the option stated in the letter at least 21 days ahead of its due date.

If you have a monthly cash benefit (coupon):

  • About five weeks before the first monthly cash benefit is due, you will receive a letter as to how you wish to use the cash benefit.
  • Your cash benefit option will be stated in the letter. You will need to notify us if your choice is different from the option stated in the letter at least 21 days ahead of its due date.
  • If you do not change your cash benefit option, no letters will be issued for subsequent cash benefits.

Frequently asked questions