Complete Life Secure

Complete Life Secure is a regular premium whole-life participating plan. You only need to pay premiums for a limited term. Its value will increase by us adding regular bonus.  

This plan provides protection against total and permanent disability, terminal illness and death during the term of this basic policy. You can request to exercise Flexi Cash Access option to receive a cash payout. It also offers guaranteed insurability option to buy another life policy.

It offers a multiplier cover of 100%, 200%, 300%, 400% or 500% of the sum assured (before the anniversary immediately after the insured reaches the age of 65, 75 or 80, whichever is applicable). You cannot change the multiplier cover and the applicable age which you chose at the start of the policy.

This policy includes a non-participating regular premium compulsory rider, Complete Life Secure – Protection Benefit. It pays retrenchment benefit and part of the multiplier cover. This rider will end immediately when its basic policy ends or is converted to a paid-up policy. It does not form part of the Life Participating Fund and no bonus is payable on the benefit.

Multiplier cover means a percentage of the sum assured shown in the policy schedule (e.g. 100%, 200%, 300%, 400% or 500% of the sum assured). The multiplier cover is applicable before the anniversary immediately after the insured reaches the age of 65, 75 or 80 (whichever is applicable). The applicable age will be based on the option selected by you as shown in the policy schedule. You cannot change the multiplier cover and the applicable age which you chose at the start of the policy.

This policy is not valid if the insured commits suicide within one year from the cover start date.

We will refund the total premiums paid, without interest, less any amounts we have paid you, and any amount you owe us, from the cover start date.

Terminally illness, and terminally ill means the conclusive diagnosis of an illness that is expected to result in the death of the insured within 12 months. This diagnosis must be supported by a specialist and confirmed by our appointed specialist. Terminal illness in the presence of HIV infection is excluded.

Total and permanent disability (TPD), and totally and permanently disabled, mean any of the below.

-If the insured is under 65 years old, TPD, and totally and permanently disabled mean total physical loss, or the inability to take part in any paid work for the rest of a person’s life.

-If the insured is 65 years old and above, TPD, and totally and permanently disabled mean total physical loss, or severe disability.

Total physical loss means:

-the total and permanent loss of sight in both eyes;

-the loss of, or total and permanent loss of use of, two limbs at or above the wrist or 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 or ankle.

Severe disability means the inability to perform at least three of the following activities of daily living, even with the aid of special equipment and always needing the help of another person throughout the entire activity.

-Washing – the ability to wash in the bath or shower (including getting into and out of the bath or shower) or wash satisfactorily by other means;

-Dressing – the ability to put on, take off, secure and unfasten all garments and, as appropriate, any braces, artificial limbs or other surgical appliances;

-Transferring – the ability to move from a bed to an upright chair or wheelchair and vice versa;

-Mobility – the ability to move indoors from room to room on level surfaces;

-Toileting – the ability to use the lavatory or otherwise manage bowel and bladder functions so as to maintain a satisfactory level of personal hygiene;

-Feeding – the ability to feed oneself once food has been prepared and made available.

We only cover the TPD we define in this policy. 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 or her training, education or experience is suited for.

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 will also not pay this benefit unless the insured is certified by a specialist to have been totally and permanently disabled for at least six months in a row. You must provide adequate medical evidence and we may ask the insured to have a medical examination by a doctor we have appointed.

If the insured is also covered for total and permanent disability waiver benefit or total and permanent disability benefit under any policies which have been issued and paid (whether issued and paid by us or by any other insurer), the total of these benefits under all these policies cannot be more than S$6.5 million (including premiums waived due to total and permanent disability but excluding bonuses). In this case we will first take into account the amounts due under the earlier policies, and then pay out only an amount to bring the total payments to S$6.5 million (including premiums waived due to total and permanent disability but excluding bonuses). The cover for death or terminal illness will be reduced by the TPD payment, and this remaining cover will continue as long as you pay premiums on it. We will work out the remaining cover as well as the reduced premium you will need to pay for this remaining cover.

You may exercise this Flexi Cash Access option to use a percentage of the basic policy’s sum assured for its cash value to receive an annual cash payout.

The request to exercise this option must be made at least 30 days before each anniversary, starting from the anniversary:

-the insured turns age 50; or

-the premium term ends and all premiums have been fully paid,

whichever is later.

The cash payout will start from the anniversary immediately following our acceptance of the request and will be paid on an annual basis.

The cash payout is determined based on the following:

-the chosen sum assured, which is based on the percentage of the basic policy’s sum assured you are using for its cash value for the cash payout;

-the payout period, which is the number of years you choose to receive the cash payout. The minimum payout period is 10 years, and the maximum payout period will be up to insured reaching age 100;

-the cash payout is the cash value corresponding to the chosen sum assured divided by the payout period.

-This is not a paid-up policy;

-There is no policy loan on the policy;

-the percentage of the basic policy’s sum assured you are using must be within the range of percentage determined by us; and

-the basic policy must meet the minimum sum assured requirement and the cash payout must meet the minimum amount as determined by us.

-The basic policy’s sum assured will be reduced yearly for every cash payout paid annually. The benefit and bonuses of the policy based on the reduced sum assured. After the last cash payout has been paid, the remaining sum assured will continue to be appliable for the remaining policy term.

-If the basic policy’s reduced sum assured is less than the aggregated sum assured of all the accelerated riders, the sum assured of the respective accelerated riders shall be reduced accordingly so that the aggregated sum assured of all the accelerated riders matches the reduced sum assured of the basic policy

-You will not be able to amend the option. However, you are allowed to cancel your current option and exercise it again in the future

-You will not be allowed to change your policy’s sum assured or cash payout in your policy partially. However, you can cash in your policy fully and end your policy

-You will not be able to apply for a policy loan; and

-In the event the basic policy's sum assured had been reduced because of accelerated payment, the cash payout will continue until the basic policy’s sum assured becomes zero. We reserve the right to adjust the cash payout in the event of any claims paid under the policy.

The option will end upon the earliest of the following:

-the basic policy’s sum assured has been reduced to zero; or

-your policy has ended.

If the insured experiences any of the following life events, the insured may choose to take up a new policy (with only death and total and permanent disability benefits) on their own life, without evidence of good health:

-Turning 21

-Marriage

-Divorce

-Becoming a parent

-Death of a spouse

-Purchase of a residential property

The following conditions are to be met to exercise the option to buy another life policy:

-the insured must take up this option within three months after the date of their life event.

-the insured must not be totally and permanently disabled, or be diagnosed with an advanced stage dread disease at the time of taking up this option.

-the insured must be 50 years old and under at the time of taking up this option.

-the life event must have taken place no earlier than 12 months after the cover start date of this basic policy.

At our request, the insured must provide to our satisfaction, documentary proof of a life event.

If you (the policyholder) are retrenched, you will not have to pay the premiums for the basic policy and Complete Life Secure – Protection Benefit for six months from the next premium due date onwards. For this to apply, you must meet all the following conditions.

-You must have paid at least six months’ premiums.

-Your retrenchment must have taken place no earlier than six months after the cover start date.

-You have not been able to find employment for three months in a row after being retrenched.

You will have to pay premiums for the month that you start permanent paid employment and this benefit will end.

You can claim for the retrenchment benefit only once under this policy.

Retrenched and retrenchment mean losing your job as a result of redundancy or because your employer’s profession, business, trade or work is being reorganised.

Employer means any person, company, association, club, society or organisation that is formed, incorporated or registered in Singapore and which employs people. This includes the Government and any statutory organization or authority in Singapore.

Permanent paid employment means entering into any contract of service with any company, association, club, society, government or authority, whether in Singapore or overseas, where you agree to serve as an employee, including an apprenticeship contract or agreement, or are self-employed.

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

-retiring, leaving after a probation period, resigning or being dismissed;

-suffering a psychological condition, disability or illness;

-taking part in a labour dispute;

-coming to the end of an employment contract;

-being involved in a staff-reduction programme or unemployment you knew was going to happen before the cover start date;

-being employed for less than six months by an employer; or

-being employed by an employer not incorporated or registered in Singapore.

Yes, for premium term of five years, cash value is available after premiums have been paid for at least 1 year. For all other premium terms, cash value is available after premiums have been paid for more than 2 years.

Yes, this policy is eligible for bonuses. There are two types of bonuses:

-“Annual” or “reversionary” bonus is added to the policy each year.

-“Terminal” bonus is an extra bonus which we pay at the time of making a claim or if you cash in this policy

To avoid doubt, Complete Life Secure – Protection Benefit does not form part of the Life Participating Fund, and no bonus is payable on the benefit.

Bonuses are not guaranteed. They are recommended by our Appointed Actuary and approved by our Board of Directors.

Bonus pay-outs to policyholders are primarily influenced by the performance of the Life Participating Fund (Par Fund). The Fund’s performance is predominantly driven by factors such as the investment returns of the Par Fund, its expenses and claims experience. Aligned to industry practice, Income Insurance is safeguarding policyholders’ interest by allocating 90% of Par Fund surpluses to them. This means for every $9 distributed to policyholders, only a maximum of $1 is allocated to shareholders.

Riders, also known as supplementary benefits, can be attached to a basic insurance policy to provide additional protection at lower cost.

The minimum sum assured is S$20,000 per policy. The maximum sum assured would be subjected to financial underwriting.

The premiums can be paid monthly, quarterly, half-yearly or yearly.

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

Backdating is allowed if all of the following conditions are met:

i. The backdating is for a traditional individual (savings or protection) life policy paying regular premium or single premium. Backdating for investment-linked policy and annuity policy is not allowed;

ii. The backdating results in a lower premium or better multiplier cover / policy payouts due to a lower entry age; and

iii. The policy is backdated to a date up to one day before the Insured’s last birthday and it must be within 6 months from date of receipt of application by Income.

iv. Backdating of policy to a date before the launch date of the main plan or rider is not allowed.

Yes, we may grant the loan from this policy depending on our terms and conditions.

We will take all loans and their interest from any amount we may be due to pay under this policy. If at any time the amount of the loans and interest is more than the cash value, this policy will end.